With its rapidly booming
economy and huge population of over 1 billion people, it's no wonder that India
is the new darling of wholesale importing. Like China, India's economy is in a
growth period, so costs of manufacturing are very low compared to elsewhere in
the world. As a seller, this presents you with an opportunity to buy very cheap
products directly from Indian manufacturers and sell them to make a very nice profit
in your own country.
India imported US$480 billion worth of goods from around the
globe in 2020, up by 22.8% since 2015 but down by -5.7% from 2019 to 2020. The
average exchange rate for 2020, the Indian rupee depreciated by -9.8% against
the US dollar since 2015 and declined by -3% from 202 to 2010. The weaker
Indian rupee makes India’s imports paid for in stronger US dollars in 2020
relatively more expensive when converted starting from Indian rupees.
What to
import from india?
India manufactures just about everything - but the top exports
that interest us sellers are leather products (shoes and clothing), electronic
goods, plastic consumables, ready-made garments, gemstones, jewelry,
handicrafts and fabrics.
Indian-style costume and gem jewelry is an emerging sector of
the Indian economy and a leading foreign exchange earner. Fine jewelry is a
relatively new market for India, but they have done a great job of catching up
on using the latest technology to form modern cuts and styles.
Indian ready-made garments have taken big strides in the past
few decades, with the sector accounting for around 30% of their total exports,
and employing a whopping 35 million people! Suppliers will stock all the usual
stuff like jeans, shirts, suits and T shirts, and also some unique items like
Indian saris and sequined garments. The best part is you can get some of these
items for as little as a couple of bucks.
Fabrics and tapestries from India are hugely popular in the
west. A recent emergence in ethnic trends for home décor means that now is a
great time to look into importing some unique Indian textiles. Bed and floor
coverings are the most popular exports, with curtains following not too far
behind. It's essential to get samples from any potential suppliers before
ordering textiles from India as quality will vary greatly.
When importing from India to your country, all the usual rules
will apply. Local regulations will vary but generally you will need to fill in
all the correct documentation, arrange shipping, clear Customs and pay the
relevant duties. In the US, documentation usually consists of a commercial
invoice detailing the product amounts, an arrival notice, an ocean or airway
bill, a packing list and Customs forms 3461 and 7501.
Unfortunately, India has a bit of a reputation
for shady business practices an if you are worried about to search importers
then we will suggest you to visit Volgopoint
B2Bclassified will help you in that matter here you can find complete list
of General Trading companies and list of importers from
India. you can easily contact them through there platform.
