The term free India Import Export Data can be defined as the data that are generated from the bills of the goods and services that are imported and exported within a country’s premises. Such data often contains various information related to the exports and the importer’s name, HS code of the products, description of the products, quality, and quantity of the products, etc. It also contains various shipment data India, ports in which the products have landed, etc. Such Information often helps the businessmen or the traders in their strategy making, prospecting, and sourcing their business in the global market.
While discussing the topic “Free India Import Export Data”, we came across another controversial word “free “regarding import and export. Here in this context, certain questions often raise in our mind that is there any scope of Free export Import or Free trade in India with other foreign countries? If yes, then what is the reason behind it, and how India got benefitted from such free trading? Well, when we talk about the Free India Import Export Data, we often talk about the free trade agreement or FTA.
The term free trade can be defined as the elimination of any kind of unfair barriers in the global economy and hence led to the rise in the economic development of the country. To gain such positive outlook of the country, Indian Government have arranged the free trade agreement with his neighboring countries like Afghanistan, Bangladesh, Sri Lanka, etc. Now what “Free trade agreement” is all about? The answer to this question is that The Free trade agreement is a treaty within a consortium of various countries where each country primarily agreed upon the disposition of any tariff or any non-tariff borders during any substantial trade within the same.
Import Export Data with importer name
According to the BRIC economy, India is said to be one of the largest emerging economies in the world. According to the Free India Import Export Data, India is said to be the 16th major exporter in the world. Though it has a negative trade in the year 2018 with a balance of 166 billion Doller, yet its GDP ranked 152nd among 196 countries. Such information can only be drawn from the data provided by the trade data generated by the customs authorities. Such data also provide the Import export data with importer name, along with Import data with buyer’s name. some examples of the data are as follows.
The commodities that are imported by India are –
- Oil and petroleum products: India imported oil and petroleum products from different countries like Arab Emirates, UAE, and other gulf countries.
- Iron and steel: the products like Iron and steel are imported from its partner countries like China by the companies like Tata Steel. In 2019, India imported $9.9 billion dollars iron and steel products.
- Aluminum: Again, India imported aluminum from China.
- Some other notable imported products from other countries like Gold from Africa, Coal Briquettes from the USA, broadcasting equipment, etc.
- On the contrary to the above-mentioned data, some notable exported products along with the exporter’s name are as follows:
- Refined petroleum: India is regarded as the fourth-largest exporter of petroleum in a refined form worth around 735 billion dollars per annum.
- Rice: India is said to be the leading exporter of rice worth 25.4 billion dollars. In the last 50 years, India has increased around three-fold of rice production.
- Sugar: India is the largest sugar exporter in the world which shares around 3.97% of the total exported goods in the global market. According to the Free India Import-export data, the top rice exported countries are Brazil, Thailand, France, and Germany.
Importance of Free India Import Export data along with Shipment data India:
Indian trade data includes both the export data as well as import data which are often collected and maintained by the customs authorities. Traders around the world often seek for getting the prescribed data in order to make their market strategy for their business expansion. The partner countries also seek such data for their trade strategy as India provides a huge market in the global arena. Before, collecting such data used to be very tough, but with the invention of the Internet, such data is available on the country’s website. Among different digitally enhanced systems, shipment data India is one of them.
Shipment data India is regarded as one of the most valued data that provide information about various benefits. Some of them are as follows.
- It provides real-time statistical information on the export and import of the products.
- It provides all the shipping detail which are updated and well managed.
- Shipping data often contain the HS code which helps the exporters to monitor the exporting activities of the products.
- As it is digitally enhanced, hence it provides the recent updated export-import data which often helps the traders to analyze the level of competition in the overseas market.
Like the shipment data India, the free India Import Export data also have the same benefits. Some of them are as follows:
- It is beneficial to those partner countries with the increase in economic welfare.
- Less tariff creates more trade opportunities for India.
- Exportation of goods and services get increased in a free trade agreement.
International trade or export and import are extremely crucial for the growth of the economy of the country. It leads to the various developing arena like globalization, urbanization, economic growth, increase in per capita income or GDP, etc. The concept of free trade can be regarded as the cherry on the top. According to the Free India Import Export Data, free trade often leads to the increase in the export of goods and services which proved directly or indirectly beneficial to the country. Not only such a trading system led to the development of the economy but also helps to maintain international peaceful relationships among the member countries.