Import Export Business

The World Customs Organization or WCO considered the Harmonized System or HS tariff nomenclature as an international standard for product classification. Thus, it is followed by more than 200 participating countries in international trading. The HS codes have reduced the works of the customs department to identify the goods in trade by checking the HS codes only. Hence, a detailed reading of the shipment invoice is not necessary, which will consume time. Thus, it has enabled the goods movement across the seaport, international borders, and airports at a speedier rate. You can know the full details from Seair Exim Solutions , which is a market research company and export-import data provider. HS Code consists of 8-digit codes. Thus, the Indian Trade Clarification or ITC is updated and governed by the Directorate General of Foreign Trade or DGFT. They update this HS code list as and when necessary when innovations in technology, products, and inventions happen. However, they see the b...

According to Indian Import Data , in the year 2019, India purchased goods that worth USD 480.0 billion. This value showed a downfall of around -5.7% from the previous year. India is considered to be in the eleventh position among the biggest importer countries in the world list and ranks fifth in Asia. With around 1.352 billion population, the country had to make its imports of value USD 480.0 billion in 2019. The importing sources that the country has to include China being the topmost with USD 68.1 million sources, Iraq with USD 21.5 billion, United States around USD 34.7 billion, Saudi Arabia of USD 26.9 billion, and United Arab Emirates of USD 30.9 billion Import Data India states the main commodities that the country imports include 31.98% of Mineral fuels and oils, 3.05% of plastics, 12.5% of precious stones & pearls, 1.53% of fertilizers, 2.41% of iron & steel, 9.18% of machinery, 10.5% of electronics and many more such as chemicals, medical equipment, optical, and p...