Businesses in India have a specific advantage when it comes to exporting because they have various mediums to minimize production costs and maximize profits. And, expanding into the global market is the best way to build brand recognition, scale business and boost profits.
India is a great place for small and medium enterprises to start an export business for several reasons. And, the reason is that they have access to inexpensive labor and materials. India has a wide variety of natural resources which makes it convenient to source raw materials for production.
If you want to start an export business, here are 5 products you can export from India:
1. CLOTHING
India has one of the largest textiles and apparel industries in the world. The main reason behind it is because India has strengths across the entire value chain from fiber, fabric to apparel yarn and has competitive manufacturing costs.
One of the most important cash crops in India is cotton which is an important raw material for a lot of clothing manufacturing. Currently, it contributes to 12% of the country`s export earnings. Why it is more profitable today is because the global demand for clothing has increased and people are spending more on different types of clothes. Athletic clothing, loungewear, and pajamas are currently very popular because people want to be comfortable as they work from home. Comfortable shoes are also a must.
People are still buying clothes that are meant to wear outside of the house, but once offices, restaurants, bars, clubs, and borders reopen, the demand for this type of clothes will likely slowly rise again.
2. JEWELRY
Since India is the land of so Kohinoor, many minerals and gemstones are found here. Gold, copper, and garnet are some of the most common precious materials found in India.
India produces large quantities of diamonds since the land is so rich in coal. Although diamonds are not rare gemstones, they generally come with a hefty price tag.
India primarily exports jewelry to the United States, China, Japan, and countries in Europe. By November 2020, nearly 25% of India’s jewelry and gemstone exports went to the United States.
3. RAW INGREDIENTS
Thanks to the country`s suitable climate, sugarcane and rice are two cash crops of India. These two crops require a specific climate to grow hence they can be harvested and can be sold as raw ingredients anywhere in the world that doesn’t have a suitable climate.
One more reason is that these two raw materials have a decent shelf life, so transporting them is also not that difficult. One thing that you will have to ensure is the storage. To store the raw materials in containers that will safeguard them from bugs, rodents, or other creatures.
Though Sugar and Rice are not easily spoiled and can be consumed, you need to keep them fresh and clean. Also, check with federal regulations of where you are exporting to. Also, ensure that you are following the guidelines.
4. PHARMACEUTICALS
Pharmaceuticals are crucial as ever since we are amid a pandemic and people around the globe are growing unhealthy. Additional drugs and supplies are necessary for treating the symptoms of COVID-19 patients. Ventilators and other life-sustaining equipment are in high demand.
Aside from COVID-19, diabetes is posing a major issue around the world. Some of this disease is caused by genetic factors, but it is exasperated by unhealthy lifestyles and diets. When people do not manage it, they need specialized drugs, insulin, and tools for checking their blood sugar. The insulin alone demands the need for a variety of syringes, ports, and more. Diabetes is simply one health issue that is increasing the demand for pharmaceuticals. Heart disease, cancer, respiratory diseases, and other chronic conditions are on the rise.
These are a few small business ideas for export businesses that MSMEs can start. You can boost your sales easily with the right guidance of a business expert. Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc
