Export is the process of sending the physical products across the international borders of a country. Import is the reverse, wherein the goods are procured from another nation. This is very important in the economic viewpoint of a country as this would either raise or lower the foreign exchange rates, thereby contributing to or taking away the power of the local currency in the international market. EXIM (export import process) can be very beneficial for your organization for several reasons. Read more to learn what is in it for you and your business.
A few of the many benefits are as follows:
- Larger market of suppliers and consumers: Dependency on the smaller markets within the nation is not there anymore. This enables more materials to be procured from many vendors and higher number of products can be produced to meet the higher demands from larger markets.
- Cost competitiveness: As the materials are available aplenty in foreign nations, it is bound to be cheaper, without compromising on quality and timeliness. More options of vendors will also be available as backup plans.
- Quality competitiveness: When raw materials come with higher quality, there are lesser wastage and better products available for the consumers.
- Increased domestic competitiveness: International knowledge and global best practices are used, which give a competitive edge in the domestic market.
- Using international technologies: The latest state-of-the-art technologies will be at your disposal.
- Explore into new markets: Your products will not just satisfy demands of current markets, but also create demands in prospective markets.
- Tax benefits: Certain governments, in a view to encourage international trade, provide some benefits to those in the EXIM zones, like tax vacations and lesser custom duties for certain products. They also enable better opportunities to create funds through low-interest loans, public investments, etc.