There are two components of international trade:- export and import. Exports are goods and services manufactured in a country and sold or purchased by another country or business, and imports of goods and services are purchased by a country or business. Export-import business is one of the oldest trades in the world. Traders have been trading goods across their borders for centuries. Today we live in the global economy, and the export-import business is still booming. According to import export data, the total global trade in 2019 was 19 trillion USD.
The import export data contains information such as the commodity description and HS code, and importer and exporters contact details, quantity, and value of commodities exported and imported between countries. The database is created based on customs records and import documents such as the bill of lading. Import-export businesses can make their business plans based on the data. The information allows traders to find new markets to procure or sell their products. They can explore new commodities to trade in and how to price their products. They can find new trade partners after studying trading volumes and prices. The import export data allows traders to examine trading patterns and predict customer preferences.
The export data India shows that India exported commodities valued at USD 27.57 billion in January 2021. The export trends for 2020 show the maximum exports were recorded in December (27.15 billion USD), and minimum exports in 2020 were seen in April (10.36 billion USD). The total exports from April 2020 to January 2021 were 228.25 billion USD. Exports showed a decline of 13.58% in the fiscal year till January.
The top exports as per the export data India:-
Mineral oil and fuel
Precious and semi-precious stones and jewelry
According to import data India, in January India, imported commodities valued at USD 41.49 billion. The import trends for 2020 shows that maximum imports were recorded in December 2020 (42.29 billion USD) and minimum imports were recorded in April 2020 (17.12 billion USD). The total imports from April 2020 to January 2021 were 302.26. Imports showed a 25.92% decline in the fiscal year till January.
As per import data India, the top imports in India are:-
Mineral fuel and oil
Semi-precious, Precious stone and jewelry