What are the Good Ideas to Start an Import Business?

Introduction

As much as it sounds interesting and exciting, it is true that starting a new import business from scratch is intimidating. It requires a lot of patience, hard work, and, most importantly, dedication. Yes, you will be your boss, but you must remember that with great powers come great responsibilities.

If you are ready to take all this risk and invest your time to build a great import-export business but have no idea what products you want to work with, here is a list of import business ideas that you can choose from. This list can help you select what you want to sell or import from other countries.

Best Import Business Ideas:

1. Jewellery and precious stones

The trade of jewellery and precious stones is a popular import and export business idea in India. The country is indeed a large producer of jewellery and gemstones, but that doesn’t mean that some of these articles are not imported. The country imports almost equal amounts of precious materials as much as they are exported.

According to a report by statista.com, “India imported over 1.59 trillion rupees worth of pearls, precious and semi-precious stones in the fiscal year 2020. The value of these imports peaked in the fiscal year 2018 at over 2.2 trillion rupees in the country.”

So, yes, if you want to start an import business, you can always go for jewellery and precious stones.

2. Shoes

People travel to enjoy their vacations and return home with gifts such as shoes for their loved ones from various foreign nations. If you import original products from prominent shoe manufacturing countries such as Indonesia, Italy, Turkey, Vietnam, and Thailand, shoe customers will flock to your store.

This is one of the best import business ideas, so go ahead and start your business in importing shoes and you can easily sell them in the domestic market.

3. Perfumery

Perfumery is one of the top import business ideas, and in case you’ve been how to start an import-export business in this sector, you should consider it. Egypt is one of the world's most prominent locations for the perfume business. Although perfumes are developed and mass-marketed throughout the world, Egypt is one of the most well-known producers and is associated with the international perfume trade. It produces 80% of the world's natural jasmine products, with experts extracting aromatic oils from a variety of blossoms, leaves, roots, and herbs and exporting them to perfumers in India, Paris, London, and New York, among other places.

To bring this import-export business idea to fruition, keep in mind that all perfumery and cosmetics imported for sale in India must be registered with the Central Drugs Standard Control Organisation (CDSCO), which has been designated as the licensing body for these regulations.

4. Electronics

The dependency on electronics has increased dramatically in India, and thus its demand has surged as well, making it an outstanding import-export business idea. You can easily start an electronics import business in India. China is the major exporter of electronic goods, and India imports billions of dollars worth of electronic goods from there.

Once you purchase electronic goods from other countries, you can redistribute them in India. Yes, India also produces its electronic goods, but it is a long way before it matches its imports. Thus, importing electronics is one of the best import business ideas to start.

5. Heavy machinery

Every year, India imports a large amount of heavy machinery from China, making it an excellent import business idea. This is one of the major international trades of the country. The demands for such heavy machinery are growing almost every second.

Starting an import-export business in heavy machinery ranks high in the list of best import business ideas and can be very profitable, especially considering that India has imported industrial machinery worth Rs 15,083 crore from China recently in 2017.

6. Silk import

Silk has a huge demand in European and North American markets and thus is an excellent import-export business idea. You can choose to import large quantities of silk from other Asian countries and then redistribute them in the European and North American markets. Silk import business is considered a highly profitable business since silk is used to manufacture various other products, including silk carpets, silk garments, etc.

7. Glassware import

China and Germany are two of the major exporters of glassware. Connect with exporters from these countries and allow your import and export business ideas to take flight. You can start your own glass showpiece business or start trade in glassware in your region.

8. Oil import

Oil import is also a great import-export business idea as India gets most of its oil imported from the Middle East, especially Saudi Arabia. The import of oil in India has risen from 65 million tonnes to 180 million tonnes over the last decade. Starting a business in oil import-export is also among the best import business ideas and can be profitable enough if you are ready to put in the hard work.

9. Tea import and export

Starting a tea import-export business is a great import and export business idea and can be profitable as tea is one of the most consumed beverages all over the globe. The best tea is usually imported from India and China, so if you are looking for an answer to how to start an import-export business from India, you can go ahead and choose tea.

You can even choose to start an import business from your country and import the best tea from these countries.

10. Direct importing

Direct importing is also quite an easy import-export business idea. You can import goods from other countries and resell them in your own country. This idea may sound western to you if you belong to a developing country, but it is one of the most profitable as you know your country and its regulations the best.

You can select the goods that are most in demand in your country and either distribute them in your local market or set up shops in various localities and sell them directly to customers.

Conclusion

These are some of the most profitable import-export business ideas in India. These concepts are simple to grasp, and most of them are ideal for newcomers to the sector. They are a terrific way to learn how to start an import business from India. If you want to try out a business in import and export and have no idea about what to deal in, you can try out the above-mentioned ideas.

Selecting the product for your import-export business is a very crucial step so make sure to put a lot of effort, research and time into it. Without discussing quality assurance, any response on how to start an import and export business would be insufficient. Make sure to look for quality more than quantity because no matter what or where you import from, customers will only work with you if they find quality in your products. If you have any more doubts, you can also check out the frequently asked questions below.

Also read:

1) The Indian Import-Export Scene
2) How Can I Start Spice Export Business In India?
3) How Can You Start An Import Business In India?
4) Types of Direct & Indirect Taxes in India
5) OkCredit: All you need to know about OkCredit & how it works.

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FAQs

Q. What is the most profitable import-export business?

Ans. Handicraft items exports are one of the most profitable businesses in India as their demand never goes down outside the country. These handicraft items are decorative items specially made by hand or by tools.

Q. Do you need a license to import goods?

Ans. This depends from item to item. Certain goods can easily be imported without any restriction, whereas certain goods require you to have a license before importing them. Some goods can not be imported into the country at all; these come under prohibited goods.

Q. How much does an import license cost?

Ans. The total cost of IEC in India is currently INR 2860/- including the professional charges, government fees and GST.

Q. Is importing a good business?

Ans. Starting your own import-export business is an excellent idea as the world is more open now than ever. You can do your advertising using social media, and you get to keep most of the money made on the commission due to low overhead charges.

Q. How much do importers earn?

Ans. A person working in the import-export sector in India earns anywhere around INR 10,500/- to INR 49,900/- monthly. The income may also vary depending on your experience in the import-export business.

Q. How much does it cost to start an import-export business?

Ans. If you want to start your own import-export business in India, you will need around INR 70,000/- as an initial investment for your business.