What Is Import-Export ?
Import-export is one of the important areas of business. Export is when a company or person purchases goods such as groceries, farm produce and textiles from their country. Then they send them overseas at a higher cost to another country. It is when goods and raw materials are imported from other countries in order to be sold in one’s country while maintaining a profit margin.
Both types of trade are dependent on the country’s internal productions, whose surplus is sold on the foreign market. A portion of the profits from the sale of products of a country goes to its national treasury. Both import and export are vital for a country’s economy.
Import export trade also has a huge impact on international relations. A country that isn’t on friendly terms with another country, which may be a potential buyer for the latter’s products, is likely to lose business. The US placed an embargo on trade to some Islamic countries that were allegedly involved in the planning of the terrorist attacks after the September 11th carnage.
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This system of international trade shows that there is competition among importers. The products are never compromised in quality. Exporting poor quality products can be fatal for the economy of the exporting country. It may lose its market permanently and damage its reputation on the international trade circuit.
It is important to gather statistics and buyer- supplier data before you start an import-export company. This will help you choose the product and country to deal with. It is important to do extensive research in all business areas and collect customs shipment data. The first step is to identify the market and product.
A successful business venture can be confirmed by planning and research using the available data from customs.
