International trade has become a vital part of any countries economic growth. Export and imports both provide employment. Exports allow countries to utilize their excess natural resources to earn revenue for the country.
Companies can improve profits by expanding their markets to include international markets. Exports and imports provide employment and help to generate wealth. Imports provide the customer with a greater choice of commodities. Import duties help to earn revenue for the government.
The export import data can give an excellent idea about a countries economic growth.
Export-import data is collected from various ports (inland, seaport, and airport) in over 60 countries around the world. The database is compiled from the documents submitted at the time of customs clearance. Export-import data typically contains information such as:-
- Date of shipment
- HS Code and product description
- Assessable value
- Port of discharge and origin country
- Destination port and country
- Name and address of importers
- Name and address of the exporter
- Unit and total quantity
- Shipping mode
According to import data india, the top countries operating on trade surplus are:-
- South Korea
Importers and exporters can use import-export data to look for new buyers or sellers for their products. They can analyze the trading volumes, prices, etc. before shortlisting importers and exporters. The database can allow them to monitor their competition. They can look for alternative products or markets to trade-in. The import-export data allows international traders to maximize their profits with minimal risks.
According to import-export data, the top importing countries in the world are:-
- The United States
- United Kingdom
The shipment data shows the top shipping routes in the world are:-
- The English Channel
- The Strait of Malacca
- The Panama Canal
- The Suez Canal
- The Danish Strait
Analysis of Exim data India shows that India’s trade deficit in January 2021 was 14.54 billion USD. India exported goods worth 27.54 billion USD and imports commodities worth 47.99 billion USD. The trade deficit from April to January 2020 was 72.0 billion USD. The deficit in 2019-20 was 141.2 billion USD.