Free India Import Export Data
About the Free India Import Export Data
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.
Description
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
initiative was taken by the Indian government.
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.
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