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Daily Import Export Data of Indian Customs

In 1991 India opened up its economy, accelerating growth in the service sector, increasing foreign investment, and decreasing poverty. Indians now had more choice in purchasing commodities. According to import export data, India exported goods worth 324.16 billion USD and imported goods amounting to 480 billion USD.

Every commodity imported or exported into the country must be cleared at customs port. Indian customs data is created based on documents such as the bill of entry and invoices submitted at customs ports across the country. The different types of customs port in India are air, sea, ICD (internal container depot), and CFS (container freight station). The custom duty charged is based on the data submitted to customs officials. The Indian customs data contains the following information:-

Date of shipment
HS code and the corresponding product description
Unit Rate INR and USD

The custom duty

required (INR and USD)
Quantity and total shipment quantity
Port of origin
Destination port
Mode of shipment

According to the Indian customs data around 95% of commodities are transported by sea. The Nhava Sheva Port, Navi Mumbai is the busiest seaport in India and handles around 56% of Indian container shipment. The port also had the biggest CFS handled over 545,000 containers. Indira Gandhi International Airport, New Delhi handles 955 metric tons of cargo in 2019. The custom data revealed the maximum number of ICD is in Maharashtra (13) and Delhi had the largest ICD in Tuglakabad.

Indian importers and exporters can use the import and export data can give international traders deeper insights into their business and helps to improve profits. In today’s competitive business environment, accurate and relevant data can help you make the correct business decision. The database contains historical data allowing traders to observe trends and predict changing customer preferences. It allows buy or sell traders to expand to new markets to buy or sell their products. Traders can use the information to shortlist new importers or exporters to expand their business. Traders can keep track of the pricing strategy of their competitors and market leaders. International trade is volatile and is affected by the geopolitical situation of a region, the resource can allow traders to look for alternative markets in case of sanctions or trade embargos. Service providers such as logistic providers, bankers can use the database to find new clients.

Governmental agencies use the import-export data to determine the effectiveness of their trade, economic, and industrial policy. The data allows it to predict the expected inflow due to imports. The information in the database can help the government determine the top imported and exported commodity and India’s top trade partners. The information is the basis of trade negotiations.

Daily Import Export Data of India, India recorded a trade deficit of 8.78 billion USD in October 2020. The country exported 24.82 billion USD and imported 33.6 billion USD.

The data revealed imports plunged by 19.6% and exports jumped by 6% in September 2020. The trade deficit continued to narrow in 2020. According to data, India has the largest trade deficit with the following countries:-

China
Switzerland
Saudi Arabia
Iraq
Indonesia

The daily import-export of India showed India had a trade surplus with the following countries:-

US
UAE
Hong Kong
United Kingdom
Vietnam.

The daily import-export data of India reveled India’s main imports are:-

· Mineral fuels, oils and waxes and bituminous substances

· Pearls, precious and semi-precious stones and jewelry

· Electrical machinery and equipment

· Nuclear reactors, boilers, machinery

· Mechanical appliances

Meanwhile, the main exports of India are:-

· Pearls, precious and semi-precious stones and jewelry

· Mineral fuels, oils and waxes and bituminous substances

· Vehicles, parts and accessories

· Nuclear reactors, boilers, machinery and mechanical appliances

· Pharmaceutical products

Seair Exim Solutions is a leading export import data provider and market search company in India. We provide updated, genuine, and reliable global trade data of more than 80 countries of the world such as India, USA, Russia, Bangladesh, Kenya, Mexico, Indonesia, Sri Lanka, Vietnam, Pakistan etc. Our major services are USA imports data, import data India, , import data Indonesia, Vietnam exports data, Indian export data, Russia customs shipment data, Uganda trade data, Mexico import export trade data, Kenya custom shipment data, Bangladesh import data, etc. You can find various free resources related to import export business like HS codes list, HS code search, HSN code Finder, sac code list, sac code Search, custom duty in India, custom duty calculator, foreign ports, trading partners of India, GST rates in India, GST rates list and many more on our website –seair.co.in.