Page 24 - Trade Exports

'If export proceeds not realised, you need to surrender RoDTEP benefit'

If the importer fails to comply with the condition of the notification which was claimed at the time of import, the duty is required to be paid as per the rate applicable

Like imports, exports to soon have a single window clearance system

Several export consignments need to be checked by various regulatory agencies like drug controllers etc, all these will be integrated into the new customs system

Quash Pernod bid to halt lawsuit against $244 mn tax demand: Govt to court

Oct 3 Mumbai court filing by India's customs authority underlines growing dispute between PM Modi's government and Pernod's local unit over how the company valued some of its imports for over a decade

Exports up 4.8% to $35.45 billion days after initial data showed a dip

The World Trade Organization (WTO) has also painted a grim picture for the outlook of global trade next year amid fears of a recession

In a first, India's monthly mobile phone exports touched $1 bn in September

Monthly mobile phone exports from India touched the $1 billion mark for the first time ever in the month of September this year

Govt considering forming units to build expertise in Free Trade Agreements

The objective of building dedicated units in the FTA areas is to enable India to negotiate deals with other nations at the World Trade Organization from a position of strength

Dip in demand from China, Italy may have hit India's merchandise exports

India's merchandise exports contracted 3.5% to $33.6 bn in September

Uttar Pradesh's merchandise exports surge 32% to Rs 60,578 crore

The electrical machinery/equipment segment grew nearly 90 per cent with shipments jumping to Rs 13,606 crore in the April-July 2022 from Rs 7,202 crore in the year-ago period.

Exporters call on FM Sitharaman to extend GST exemption on export freight

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

Surge in import cost may negate positive impact of rupee fall: Experts

According to an analysis done by FIEO, the rupee has depreciated by 8.1 per cent till September 7, 2022 since the same point last year

Export ban on broken rice to ease pressure on domestic prices: Official

The ban on export of broken rice and duty on outbound shipment of non-basmasti/non-paraboiled rice will boost local supplies and ease pressure on the domestic prices, a senior government official said on Thursday. As per the data maintained by the Ministry of Consumer Affairs, the wholesale prices have risen by 10.7 per cent to Rs 3,357.2 per quintal as on September 14 from Rs 3,047.32 per quintal a year ago. The retail prices have gone up by 9.47 per cent to Rs 38.15 per kg from Rs 34.85 per kg. Animal feed prices too have increased. Maize price rose from Rs 19 per kg on January 1, 2022 to Rs 24 per kg on September 8, 2022. Broken rice price has also increased from Rs 16 per kg to Rs 22 per kg during the same period. The local prices have come under pressure following the likely drop in rice output by 6-7 million tonnes in the ongoing kharif season of 2022-23 crop year (July-June) despite enough stocks in the government godowns. "The local rice price have begun to stabilise after

Export momentum dissipating but new opportunities opening up

Speculation on what the new Foreign Trade Policy, to be unveiled this month-end, may contain has engaged the attention of exporters and importers

RBI, FinMin ask banks, trade bodies to push cross-border rupee trade

Reserve Bank and the finance ministry on Wednesday asked top management of banks and representative of trade bodies to push exports and import transactions in rupee. It was stressed during a meeting that banks should connect with their foreign counterparts for opening special rupee vastro accounts to facilitate cross-border trade in Indian currency rather than popular mode dollar, sources said. Trade associations and their foreign trading partners should explore opportunities to make use of the framework, sources added. The meeting, which saw participation from various stakeholders, including officials of external affairs and commerce ministries, Indian Banks' Association, urged embassies abroad to promote the mechanism through diplomatic channels. According to sources, countries like Sri Lanka, Argentina and Zimbabwe may be interested in settling bilateral trade in rupee. RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and im

Top public sector banks may soon end wait on trade settlement in rupee

Finance ministry to meet stakeholders on Wednesday

CRISIL SME tracker: Export duty will hurt large steel players, spare MSMEs

MSMEs, which make up 90-95 per cent of re-rollers, witnessed a sharp margin contraction in FY21 owing to iron ore unavailability, and logistics and labour issues, among other factors

Govt working to avoid panic over rice with targeted curbs on export

India accounts for 40% of the global rice trade so any change in its export policy has huge implications for the billions of people who depend on the staple

Trade imbalance

External sector needs careful management

US hopes India to address small trade barriers in soyabean exports

The US is expecting India to address small trade barriers and facilitate the export of non-genetically modified (non-GMO) soyabean and speciality soyabean products, a senior US diplomat said

Ukrainian ports of Odesa, Chornomorsk and Pivdenny resume operations

Operations have resumed in three Ukrainian Black Sea ports of Odesa, Chornomorsk and Pivdenny in line with a grain exports deal signed between Kiev and Moscow last week

Spike in imports, fall in exports widen India's trade deficit with China

In FY22, India's trade deficit with China was recorded at $72.9 billion, up nearly $29 billion from FY21's figure of $44 billion