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Tata Capital > Blog > Loan for Business > The Best Export Business Ideas to Try in 2024

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The Best Export Business Ideas to Try in 2024

The Best Export Business Ideas to Try in 2024

In 2023, India's exports stood at $765.6 billion, which equals approximately Rs. 62,77,920 crores. The demand for Indian goods in the global market is at an all-time high, driven partly by the vast Indian diaspora keen to use products from home.

Additionally, the appeal of Indian products extends beyond the diaspora, captivating foreign nationals who have developed a strong preference for them. Given this thriving international interest, venturing into an export business in India currently offers a compelling opportunity for aspiring entrepreneurs.

But the question is - which products should you expect? Read on as we explore some of the best export business ideas in India that you must try.

Best Export Business Ideas in India

Here are the seven best exporting business ideas in India:

1. Textile and Garments

India has one of the oldest textile industries in the world, and its total exports amount to Rs. 3,043.02 crores. With the United States of America being the biggest importer of the country's textile goods, having a textile export business in India is a lucrative proposition. 

You can easily source locally produced clothing and household textile items at cheaper rates and sell them internationally for high profit margins. India is also a leading producer of cotton, silk, jute, and other fibres. So, you also gave the option to get a small business loan to invest in looms and set up your own textile manufacturing unit. 

2. Handicrafts

The international market is also great for handicraft export business as people are increasingly using Indian items in home décor and as gifts. The demand is high for various categories of products, including handbags, pottery, footwear, wooden carvings, embroidery, paintings, bamboo work, and more. 

The best part about running a handicraft export business from India is the high-profit margin. You can directly source handicraft items from local artisans in bulk at affordable rates. These products can then be exported to countries at a higher price, making the entire operation sustainable even for small businesses.   

3. Imitation Jewellery

If one thing stands true for Indians, whether they live in the country or reside abroad, it is that they love their jewellery. The beauty of ethical Indian jewellery and gemstones also mesmerises the locals, especially in countries like the United States, the United Kingdom, the United Arab Emirates, Hong Kong, and Singapore.  

If you need jewellery export business ideas from India, you have two options. The first option is to source readymade jewellery from the domestic market and then export it to different countries. Alternatively, you can get custom jewellery made on contract to sell a unique line of products in the international market. 

4. Pickles

Pickles business is an exciting and profitable export business idea that you can try. India currently exports pickles to 54 countries worth around Rs. 257.89 crores. This business is also perfect if you are starting at a smaller scale and want to know business ideas which require minimum capital, bear minimal costs in the initial stages of the business.

While India has many renowned brands selling pickles, the pickle market is huge and dominated by micro-industries and women's self-help groups. These groups produce handmade pickles, which can be advantageous in positioning your pickles in the global markets.

5. Papad

If you're looking for an export business idea that unlocks a massive global market and doesn't require enormous investment, papad exporting is also worth considering. At present, India exports all kinds of papads from various regions to over 120 countries worldwide.

Similar to the pickle industry, several women's self-help groups produce handmade and machine-made papads. Initially, you can source products from these small manufacturers at a lower cost and sell them in the international market. As your exports grow, you can get a business loan to invest in machinery and set up your own manufacturing unit.

6. Spices

Since historical times, Indian spices have travelled to the entire world and continue to do so. Despite the Coronavirus pandemic, the Indian spice export industry maintained an upward trend. In 2023, the country exported 14 lakh tons of spices valued at Rs. 31,761 crores.

Indian spices are known for their aroma and health benefits. Spices such as cardamom, cinnamon, cumin, turmeric, etc., have huge markets in the United States, Canada, Australia, and several Middle Eastern countries. So, if you've been looking for an export business idea, spices can be your key to the global market.

7. Incense Sticks

Last on this list is another low-cost export business idea: incense sticks or Agarbattis. Incense sticks have a huge domestic market due to their extensive use in religious and cultural activities. However, in international markets, Indian incense sticks are used heavily in aromatherapy and meditation. 

India currently exports incense sticks to almost 150 countries across the globe. So, there's a huge customer base for you to target. Also, you can easily get incense sticks manufactured at a local micro-industry or women's self-help groups at affordable rates. Therefore, exporting incense sticks gives you an excellent opportunity to make massive profits.

Final Words

That wraps this round up of seven best export business ideas in India. The biggest advantage of exporting from the country is the lower cost of items, be it raw materials or finished goods. This allows you to establish a business with minimal initial investment and cost of production or sourcing goods. 

If you need instant funds for your export business, turn to Tata Capital. We extend affordable MSME loans of up to Rs. 90 lakhs at attractive interest rates. Moreover, the flexible tenure ensures you can repay the loan as your business becomes more profitable over time. 

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