Everyone desires to build their brand recognition and scale up their business. Effectively expanding business boosts revenue and swipes in immense profits. Starting an import-export business in India is beneficial because of many factors, one being the trouble-free methods of exporting. To know the top 10 profitable export businesses to start in India, keep reading, and you’ll get all the answers to your questions!
Export Business in India
With appropriate skills and knowledge, your export business will turn out lucrative. Recently, the export industry has flourished, opening innumerable opportunities for exporters. The scope of gains has attracted entrepreneurs to import-export business. Even the Government of India has introduced various schemes and policies to encourage import-export business holders. These schemes not only enhance your profits but also help you by simplifying the process of exporting.
Topmost Import Export Businesses to start in 2024
Any import-export business can be profitable. All you need is to see which one truly interests you. Starting and expanding any export business requires time and effort. Thus, go for an export business that interests you. You must analyse and compare various factors such as the investment required, taxes, workforce, target market, clearance, shipping, storage, liquidity, etc. Below we’ve mentioned some details about the ten profitable export businesses in India that will solve most of your queries.
Ideas for Export Business
There are products that you can export and gain profit, but it is advisable to opt for something that suits you. Choose an import-export business type which requires fewer complications and drags in good revenue. Here we have mentioned some of the best export businesses in India that can benefit you.
1. Textiles
India is one of the largest manufacturers of textiles and apparel. The Indian textile industry carries out high-scale production of various fibres with low manufacturing and labour cost. The raw material for the industry is also readily available. There is a high demand for Indian textiles in the Western markets. Thus, exporters can enjoy constant demands. You will also have opportunities to use your innovation and create new clothing trends that may get you incredible profits!
2. Petroleum products
Many semi-products such as charcoal, coke, wax, etc are made from petroleum. Countries such as Bangladesh, Bhutan, Myanmar, Nepal, etc., are highly dependent on importing these products. Thus, an export business of petroleum products in India is lucrative. This business demands sizable investment, if you are able to afford it then this can be your source of incredible revenue.
3. Raw ingredients
Exporting raw ingredients welcomes endless opportunities for an exporter. Crops always contribute a significant amount to Indias’ economy. Rice, sugarcane, and wheat are among the most profitable crops for export business. This high demand is because of the favourable climate that the Indian subcontinent offers. Thus, harvesting and exporting such crops is beneficial for the exporters in India.
4. Mineral Fuels
Indias’ geographical location makes it a country that is rich in minerals. It has valuable minerals such as coal, mica, iron ore, manganese ore, limestone, etc. The mineral fuel market can be described as an infinity market because the demand for these products never ends. If you desire to start an export business of mineral fuels, you should have in-depth knowledge and a good source of investment.
5. Vegetable Oil
India is somewhat dependent on imports of vegetable oils because not everything gets manufactured in India. The vegetable oil we buy from an Indian supermarket costs doubles what we can get from any Central Asian market. Therefore, here’s an opportunity for the exporters. You can import vegetable oils from foreign markets and trade them locally with little investment. You can also become a seller on any of the online websites.
6. Pharmaceuticals
India has extended its help to many nations across the globe throughout this pandemic. Some diseases require specific medicines, and not every country acquires the ability to arrange them locally. Thus, by starting your export business of pharmaceuticals, you will have numerous chances to expand.
7. Jewellery
India is efficient enough in mines of gemstones and precious metals in demand in other nations. Copper, gold, garnet, and diamonds are some of the jewellery-related products that countries such as China, Japan, USA are willing to import. A jewellery exporter should have in-depth knowledge about the quality and value of the products because even a single bead can make a significant difference in cost. A little bit of alertness will make you generate loads of revenue.
8. Leather and leather products
Leather is a material for making products such as wallets, handbags, purses, belt shoes, etc. The demand for leather is never-ending. There are many success stories of small and medium-sized export businesses you can go through if you are in doubt about investing in the industry. India is a renowned exporter of leather. You can also contribute to your country’s fame by starting a leather export business in India.
9. Heavy machinery
Heavy machinery is crucial for industries and construction sites, and many importers are profiting from this business. This business never lacks liquidity in construction and industrial fields. Thus, it will be quite easy for the exporters to expand their export business.
10. Dairy products
India gains profits from its dairy-based exports. There’s always demand in the Western markets for milk produced from Indicine cattle. Exporters sell these products at almost four times the cost of local products. An exporter should know that these products have a short shelf life and require a keen eye on storage and packaging.
Conclusion
Any export business will generate profits if carried out in a planned manner. Exporters have loads of documentation to complete and take clearance which can be hectic. Thus, having an expert DGFT consultant by your side helps you get through all these processes smoothly.
Consultants also help export businesses in India extract maximum benefits from the schemes introduced by the Government of India for Indian import-export businesses. Export House Certificate or the Status Holder Certificate is one of the schemes by the Government of India.
The Export House Certificate aims to boost export performances. As per the scheme, exporters are allotted status holder positions according to their export performance. Exporters can easily apply and become Export House Certificate holders with the help of DGFT consultants.
