Exporters and importers have always demanded that we receive periodic updates about what is happening in our industry. We need to know what is currently happening, the new notifications and how they will affect us. We want to understand the advantages and disadvantages, as well as the necessary compliance steps that we must take. We need all this information regularly so that we can always make well -informed decisions.
Taking into account this demand for the Exim industry (Export-Import), we are starting a new series that is the first of its kind. In this series, apart from the regular conceptual and informative videos, every Tuesday we will upload a brief video of less than 5 minutes. In this blog, you will receive all the important updates of the previous week in a simple and concise way. This series will be extremely beneficial for new Exim companies, import-export business owners and professionals who work in the Exim field. So let’s start!
General news in the Exim industry
According to the latest updates, the Bank of the Reserve of India (RBI) is encouraging other banks to reduce dependence on the dollar and increase trade between India and the EAU using Indian rupee and the Eau Dirham. India imports more than Eau than IT exports, resulting in the need to use USD to pay imports. Therefore, the RBI urges other banks to promote and facilitate the trade of Rupee-Dirham.
It is possible that in 2018, the US imposed an import tariff of 25% in the steel products of India and an import tax of 10% in certain aluminum products. However, after the recent visit of Prime Minister Modi to the United States, both countries now plan to establish a joint monitoring mechanism. Under this mechanism, the United States will reduce or eliminate the tasks of our steel and aluminum products, giving us greater access to its markets. This step will bring a very necessary relief to our steel and aluminum exporters.
DGFT and CBIC Important notifications.
Now we will discuss some of the important notifications of DGFT and CBIC:
- DGFT has announced a quota for the export of sugar to the European Union (EU). The quota is under the scheme of the rate fee rate (TRQ) and is established in 5841 metric tons for the October period from 2023 to September 2024. The responsibility for administering this fee falls to the Export Development Authority of Agricultural and processed food products (Appeal). To export the sugar under preferential tariff fees, the General Directorate of Foreign Trade (DGFT) Mumbai will issue a certificate of origin based on the appeal recommendation. Exporters are required to provide detailed information about their exports, including the quantity, value, destination and name and address of the foreign buyer, to the additional DGFT in Mumbai already appeals in New Delhi.
- Initially, there were import restrictions on laptops, tablets and personal computers (PC). Subsequently, there was a prohibition of the export of Non Basmati rice, followed by an export tariff of 40% in onions. In the continuation of these measures, the Central Board of Indirect and Customs Taxes (CBIC) has now imposed an export tax of 20% in the Sancinado rice. This export tariff is immediately applied to the Sanciliated rice, classified under the HSN 10063010 Code. These measures are being implemented to avoid a shortage of these products for internal consumption.
Export import [EXIM] Weekly Business Updates – General News | New notifications | August 21 to 27, 2023
https://www.youtube.com/watch?v=w7m_i-84o9o
International logistics and freight rates
You can see in the image the export freight rates in terms of selected trade routes, which are indicative.
MSC, which had previously announced a high season surcharge and an increase in the general rate for the United Indian commercial route, has now reversed its decision. The main reason to withdraw this decision is the weak demand, which has not increased even during the high season.
Speaking of international logistics, ships face significant delays in the Panama Canal due to reduced water levels. This problem is expected to get worse in the first half of 2024. Prime Minister Modi has had conversations with his Iranian counterpart to perform the entire potential of the Port of Chabahar. This aims to ensure that Indian shipments reach Europe faster.
Who are we and why choose us?
We in Afoo Group, we are a DGFT team and customs experts who have a rich experience of more than 10 years in exim consultancy & International Logistics [Freight Forwarding] And I 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 activities related to services and obtain it in a problem. We are well equipped to handle global trade logistics with efficiency and experience. Let us manage logistics while focusing on growing your business. Contact us today to get more information about how we can help you rationalize your supply chain and increase your final result. We are dedicated to providing efficient and profitable logistics services to help our customers.
Therefore, contact us for any of your requirements and our team will be happy to help you.
We ask you to share this information with your other friends in the industry, commercial associations, since this information could also help them.
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