Import and export drive the growth of national economies through international exchange of goods which is an important part of international trading. Once aboard, it is highly imperative to balance the value of trading between import and export as it helps the host country in ensuring a positive trade balance. Otherwise, there would be a negative balance of trade, which is a critical factor of economic growth and development. The two basic categories of import/export are Industrial & Consumer goods and Intermediate goods & services.

One of the most lucrative businesses and a gateway to successfully maximizing profits and entering into the foreign market is the export and import business. Selling products overseas and importing any item at a low price to sell the same at a higher margin in a domestic market helps in obtaining easy money than manufacturing the same and selling it in the domestic market owing to slow payment recovery. However, it is crucial to ensure that every process is carried out smoothly without any obstacles. This is where an Import Export Consultant company comes into the picture, as it would guide us through the entire process.

Commencing a new business in international trade is not only a challenging process but also a daunting task since it requires an individual, organization, or firm to begin importing and exporting the products to foreign markets or bringing material to their own country, safely. Although plans to commence your export and import business is one of the best decisions to obtain more revenue and profits for your company, you need to be very specific in selecting the import-export consultant as they help in resolving complex tasks involved in the export-import trade.

Ensuring proper documentation
An import/export consultant plays multiple roles in resolving the processes involved in import and export businesses. One of the most important tasks of an import-export consultant is to deal with the government customs services to make sure that the duty fees, a notice of permission, and approval are all done in a proper and smooth manner and this is one of the major reasons for contacting a good import-export consultant as they help you to get all the documentation related to the import and export-ready such as import-export license, letter of credit, Pro-forma invoice, EEL, bill of lading, certificate of origin, etc.

Dealing with government processes and getting your documents ready to supply goods and services to the foreign market is highly critical. An import-export consultant ensures proper documentation and helps in obtaining permission before starting the business. Not just that, the import-export consultants will help you in receiving duties and taxes, in obtaining the letter of credit or LC which guarantees the payment for the goods supplied abroad.

Import/export consultants not only help in suggesting the right market, but they also help in making sure that each and every process is hassle-free. Most of the private firms and consultants render services to help a company ease their process in importing and exporting goods and services to a target market.

Rise in India’s merchandise exports
According to official data released in February 2021, for the second consecutive month, India’s merchandise exports increased in January at a faster pace than seen in preliminary estimates released earlier this month. While the country’s trade deficit narrowed to USD 14.54 billion in an indicator of the recovery in domestic demand, the imports increased. In January 2020 the trade gap was USD 15.3 billion and 15.44 billion in December.

“January exports signal that our traditional and labour-intensive sectors of exports except apparels and leather have already passed the most challenging and testing times,” said Sharad Kumar Saraf, President, Federation of Indian Export Organizations, adding that the trend shows an improvement in the order booking position.

Growth in 22 sectors was noticed from 30 major export sectors and non-oil, non-gold, silver, and precious metals imports were an indicator of the strength of domestic demand and amounted to USD 26.35 billion in January, which recorded a growth of 7.5 percent.

“A notable trend in the month of January was the modest 7.5 percent growth in Non-oil – Non-gold imports supporting the revival of manufacturing activity in the country,” said Prahalathan Iyer, Chief General Manager, Research & Analysis, India Exim Bank.

While merchandise exports increased to 6.16 percent on-year in January to USD 27.45 billion, imports reached from 2.03 percent to USD 41.99 billion with gold imports rising a sharp 154.7 percent to USD 4.03 billion, according to data released by the commerce and industry ministry.

Given the rapid evolution of import/export business, the need for consultants in this segment is only going to grow further.