Import and export are important parts of business. When a company or individual buys goods from its own country and sends them abroad for sale at a higher price, this is called export. Import involves bringing goods and raw materials from another country to sell in one’s own country at a profit.
Both trades depend on the internal productions of a country, whose surplus is sold in the international market. In addition, a portion of the profit is paid to the national treasury. In this way, both import and export services are important for a country’s economy.
International relations also have a great impact on import and export. If a country is not on good terms with another, which is a prospective buyer of the former’s products, there can clearly be no business.
There is so much competition among all importers and exporters .So, the products are never compromised in quality. Exporting a poor quality item can be fatal for the economy of the exporting country. It could lose its market permanently and damage its reputation on the international trade circuit.
So, before starting an import export business it is very important to first collect data and statistics to help you decide the product and the country you will be dealing with.
Identifying the market and the product are the two most basic decisions to be made at the beginning. Research and planning with the available customs data confirms a successful business venture internationally or domestically.