Customs Data – providing an edge in the Export Import business

Customs Data providing an edge in the Export Import business

Custom Data is an inevitable tool that can help the importers and exporters in several ways to accomplish an edge in their respective fields. People involved in the business of foreign trade either through imports or exports can draw useful conclusions if they can have an access to the authentic Data of the Customs. Nowadays one can avail this useful information from several online companies that sell their database to the clients.

The Customs data is very useful information in regards to international business as it contains standard and filtered records of the shipping bills collected from various ports. It accommodates millions of such records, collected from reliable and authentic sources that carry the names of exporters and importers along with their full address, telephone numbers and other contact details. This info allows one to locate his/her competitors. For example if an exporter intends to export plastic dolls, this database can help him find his opponents, who would be there in the list of exporters for plastic dolls for the particular year. If a person is aware of his opponents then he can easily modify his business strategies and plan his risk profiling, trade analysis and statistical analysis accordingly.

In addition to the and customs data, this online database also contains complete information on the different types of taxes and duties levied on the export and import of all the goods. A detailed info about the applicable charges would enable the trader to calculate the accurate cost of transaction and final cost of commodity. It also includes info about all the latest updates from CBEC India, which is deeply involved with the import export business. CBEC exercises several roles in the development of foreign trade, but one of its vital duties involve imposing taxes such as customs duty, excise duty, anti dumping duty and safeguard duty on the importers and exporters. CEBC updates its modulations regarding the tariffs, notifications and circulars every ones in a year. These updates are a vital part of the import export business as the traders must be aware of all the changes that have taken place in their respective business fields to stay ahead of times. For example If the customs duty on a particular product is increased and the importer is not aware of this change, he might end up recurring big losses in his business. However, an updated importer will take the necessary steps to save the losses so that he can end up saving money.

Apart from this, the online database contains info on HS codes as well. It maintains a list of all the products and their following HS codes, which is mandatory for the export or import of any commodity. HS code is a unique code assigned separately to the different commodities. In the import and export business products/commodities are not acknowledged by their names, but by these HS codes. Hence in order to start with the foreign trade it is mandatory to know the HS code of your respective product.

Also international traders should have a thorough knowledge of trade laws laid down by the authorities of their country so that they do not face any problems at the time of customs clearance. Online data is a sea of relevant information, which is authentic and easy to access as well. By paying a nominal price to the host company, you can access all this info and save yourself the time and trouble spend on locating this info from other sources. Some of the host companies also provide consultation services to the clients. They aim to maintain good standard of services through quick response, close monitoring, standardization of the processes and transparency in all the transactions.

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