Custom import data contains information about a nation’s imports during a particular period of time. They could extend for a year or for a quarter of the year depending on the class of information provided. Such data enables traders to make times decisions in international trade.

1. Custom Import Data provides information about the imports of a country
Imports can be explained as the process by which a country procures the goods and
services of another country in exchange for a commonly accepted foreign currency. At
present the commonly accepted yardstick for measuring foreign exchange transactions is
the US dollar of the Euro. The importer and exporter mutually agree upon the currency
based on which the transactions would be recorded.
For instance, in the case of a business agreement between India and UAE for buying
crude oil, the trade agreement would made in the value of US dollars or Euro currency
that would be required in exchange for the agreed quantity of oil. The usual notion about
imports is that it drains the foreign currency reserves and depletes the economical health.
Further, it will also make the country over-reliant on imported goods leading to under
utilization of available raw materials.
Custom Import data provides information about the kind of goods that have been
imported by a country during a particular period of time. The process of creating custom
import data can be classified into preparing, classification, recording, and maintenance.
The data is prepared based on various documents like bill of entry, certificate of origin,
importer invoice, etc. The importer will also make a declaration of the goods that are
being imported. Certain types of goods are prohibited or are restricted in importing from
foreign countries due to diplomatic policies. Hence, the declaration of the importer
regarding the kind of goods beings imported is important for obtaining custom clearance.
India’s major imports consist of mineral oils and crude oil. The nation’s domestic supply
of oil is not sufficient to manage its demand for production and manufacturing facilities.
As a matter of fact the demand supply ratio of most products is at a staggering low.
Hence, India most materials from other nations, the details of which are captured in the
custom import data. The customs department at the time of receipt of goods at various
ports makes a note of the goods that have been received through cargo by various
importers.
This information is then compiled and consolidated on a periodical basis for reference
and benefit of traders. It gives immense aid to industries like ornate stones,
pharmaceuticals, petrochemicals and electronic equipments to know more about the
market conditions in which they are functioning. A trend of demand and existing supply
of products can also be identified from such data.
Visit our website www.seair.co.in to know more detail about custom import data, custom
export data or any other types of export import data here in India. We are also providing
complete details about the buyers and sellers of these data.
Summary

2. Custom import data contains information about a nation’s imports during a particular
period of time. They could extend for a year or for a quarter of the year depending on the
class of information provided. Such data enables traders to make times decisions in
international trade.