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Import Duty Hike on 19 Non Essential Products

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The central government raised import duty on 19 non essential products on Wednesday. The import duty was increased to 20% on washing machines, air conditioners and refrigerators. The changes is the custom duty will be effective from the Midnight of 26 – 27, September. The government has taken this decision to narrow down the Current Account Deficit. The Current Account Deficit is the difference between inflow and outflow of foreign exchange. The Current Account Deficit value was widened to 2.4 percent of the country’s GDP in the first quarter of 2018. The government has taken this tariff measure to curb the import of non essential items.

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Top 10 Best Export Business Ideas in India 2019

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Best Export Business in India 2019

1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5, rated)

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The following best export business ideas in India are prepared based on the products those are majorly imported by USA from India and other countries. Therefore, opportunities and demand for these products are extremely high in the USA market [1].



Any small business can manufacture or procure these listed products and export to the USA. You may not need a high investment or huge manufacturing set up to make and export these products. Therefore very low risk, little or no investment, but high profit.

Moreover, the listed products are commonly manufactured or easily sourced from India. Hence, you can attain high profit by sourcing these products for very low cost and export products to USA for high price.

Best export business to start in India

1. Handmade Carpets and Floor Coverings

India is the largest producer of handmade carpets in the world. India is also the leading exporter of handmade carpets in the global market. India exported US$ 1427 million value of handmade carpets during 2017 to 2018. India is exporting around 40% overall handmade carpet exports worldwide. The USA is the largest importer of carpets and floor coverings in the global market.

Germany, UK, Australia and UAE are the other countries are importing carpets and textile floor coverings from carpet exporters in India. The new exporters of carpets can get export assistance and other business related assistance from The Carpet Export Promotion Council (CEPC), which is the apex body of handmade carpets and floor covering exporters in India [2].

2. Leather Goods, Handbags & Travel bags




India is the place for a huge amount of raw materials required to manufacture leather bags and leather handmade articles. According to a report, India produces 13% of leather when compared to the overall international leather production [3].

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Leather goods such as hand bags & travel bags, leather footwear, finished leather products and leather garments are the major leather goods in a huge demands in the International market. The new exporters of leather goods and leather articles can get export assistance and other business related assistance from a non profit organisation, The Council for Leather Exports (CLE) [4]. USA is the largest importer of leather goods from India. Following the USA, other countries import leather articles from India are Germany, UK, Italy and Hong Kong.

3. Tea and Coffee

India is one of the largest producers and exporters of tea and coffee in the global market [6]. In 2017, USA imported $486.8 million worth of tea from other countries. Russia, UK, Iran, Pakistan and Egypt are the other major importers of tea [7].

Tea Coffee Export from India

You can also export tea to other Asian countries and European countries who holds the first and second places respectively in importing tea [7]. Thus, Tea export from India is a profitable business in 2019.

4. Spices

India is the home market of spices and the world’s largest producer and exporter of spices. Among the 109 varieties of spices listed in ISO (International Organization for Standardization), 75 varieties of spices are produced in India.

India’s total spice trading is equivalent to almost half of the global spice trading. India exported US$3.11 value of spices to the US market alone during 2017 to 2018. Other major importers of Indian spices are Hon Kong, UK, UAE, China, Thailand, Sri Lanka and Bangladesh [5].

5. Millet and Grains

India is one of the largest producers and exporters of wheat and millet in the global market. India has produced 116,000 metric tones of millet last year [8]. The demand for grains and millet are extremely high in the Unites States due to their low production level.

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6. Fruits and Vegetables

The New York Times reported that most of America’s fruits are imported from other countries. The report also mentioned that the import of fruits in this country will further grow up to 45% till 2027. USA also imports half of its vegetables from foreign countries [9]. This report shows the huge opportunity for fruits and vegetable exporters in India and other countries.

Fresh onions, Mangoes, grapes, Cucumber, processed fruit juices and other fresh fruits and vegetables are the major products export from India to the USA [10].

7. Toys




The demand for Indian handmade toys in various materials has been increasing in the recent years. Increase of labour cost in China has given more opportunity to Indian toys exporters. The following types of toys are usually imported by the USA importers in huge quantity.

  • Man made and Handmade toys
  • Wooden toys
  • Animal and cartoon toys made in silk textile materials
  • Toys and Articles made in Rubber
  • Toys and Articles made in Plastic

8. Natural or Organic Honey

The demand for Indian Organic honey is high in the international markets, specifically the USA. In 2018, India exported 42655 metric tons of Natural honey to the USA. Saudi Arabia, The United Arabic Emirates, Canada and Qatar are other major importers of Indian organic honey. India also exports natural honey to Bangladesh, Nepal, Kuwait, Morocco and Germany [11].

The various types of honey export from India includes Rapeseed / Mustard Honey, Eucalyptus Honey, Lychee Honey, Sunflower Honey, Karanj / Pongamea Honey, Multi-flora Himalayan Honey, Acacia Honey, Wild Flora Honey, Multi and Mono floral Honey [12].

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9. Organic Soap and Cosmetics

There is a rising demand for organic soap and cosmetics in the international markets and emerging markets such as China and India. Organic bar soap and Organic liquid soap are in high demand in the international market [13]. As per the report United States, Canada, Mexico and rest of North America could be considered as the major target market to export Organic Soap and cosmetics from India in 2019.

10. Cotton and Cotton Products

India has the largest cotton growing areas in the world. Gujarat is the leader in cotton and cotton product production in India. Maharashtra, Andhra Pradesh, Punjab, Madhya Pradesh, Haryana, Karnataka, Rajastan and Tamilnadu are the other states manufacturing cotton in a huge quantity followed by Gujarat [14]. Although, USA also produces cotton in a large quantity, the increasing demand for cotton products in the country increases their import rate. Any small and medium companies also export a huge quantity of cotton to the USA and other international market and gain profit in this year.



References

[1] International trade in goods – Imports 2001-2017

[2] Carpet Industry And Exports

[3] Leather – Make in India

[4] Leather Industry And Exports

[5] Spices Industry And Export In India

[6] Value of tea and coffee exports from India between 2010-11 and 2016-17

[7] Tea imports by countries

[8] Grain: World Markets and Trade

[9] Most of America’s Fruit Is Now Imported. Is That a Bad Thing?

[10] India Export Statistics

[11] Exports from India of natural honey

[12] Natural Honey 

[13] Global Organic Soap Market By Product Type, By Bar Soap Type, By Liquid Soap Type, By Sales Channel, Competition Forecast & Opportunities, 2012–2022

[14] Product Profiles of Cotton

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Lavender Colour New Rs 100 Notes to be issued by RBI Shortly

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New Rs 100 Note

The Reserve Bank of India has announced that new Rs 100 notes will be issued shortly. The new Lavender colour Rs 100 notes will be added to the existing new series of colourful currencies released by the RBI. Printing and distribution of new Rs 100 notes will be increased gradually accordingly the RBI’s report. The report also mentioned that 66 mm x 142 mm is the dimension of the new lavender colour Rs 100 notes. The New Rs 100 notes will have the signature of Mr. Urjit Patel, The Reserve Bank Governor.

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