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India and Indonesia were the top 2 beneficiaries of the European Union’s Generalised System of Preferences (GSP) schemes for exports in 2022. In 2023, however, the situation is expected to change significantly as some of the largest recipients of GSP benefits, including several sectors from India, graduated out of the scheme. Under the GSP scheme, the EU allows identified products originating in certain developing countries preferential access to its markets in the form of reduced or zero rates of customs duties. As the items become more competitive and reach a particular threshold, the GSP is withdrawn.
30 November, 2023
Import / Export
India's Export Potential India's top exporting district is Jamnagar in the state of Gujarat. During FY23 (through January), it accounted for around 24% of India's exports in value terms. Dakshina Kannada in Karnataka, Devbhumi Dwarka, Bharuch, and Kachchh in Gujarat, Mumbai in Maharashtra, Kancheepuram in Tamil Nadu, and Gautam Buddha Nagar in Uttar Pradesh are the other districts in the top 10. Status of the export sector In 2022–23, the merchandise trade imbalance, or the difference between exports and imports, rose by more than 39% to a record USD 266.78 billion, up from USD 191 billion in 2021–2022 period. In…
19 April, 2023
Import / Export
Foreign Trade Policy 2023 The Foreign Trade Policy (FTP) 2023 was recently introduced by the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. It takes effect on April 1, 2023. About The new strategy, which replaces the previous one that had been in effect since 2015 and takes effect in 2023–2024, intends to virtually triple India's exports of products and services from an anticipated $760 billion in 2022–2024 to $2 trillion by 2030. The Old Policy allowed for a 75% increase in exports, from $435 billion in 2015–16 to $760 billion in 2022–23. India's…
05 April, 2023
Import / Export
Vostro Accounts & Its Functioning In order to facilitate the settlement of rupee payments for trade between India and Russia, 20 Russian banks have established Special Rupee Vostro Accounts (SRVA) with partner banks in India. The nodal officers for all major domestic banks have also been mentioned in order to resolve concerns that exporters may encounter under the arrangement. SRVA Agreement: A Vostro account is a balance held in the domestic currency of the domestic bank—in this case, the rupee—for the benefit of the foreign bank. For instance, ICICI Bank would have a Vostro Account if CITI Bank, New York…
27 February, 2023
Import / Export
India’s Trade with China In 2022, China's imports to India reached a record high, while the trade gap increased to more than $100 billion. Major Points Iron ore, cotton, and other commodities based on raw materials were India's largest exports to China in recent years. China's demand for these commodities recovered last year (2021). India's exports to China: From $28.1 billion to $17.48 billion, India's exports to China decreased. From $69.4 billion in 2021, the trade imbalance increased by 45% to $101.02 billion in 2022. India's imports from China are $118.5 billion, an increase from $97.5 billion. Over 21% more…
13 January, 2023
Import / Export
Districts as Export Hubs initiative For the first time, Agri Exporters from the remote Districts of India connected to the international buyers from the USA, the UAE, and Japan. Under the Districts as Export Hubs initiative, the Directorate General of Foreign Trade (DGFT) under the Department of Commerce in partnership with the Agricultural and Processed Food Products Export Development Authority (APEDA) and Invest India conducted a 2 Day Virtual Outreach Event connecting exporters from the Districts to the buyers outside India. Following the opening ceremony, a virtual trade fair was held where 197 exhibitors participated from the states of Punjab,…
31 July, 2021
Import / Export
Dragon Fruit or Kamalam to be exported to Dubai In a major boost to the export of exotic fruit, a consignment of fibre and mineral-rich ‘Dragon Fruit’, also referred to as Kamalam, has been exported to Dubai. A consignment of Dragon Fruit for exports was sourced from the farmers of Tadasar village, Sangli district, Maharashtra and it was processed and packed at APEDA recognized exporter – M/s Kay Bee. Scientifically referred to as Hylocereusundatus, the dragon fruit is grown in countries such as Malaysia, Thailand, the Philippines, the USA and Vietnam. Dragon fruit production commenced in India in the early…
28 June, 2021
Import / Export
Trade Facilitation Mobile App by DGFT Union Minister of Commerce and Industry has launched the Directorate General of Foreign Trade’s (DGFT) Trade Facilitation Mobile Application. About Trade Facilitation Mobile Application: Tata Consultancy Services(TCS) developed the Trade Facilitation Mobile Application. It is as per the directions of the Directorate General of Foreign Trade (DGFT). It aims to promote ease of doing business by providing quick access to information to importers/exporters. The application will provide the following facilities: Real-time trade policy updates and event notifications. It provides options to explore Export-Import policies and statistics. Virtual Assistance to trade-related queries. It provides access to…
16 April, 2021
Import / Export
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