Import

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

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

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

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.

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

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 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

CBIC had issued its circular prescribing the procedures for the payment of IGST and compensation cess (CC) along with interest by the importers who had violated the pre-import condition

India has initiated a probe into alleged dumping of as many as six products, including certain chemicals, and cold rolled electrical steel and black toner powder cartridge, imported from China following separate complaints from domestic players. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the dumping of 1,1,1,2-Tetrafluoroethane or R-134a; Acrylonitrile Butadiene Rubber; certain Antioxidants; polytetrafluoroethylene; black toner powder cartridge; and colled rolled non-oriented electrical steel from China. According to six separate notifications, the applicants have alleged that material injury is being caused to the domestic industry due to the dumped imports of these products originating in or exported from China into India. They have requested for imposition of anti-dumping duty on these imports with a view to guard them from cheap imports. SRF Ltd has filed an application for initiation of an anti-dumping investigation on the

The government is expected to extend the existing import management system for imports of certain IT hardware products including laptops and tablets for three months, an official source said. The deadline for review of the system is September 30. The official said that these imports stood at USD 8.4 billion in 2023-24 against the authorisation of about USD 9.5 billion. Most of these imports were coming from China. In October last year, the government rolled out an import management/ authorisation for imports of laptops, personal computers and certain other IT hardware products. The system is aimed at monitoring inbound shipments of these items into the country without hurting market supply. The importers are allowed to apply for multiple authorisations and those authorisations would be valid up to September 30, 2024. The authorisations will be issued for any number of consignments for imports till September. On November 1, 2023, the government cleared over 100 applications, includ

Proposal comes amid rising solar imports despite regulatory, tax curbs

With the deadline for review of import management system for laptops and other IT products nearing, the companies which have received authorisations have imported these products worth over USD 4 billion so far this fiscal, an official said. These imports stood at USD 8.4 billion in 2023-24 and most of these imports were coming from China, the official said. In October last year, the government rolled out an import management/ authorisation for imports of laptops, personal computers and certain other IT hardware products. The system is aimed at monitoring inbound shipments of these items into the country without hurting market supply. The importers are allowed to apply for multiple authorisations and those authorisations would be valid up to September 30, 2024. The authorisations will be issued for any number of consignments for imports till September. On November 1, 2023, the government cleared over 100 applications, including those of Apple, Dell and Lenovo, which sought permissio

Chief negotiators of India and Australia will begin the next round of talks for the comprehensive free trade agreement from tomorrow in Sydney, where both sides are likely to close negotiations on several chapters of the pact, an official said. Both countries have already implemented an interim pact and are in discussions to expand its scope under the CECA (Comprehensive Economic Cooperation Agreement). The interim pact - Economic Cooperation and Trade Agreement (ECTA) - came into force in December 2022. The tenth round of negotiations is scheduled from August 19-22 in Sydney. "Out of the total 19 areas of the agreement, we have completed our discussions on four chapters, and we are in very advanced stages in a few others. We hope that in this round, we should be able to close altogether, maybe more than 10 chapters," the commerce ministry official said. In this round, the official said that both countries are likely to get into market access discussions in goods and services. Th

Differences over access to petrochemical products major bone of contention

This may help check spurt in imports from UAE under CEPA

PTA is used to make products containing polyester such as sportswear, swimsuits, jackets, sofas, curtains, and car seat covers

After witnessing a 3 per cent contraction in the financial year 2023-24, outbound shipments from India saw positive growth in the three consecutive months

For imports, the study has noted that, out of the 15 ports covered under the purview of the study, 9 ports have witnessed a reduction in the average release time in 2024 vis-a-vis the previous year

The RBI on Tuesday proposed rationalising regulations that cover export and import transactions with an aim to promote ease of doing business and empower banks to provide more efficient service to their foreign exchange customers. The central bank has issued 'Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 Draft Regulations and Directions' in this regard. As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said. The draft also proposes that an exporter who has not realised the full value of export within the time specified may be caution listed by the authorised dealer. An exporter who has been caution listed can undertake export

India has initiated an anti-dumping probe into the import of glass fibre from China, Thailand, Bahrain following a complaint by a domestic player. The duty is aimed at protecting the domestic industry from cheap imports. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of glass fibres and its articles originating in or exported from these countries. Glass fibre or fibre glass is reinforced plastic that is strong, lightweight, flexible and can be moulded into many complex shapes. It has many industrial and domestic uses. Owens-Corning (India) has filed the application seeking initiation of an anti-dumping investigation on the imports. The applicant has alleged that material injury is being caused to the domestic industry due to the alleged dumped imports and has requested for the imposition of anti-dumping duties. "On the basis of the duly substantiated written application submitted by the applicant and having rea