Owing to the booming demand for both export and domestic consumption, India offers huge profit potential to savvy entrepreneurs who have keen eyes for opportunities and the zeal to go after them.
Whether you have been looking to sell India-made products in foreign countries or import consumer goods that are in high demand, there are several import export business opportunities in India that you can tap from. This article critically looks at ten of the most lucrative import-export business opportunities in India, in no specific order.
10 Import Export Business ideas & Opportunities in India for 2020
1. Organic chemicals (export)
While there is abundant production of organic chemicals in India, there is huge demand for these products in foreign countries in Europe and Asia, where they are needed for various purposes, ranging from agriculture to manufacture of drugs. You can tap from this opportunity by starting a business that exports organic chemicals out of India.
2. Electrical machinery and equipment (import)
The demand is booming in India for electrical machinery and equipment as well as their spare parts and accessories. These include sound recorders and reproducers, television image and sound recorders, and parts. If you can afford the huge capital required, you can make lots of profit importing these products into India.
3. Iron and steel (import)
While there are many industries in India that depend on the use iron and steel as major raw materials, the country itself does not produce these metals in abundance, which means manufacturers in India usually need to turn to foreign sources of these metals. You can convert this reality into cool cash by importing iron and steel and selling to India manufacturers who require these metals.
4. Pharmaceutical products (import)
Although natural and alternative health has taken a large chunk of medicine in India, the demand for pharmaceutical products is still on the high side. There are pharmaceutical industries in India, but there are still many needs unfiled by these companies. This leaves open a window of opportunity for importers of pharmaceutical products that are in huge demand.
5. Natural or cultured pearls and stones (export)
India is widely known for the production of beautiful natural or cultured pearls, precious or semi-precious stones, and jewelry coated with precious metals. You can take a plunge into the world of exporting with this opportunity. There is huge demand in foreign countries for jewelries of Indian origin. This option is particularly suitable for those with little investment capital.
6. Cotton (export)
Cotton is one of the most abundant agricultural products in India. Ironically, it is in huge demand in many other countries of the world. So, you can start a business that exports cotton from India to neighboring countries as well other countries in Europe, Asia, or even the Americas. If you have the little capital required, you can start establishing your contacts in other countries where cotton is in huge demand, and start exporting the commodity to make cool cash.
7. Copper and its products (export)
You may not be able to set up a copper manufacturing industry. But you can still tap from the huge opportunities in the Indian copper industry by exporting the metal to foreign countries where it is needed for various purposes. However, you must bear in mind, however, that this option might require huge capital.
8. Live trees and other plants (import)
Due to the rapid urbanization going on in India, many natural resources, particularly agricultural assets, are destroyed on a daily basis. Conversely, however, the demand for live trees, bulbs, roots, cut flowers, and ornamental foliage has remained on the high side. So, if you have a good background in handling plants, you can make lots of profit by importing plants and trees that are in huge demand in India.
9. Tobacco and tobacco products (import)
Although tobacco is generally know to be dangerous to health, the addiction that comes with its consumption has only helped to maintain the increased demand for cigarettes and other tobacco products. While many will frown at this option, the truth remains that tobacco and its products sell well in India, and you can make a fortune from importing them.
10. Import of seafood (import)
Tons of seafood, such as fish, crustaceans, mollusks, and so on are consumed in India on a daily basis. Ironically, however, indigenous suppliers cannot cater to the huge demand for these products, leaving open a window of opportunities for importers of seafood.
While there are more-than-countable import and export opportunities in India that you can tap from, you would hardly go wrong with the 10 discussed here. However, you must bear in mind that you will need to conduct extensive research on any market before taking a plunge.