In the world of export-import, each shipment counts. And you cannot afford to make any “uninformed investment”. So, if you have any doubt or a question, ask us. Our team of experts at The Dollar Business Intelligence Unit will be happy to answer your queries. Your question(s), if approved, will also be published on www.thedollarbusiness.com, and/or in the forthcoming issue of The Dollar Business.
I want to start exporting to Scandinavian countries and would like to know which Indian products have the best export potential in these countries. (Ashok Kumar, Proprietor, ABI Exports, +91-9500636XXX, firstname.lastname@example.org)
Dear Ashok: We are glad to know that you want to start exporting to Scandinavian countries. The main items of export from India to Scandinavian countries include chemical products, food products, items related to transport equipment, apparels, cotton yarn and fabrics, metals, non-metal mineral items, paper products, cashew, furniture, travel goods, leather items, coffee, tea, spices, footwear and miscellaneous manufactured and semi-manufactured articles.
Of late, there has been a significant growth in economic and commercial relations between India and Scandinavian countries like Norway and Sweden in areas sectors like oil and gas, shipping and maritime industries, renewable energy, science and technology, offshore projects and IT & IT-enabled services.
I believe that, in near future, products like chemicals, manufactured goods and articles, handicrafts, food products, beverages, tobacco, petroleum products and minerals as well as Indian flowers, fruits and vegetables will continue to have good export potential in these countries. A word of caution from my side: It’s extremely important to ensure high product quality and timely delivery to these countries as these are highly sensitive markets and adhere to strict timelines.
Anil Kumar Trigunayat
Former Ambassador of India to Jordan, Libya and Malta
We plan to export raw cotton across the globe. We have confirmed suppliers for the material. The transaction value of the shipment is approximately $50,000 per container and we expect to sell 20 to 30 containers per month. Our customers are have agreed to payment terms of LC at sight or LC at sight after 30 days. However, our suppliers need to be paid before we can ship the product. As traders we are not interested in investing more money. What could be the best way to arrange for financing? (Lijish, Managing Director, Sealand International Merchants Pvt. Ltd., +91-9961996XXX, email@example.com)
Dear Lijish: We are glad to know that you want to export raw cotton across the world and have already been able to secure both buyers and suppliers for the same. Since your customers have agreed to open Letter of Credits (LCs) favouring your company, you will be eligible for availing pre-shipment credit or packing credit from your bank or from any other bank that offers this facility. Pre-shipment or packing credit is a loan or advance granted by a bank to an exporter for financing the purchase, processing, manufacturing or packing of goods prior to shipment. Should you have any further queries regarding exports of cotton, we will be more than glad to be of assistance.
Dr. Siddhartha Rajagopal Executive Director,
We are a manufacturer of all kinds of socks – for men, women and kids, etc. – having our unit in Greater Noida (Uttar Pradesh). We now plan to export our products. How can I find foreign buyers? [Mukesh Chander, Partner, S. R. Exim Industries, +91-9899597XXX, firstname.lastname@example.org]
Dear Mukesh: We are happy to hear of your decision to head into the world of foreign trade. You can approach your concerned export promotion council – Apparel Export Promotion Council (AEPC) – for assistance. You can also explore The Dollar Business CONQUER License (you can read more on TDB CONQUER License on https://www.thedollarbusiness.com) that gives an in-the-making super successful exporter like you the access to TDB EXIMPAS, the most powerful buyer discovery and competition analysis tool for Indian exporters, which ensures you touch newer highs in global trade. In case you have further queries, do write back to us.
Manish K. Pandey
The Dollar Business
Is it safe to get an order for coconut with 100% irrevocable LC at sight from Mauritius? What are the things that I should take into consideration for secure/safe payment and transaction? (Jay, Marketing Manager, Shree Exports, +91-9500077XXX, email@example.com)
Dear Jay: It’s usually safe as an irrevocable Letter of Credit, which once accepted by the seller, cannot be altered or cancelled without the consent of the seller. However, it should be noted that an irrevocable letter of credit is in effect only for a stipulated time period and expires at a pre-determined date. Further, you need to ensure that the documentation of each consignment needs to be as per the conditions of LC at sight otherwise the buyer’s bank has the right to reject payment on any violation of such documentation.
Dr. A. K. Sengupta
Chief Consulting Editor,
The Dollar Business
I want to import dry lead battery scrap from South Sudan (Africa) into Mundra Port in India. Can I import them from this origin? Or import of the product from Sudan is banned? Please advise. (Alok, Director, Xcel Traders Ltd., +91-9997113XXX, firstname.lastname@example.org)
Dear Alok: We assume you want to import waste and scrap of batteries falling under ITC HS Code: 8548. Since the import of products under the said HS Code is restricted you need to apply for grant of an ‘Authorisation’ for import or export of the said items to RA, with a copy to DGFT headquarters in ANF 2M (as prescribed in Handbook of Procedures) along with documents prescribed therein. Original application along with Treasury Receipt (TR) / Demand Draft needs to be submitted to RA concerned and self-attested copy of same needs to be submitted to DGFT in duplicate along with proof of submission of application to concerned RA. [In case our assumption about the intended export product isn’t exact, please write to us.]
Steven Philip Warner
The Dollar Business
We are into textile business and are currently selling our products in domestic market. We now intend to export our products. Which are the major textiles importing countries? And which are the countries that are currently sourcing textiles from India? (Arthy, Founder, Arthy Traders, +91-8608188XXX, email@example.com)
Dear Arthy: We would request greater details of the textile product you want to export for us to advice you better. Having said that, let’s assume you want to export woven fabrics of cotton containing equal to or more than 85% cotton by weight and weighing less than equal to 200 gram/cubic meter falling under HS Code: 5208. Industry data reveals that India is a big exporter of the products falling under the said HS Code. In fact, India ranks 2nd in the world, just behind China, when it comes to exports of the said product and accounts for about 7.14% share in global exports of the product. While India’s biggest export destination for products falling under the said HS Code is Sri Lanka, the country has also been significantly supplying to Bangladesh and UAE and the exports have been only rising to these countries over the last few years. More of such pure, researched data is available to The Dollar Business EXIMAPS License holders. (You can read more on TDB EXIMAPS Licenses on https://www.thedollarbusiness.com). Besides a detailed analysis of global markets, The Dollar Business EXIMPAS License-holders get access to unique features that ensure a more lucrative business beyond boundaries. In case our assumptions about intended export product isn’t exact, please write to us. The Dollar Business Intelligence Unit would like to hear from you.
The Dollar Business