India, the 4th largest and fastest-growing economy in the world. According to a government report, India’s total exports have increased by 76% over the last decade, exceeding US$820 billion in 2024-25. Service exports have more than doubled, reaching US$ 387 billion in 2024–25.
In this new era of India, businesses are not only focusing on the domestic market but also paving the way globally.
India’s Total Exports and Its Performance for 11 Years
With government support, exports are being increased to maintain the balance of trade, despite fluctuations in imports.
Let’s dive into the crucial aspects of understanding the significance of regulatory bodies for exports, including the rules and regulations governing exports, common mistakes to avoid, and best practices to follow.
REGULATORY BODIES
In India, several regulatory bodies work to simplify the processes of exporting and importing goods. One of the key institutions is:
Director General of Foreign Trade (DGFT) was established by the Ministry of Commerce and Industry in 1991. This organisation plays a crucial role in India’s global trade landscape. Initially, the DGFT focused on regulating imports and exports; however, over time, its role has evolved to facilitate trade and promote exports.
Roles of DGFT
Directorate General of Commercial Intelligence and Statistics (DGCIS) is the top agency of the Government of India for gathering, compiling, and disseminating trade statistics and commercial data. It was created in 1925.
The Export Promotion Council (EPC) is an organisation that promotes the specific product categories it oversees and supports exporters within those industries. There are 26 councils dedicated to various product categories, such as the Gem & Jewellery Export Promotion Council (GJEPC) and the Council for Leather Exports (CLE).
Central Board of Indirect Taxes and Customs (CBIC) plays a crucial role in shaping India’s indirect tax landscape. It is responsible for:
- Customs duty
- Central Excise duty
- Goods and Services Tax (GST)
Previously known as the CBEC, the organisation has been rebranded as CBIC to better reflect its evolving role within India’s tax ecosystem.
Shipping Corporation of India (SCI) is a government-owned company that connects India to the world through its diverse fleet of vessels. Operating under the Ministry of Shipping, SCI offers:
- Break-bulk services
- Container services
- Bulk cargo services
- Offshore services
- Passenger services
SCI also manages vessels for various government departments and organisations, playing a vital role in India’s maritime trade and commerce.
Exim Bank India, established in 1981, is a government-backed institution that provides export-import financing, supports industries and SMEs, and promotes international trade. It coordinates with other institutions to facilitate export-import activities while balancing business principles with public interest.
Essential Documents for Export
- Import Export Code or IEC is an essential and obligatory document required to initiate export-import operations.
- Bill of Lading/Air Waybill is a legal document from the shipper that details the goods, serves as a receipt, and holds legal value in shipping.
- Commercial invoice-cum packaging list, a commercial invoice made by the company and a packing list, where the details of the content are mentioned, like weight, size, and packing of the shipment. It is essential for customs logistics and dispute resolution.
- Shipping bill or bill of export is a crucial document required for exporting goods from India. It serves as a declaration to customs authorities, providing details about the goods being shipped, their value, quantity, destination, and mode of transport.
Importance of HS Code
HS codes, or Harmonized System codes, are used throughout the export process for goods. The HS Code is mainly used to differentiate or classify traded goods. To mitigate the language barrier in product descriptions.
HS Code Structure
The system serves as the foundation for customs tariffs and the gathering of data on international trade in more than 200 nations and economies.
Importance of Letter of Credit
A letter of credit is an assurance from a bank that a buyer will pay a seller on schedule and in the exact amount. The bank makes the payment if the buyers fail to pay. Essential in international trade due to distance and differing laws.
Letter of Credit
Export Procedure
There are four stages in the export procedure. Let us explore them.
Export Procedure
Common Mistakes and Best Practices for Export Business
There are some common mistakes that an exporter can make, so try to mitigate these mistakes with the best practices in the export business.
Common Mistakes
Best Practices
In this blog, we aim to educate those interested in starting a new export business by highlighting key points to consider.
Understanding the market in any foreign country is crucial before exporting your goods overseas, whether you are new or an experienced exporter. To assist you in navigating the complexities of global trade, we proudly offer beDATOS, our advanced global trade insight platform, designed to make your work easier in today’s evolving market.