Things one should know about import export data

Every country, in order to protect the interests of domestic industries and save precious resources from being exported out, is seen putting several tariff and non-tariff related barriers. Also, no government would want to flood goods in their country by importing them from other countries, thereby hampering the production of domestic industries.

The import export market analysis barriers, which are announced suddenly most of the times, affect both, importers as well as exporters. Therefore, it is of vital importance that, you as an importer or exporter should be fully aware about the repercussions and risk factors involved in implementation of such barriers.

Every government is always under constant pressure when it comes to reaching and maintaining their country’s GDP growth and contain fiscal deficit simultaneously. And, these goals can be achieved only by taking necessary measures through regulations on import export procedures. But, at the same time, it is the responsibility of the individual government, to provide the required help to importers and exporters and meet economic targets, to help them stay afloat in this competitive market.

Government, with the help of India Import Data, comes out with certain policy decisions, benefits of which are as listed below.

. Enhanced domestic production and consumption

. Creates more employment opportunities for the local population

. Improved revenues which can help government meet the economic targets

. Boosts export and reduces imports for keeping fiscal deficit well within control

Depending on the nature of items one imports or exports, the policies and regulations, will have an impact on their business. Hence, awareness about the implications, such moves from the government will have on their business, is of vital importance for the importers as well as the exporters. Also, one should be updated about the pros and cons of these tariff as well as non-tariff barriers.

Here’s taking a look at the tariff barriers and its impact on the import export business.

Tax barrier is nothing but a sort of tax imposed by the host country on certain items which are imported from other countries. The tax is usually collected post the consignment landing on the port. Tax barriers prevent excessive imports of specific items into the country which hamper the interests of domestic industries.

 However, most economists do not endorse the idea of taxes, for reasons that, it leads to inflation and price rise, which are ultimately borne by the end users. Also, according to economists, import export policies and regulations offer protection and encouragement to low performing local industries.

Tariff barriers, from the exporter’s point of view, are of great disadvantage. The levy of taxes results in the products, which are priced competitively, becoming expensive, leading to low response.

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