Exporters and importers have always demanded regular updates about what is happening in our industry. We need to know the current situation, new notifications, and their impact on us. We want to understand the advantages and disadvantages and the necessary compliance steps. We need this information regularly to make well-informed decisions.
With this demand in mind, we are starting a new series that is the first of its kind. In this series, apart from regular conceptual and informative videos, we will upload a short video of less than 5 minutes every Tuesday. In this blog, you will receive all the important updates from the previous week in a simple and concise manner. This series will be extremely beneficial for new Exim startups, owners of import-export businesses, and professionals working in the Exim field. So, let’s get started!
General News in Exim Industry
According to the latest updates, the Reserve Bank of India (RBI) is encouraging other banks to decrease reliance on the dollar and increase trade between India and the UAE using the Indian Rupee and the UAE Dirham. India imports more from the UAE than it exports, resulting in the need to use USD to pay for imports. Therefore, the RBI is urging other banks to heavily promote and facilitate Rupee-Dirham trade.
You might be aware that in 2018, the USA imposed a 25% import duty on India’s steel products and a 10% import duty on certain aluminum products. However, after PM Modi’s recent visit to the USA, both countries are now planning to establish a joint monitoring mechanism. Under this mechanism, the USA will either reduce or remove duties on our steel and aluminum products, granting us greater access to their markets. This step will bring much-needed relief to our steel and aluminum exporters.
DGFT & CBIC Important Notifications.
Now we will discuss some important DGFT & CBIC Notifications:
DGFT has announced a quota for the export of sugar to the European Union (EU). The quota falls under the Tariff Rate Quota (TRQ) scheme and is set at 5841 metric tons for the period from October 2023 to September 2024. The responsibility for managing this quota lies with the Agricultural and Processed Food Products Export Development Authority (APEDA). In order to export sugar under preferential tariff rates, the Directorate General of Foreign Trade (DGFT) Mumbai will issue a Certificate of Origin based on the recommendation of APEDA. Exporters are required to provide detailed information about their exports, including quantity, value, destination, and the name and address of the foreign buyer, to the Additional DGFT in Mumbai and to APEDA in New Delhi.
Initially, there were import restrictions on laptops, tablets, and personal computers (PCs). Subsequently, there was a ban on the export of non-basmati rice, followed by an export duty of 40% on onions. In continuation of these measures, the Central Board of Indirect Taxes and Customs (CBIC) has now imposed a 20% export duty on parboiled rice. This export duty applies immediately to parboiled rice, classified under HSN code 10063010. These measures are being implemented to prevent a shortage of these commodities for domestic consumption.
Export Import [EXIM] Business Weekly Updates – General News | New Notifications | 21 to 27 Aug 2023
International Logistics & Freight Rates
You can see in the image the sector-wise export freight rates for selected trade routes, which are indicative in nature.
MSC, which had previously announced a Peak Season Surcharge and General Rate Increase for the India-US trade route, has now reversed its decision. The main reason for withdrawing this decision is the weak demand, which hasn’t picked up even during the peak season.
Speaking about international logistics, vessels are facing significant delays in the Panama Canal due to reduced water levels. This problem is expected to worsen in the first half of 2024. Prime Minister Modi has held discussions with his Iranian counterpart to realize the full potential of the Chabahar Port. This is aimed at ensuring that Indian shipments reach Europe more quickly.
Who are We & Why choose Us?
We at AFLEO Group, are a team of DGFT & Customs Experts having a rich experience of 10+ Years in Exim Consultancy & International Logistics [Freight Forwarding] and also deal in Buy/Sell/RODTEP/ROSCTL/DFIA License With our vast knowledge and experience in this field, we can represent your case for all the activities pertaining to the services and get it in a hassle-free manner. We are well-equipped to handle the logistics of global trade with efficiency and expertise. Let us handle the logistics while you focus on growing your business. Contact us today to learn more about how we can help you streamline your supply chain and increase your bottom line. We are dedicated to providing efficient and cost-effective logistics services to help our clients.
So do get in touch with us for any of your requirements, and our team will be happy to help you.
We request you to share this information with your other Industry friends, Trade associations, as this information might help them as well.