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Starting Import Business Introduction.


Introduction

Starting an import business is a goal of more than thousands of merchants and businessman. Like an export business, import business is also very profitable business, if an importer proceeds with the right strategies. However, the long term success and profitability of an import business greatly depends on the importer’s knowledge and understanding about the international market and foreign market analysis.

Today, importing goods from abroad has becomes a big business. Everything from beverages to cars--and a staggering list of other products that one might have never imagined has now become the part of the global import. Millions of products are bought, sold, represented and distributed somewhere in the world on a daily basis.

Reasons for Import

There are number of supporting reasons why import business and services is growing at such a fast rate:-

Availability: An individual or business man or an importer needs to import because there are certain things that he can’t grow or manufacture in his home country. For example Bananas in Alaska, Mahogany Lumber in Maine and Ball Park franks in France.

Cachet: A lot of things, like caviar and champagne, pack more cachet, more of an "image," if they're imported rather than home-grown. Think Scandinavian furniture, German beer, French perfume, Egyptian cotton. It all seems classier when it comes from distant place.

Price: Price factor is also an important reason for import of products. Some products are cheaper when imported from foreign country. For example Korean toys, Taiwanese electronics and Mexican clothing, to rattle off a few, can often be manufactured or assembled in foreign factories for far less money than if they were made on the domestic country.

Import in India

The rising middle income groups of consumers in India and their increasing levels on expenditure on various products has resulted a faster rising demand of the Indian import business. Major imports of India include cereals, edible oils, machineries, fertilizers and petroleum products. Total import from India estimated to be around US$187.9 billion. India is also a bulk importer of edible oil, sugar, pulp and paper, newsprint, crude rubber and Iron and steel.

Import Regulatory Body

In India, all the activities related to import are handled by the Directorate General of Foreign Trade (DGFT), a government organisation that also controls the export business in India. DGFT and all its regional offices work under the Ministry Commerce and Industries, Department of Commerce, Government of India. All the procedure and policies in matter related to the import is announced by the DGFT through its notification, appendices and forms.


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What is New?

Date: 17-08-2017
Notification No. 81/2017 - Customs (N.T.)
Notification No.81/2017-Customs (N.T.) dated 17th August, 2017 [Effective from 18th August, 2017]

Date: 17-08-2017
Notification No. 79/2017 - Customs (N.T.)
Amendment in Notification no. 131/2016-Customs (N.T.) dated 31.10.2016 relating to AIRs of Duty Drawback on Gold Jewellery, Silver Jewellery and Silver Articles

Date: 16-08-2017
Notification No. 72/2017-Customs
Seeks to supersede Notification No. 27/2002- Customs dated 1st March, 2002 and to provide exemption to temporary import of goods from Customs duty leviable under First Schedule to the Customs Tariff Act, 1975 and from the whole of the integrated tax leviable under sub-section (7) of section 3 of the Customs Tariff Act, 1975 subject to specified conditions.

Date: 14-08-2017
Notification No. 20/2015-2020
Supply of essential commodities to the Republic of Maldives during 2017-18

Date: 14-08-2017
Notification No.21/2015-2020
Amendment in Para 4.32(i) of chapter 4 and in para 6.01 (a) of chapter 6 of the Foreign Trade Policy 2015-20

Date: 14-08-2017
Notification No. 78/2017 - Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg.

Date: 11-08-2017
Notification No. 9/2017-Customs (N.T./CAA/DRI)
Appointment of Common Adjudicating Authority by DGRI

Date: 11-08-2017
Notification No. 8/2017-Customs (N.T./CAA/DRI)
Appointment of Common Adjudicating Authority by DGRI

Date: 11-08-2017
TRADE NOTICE NO. 13/(2015-2020)
Implementation of Notification No. 19 dated 05.08.2017

Date: 11-08-2017
Notification No. 71/2017-Customs
seeks to further amend notification No.50/2017-Customs dated the 30th June, 2017, so as to 1> Increase the BCD on crude soya bean oil from 12.5% to 17.5%; 2> Increase the BCD on crude palm oil of edible grade from 7.5% to 15%; and 3> Increase the BCD on refined palm oil of edible grade from 15% to 25%.