Import can be simply defined as bringing a good or commodity from one country to another by adhering to the legal norms and procedures for trade purposes. Imported goods are produced by foreign producers and meant for domestic consumers. Import in commercial quantities requires the consent of the custom authorities in both the countries-the on which exports and the on which imports.
Transporting a good or a commodity from one country to another for use in trade is defined as export. This process requires restricting to legal norms and procedures. Export forms an important and basic component of international trade. Export goods are manufactured by domestic producers for foreign consumers.
Import and export form the very basics of international trade. International trade is a neat umbrella term that is used for all transactions and exchange of goods and services across national barriers. Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing are some of the factors that have led to a boost in international trade.
If you are looking forward to start your own business venture in the field of import-export business then here are some tips for starters. Countries set up their own embassies in foreign countries to promote the exporting of their own goods. These embassies can provide you with industry directories and other useful information. If you are on the importing side the other country's embassy in your own country can help you find a way out.
Adhering to the legal norms and procedures of your home country is very important or otherwise you can land yourself in your trouble. Contact your country's taxation department to ask about registration numbers or other procedures that you must follow. You must also find out about any licensing requirements if any.
Certain countries set up trade barriers against other countries which are called as embargoes. Before venturing into export- import you must make sure that there are no embargoes against the country that you are considering to deal with. To doubly check consult that country's embassy to see if there are restrictions against goods from your country.
