The winds of opportunity are blowing in the direction of Indian exports! With a booming economy, diverse riches, and government tailwinds, India's export market is ripe for the taking. So, if you're an entrepreneur itching to expand your horizons, buckle up, because we're diving into the top 10 export business ideas for Indian sellers in 2023.
Why Export from India in 2023?
- Thriving Economy: India is projected to be the fastest-growing major economy in the world, fueling global demand for Indian goods.
- Favorable Government Policies: Government initiatives like "Make in India" and PLI schemes provide significant financial and logistical support for exporters.
- Abundant Resources: From agricultural bounty to skilled labor, India boasts a plethora of resources waiting to be harnessed for the global market.
- Competitive Advantage: Competitive labor costs and rising manufacturing prowess give Indian products an edge in the international arena.
Top 10 Export Business Ideas for Indian Sellers:
Textile & Apparel
India is one of the largest exporters of textiles and apparel worldwide. Leveraging India's rich textile heritage and skilled workforce to export garments, fabrics, and home textiles to fashion-conscious markets is a huge opportunity. Top textile markets for India are US, Japan, Canada, Singapore, the UK and the UAE.
Spices & Food Products
India is one of the biggest producers and exporters of spices in the world. Tap into India's diverse agricultural landscape and culinary expertise to export exotic spices, organic foods, and processed food products. Top spice markets for India are US, Canada, Australia and the Middle East.
Gems & Jewellery
Gems and jewellery contributes to 12% of India’s exports. India's sparkling craftsmanship in gems and jewellery mesmerizes the world. Cater to high-end and niche markets with exquisite pieces. India is also ranked first in cut and polished diamonds and silver jewellery exports across the globe. Top gems and jewellery markets for India are US, Hong Kong, Singapore, UAE and Thailand.
Ayurvedic & Wellness Products
Ayurvedic and Wellness products have a huge market and potential in the global market, growing at a rate of 16.75% CAGR. Capitalize on the global wellness trend by exporting natural Ayurvedic medicines, herbal cosmetics, and spa products.
Leather Goods
India accounts to 13% of the world’s total leather productions, from bags and wallets to shoes and accessories, India's high-quality leather goods enjoy worldwide appreciation.
Handicrafts & Home Decor
Handicrafts is one of the most important sectors in the Indian economy employing more than seven million people. Showcase the exquisite artistry of Indian artisans by exporting handcrafted decorative items, furniture, and textiles.
Engineering & Automobile Parts
India is emerging as a global hub for auto component sourcing and the industry exports over 25% of its production annually. India's burgeoning engineering sector creates high-quality auto parts and machinery components with competitive pricing.
Footwear
Beyond leather, explore the potential of export-worthy footwear made from sustainable materials like jute, hemp, and recycled rubber. Casual sandals, slippers, and sneakers catering to eco-conscious consumers are gaining traction..
Toys & Games
Tap into the booming global toy market with India's rich cultural heritage and skilled craftsmanship. Traditional wooden toys, educational games, handmade dolls, and puzzles offer a distinct alternative to mass-produced products.
Organic & Eco-Friendly Products:
Cater to the growing demand for sustainable living by exporting organic cotton, eco-friendly packaging, and recycled products.
How to Start Your Export Business in India:
- Conduct Market Research: Identify promising markets, understand consumer preferences, and assess competition for your chosen product.
- Obtain an IEC (Import-Export Code): This mandatory license allows you to legally conduct international trade.
- Develop a Business Plan: Chart your financial roadmap, define your target markets, and establish marketing and logistics strategies.
- Build Quality & Compliance: Ensure your products meet international quality standards and comply with relevant regulations.
- Network & Establish Connections: Build relationships with potential buyers, freight forwarders, and government agencies.
- Utilize Online Platforms: Explore e-commerce platforms, D2C website and trade portals to reach a wider audience.
Documents required to start an import export business in India
Some of the documents required to start an export business from India are:
● Bill of lading/Airway bill
● Commercial invoice/Packing list
● Shipping bill
● Terminal handling receipt
● Importer of Record (IoR)
● Certificate of Inspection (if required)
Selling with Jodaro: Making your global selling journey easy
Jodaro helps business and MSMEs to take their products from India to international markets easily. We help you with product analysis, marketing, logistics, compliance, etc. Without having a need for physical store or warehouse abroad. Reach out to us today at hello@jodaro.in
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We manage the entire e-commerce life cycle for our partners starting from inventory projections and logistics to post-sale support and profit analytics.
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