Import-Export business plays the vital role in development and growth of national economies. It generates the employment in the country and pool the people from poverty line. Import is buying goods and services from outside the country, exporting is selling of goods and services to outside the country. To promote the export government has launched various export incentive scheme under countries foreign trade policies. Foreign Trade Policies make the export attractive and easier for the exporters. The way exporters and importers do the business is changing with the technology advancements. In this article we shall be discussing the impact of technology on International trade business ie. Import-Export business,
Blockchain technology in global trade:-
Blockchain technology introduced in import export supply chain have great impact on the trade supply chain, it lowers the cost, increase the security and transparency. It has distributed in finance department also it has given the simplification to get the Letter of Credit, payment procedure in import export business.
Artificial Intelligence and Machine Learning in International Trade:-
AI and ML are used for the following purpose in International trade:-
- Optimize trade shipping routes
- Management of vessel
- Truck traffic at ports
- Translate e-commerce search queries in system understandable language
Google launched Global Fishing Watch in 2016, system is based on the machine learning to fight with illegal fishing by providing global view based on ship movements and satellite data. The Government of India has launched EPCG Scheme to provide the license to import duty free capital goods to manufacture the export goods.
Trading services using digital platforms:-
Digital platforms are used to provide the services from one country to another country based on the digital technologies, example – one person sitting in India can provide accounting services in US using the software and digital technologies. International learning platforms are created teach English language to Chinese student from America which is the kind of service they are giving to China.
3D Printing Technology:-
3D Printing technologyis used in manufacturing of solid objects from digital file, under 3D Printing technology complex shapes are created using the simpler methods and less labours. 3D Models are downloaded from 3D repository with the help of 3D scanner, app, haptic devices software are used in this method to obtain the objects.
Products which are made using the 3D Printing technology are-
Consumer goods which includes footwear, eyewear, furniture etc,
Devices used by dentists, Prosthetics, reconstructing fossils, movie props.
Advance Authorisation Scheme was introduced by the Government of India to allow duty free import of raw materials to manufacture the export products.
Mobile Payments has made the online transfer of the payment easier as compare to giving money hand to hand, it has created new opportunities in the market.