The success of an import export business depends on your efficiency and skills. As a beginner, you should have a strong and secure contacts. To search for prospective buyers and sellers, you can-
- advertise in foreign magazines and newspapers.
- contact some trade agencies.
It is very important to do a careful analysis of the market. You should do a thorough research about what product is in high demand, what are different supply procedures, degree of competition in the market and most importantly the PRICING of the products.
For entering into this field, you should have the knowledge of certain legal requirements. Such as-
- Importer Exporter Code ( IEC Code )
- Current Bank Account
- PAN
- Address Proof
- VAT/ CST etc
For gaining further knowledge, you can participate in the International Trade Fairs in India as well as abroad.
To ensure full payment and to avoid risk of credit, you should insist on the LETTER OF CREDIT from the buyer.
Portlogy can help you start your import and export business. We can also guide you if a particular import or export will be fruitful for you or not. For more details contact us. Consultancy is free for starting your first import and export.