Page 3 - Exporters

Indian exporters on Amazon Global Selling see close to 70% business growth

Indian exporters on Amazon's e-commerce exports programme Amazon Global Selling saw nearly 70 per cent year-on-year business growth during Prime Day, the company said. The exporters from tier-2 and tier-3 cities grew from 40 per cent on year to up to 75 per cent on year, with Panipat emerging at the top in terms of exporter growth followed by Indore and Jaipur (55 pc y-o-y), and Erode (40 per cent on year). The highest sale was grossed in the beauty category (125 per cent y-o-y), followed by apparel at 122 per cent on-year growth. Products in "home" category registered 81 per cent on year growth followed by 75 per cent on year growth in furniture and 52 per cent growth in kitchen products, in the two-day sale event on July 11 and 12 this year, Amazon India said. Japan emerged as a new high-growth destination for exports as buyers from North America, Europe, Middle East and Japan shopped for Indian export products. With more than 200 million Amazon Prime members globally, Prime Day

Tiger Logistics, OneNDF sign pact for collateral-free loan to SME exporters

Global logistics firm Tiger Logistics (India) on Monday said it has signed a pact with online loan marketplace OneNDF to facilitate collateral-free cargo value financing for SME exporters. The tie-up will also help Tiger Logistics integrate the financing solution with its digital freight booking and management platform FreightJar to provide enhanced access to cash to these exporters, it said. The cargo value financing solution will enable 90 per cent of export invoice value to be financed within 48 hours, the company claimed. SME exports are crucial to the economy, and bridging and bringing access through short-term funding will open up new opportunities for us to scale in the SME segment, Harpreet Singh Malhotra, chairman and managing director, Tiger Logistics (India) Ltd, said. The association with OneNDF will enable the company's SME customers to access working capital seamlessly without any collateral, he added. The collaboration will help Tiger Logistics scale its exports in

Govt eases norms to avail benefits under advance authorisation scheme

The government on Monday simplified norms for exporters to avail benefits of an advance authorisation scheme under which free imports of input materials are allowed. The Directorate General of Foreign Trade (DGFT) implements this scheme under the Foreign Trade Policy. The eligibility of inputs is determined by sector-specific norms committees based on input-output norms. To make the norms fixation process more efficient, the DGFT said that it has created a user-friendly and searchable database of ad-hoc norms fixed in the previous years. These norms can be used by any exporter without approaching the norms committee, it added. The database is hosted on the DGFT website (https://dgft.gov.in) and allows users to search using export or import item descriptions, technical characteristics, or Indian tariff classification codes. "This trade facilitation measure simplifies the advance authorisation and norms fixation process, resulting in shorter turnaround times for exporters, improved

Last date for exporters to apply for amnesty scheme extended till Dec 31

The last date to apply for availing benefits of the amnesty scheme for one-time settlement of default in export obligation by certain exporters has been extended for six months till December 31, the commerce ministry said on Friday. Earlier, June 30 was fixed as the last date for registration under the scheme. The government announced the new foreign trade policy (FTP) on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations. Directorate General of Foreign Trade (DGFT), under the ministry, also said that the last date for payment of customs duty plus interest has been extended till March 31, 2024. "The last date to apply under the amnesty scheme has been extended till December 31, 2023," DGFT said in a public notice. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorisations can be regular

Oilseed exports may grow by 10-15% this fiscal as traders get good orders

India's oilseed exports are expected to grow by 10-15 per cent during this fiscal as traders are getting good orders from regions like Southeast Asia, Latin America and Africa, according to exporters. In 2022-23, the oilseed exports rose by over 20 per cent to USD 1.33 billion (around Rs 10,900 crore). The main oilseeds exported by the country are groundnut, sesame, soyabean, castor, niger, and sunflower. Former Chairman Indian Oilseeds and Produce Export Promotion Council (IOPEPC) Khushwant Jain said the order books are good and "we expect healthy growth this year also". Soyabean and groundnut occupy 61 per cent and 23 per cent, respectively of the total kharif oilseeds area, he said adding the planting of sunflower stands at 19.7 per cent and sesame at 12.4 per cent. He said Madhya Pradesh alone has one-third (34.64 per cent) of the national oilseeds area followed by Maharashtra (22 per cent), Gujarat (13.53 per cent) Rajasthan (11.43 per cent), Karnataka (5.04 per cent), Andhra

India should consider free trade agreement with Egypt, say exporters

India should consider negotiating a free trade agreement (FTA) with Egypt as the Mediterranean nation holds huge potential for the domestic industry in various sectors like agri products, steel items and light vehicles, according to exporters. Prime Minister Narendra Modi is in Cairo for a two-day state visit at the invitation of Egyptian President Abdel Fattah El-Sisi. Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that India and Egypt have historic trade relations, which are robust and fairly balanced. India's exports increased to USD 4.1 billion in 2022-23 from USD 3.74 billion in 2021-22. However, imports from that country declined to about USD 2 billion against USD 3.5 billion in 2021-22. Fertiliser, crude oil, chemicals, raw cotton, and raw hides are major import items from Egypt. The main export items include wheat, rice, cotton yarn, petroleum, meat, flat-rolled products, ferroalloys (related to iron) and light vehicles. "The prime minist

Frozen meat exporter HMA Agro Industries IPO subscribed 55% on Day 2

The Initial Public Offer (IPO) of frozen meat exporter HMA Agro Industries was subscribed 55 per cent on day two of its subscription on Wednesday. The Rs 480-crore IPO received bids for 33,56,750 shares against 60,54,054 shares on offer, according to NSE data. The portion for non-institutional investors received 1.20 times the subscription while the category for retail individual investors (RIIs) got subscribed 38 per cent and that of qualified institutional buyers (QIBs) 37 per cent. The initial public offer has a fresh issue of up to Rs 150 crore and an offer of sale of up to Rs 330 crore. The price range for the offer is Rs 555-585 a share. Aryaman Financial Services is the manager to the offer. The company proposes to utilise the net proceeds of the fresh issue for funding working capital requirements and other general corporate purposes. The shares of the company will be listed on both BSE and NSE.

Allow MSMEs to pay liabilities in tranches: Exporters urge Centre

The scheme was announced by DGFT in the Foreign Trade Policy (FTP) on March 31 and is set to benefit 2,500-3,000 exporters

Commerce min reviewing existing guidelines for elections of EPCs, FIEO

The commerce ministry has decided to review the eligibility criteria for the election of office bearers of export promotion councils (EPCs) and apex exporters body FIEO to make them more inclusive and representative. According to an office memorandum, a three-member panel has been constituted to review the existing guidelines and make suitable recommendations about representation of different stakeholders in the managing committee and other posts. The panel is likely to take about two months to complete the exercise and submit its recommendations. The memorandum said that till amendment of the existing guidelines on the basis of the recommendations of the committee, EPCs/FIEO (Federation of Indian Export Organisations) may put on hold all the elections which are in process, including those where no results have been declared with immediate effect. FIEO already elected a vice-president in March. Election for the president post was due this year. Different export promotion councils

Apex court verdict on pre-import conditions gives relief to exporters

Any claim for refund/credit shall be examined on its merits and on a case-by-case basis: SC

India's exports may hit $900 bn despite global headwinds in FY24: Exporters

Merchandise exports could expand to between $495 billion and $500 billion, while services exports could touch $400 billion in the year ending March 2024

Foreign trade policy: Exporters seek 3 months from Centre for transition

In case there is a change in the policy, the transition time in that case will help the exporter execute the contract, giving some certainty for the exporter

Work in progress

Foreign trade policy must engage with realities of world trade

RoDTEP benefits: Gujarat HC asks Centre, tax authorities to file responses

The matter will be heard next on March 23

FM exhorts exporters to foresee impact of global slowdown, engage with govt

Finance minister Nirmala Sitharaman on Wednesday exhorted exporters to be receptive and 'foresee' how the recession or slowing economy abroad will pan out for them, while asking them to constantly engage with the government. Stating that external uncertainties are far more 'unpredictable' and therefore challenging, Sitharaman said in a post-pandemic, post-war world, and where there is a repeat occurence of virus, there is no fixed 'template' to deal with uncertainties. With regard to imports, she assured the industry that the government is looking at specific items to see which are going to be consistently needed for next few years as well as those whose import could hurt domestic manufacturers. "The changes abroad, recession abroad or the slowing economy abroad are all going to be challenge for Indian exporters. So Indian exporters will have to be far more receptive of what is happening there or even foresee how that will pan out for them and keep constantly engaging with the ...

Gems and jewellery exporters feel the heat of govt curbs on gold imports

Amid rising risks to external demand, the government is concerned about widening trade deficit, bringing the focus back on curbing non-essential imports

Give specifics of notices to exporters seeking GST relief, says SC

Apex court seeks details from revenue department as it reserves final order

Rupee rangebound as dollar sales by exporters help in risk-averse market

The rupee was at 82.78 per dollar by 10:05 a.m. IST, having firmed up to 82.75. The currency closed at 82.8575 on Wednesday

Commerce ministry shares Russia's list of goods for imports with exporters

The commerce ministry has shared with exporters a list of hundreds of goods such as auto parts and textile that Russia has provided to India for imports, an official said. Russia, on which sanctions have been imposed by western countries due to its invasion of Ukraine, has shared a list of hundreds of items from sectors including pharmaceuticals, textiles, auto components, and chemicals. "Russia wants to import these goods from India. The list has been shared by the ministry with the concerned export promotion councils and exporters to look into whether they can ship those products to Russia," the official said. According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to availability of containers for Russia. "Indian exporters may be in a position to supply these materials but currently the availability of ships and containers for Russia is quite depleted. There are very limited agencies which are

Budget 2023: Exporters urge govt for fiscal incentives, lower customs duty

The meeting took place at a time when external demand is waning as exporters are facing global headwinds of high inflation, currency depreciation and geopolitical tensions