Import export data refers to the purchase of goods or services from other countries in return for foreign exchange. It is not possible for any single country to be self-sufficient in supply of essential items. Imports help to trade in goods from foreign countries where there is excess production of such commodities. Since international trade rules and regulations come into place imports are strictly supervised and monitored to avoid legal hassles. The World Trade Organization has also laid down several laws that restrict the import or export of certain types of goods.
Import duties and their role in international trade
Governments all over the world levy taxes in the form of import duties in order to restrict imports. Free imports will encourage traders to over rely on imported goods which can reduce the demand for locally produced goods and eventually disrupt the economy. Moreover, over reliance of imports will make a country's trade position and balance of payments adverse and force it into submission to trade malpractices. Hence, every government imposes import duties from which it is able to generate revenue as well as able to restrict imports at an optimum stage. The import export data released by the customs department gives detailed insights into the goods that are coming in and going out of the country through imports and exports.
Payment of import duties
The general practice of payment of import duties is direct cash payment at the ports. The customs department has set up port offices where documentation relating to every import and export is prepared and maintained. They also collect import duties and issue receipts and challans evidencing the payment which allows the further movement of goods out of the sea port. Further, traders also have the option to deposit the money with bank accounts in advance against anticipated imports. The deposited amount can be later set off against import duty liability as and when the goods are received.
Documents used in imports
The usual documents used in import trade include bill of lading, bill of entry, certificate of origin, product manifesto, etc. These documents help the customs department to establish the authenticity of the imported goods. It is from these documents that the customs department prepares the import export data which is later supplied to traders for gaining trade insights. The data is also provided by export import companies in CD-ROM, e-mail or in hard copies.
