Why do we think of scaling our business and building brand recognition? The answer is simple: boost the revenue and enjoy continuous profit expansion.In terms of business and finance, there are many benefits of living in India. One of them is the ease of exporting. We all know that we need to minimize production costs and target the best markets in the world to run a successful import-export business in India. But what exactly to export, and how much to expect? What are the basic requirements if you plan to kick-start an import and export business in India?You would need to know the best import-export business ideas and other information related to them, and for that, please keep reading our guide on the best import-export business in India!
Did you know? India is the 2nd largest exporter of leather footwear in the world.
Is Export Business Profitable in India?
Undoubtedly, export can bring you immense revenue if you do it perfectly and intelligently. In recent years, the export industry has thrived rapidly, which has opened the doors of opportunities. You can find examples of newly-started export businesses around you that have attained success. Export business is attracting new entrepreneurs, and however, no one can become a successful exporter without the right knowledge. So, if your question is, “is the import-export business profitable in India,” then the straight answer is a big “YES.”
What Are the Top Import Export Business Ideas in 2023?
Many tips and tricks about the import-export business are available, but you need to think smart while deciding what can truly be profitable for you. Thinking of the best export business in India isn’t as important as thinking which one suits you.Before following any specific top business ideas, you must consider many factors. These may include investment needed, workforce, shipment, taxes, targeted market, liquidity, etc.Keeping all in mind, let’s go over some of these business ideas in detail.
Export Business Ideas
Well, there are thousands of items one can export to generate profit, but you should choose something which is well inside your reach. Choose something in which you put less effort and still earn well.Here are some of the best export business ideas:
1. Clothing
If you ever wonder, “is the export business profitable in India,” all you need to do is ask a successful clothes exporter. India is among the largest textiles & apparel manufacturer in the world. There are a few reasons for this:
- High-scale production of several fibres (especially cotton)
- Less manufacturing cost
- Low-cost labour.
- Enough raw material
- Well-developed local production houses
It isn’t difficult to comprehend that the textiles industry generates around 12% of India’s total export earnings. Another contributing factor behind the clothes exporting business is that clothes demand will always be present, and the style will keep evolving.
It means you’ll never fall short of ideas on what to manufacture. For example, suppose you design a new pyjama, and there happens to be a craze for them. You’d have a very high demand for your product in your exporting market, and you may get huge orders, which would directly mean roaring profits!
Also Read: Steps To Starting An Import/Export Business
2. Mineral Fuels
If you have a sizable investment, you can grab an opportunity in the mineral fuel exporting business. India is a mineral-rich country, and we’ve got some highly valuable ones in our country, which are very valuable in some countries. Coal is a good example of such a commodity, and there’s a massive difference in the cost of coal in India and some other countries.
There are endless export possibilities in the mineral fuel field. You can go for anything, let it be mica, manganese ore, limestone, iron ore, and so on. The demand for these minerals and fuels will probably never end, and that’s the reason we can call it an infinity market.
3. Raw Ingredients
Like the two export ideas we mentioned above, the third one on the list – Raw ingredients can again be an endless opportunity for you as an exporter. Crops have always been great supporters of our country’s economy, and rice and sugarcane can be two excellent examples here.
Crops like these need the right climate to grow, and as we know, the climate isn’t uniform throughout the globe. Some countries don’t have an adequate climate to grow some crops, but the requirement is always there. So, these countries always need to import such crops. Due to the adequate climate of our country for such crops, we can harvest and export these.
Most importantly, you even enjoy some tremendous concessions from the Indian government if you’re a harvester. Rice and sugarcane were just two examples, and there can be tons more that you can export to meet the requirements of agro markets in many countries.
4. Pharmaceuticals
Well, we’ve just faced a horrifying pandemic, and there’s no need to explain how important Pharmaceuticals are. India has helped a lot of nations across the world by supplying them with Pharmaceuticals throughout the pandemic.
Even if we don’t consider pandemics, numerous other diseases need special medicines to cure. Now, each country doesn’t need to have enough domestic arrangements in terms of medication.
Besides that, life-sustaining equipment is also in demand, and that’s another excellent export business idea. You can generate immense profit by hitting the right market with the right Pharmaceutical products. In short, you can make their necessity your opportunity!
5. Jewellery
There’s no deficiency of gemstone and precious metal mines in India, and a few out of these are in great demand in some other nations. Copper, Garnet, and Gold are some examples. We previously discussed the feasibility of exporting mineral fuels and looked upon coal as a great opportunity.
Well, an abundance of coal also means an abundance of diamonds! Yes, both are different forms of carbon, and the diamond comes from coal only. You can export these jewellery-related raw materials to China, Japan, the USA, and many other countries.
6. Leather Products
Leather is used to make wallets, toys, handbags, belts, and many other goods, and the demand will never go extinct. Many small and medium-sized businesses have written success stories in leather exporting. Today, India has gained great fame in leather exporting. You can be a part of this stream!
Also Read: Top Small Trading Business Ideas
Import Business Ideas
India is a great marketplace for a lot of stuff. Many goods are available at pretty reasonable costs from even highly developed countries like the US, Britain, Australia, etc. You can fill your pockets by selling them in India. There can be many examples, but for now, let’s trust the three most profitable ones:
1. Vegetable Oil
We already have many vegetable oils available in the Indian market, but everything isn’t manufactured in India. We depend upon a few foreign markets to fulfil the demands of a few types of vegetable oils. For example, you may be buying ₹1500 from an Indian supermarket, which may be available at less than half the cost in any Central Asian market. So, don’t you think there’s an opportunity? You can import such vegetable oils from foreign countries and sell them locally with very little investment. For example, you can become an Amazon seller!
2. Medical Supplies
Yes, we previously discussed medical supplies as an export opportunity, but it’s an equally right opportunity in terms of importing. It’s among the few most versatile import-export business opportunities in India. Find out what sort of medical supply is deficient in our country, and be an importer of the same.
3. Heavy Machinery
Industries and construction sites are helpless without heavy machinery, and many importers are making great money by heading in the same business. It’s among the top import business ideas in India. There’s no lack of liquidity in the construction and industrial fields. That means expanding your business won’t be very tough for you.
Conclusion
There are unlimited import-export business opportunities around you, and if you’ve got dedication, courage, resources, and most importantly, planning, you’re good to go.Follow Legal Tree for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.