5W’s of eXport
Updated: Feb 17, 2020
5W’s of export are the common questions that every individual willing to export wants to ask: What is export? Who can export? Why should I export? Which items can be exported? and, Where will I export? Ximpex is presenting a complete guide for our Indian Entrepreneurs to answer these commonly asked questions related to International Trade and set the foundation of our journey. So, let’s get started!
First, What is Export? Simply putting forward, it is the selling of goods and services outside the borders of the country of origin. For example, if an Indian firm manufactures a shirt in India and sells it to a buyer in Nepal, then this activity will be known as Export. For you, it is a task of being able to take initiatives and deliver, and in return there will be huge profit margins for an exporting country. Here, the seller is called ‘Exporter’ and the buyer is called ‘Importer’.
Who can Export? ‘Anyone!’, yes anyone willing to export can do it. There are no necessities such as prior experience, huge investment, foreign connections, big firm, etc. Any individual with the right willingness, right guidance and right approach can export, irrespective of other factors. Yes, you will face challenges initially but all those challenges can be addressed and resolved by a suitable solution.
Why should I Export? You can surely sell your products in the domestic market and earn good profits, which seems comparatively easier and less risky, but is it really so? With little more efforts and initiatives, you can earn much higher profits in a secured and documented environment of international trade with no risk at all. You will be getting a lot of incentives like tax benefits from the government. Also, you will be able to expand business in new countries leading to lower dependence on the performance of the domestic economy. All this can be achieved and Ximpex will help you in reaching your goals by removing all the barriers that you may face in trading.
Which items can be Exported? You can export almost all manufactured goods (except defense equipment's and few metals), agricultural commodities and services without any restrictions. However, you have to check for availability and feasibility of the preferred product in the domestic market. Each item has been assigned a Harmonized System (HS) Code by the World Customs Organization (WCO) to resolve the conflict of different names in different countries. These codes are used to find relevant importers of your product in other countries.
Where will I Export? You can export to any country in the world. You have to choose and analyse the best market depending upon the product demand, prices, distance and preference. This involves putting little emphasis on market research and data related to market trends. For example, if you manufacture garments, then the most suitable country to export will be United States, due to higher demand and higher profit margins. Ximpex will help you in finding genuine buyers in the country with the highest demand for your product and make things simple for you.
Simplicity and quality determines your success in the International market and Ximpex helps you in achieving these through our step by step guidance, support and result oriented approach.
Author : Sachin Yadav Co-author : Lisa Goel