Hey there! are you searching for the top import export business in India? Well, you have come to the right place. Usually, starting an import export business in India involves a lot of procedures. Moreover, you need to choose the right business for you to be profitable and shine in this field.
But, if you have no idea about starting an import-export business in India, this article will tell you everything about this business. Keep reading the article and find out what this business is all about and the top 10 import export businesses in India!
Import Export Business in India: The Top 10 List!
1. Indian Spices
Would you believe me if I said the market for Indian spices attained a cost of 1.8 Lakh Crores last year?! That’s a huge number, right? Well, this is due to the medicinal value of the spices. No other country in the world harvests so much variety of species due to unfavorable climatic conditions.
Many countries like the USA, UK, France, China, Australia, etc. import Indian spices in large amounts. This makes the best import and export business in India, which can help you achieve greater profits. To start this business, you need to register with the Spice Board of India to get approval.
2. Leather Goods
I’m sure leather products are preferred by most people due to their quality and the royal look. The global market for leather goods stood at 240 billion dollars in the year 2022. Some of the prominent countries like the USA, Germany, Australia, Italy, etc are our major importers of leather goods.
If you wish to start import export business in India with leather goods, you must get a Registration cum Membership Certificate from the Council of Leather Exports (CLE).
3. Cosmetics Products
In the coming years from 2024 to 2029, the market for Cosmetics products is expected to rise about 11% from today’s value. This makes it the best import and export business in India. Other than the USA and China, which have larger leather markets in their countries, you can get maximum orders from other countries.
There are a couple of procedures to start this business like Registering the import of cosmetics with the licensing authority as defined under the Drugs & Cosmetics Rules, 1945, Certificate of Analysis (COA).
4. Tea Products
Do you know that India is the second-largest producer of tea products in the world? Yes, it produces about 23% of the world’s total tea production. This business can make you one of the major players in the field. India exports tea products to about 25 countries like UAE, USA, UK, Russia, Iran, etc.
You must Register with the Agricultural and Processed Food Products Export Development Authority (APEDA)to start your import export business in India. If you set things right, you can make a profitable business by exporting the tea products.
5. Jewellery
According to the India Brand Equity Foundation (IBEF), India ranks first in exporting gold and silver jewelry, cut & polished diamonds, etc. Moreover, the market size of this business will touch 103 billion dollars in the year 2027.
Apart from the regular documents, you will also need a Registration cum Membership Certificate from Gem & Jewellery Export Promotion Council (GJEPC) is mandatory to carry out this import export business in India.
6. Handmade Handicrafts
One thing that India stands unique from the other countries is the eye-catching handmade handicrafts. Products such as shawls, paintings, earthen pots, traditional jewelry, baskets, and others are particularly sought after by many countries. In the year 2032, the market value for these products is projected at 7.8 billion dollars.
One of the best ways to enhance this import export business in India is by having an E-commerce website. When you display the products beautifully on the website, viewers may be impressed and order them right away.
7. Ayurvedic Products
In recent years, the ayurvedic products of India have been gaining more attention in ASEAN countries and the European Union. The market for these products is also expected to rise by about 17% and reach 3200 billion dollars in the year 2032which makes it one of the best businesses to start with.
For a person to start import export business in India with ayurvedic products, he or she must possess The National Program for Organic Production certification apart from the other documentation.
8. Sports Goods
You can also start exploring sports goods in other countries as the market value crossed 350 million dollars in the year 2020 itself. Some of the prominent countries where India is exporting sports goods are the USA, UK, Germany, France, South Africa, etc.
Indian bicycles have a greater demand in all these countries as the country produces the best quality bicycles. This business can be the best suited for people who are sports enthusiasts.
9. Textile
India is one of the top 5 countries in the world in exporting textiles. Also, due to the high demand from the USA, and Europe, the market for textiles is expected to rise to 50 million dollars in the year 2045. States like Tamil Nadu, Maharashtra, and Gujarat are some of the major players in exporting textiles to other countries.
The textile business really has better scope in a country like India due to the large production of cotton. If you have a better idea bout the textile industry in India, then you can start this business without any hesitation.
10. Electronics
India is one of the tech-savvy countries that produce high-quality electronic goods and export them as well. Also, the market and demand for Indian electronics are high in countries like the USA, UK, France, and Germany. Moreover, India’s manufacturing of electronics is expected to increase by about 300 million dollars in the year 2025.
When this is the case, you can start with the export of electronic goods without any hesitation due to its large demand.
Steps to Start an Import Export Business In India
If you have decided what business you are going to start, then also know how to start the import & export business in India. You will have to pay for the registration and legal fees, and other startup costs to start your business. It may cost up to 5 lakh depending upon the scale of the business you run.
You will have to research the market value and the demands over the world. Apart from this, you need to understand the logistics and supply chain to ensure efficient transportation and delivery of goods.
Finally, you need to ensure that you have all the below-mentioned entities to perform imports and exports.
- Permanent Account Number (PAN) Card: You can get it from the Income Tax Department. It’s a unique card that is required for all taxation and is mandatory for all registrations you do to start a business.
- Bank Account: You need a bank account authorized to deal in foreign exchange. So, get an Authorized Dealer code which is necessary for foreign transactions.
- Import Export Code (IEC): To run an import-export business, you must get an IEC from the Directorate General of Foreign Trade. This code is important for those who are looking to take part in import or export activities.
- GST Registration: If your turnover exceeds the maximum limit, you need to register for the Goods and Services Tax. It is a unified taxation method that adds up all other indirect taxes for businesses.
- RCMC Registration: A Registration Cum Membership Certificate (RCMC) is the one that will enable you to benefit from the support and services provided by Export Promotion Councils (EPCs). If you have all these, you are all set to start your import-export business.
