Page 3 - Import

Boost to Jaguar Land Rover: US trade deal cuts duty to 10% for 100K UK cars

JLR to gain as new US-UK trade deal allows 100,000 UK-made cars to be exported annually at a reduced import duty of 10 per cent, down from the previous 25 per cent

China warns nations not to team up against it to gain US reprieve

The US was the biggest single-country market for Chinese goods before the latest tariffs, but the Chinese government had been working for years to diversify its export markets

Govt defines 'proof of origin' for trade to boost ease of doing business

The government on Monday defined the 'proof of origin' for trade purposes to promote ease of doing business and prevent the possibility of misuse of trade pacts. To seek duty concessions, an importer has to furnish proof or a 'certificate of origin' of a product from the FTA (free trade agreement) partner. According to the circular of the Department of Revenue, proof of origin means a certificate or declaration issued in accordance with a trade agreement certifying that the goods fulfil the country of origin criteria. Certificate of origin is a key document required for exports to those countries with which India has trade agreements. An exporter has to submit the certificate at the landing port of the importing country. The document is important to claim duty concessions under free trade agreements. This certificate is essential to prove where the goods come from. Commenting on the move, Apparel Export Promotion Council (AEPC) Secretary General Mithileshwar Thakur said the customs

Trump's tariffs bring cheer to Maga base, but hurt US jobs and industry

The tariff wars that Trump has unleashed overlook his country's biggest competitive advantage - and may even irreparably harm it in the future

Trump tariffs: Govt sets up working group to monitor possible import surge

The commerce ministry is stepping up efforts to help exporters explore new markets to push outbound shipments while also setting up a working group to monitor possible surge in imports from countries like China to tackle the impact of sweeping tariffs announced by the US, source said. The ministry is also fast-tracking formulation of its export promotion mission to support exporters in areas such as providing credit at affordable rates; and negotiations of proposed free trade agreements with the European Union, Oman, New Zealand and the UK. Additionally, concerned officials have been directed to hold a series of bilateral meetings with the identified 20 countries such as Australia, Brazil, China, and France for pushing India's exports. These developments come at a time when exporters and industries have raised concerns that the additional 26 per cent import duty imposed by the US on India may hurt them. The identified 20 countries are Australia, Brazil, Bangladesh, China, France, .

Medical device body asks Centre to revisit import duty reduction talks

This comes just days after economic think tank GTRI had asked government officials to seek reciprocity and improve market access for the Indian medical devices sector

Centre bans import, sale of 2 antibiotic classes for use in animal rearing

Health ministry bans use of all formulations containing chloramphenicol and nitrofurans in any food-producing animal rearing system over concerns of misuse

Govt imposes import curbs on platinum alloy with less than 99% purity

The government on Wednesday imposed import curbs on platinum alloy with less than 99 per cent purity to curb illicit imports of this precious metal blended with significant amounts of gold. Importers of such platinum alloys are now required to obtain import authorisation from the Directorate General of Foreign Trade (DGFT) for the inbound shipments. The decision follows cases where this alloy blended with significant amounts of gold was imported to exploit the tariff differential between gold and platinum. "Import policy of platinum...is revised from free to restricted except for platinum alloy of 99 per cent or more purity by weight of platinum," the DGFT said in a notification. To ensure a smooth supply of platinum for jewellery manufacturing and industrial use, the government allows the unrestricted import of platinum alloy with 99 per cent or higher purity of platinum. Economic think tank GTRI last year sought urgent review of India-UAE trade, the pact stating that the agreeme

Trump shrugs off EU's reported plans for US-style import curbs on food

Early targets could include US crops such as soybeans grown using pesticides that EU farmers are not allowed to use

India's natural gas consumption to rise 60%, imports double by 2030: IEA

Expanding city gas distribution, rising compressed natural gas infrastructure behind rise

Import stats for gold, silver, electronics lowered for April-November

The government has also revised the electronics import value for this period downward by $2.7 billion to $61.2 billion

Sri Lanka announces to lift vehicles import ban for first time in 4 years

Sri Lanka has announced that they will lift the vehicles import ban which was put in place in 2020 to ease the pressure on foreign exchange reserves due to the COVID-19 pandemic. By the gazette issued on Wednesday the importation of public transport vehicles have been allowed for the first time since early 2020. The Ministry of Finance said the policy to ban vehicle imports was implemented with the intention of easing the pressure on foreign exchange reserves due to the COVID-19 pandemic and the economic downturn of 2022. President Anura Kumara Dissanayake addressing Parliament on Wednesday said the importing cars for private use will be allowed from February 2025. However, the decision is subject to rules so as to protect the island nation's effort to build foreign reserves. All importers must sell their imports within three months, if not a three per cent fee would be charged. These conditions have been imposed with the intention of safeguarding foreign exchange reserves of the

Imports from UAE, S Africa, Switzerland grew in triple digits in Nov

Contraction in merchandise exports in November was led by dip in shipments to the US, the Netherlands, China, and Bangladesh

Centre grants one year extension for select IT hardware import system

Govt to monitor local manufacturing under PLI before imposing any import curbs

Political turmoil unlikely to impact Korea's trade with India for now

During the first six months of the current financial year, India exported goods worth $2.87 billion to South Korea, while imports stood at $10.62 billion

Huge import opportunities for UK apparel companies in India: AEPC

Apparel Export Promotion Council (AEPC) on Sunday said huge import opportunities are there for British apparel firms in India and they should participate in large numbers in the upcoming mega textile show here next year. Bharat Tex 2025 will be held here from February 14-17, 2025, at Bharat Mandapam and from February 12-15 next year at the India Expo Centre and Mart in Greater Noida. Companies will showcase the entire textile value chain, with a special focus on key sectors such as Handicrafts, Apparel Machinery, Chemicals, and Dyes. AEPC Chairman Sudhir Sekhri said that the UK is a global fashion hub and the sixth largest importer of apparel, with a total import value of USD 20.27 billion in 2023. "India, with its robust textile and apparel sector, has long been a trusted partner for the UK. In the past year (2023) alone, India's exports to the UK reached USD 1.2 billion, securing a 6.14 per cent share of the UK's textile and apparel market," he said. Exports of ready-made garmen

India's gold imports jump 21.78% to $27 bn in Apr-Sep due to strong demand

The country's gold imports, which have a bearing on the country's current account deficit (CAD), rose by 21.78 per cent to USD 27 billion during April-September this fiscal due to strong domestic demand, according to the government data. The imports stood at USD 22.25 billion in April-September 2023-24. An industry expert said that the ongoing festival demand is helping the increase in imports. In 2023-24, India's gold imports surged 30 per cent to USD 45.54 billion. Switzerland is the largest exporter of gold, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent). The precious metal accounts for over 5 per cent of the country's total imports. The jump in gold imports pushed the country's trade deficit (difference between imports and exports) to USD 137.44 billion during the first half of the current fiscal compared to USD 119.24 billion during April-September 2023. India is the world's second-biggest gold consumer after China.

Trade deficit eases to $20.8 bn in Sept amid geopolitical challenges

Exports stood at $34.58 billion in September, while imports were at $55.36 billion during the month

China emerges as India's top import source during Apr-Sep of FY24

China has emerged as India's top import source with USD 56.29 billion worth of inbound shipments during the April-September period of this fiscal, according to the commerce ministry data. During the period, the US emerged as the top export destination for the country with outbound shipments increasing by 5.62 per cent to USD 40.38 billion. The imports from China rose by 11.5 per cent during the first half of this fiscal. The imports stood at USD 50.48 billion during April-September 2023. During the period, the top 10 import sources of India were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore, the data showed. Imports from Russia rose to USD 32.18 billion during April-September this fiscal from USD 30.43 billion a year ago. Similarly, the inbound shipments from the UAE rose to USD 31.46 billion from USD 20.70 billion in the first half of the last fiscal. During the period, the top 10 export destinations of the country were the US, t

India's coal import rises 11% to 121.1 million tonnes in Apr-Aug period

India's coal import rose 11.4 per cent to 121.1 million tonnes (MT) in the April-August period of the ongoing fiscal year. The country had imported 108.7 MT coal in the corresponding period of the previous year. According to data compiled by B2B e-commerce platform mjunction, "During April-August 2024, total coal and coke imports stood at 121.18 MT, around 11.4 per cent higher than 108.74 MT imported during the same period last year." However, coal import in August rose 5.4 per cent to 20.70 MT over 19.63 MT a year earlier. Of the total import in August 2024, non-coking coal import was at 13.04 MT, against 11.89 MT, while coking coal import was at 4.53 MT, against 4.62 MT a year ago. During April-August, non-coking coal import was at 78.68 MT, higher than 68.58 MT imported during the same period last financial year. Coking coal import was at 24.79 MT, almost flat against 24.85 MT recorded in the year-ago period. "Surplus availability of domestic coal in the system along with dwin