Export refers to the term of selling goods and services produced in one country to the other country. Export of goods requires involvement of the customs authorities in both the country of export and the country of import. All the transaction handled by a person is known as Exporter.
Export means selling of goods and services manufactured in home country to outside market while import is to bring foreign goods and services into the home country.
In April 2015, export of India was 22050 USD Million. It was increased from 22050 USD Million to 22346.75 USD Million in May 2015. Between 1957 to 2015 export in India averaged 4303.66 USD Million, reaching all time high of 30541.44 USD Million in March of 2013 and a record low of 59.01 USD Million in June of 1958. Basically Exports in India is reported by ministry of commerce and industry of India. However, India’s exports in many commodities fell in May 2015. For example, Rice exports contracted 14.6% in May 2014, while the export of other grains contracted 77.7%. On the other side, Exports of iron ore, gems and jewelry fell 86% and 12.9% respectively.
In recent years, India has become one of the biggest refined product exporters in Asia with petroleum products for around 20 percent of total exports.
Export is a profitable way of expanding your business by spreading risks and reducing dependencies on the local market. A research shows that exporting companies are more profitable than non-exporting companies. It exposes new ideas, marketing techniques and ways to compete your competitors in business. All these things also improve the ability to compete in the domestic markets as well. If you have a limited domestic market, you should think about exporting-around a quarter of new exporters are born global.
Exports business boosted the growth of Indian economy subsequently. The major products exported from India are:
Leather Goods: India is a largest exporter country for exporting leather products in other countries. India exports various leather products for daily use like wallet, key holders, notebooks, key rings in foreign countries.
Medical Appliances: Medical appliances have made their marks for foreign countries on best account of quality and variety. These appliances include absorbent gauze, surgical caps, and surgical face masks. Some export products of medical appliances have also gained importance among major products of India such as baby incubator, air ionizers, and digital imaging software’s etc.
Textiles goods: Textile goods are also major products which are exported from India. These products includes designer garments for ladies as well as gents manufactured by big houses in India because of huge demand in the international market.
Exports can be classified into four categories which are given as follows:
This type of export refers to the export of all physical goods. For example, readymade garments, engineering goods, furniture, works of art etc.
Service exports are totally opposite to the merchandise exports. It refers to the export of goods that do not exist in physical form, that is professional, general or technical services. Examples of service export include export of computer software, entertainment or technical consultancy services etc.
Project export refers to the establishment of a project by a business firm in another country. Project is defined as ‘non-routine, non-repetitive and one-off undertaking, normally with discrete time, financial and technical performance goals.’ It is viewed as scientifically evolved work plan devised to achieve a specific objective within a specific period of time.