In general, the term “Data bank” is used for any public/private organization which connects universal data on a particular subject (such as export and import). And further, provide it to users in the public domain. Similarly, Export Import Data bank can be an online resource that offers export-import-related databases for customers upon special requests or publicly. In the past few years, the significance of export-import data banks at the global level has increased. The reason being, any startup company involved in the import-export of products between two and more countries depend on facts, statistics, and analytics to make the right decision. Hence, databanks generally act as a 100% natural source of receiving information. And further, make business decisions out of the inspection.
Therefore, each country has one or more public organizations which act as an export-import data bank. Check out the country-wise list:
- INDIA - Directorate General of Foreign Trade (DGFT)
- The USA - The World Bank
- The UK- The World Bank Data
Apart from this, the term “export-import data bank country-wise” also stands for “the receival of import-export data in an alphabetical manner, i.e.., country by county). Such a system allows the export-import business people and data transitioners to have better and accurate forecasts on what’s next in scope?
For India, the Directorate General of Foreign Trade, DGFT, is the one and only export-import data bank (public). Suppose you want to verify or calculate the authenticity of data on a third-party data provider’s website such as www.Cybex.in, DGFT is an accurate platform to go for.
Here’s what you must know about the DGFT - Export Import Data Bank India
What is DGFT in Export-Import?
To begin with, DGFT’s sole purpose is not only providing export-import data to Indian importers and exporters. But, DGFT is also an important part of the Indian Ministry of Commerce. Both operate under a single workplace. For the most part, DGFT also remains authoritative for building new policies and guidelines concerning import-export India. According to the books on Import and Export in India, The major reason why the Indian Government gave rise to DGFT is - Increase export from India to other countries. Hence, making a greater impact on trade balance.
How do I export data from DGFT?
At this point, if you are wondering you will need to go through a long-lasting procedure to acquire export data from DGFT, you are wrong! Because, DGFT is an open-to-public platform. Here, acquiring trade statistics on foreign trade is easy and true. Here’s what you need to do:
- Go to the https://www.dgft.gov.in/.
- In the search box, type “export data”
- Click on the enter button.
- Now, you will see new updates of export data information tender on your screen.
- Click on any file to begin inspection.
Which bank is best for import-export business?
In India, banking choices for businesses are wide. When it comes to any general business, you can pick your family bank (which you have been using forever). However, when it comes to import-export business, business transactions are not general. The reason being, you more often than not receive money from foreign countries. Now, in that case, the support of a regular bank can be questionable.
Therefore, you can choose to create a business account in EXIM Bank, which is specifically made for such types of transactions.
Who provides statistical data on import and export?
To receive genuine statistical data in PDF format or online with easy accessibility, DGFT public website is the best option to go for. Using this site, you can also obtain information about new import-export guidelines, rules, policies, and more.
Want to know more? But, DGFT can’t help! Don’t worry! Subscribe to www.Cybex.in and get latest updates on Export-Import of India and other countries like USA, UK, Chile, etc. We are here to trigger your business with success.