India may not be the richest or developed nation in the world. However, it is one of the leading economies in international trade and commerce. India became a country that welcomes international trade with the liberalization policies of 1991. India has been conducting trade with foreign territories since time immemorial through its abundant and well supplied sea-routes. The country has a wide range of goods and services that have enormous demand in foreign markets. With the advancements in logistics and transportation facilities India's foreign trade has picked up significantly contributing a lot more to the economy than the previous days. International shipping in India is overseen by the customs department which levies duties on products that enter and leave the country for the purpose of sale.
Indian custom data provides detailed information into the goods imported and exported from the country. The data available in excel sheets from online databases or in hard copies provide information like name of the exporter, product imported into the country, quantity, HS code, port of origin, port of destination, etc. Indian has twelve major ports and one hundred ad eighty five transitional and minor ports located across its sea routes. The most noted sea ports of India are the Jawaharlal National Port Trust, Vizag port, Tuticorin, Chennai, etc. Custom data is available from each of these ports for each material that is imported or exported from foreign countries.
In India the foreign trade transactions are controlled and regulated by Director General of Foreign Trade. Every export and import of the country requires the approval of the General. India's prominence as one of the most important export and import trade destinations in Asia adds to the relevance of DGFT's role. India's foreign trade majorly consists of garments, pharmaceutical products, transport equipments, machinery and textiles. The country is also a major importer of crude oil, plastics and electronic gadgets from Asia and Europe. India is a top rated exported of software and knowledge services which supports its economy considerably.
Indian custom data is compiled so that local traders can have an idea of products that are imported and exported from the country. There has been a steady decrease in the imports made by India in the recent year owing to the global recession which had serious impact on the country's balance of payments. Now the country is largely focusing on imports from South Africa and Australia which are insulated from the Euro currency crisis as well as global recession.
