Page 3 - Exporters

US tariffs: Exporters must be ready to prove origin of goods to Customs

Rules of origin (RoO) are used by most countries to implement measures such as anti-dumping duties and anti-subsidy countervailing duties

Not 26%, but 27% tariff imposed on Indian exports by Trump administration

White House has released the order for tariffs imposed by the Trump administration on various nations

Razorpay targets 1.5 lakh exporters on Amazon's Global Selling Platform

Since December last year, Indian merchants part of Amazon's Global Selling programme have been able to collect their global payouts using the company's offering for international bank transfers

Seller is king in defence as exporters aim to keep India as a key buyer

In the defence market, sellers often maintain the upper hand despite the exceptionally high costs of their products

Exporters seek import duty cuts to counter US steel, aluminium tariffs

The 25% US tariffs on steel and aluminium imports, effective March 12, have raised Indian exporters' concerns about declining orders and rising costs

Australian exporters to save $2 bn in tariffs due to trade pact with India

The ECTA came into force on December 29, 2022. Under the deal, by value, over 85 per cent of Australian goods exported to India are now tariff-free

US-China trade war to benefit Indian exporters in increasing shipments

The trade war between the US and China is expected to benefit Indian exporters in increasing their shipments to the American market, sources said. They said the country was the fourth-largest gainer when the US imposed higher duties on Chinese goods during US President Donald Trump's first tenure. After coming to power again, Trump on Saturday signed an order to impose stiff tariffs on imports from China, fulfilling a campaign promise but raising the prospect of increased prices for American consumers. "India is likely to gain out of this trade war. Significant rise in exports are expected from India," a source said. Exporters have also stated that the imposition of customs duties by the US on imports from China provides huge export opportunities for India to America. The tariffs would affect exports from China to the US as they would push prices of their goods in the American market, making them less competitive. "The move can create opportunities for Indian exports due to the tr

EU carbon tax, deforestation regulation may impact exporters: Eco Survey

The European Union's (EU) non-trade measures - carbon tax and deforestation regulation - are expected to impact Indian exporters, Economic Survey 2024-25 said on Friday. It said globally, non-tariff measures such as subsidies and export-related measures, have risen in aid of nations' industrial policy goals. Unlike broad-based tariffs, these non-tariff measures tend to be granular in their approach. They are often less visible, making them harder to assess. In the future, the imposition of climate-change-related NTMs by the EU in the form of the Carbon Border Adjustment Mechanism (CBAM) and European Union Deforestation Regulation (EUDR) is anticipated to have broad implications for exporters in emerging economies such as China, India, and Turkey," the survey said. Implemented by the EU and under consideration by the UK, CBAM aims to align the cost of carbon emissions for imported goods with that of domestically produced products. Under the mechanism, importers will buy carbon ...

GST Council may provide exporter status to intermediaries for tax relief

At present intermediary services are charged at 18 per cent under the Central GST Act

High interest rates deterrent for MSME exporters; working with FinMin: DGFT

The country's high interest rates are a big deterrent for exporters community and the commerce ministry is working with its finance counterpart to help them at this front, a senior government official said on Wednesday. Director General of Foreign Trade Santosh Kumar Sarangi said that the department of commerce has been "struggling" to convince the finance ministry regarding the relevance of the Interest Equalisation Scheme (IES) and the extent to which it is maintaining manufacturing competitiveness. Sarangi said there are many studies which suggest that very high collateral demand by financial institutions is a big deterrent for MSMEs to access institutional finance and that deters them from getting into the export market. "So how do we ensure collateral free or a subsidised collateral arrangement for MSMEs is something that the department of commerce is working with the department of expenditure," he said adding India has high interest rates vis-a-vis its peer nations. The repo

Russian exporters fear liquidity crunch as payments stall on sanctions risk

That's adding to pressures on their cash reserves, the people said, particularly as overnight borrowing costs on domestic and foreign currencies have surged above 20% and there's little

Registration certificate not mandatory for exporters seeking benefits: DGFT

The commerce ministry's arm DGFT has clarified that registration-cum-membership certificate is not mandatory for exporters to seek benefits under schemes like duty drawback and remission of state levies. According to the Foreign Trade Policy, a Registration-cum-Membership Certificate (RCMC) is required for exporters in order to avail benefits under the policy. Holding the certificate can also help exporters in availing benefits with respect to customs and excise. The certificate is issued by export promotion councils and commodity boards. The Directorate General of Foreign Trade (DGFT) has said that schemes such as duty drawback, rebate of state and central taxes and levies (RoSCTL) and remission of duties and taxes on export products (RoDTEP) fall under the category of remission-based schemes. These schemes are aimed at remitting duties or taxes on exported goods. For these schemes, "the requirement of an RCMC does not apply. Exporters can claim benefits under these schemes witho

Ongoing West Asia war, US strike keep Indian exporters under pressure

Among the other West Asian countries-Iran, Iraq, Israel, Jordan, Lebanon, Syria and Yemen-the value of the trade with Iraq and Israel is the highest.

'Conflict escalation in West Asia likely to push logistics cost up'

The escalation of conflict in the West Asian region is expected to push already high logistics costs besides hurting trade in sectors such as oil, electronics and agriculture, according to exporters. They said that insurance costs for exports to the countries directly involved in the war could also go up, which will impact Indian exporters' working capital. Think tank Global Trade Research Initiative (GTRI) stated that the conflict is already hurting India's trade with countries like Israel, Jordan, and Lebanon. The Federation of Indian Export Organisations (FIEO) said the Iran-Israel conflict has the potential to significantly impact world trade and the global economy in several ways. "Iran is a key player in the oil market. Any escalation in conflict could disrupt oil supplies, leading to higher prices, which would impact global economies, especially those reliant on oil imports. Oil prices have already moved up by USD 4 per barrel," FIEO DG Ajay Sahai said. Expressing concerns,

Interest equalisation scheme extended for 3 months; capped at Rs 50 lakh

The government has extended the interest equalisation scheme on pre- and post-shipment rupee export credit for three more months till December 31 to promote the country's outbound shipments. The scheme, which provides exporters interest benefits, ended on September 30. In a trade notice, the Directorate General of Foreign Trade (DGFT) said, "Trade and Industry is hereby informed that the Interest Equalisation Scheme for Pre and Post shipment Rupee Export Credit, which had earlier been extended till September 30, 2024 has been further extended by three months up to December 31, 2024". It also said the fiscal benefits of each MSME, on aggregate, will be restricted to Rs 50 lakh for 2024-25 till December 2024. "MSME manufacturer exporters who have already availed equalisation benefit of Rs 50 lakh or more till 2024-25 till September 30, 2024, will not be eligible for any further benefit in the extended period," it said, adding, "this extension shall be valid for three months or such .

Interest equalisation scheme for exporters extended for another month

The government has extended the interest equalisation scheme on pre- and post-shipment rupee export credit for one more month till September 30 to promote the country's outbound shipments. The scheme, which provides exporters interest benefits, ended on August 31. In June, it was extended for two months. In a trade notice, the Directorate General of Foreign Trade (DGFT) said, "Trade and industry is hereby informed that the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit, which had earlier been extended up to August 31 as a fund limited scheme, has been further extended for one month i.e., up to September 30, 2024." It said, however, this extension is applicable only for MSME manufacturing exporters. On December 8, 2023, the Union Cabinet approved an additional allocation of Rs 2,500 crore for the continuation of the scheme up to June 30. The scheme helps exporters from identified sectors and all MSME manufacturer exporters to avail of rupee export credit

Commerce ministry developing e-platform to connect exporters, MSMEs, govt

The government on Tuesday said it is developing a trade connect e-platform to connect exporters, MSMEs and entrepreneurs with various stakeholders including Indian missions abroad, export promotion councils, and other partner government agencies. Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha that the platform will provide information on trade events taking place in different parts of the world, benefits available due to India's free trade agreements (FTAs) and other international trade-related information and data. "The government has initiated the creation of a trade connect e-platform to connect Indian exporters, MSMEs and entrepreneurs with various stakeholders including Indian Missions Abroad, Export Promotion Councils, and other partner government agencies," he said. Replying to a separate question, Prasada said that the major districts which are recording healthy export growth include Jamnagar, Kanchipuram, Mumbai, Pune, ..

Exporters conscious of quality, spice shipment issues miniscule: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said Indian exporters are conscious about quality standards and the problem of some spices consignments were "very very" miniscule and need not be exaggerated. He said that the consignments that had some problem were miniscule compared to India's USD 56 billion worth of food and related product exports. "I think the media should resist exaggerating one or two incidences... They were company-specific issues which are being addressed between FSSAI (Food Safety and Standards Authority of India) and the concerned authorities," Goyal told reporters when asked about the recent issues with regard to some spices consignments. Certain products of MDH and Everest were rejected by Singapore and Hong Kong for allegedly containing carcinogenic pesticide 'ethylene oxide' beyond permissible limits. The minister added that even the consignments originating from developed countries are rejected on quality issues. "India is very proud of its

Budget 2024: Exporters seek import duty cut on gold, silver, platinum bars

Gems and jewellery exporters on Tuesday sought a reduction in import duty on hold, silver, and platinum bars to 4 per cent in the forthcoming Budget. In a pre-budget meeting with Finance Minister Nirmala Sitharaman here, the Gems and Jewellery Export Promotion Council said the Indian gems and jewellery industry contributes around 10 per cent to total merchandise exports. However, the industry is currently facing some challenges due to the geopolitical scenario, the emergence of the beneficiation scheme, and issues related to rough diamond sourcing, it added. Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperati

Govt pursuing customs mutual recognition agreements with nations: CBIC

India has signed mutual recognition agreements (MRAs) with customs authorities of seven nations and is actively pursuing negotiations for such pacts with other countries, a top official said. The Central Board of Indirect Taxes and Customs and the Federal Customs Service, Russia, this month signed the Authorized Economic Operator (AEO) MRA to provide reciprocal benefits to accredited and trusted exporters of both signatories in the clearance of goods by the customs authorities of the importing country. "The CBIC and the Federal Customs Service, Russia signed the Authorized Economic Operator (AEO) Mutual Recognition Agreement, which is a major trade facilitation boost for Indian importers and exporters. While this is the 7th MRA that has been signed by Indian Customs, negotiations are being actively pursued with many other Customs' administrations," CBIC Chairman Sanjay Kumar Agarwal said in a communication to field formation. The AEO programme enables Customs administration to ...