6 steps to succeed in export Business with EXPORA

15 Feb, 2023

Export business has one of the most influential impact ever since the pandemic occurred. The exports from India have decreased significantly in the market as most products are import-dependent. Sectors are diversifying themselves to cope with the changes Covid-19 has brought it. 

India’s annual goods exports crossed the $400 billion mark for the first time in March 2022. This was a significant increase from the negative $154 billion export trade during the same period in March 2021. Though this growth is a cause for celebration, Indian export to the world have the capacity to compete with China. China’s goods exports stand at a staggering $3300 billion. 

Bridging the gap and competing with the top contenders requires up-gradation from every angle possible. Trust becomes a crucial factor when it comes down to exporting products. Producers need a fair hand of knowledge with the supply chains they are integrated with.. With trust, comes the responsibility of providing flawless services. 

Succeeding in the export business requires a systematic approach and here are 6 conditions that can be followed to ensure success in exporting products from India.

Integration with a Reliable Supply Chain

The export business works in a profitable manner when the product supply chain  is well-integrated with industries. The Indian food processing sector accounts for 32 of the country’s total food market. Despite being the world’s 6th largest in terms of agricultural & food production, India lacks behind when it comes to exporting products from India to other countries. 

Supply chain integration has become even more important when there are disruptions in the transports, and connectivity gaps due to large distances. SMEs who rely on locally based supply chains, are facing issues to increase their volumes of supply. Their capital and technology requirements need to be upgraded accordingly. This will ensure their long run in the field of export business. 

Laboratory to meet Global Standards

India’s climate demands a high level of expenditure on laboratories and maintenance. But, there is a huge gap in infrastructure needs and infrastructure built. Exports to countries like the US and the EU require several affirmations from lab-based reports to confirm the originality and quality of the product. 

This can be elaborated with the decline in Basmati exports from India. Basmati was exported for 3.5 billion worth in 2021-22, the lowest since 2019-20. Several factors are involved, but one of the main factors is the fungicide issue while exporting to EU. A well-stored and reserved rice in laboratory could have saved many billion dollars worth of basmati. In-house labs are the need of the hour. 

Support from Ground Level in Terms of Compliance

SMEs are not well aware of many regulations, one of which is the compliance regulations of the Bureau of Indian Standards(BIS). They fail to apply the set regulations and get fined for violating export imports standards. 

Compliance regulatory regime is a hectic process, given many documents goes through the scan of authorities. Failing even one could shutter your dream export business. A mediator with ground level compliance team is the one firms should be looking forward to. From maintaining the quality standards to making the presence felt at the international level, firms can easily grasp many new regions with large business opportunity. . 

Wide Product Selection for Sustainable Exports 

The import and export business in India relies heavily on single-sector exports. One of the sector that relies heavily on one product export is the frozen foods. India exports frozen shrimp, which constitutes more than 50  of the total frozen foods. Such imbalance exports can create issues whenever a season of low production comes into the cycle.

Sustainability has becomes the buzz word in every field, be it business or investments. Exports is no exception. Sustainability in exports through wide range of products exports has become necessary for many businesses to thrive longer. Customizable packaging to bulk packaging, everything needs to undertaken in a sustainable manner.  

Presence of Industry and Domain level Experts

Industry experts in each sector provide the much-needed unbiased information and tactics to excel in the export business in India. This helps businesses ride out the fluctuations in the market and mitigate risks, while at the same time ensuring profitability. 

Industry expert with a wealth of experience in export business can make tailor-made plans for easy executions. This is especially beneficial when enterprises aim to tap the markets of GCC and US.  From analyzing the market, to assessing the opportunities and risks, veterans can bring out the best from the existing facilities of SMEs and gain them global footprint. 

Capital Management and Financing

Any business requires a certain amount of capital to get started. This is especially true for businesses that are involved in exporting goods and services. In an export business, capital is required to cover the costs of shipping, warehousing, and marketing of the products. There is also need of forex management to cover the costs of any tariffs or import taxes that might be imposed on the products.

Of course, the amount of capital needed will depend on the size and scope of the export business. Forex management, Insurance, credit financing and payments should be under the radar of the firms. Such capital financing and assurance can make the export business reliable. 

Agility and Trust Is the Advantage of EXPORA

In today’s business world, trust is more important than ever. With the globalization of the economy, businesses are increasingly export-oriented, and trust and agility is essential for export success. In the exporting context, agility is essential for responding quickly to changes & Trust is essential for establishing relationships with customers, suppliers, and partners.

EXPORA is a brand that can help in building futuristic and reliable relationships with a wide variety of sections of people. Remaining at the top of your business, all the time can be hard with the changing trends of market. This is why EXPORA is here to ensure the definitive presence of those who explores the path with it.  Contact us at contact@expora.in today to learn more about our offerings.

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