In 2016, India shipped US$261 billion worth of products around the globe, and a month ago India turned into the world’s fastest-growing economy, so it’s no surprise that here in the UK we’re normal importers from India. As the world’s driving supplier of numerous merchandise that are highly sought after in the UK like oil-based commodities, gems and jewels, apparatus, garments, and drug items, it’s straightforward why organizations everywhere in the world choose to trade with India.
Why Import from India?
The expenses of manufacturing are low in India compared with different regions of the world which means you can profit by lower costs compared with sourcing products nearer to home. Regardless of whether you are buying off-the-shelf products that are made in India or picking a provider in India to manufacture your products, you’ll profit by lower creation costs which will improve your edge.
As the eighth biggest export market for India, there are numerous choices for delivery from India to the UK including airship cargo and ocean cargo administrations like FCL (Full Container Load) and LCL (Less than Container Load), which is a decent choice for organizations whose cargo doesn’t fill a container.
In India, English is normally utilized as a business language, and legal and administrative in India and UK are similar, which makes exchanging with India moderately straightforward.
What to Import from India?
You can source most things from India, but the top exports during 2016 were the following:
Gems, precious metals
Mineral fuels including oil
Vehicles (including cars, motorcycles and automotive parts)
Machinery including computers
Electrical machinery, equipment
Knit or crochet clothing, accessories
If your business has a use for any of the above-listed products, then India is a tried and tested exporter.
Fastest Growing India Exports
India’s fastest growing exports during 2016 included vehicles such as cars and motorcycles and automotive parts, pharmaceuticals and machinery including computers.
Importing into the UK from India
The following paperwork is essential when importing from India to the UK:
Commercial Invoice: The commercial invoice is an important document that’s used by customs to declare imported goods. You’ll need one for goods imported from India. Make sure it includes:
Name, address and contact details of the seller
Receiver’s details, including name, address and contact details, EORI and VAT registration numbers
Buyer/importer’s details including name, address and contact details, EORI and VAT registration numbers (if different from Receiver)
Place and date of issue
Country of origin
Terms of delivery and payment – see Incoterms
Marks and numbers
Number and type of packages
The exact description of goods, including Commodity Codes
Quantity of goods
Unit prices and amounts, including net and gross weight
Import license number if applicable
Original Self Declaration Form (SDF)
Shipper’s Letter of Instruction (SLI)
Dependent on commodity there maybe additional documentation or certificates required.
Goods coming from India must be declared to UK customs. This can be a complicated process, so most organizations utilize a cargo forwarder to do this for their benefit.
VAT & Duty
Goods imported from India may be subject to VAT and Duty payments on entry to the UK.
Some restricted goods such as antiques, coal & firewood, military equipment, plants & plant products, precious metals & stones, tobacco and works of art require a special import license to be brought into the UK.
Liyana Logistics is a completely developed global logistics provider. We provide a full freight management solution to numerous industries as of now. Contact our knowledgeable team for help and advice on importing from India.