DGFT ELECTRONIC GOODS SHIPMENTS
Online discounts to rain heavy from July, ease dry spell of electronics, apparel cos
Brands are gearing up for a surge in online discounts and promotions starting this month, aiming to clear unsold inventory ahead of the festive season. Expectations are high for the discounts to be the steepest since Covid-19, particularly in categories like smartphones, electronics, and apparel, which have faced sales pressure in the first half of the year. Multiple sales events are planned by marketplaces like Amazon and Flipkart, including Prime Day and Independence Day sales, extending till Diwali.
DGFT, Revenue dept working on dedicated hubs to boost e-commerce exports
India's e-commerce exports are set to receive a boost with the establishment of designated e-commerce hubs by DGFT and the Department of Revenue to streamline the export process.
Import curbs on certain types of studded gold jewellery not applicable for SEZ units: DGFT
The government clarified that import curbs on certain studded gold jewellery do not apply to units in special economic zones (SEZs), exempting them from restrictions. The decision is aimed at discouraging inbound shipments from countries like Indonesia and Tanzania. A policy circular by the directorate general of foreign trade (DGFT) plays a significant role in the country's export activities and contributed over one-third of total outbound shipments in the previous fiscal year.
India's May outbound shipments at 3-month high; trade gap at 7-month record
Terming May as an “excellent” month for exports, commerce secretary Sunil Barthwal said that the situation was looking more optimistic for trade this year, with even sectors such as textiles recording healthy growth after months of sluggishness.
Red Sea crisis makes Zara and others hop on to belly space of passenger aircraft
Tensions in the Red Sea region prompt US and Europe-bound exporters to shift to air transport via Gulf nations. Major companies like Zara use freighters, while others utilize cargo space in passenger aircraft. As sea routes become less favorable, exporters opt for quicker options to meet demand. Collaborative efforts are crucial for efficient cargo transport operations.
Govt seeks updates from hardware PLI beneficiaries
The Indian government is monitoring imports of laptops, tablets, and servers, focusing on 27 companies under the Production linked incentive (PLI) scheme 2.0 for IT hardware. The government is preparing to replace the current import management system with an import authorisation mechanism to make the country a global manufacturing hub. PLI-approved companies are required to submit monthly updates on their local manufacturing plans, such as the establishment of assembly lines, investments, and jobs.
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BIS certification must for sale of used imported electronic products: DGFT
In the Directorate General of Foreign Trade (DGFT) notification on May 20, the Centre has specified that import of second-hand products, whether or not refurbished, repaired or reconditioned, notified under the Electronics and Information Technology Goods (Requirement of Compulsory Registration) Order, 2021, is prohibited unless they are registered with BIS and comply with the labelling requirement published by BIS.
India reaffirms restrictions on import of certain electronics & IT goods
India has reinforced restrictions on specific electronics and IT goods imports, according to a recent Commerce Ministry notification dated May 20. The order, active since 2021, prohibits unregistered and non-compliant products. Measures include random sampling and testing of LED products. The government will allow imports meeting safety standards, while non-compliant goods face re-exportation or destruction.
Compliance plays a big part in helping Indian MSMEs grow exports
While challenges persist, the compliance levels of Indian MSMEs in terms of export have been gradually improving, say experts.
Exports up 1% in April, yet trade gap widens
India's goods exports grew 1.06% to $34.99 billion in April, with a trade deficit of $19.1 billion fueled by increased gold imports. Switzerland replaced Russia as a key import source. Challenges include rising petroleum imports and ongoing FTA discussions with the UK.
Evaluation of infrastructure requirements for achieving $1 trillion exports by August-September: Official
A study by the Asian Development Bank is underway to assess infrastructure needs and identify industry clusters to achieve India's USD 1 trillion merchandise export target by 2030. In 2023-24, exports dipped to USD 437 billion and imports to USD 675.4 billion. Investments in roads, ports, airports, and railways are crucial for handling the projected USD 2.5 trillion trade. Key sectors expected to drive export growth include electronics, pharmaceuticals, and marine products, with clusters in Chennai, Bengaluru, Gujarat, Odisha, and West Bengal.
Industry asked to name items from areas where India can be self-reliant
The fact that India's exports between April and January of FY24 were $3.7 billion and its imports, primarily from Russia's crude oil imports, were $51.7 billion, is what worries New Delhi. Additionally, the bloc has free trade agreements with Iran, China, Vietnam, and Serbia; these agreements may have an effect on the competitiveness of Indian industry in any of the EAEU markets.
India allows onion export to Sri Lanka, gives additional quota to UAE
India has permitted limited onion exports to the United Arab Emirates (UAE) and Sri Lanka, despite ongoing restrictions on outward shipments of the vegetable. The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), announced the allowance of an additional 10,000 metric tons (MT) of onions to both the UAE and Sri Lanka, facilitated by the National Cooperative Exports Limited (NCEL).
Exports rise 11.9% to 11-month high in February
India's Feb goods exports hit $41.40 billion, 11.9% up, with a $18.71 billion trade deficit. Merchandise exports increased 11.9% year-on-year to an 11-month high of $41.40 billion in February, while imports increased 12.2% a four-month high of $60.11 billion, led by gold imports which went up 133% to $6.15 billion.
$100 billion: How can India hit its lofty electronics export target?
To reach the ambitious goal of a $5 trillion economy, the government aims for $300 billion in electronics production, including $100 billion in exports, by providing manufacturers with incentives. The government's efforts, including the Production Linked Incentive Scheme (PLI), aim to boost exports and production in the electronics industry.
DGFT working with MEA, customs, industry to ease export norms for some dual-use goods
The government is working to ease export norms for certain products with dual-use, such as chemicals, for companies with a proven track record. The Director General of Foreign Trade (DGFT) emphasised the sensitivity of dual-use goods and technologies, which can cause disruptions if misused. These goods include high tech equipment, chemicals, biotechnology, defense, aerospace, electronics, telecommunications, and information security.
Electronics, engineering goods among six focus sectors for $1 trillion exports target
India has identified electronics, engineering goods, textiles, marine & agriculture, toys, pharmaceuticals, and ecommerce as the sectors that could help achieve its $1-trillion goods export target by FY30. The commerce and industry ministry study predicts that these sectors could generate around $670 billion of exports by 2029-30.
No import restrictions on certain IT products like desktop computers: DGFT
In August 2023, the government imposed restrictions on certain IT hardware goods and later after domestic and foreign firms flagged their concerns, in October last year, it tweaked curbs on imports of laptops and computers and allowed importers to bring in shipments of these hardwares from overseas on a mere 'authorisation' upon detailing quantity and value.
India’s November trade gap narrows to $20.58 billion, exports slip 2.8%
Indian exports: India's trade deficit narrowed to $20.58 billion in November from $31.46 billion in October. Economists, surveyed by Reuters, anticipated it to be $20.50 billion. Exports decreased by 2.8% to $33.90 billion, while imports reduced to $54.48 billion compared to $55.8 billion in November 2022.
Samsung, Apple mobile phones help boost electronic goods exports: DGFT
Sarangi said that sectors like electronics, value-added agri products, renewable energy items like wind and solar panels and modules, and electric vehicles would help in taking the country's goods and services exports to $2 trillion by 2030.
Exports of Samsung, Apple mobile phones help boost shipments of electronic goods: DGFT
The sectors like electronics, value-added agri products, renewable energy items like solar panels and modules, and electric vehicles would help in taking the country's goods and services exports to $2 trillion by 2030.
Online sellers seek FDI in inventory-based model of ecommerce for export purposes
At present, the country's FDI policy does not permit foreign direct investment in the inventory-based model of ecommerce. It is allowed only in firms that are operating through a marketplace model.
Online sellers seek FDI in inventory-based model of e-commerce for export purposes
The e-commerce industry has suggested that the government should permit foreign direct investment in inventory-based online trade for export purposes. Currently, the country's FDI policy only allows it in firms operating through a marketplace model. The Director General of Foreign Trade (DGF) is working on steps to promote exports through e-commerce, including reexamining the FDI policy and exploring schemes like 'composition levy scheme' for smaller players.
Pilot launch of upgraded electronic bank realisation certificate system for exporters from Nov 15
The commerce ministry plans to soft-launch the revamped electronic Bank Realisation Certificate (eBRC) on November 15. The eBRC is an essential document for exporters, confirming that they have received payment from a foreign buyer. The upgraded system will rely on electronic inward remittance messages transmitted directly by banks to the Directorate General of Foreign Trade (DGFT).
Sept goods exports dip 2.6%, growth seen in H2
India's merchandise exports declined by 2.6% in September, reaching $34.5 billion. However, a 15% decrease in imports helped narrow the trade deficit to a five-month low of $19.4 billion. The government revised the export growth in August to 3.88% from an earlier reported contraction of 6.8%. Despite the decline, officials remain optimistic about positive growth in the coming months. The gems and jewellery sector was hit hard by the Russia-Ukraine conflict and sanctions on Russia, resulting in a 16.03% contraction in exports.
IT hardware firms trip on ‘country of origin’ norms, ping government for clarity
IT hardware manufacturers such as HP, Dell, Apple, Samsung, Lenovo, Asus, and Acer have sought to know how to calculate the cost, insurance, and freight value of some of these products which are imported to India as completely built-up (CBU) units.
Govt to tap districts for enhancing exports: DGFT
Director General of Foreign Trade (DGFT) Santosh Sarangi on Friday said that the government will go to the districts to enhance exports. Seventy districts in the country account for 80 per cent of the country's exports total exports, he told reporters at the Indian Chamber of Commerce. In West Bengal, two districts - Darjeeling and Howrah have been identified for the purpose so far. Darjeeling for tea and Howrah for jewellery and engineering goods. Export plans for them have also been adopted, Sarangi added.
IT hardware companies: Defer laptop import curbs by 9-12 months
In a meeting with senior ministry of electronics and information technology (MeitY) officials on Tuesday, executives of companies like Apple, Dell, HP, Acer and others said they would need this time to set up manufacturing facilities in India.
DRI notices to 7 exporters selling restricted goods
The Directorate of Revenue Intelligence (DRI) has sent notices to seven exporters who were allegedly exporting restricted products. The directorate has confiscated some shipments of chemicals, minerals, metal and alloys and some essential commodities, which were under the special chemicals, organisms, materials, equipment and technologies (SCOMET) list, officials said. The shipments were confiscated by the Mumbai, Gujarat and Chennai zones, they said.
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