Page 2 - Imports

Chatroom: EO against AA can be discharged through physical/deemed exports

Rajagopalan answers SME queries related to GST, export and import matters

Bound by rules, economics, EU trails US on China tariffs imposition

The more modest action stems from the EU's strong belief that trade should be based on international rules

Chinese firms apply for anti-dumping probe of pork imports from EU

The move risks escalating tensions in one of the world's key trading relationships

Ministry of steel bets against limiting imports of key raw material

Imports of low ash metallurgical coke by India, the world's second-biggest crude steel producer, have surged more than 61% over the past four years

'Silver imports in 4 months surpass all of 2023 due to solar panel demand'

Increased imports by the world's biggest silver consumer could support global prices, which are trading near their highest level in more than a decade

India, China have agreed to cooperate in paying in local currency: Maldives

The Maldives on Wednesday said both India and China have agreed to cooperate in efforts to pay for imports in their respective countries' currency instead of the US dollar, which is likely to help Male save almost 50 per cent of the annual USD 1.5 million imports bill from the two countries. Maldives' Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee. Similarly, Saeed said, he received a letter from China's Commerce Ministry, two days ago, in which Beijing provided assurance it will cooperate in allowing the option to settle import payments in Yuan, the Chinese currency, as requested by President Mohamed Muizzu. Annually, Maldives imports goods worth USD 780 million and USD 720 million from India and China respectively, the minister had said in April when he had first announced that the ...

Gold imports could fall by a fifth as record price prompts jewellery swaps

Lower imports by India, the world's second biggest consumer of the precious metal, could cap a rally that carried global prices to a record this week

Paper, paperboard imports up 34% on higher supplies from Asean bloc: IPMA

Imports of paper and paperboard in the country rose by 34 per cent to 19.3 lakh tonnes in 2023-24, driven by higher shipments from ASEAN countries, an industry association said on Wednesday. The Indian Paper Manufacturers Association (IPMA) in a statement said that the increasing imports of these products are hurting the domestic industry. Paper and paperboard imports, as per the commerce ministry data, were 14.3 lakh tonnes in the financial year ended on March 31, 2023, the IPMA said. "ASEAN has come to account for the largest chunk in the paper import pie in the country accounting for 27 per cent share. Paper imports from ASEAN, which enter the country at zero import duty under the ASEAN-India free trade agreement, doubled to 5.1 lakh tonnes during the year from 2.7 lakh tonnes in FY23," the association said citing commerce ministry data. The Association of Southeast Asian Nations (ASEAN) is a 10-member bloc. The members include Singapore, Thailand, Cambodia and Laos. In value .

Minimising dependence on imports part of our strategy: A M Int'l chief

Chemicals and fertilisers manufacturing company will expand domestic capacity and may look for tie-ups, says Ashwin Muthiah

Biden hits Chinese imports with tariffs to safeguard American workers

US President Joe Biden has imposed heavy tariffs on Chinese electric vehicles, batteries, steel, solar cells, and aluminium, saying it would ensure that American workers are not held back by unfair trade practices. These include a 100 per cent tariff on electric vehicles, a 50 per cent tariff on semiconductors, and a 25 per cent tariff each on electric vehicle batteries from China. In his address to the nation from the Rose Garden of the White House, Biden said America can continue to buy any kind of car they want, but we're never going to allow China to unfairly control the market for these cars. Period. I want fair competition with China, not conflict. We are in a stronger position to win that economic competition of the 21st century against China than anyone else because we're investing in America again, he said. Biden alleged that for years, the Chinese government has poured state money into Chinese companies across a whole range of industries: steel and aluminium, ...

Palm oil imports jump 34% to 684,000 tonnes in April on lower global prices

India's palm oil imports registered a 34.11 per cent jump on-year in April to 6,84,000 tonnes, buoyed by a fall in global prices, the Solvent Extractors' Association of India (SEA) said on Tuesday. Palm oil accounted for 52 per cent of India's total edible oil imports of 13,04,409 tonnes in April, the trade body said in a statement, adding that sunflower and soybean oils import stood at 6,20,315 tonnes. Including non-edible oils, overall vegetable oil imports rose 26 per cent in April to 13,18,528 tonnes compared to 10,50,189 tonnes a year ago, it said. Bearish global prices encouraged higher imports of refined, bleached and deodorized (RBD) palmolein and crude palm oil (CPO), which declined by nearly USD 100 a tonne last month, SEA said. Soybean oil prices fell USD 40 per tonne globally, while the sunflower oil rate dropped just USD 15 a tonne over the last month, it added. Among palm oils, RBD palmolein imports climbed to 1,24,228 tonnes as against 1,12,248 tonnes in the year-ag

China's 2024 iron ore imports seen to be around 1.17-1.18 bn metric tons

China's iron ore imports in the first quarter of 2024 totalled 310.13 million tons, up 5.5 per cent from a year earlier, customs data showed

Need to be watchful about steel imports amid surge, says T V Narendran

As steel imports continue to surge, Tata Steel CEO T V Narendran has said there is a need to be watchful about the situation. The comment comes at a time when India has reported a 38 per cent surge in steel imports to 8.319 million tonnes, becoming a net importer of the commodity during the 2023-24 financial year. Speaking to PTI, the industry executive said, "It would be a pity if the situation continues in the long run. We have to be watchful about imports." As long as it is unfair imports, the government needs to deal with it, Narendran said without elaborating further. Steel consumption is expected to grow 8-10 per cent in the ongoing 2024-25 fiscal year, he said in reply to a separate question on demand. Steelmakers have been raising concerns on increasing imports from certain countries, including China and seeking the government's intervention on the issue. Domestic players have also been demanding a curb on imports and review of free trade agreements (FTAs) with several ...

China's share in industrial goods imports jump to 30% from 21%: GTRI

With increasing India's dependence on Chinese industrial goods like telecom, machinery and electronics, Beijing's share in New Delhi's imports of such goods rose to 30 per cent from 21 per cent in the last 15 years, a report said. According to the report by the economic think tank Global Trade Research Initiative (GTRI), the growing trade deficit with China is a cause of concern, and the strategic implications of this dependency are profound, affecting not only economic but also national security dimensions. From 2019 to 2024, India's exports to China have stagnated at around USD 16 billion annually, while imports from China have surged from USD 70.3 billion in 2018-19 to over USD 101 billion in 2023-24, resulting in a cumulative trade deficit exceeding USD 387 billion over five years. The Indian government and industries must evaluate and potentially recalibrate their import strategies, fostering more diversified and resilient supply chains, GTRI founder Ajay Srivastava said. This

GST, China imports emerge as major poll issues among lock industry traders

High GST rates, pandemic effect and Chinese locks the triple whammy undercutting the livelihoods of thousands of workers and traders in Uttar Pradesh's famed Tala Nagri' has emerged as a major concern this election and voters are looking for a candidate who will pull the lock industry out of the slump. The Rs 4,000 crore industry of Aligarh, where lock making is likened to an art dating back to the Mughals, is not so robust anymore with shifting global market dynamics taking their toll. With Lok Sabha elections just two days away, the clamour for decisive action that will save the livelihood of the estimated one lakh people dependent on the lock industry is growing. And at the centre of the problems, say industry insiders, are high GST rates, which in turn have led to a surge in Chinese lock imports. "The steep GST rates have made it increasingly challenging for us to compete with Chinese locks flooding the market at significantly lower prices," said Omvir Singh, owner of a cottage

Crude oil import bill drops 16% but import dependency hits new peak

The world's third largest oil importing and consuming nation has been able to add to its domestic production drop, raising its import dependence

Figure this: Discrepancy in India-China trade data is only getting worse

What China sends doesn't match India's records on imports, and the mismatch is in billions of dollars

Global toy majors shifting focus from China to India, exports jumped 239%

Popular brands like Hasbro, Mattel, and Spin Master depend more on India for sourcing

Govt plugs loopholes in imports of QCO items

The new disciplines imposed on imports of items subject to QCOs are well intended

Chatroom: ADD not exempt on imports under the EPCG authorisations

TNC Rajagopalan answers SME queries related to GST, export and import matters