Monday, December 11

Five Things Plastic Exporters Must Know

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Plastic exporters operating foreign trade in India have harnessed maximum profits in the last decade owing to the improving import export trade laws of the country. The traders have experienced sheer growth in their business and earned huge profits in the process.

One of the most frequently traded commodities plastic is exported and imported from the country in different forms. Plastic toys, plastic bags, plastic containers for packaging, plastic chairs, Plastic Cosmetic Pouch, plastic accessories for readymade garment industry, plastic hangers, costume jewelry made of plastic, etc are exported from the country in abundance. The plastic exporters of the country have been working towards establishing better trading relations with foreign traders. They ensure to provide superior quality products at more competitive prices for attracting the foreign buyers.  

Although the norms and trading procedures have been simplified to a great extent, but still import export traders have to be more cautious and focussed for every step they take. The Indian plastic exporters must plan their business marketing strategies wisely to reap more and more profits. They should have an access to the following information for creating an aggressive marketing strategy:-

DGFT rules– They should be aware of the updates in the policies and rules & regulations issued by DGFT India to save huge losses. For example – if a particular product has been banned by the board for export purposes, the trader should know if it is regarding his product or not. 

CEBC tariffs– They must have an access to the latest updates announced circulated by CBEC, the governing authority for issuing, modifying and enforcing tariffs like Customs, Excise duties and Drawback rates. For example – prior to the business transactions, the trader must know if the excise duties on his product has been increased or decreased to take wise decisions at the right time.

HS code– It is an inevitable aspect of the international trade and every trader should be aware of his product’s code and the tariff related to that.

Currency codes– As the import export trade deals with currencies of other countries hence the trader should be aware of the currency codes, currency symbols and conversion rates. For example if an exporter is trading with an American firm then he should know that the code for American currency is USD; the currency symbol is $; and the conversion rate is 1 UDS is equivalent to 45.1249 INR (Indian rupee).

Shipment data– Authentic shipment data collected from different ports across the world is the most genuine source of information used for planning profitable business strategies. For example – if the plastic exporters have an access to the list of plastic importers of the particular country he is exporting to, then he can approach other buyers for better price.

To access all this useful information, you don’t need to approach different sources. You can easily get all this information on the popular online database sites like Infodrive India.


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