India's goods and services exports marginally up in 2023
Key contributing sectors included electronics, pharmaceuticals, cotton yarn, fabrics, ceramic, meat, dairy, poultry, fruits, vegetables, and information technology. Goods exports contracted by 4.71% to USD 431.9 billion, while services exports rose by 7.88% to USD 333.8 billion. Merchandise imports decreased by 7% to USD 667.73 billion. Main export destinations the US, UAE, Netherlands, Bangladesh, UK, Germany. Geopolitical conflicts like the Russia-Ukraine war and the Red sea trade route crisis impacted goods shipments. Source: The economic times.
India keeps edible oil import duty lower until March 2025, impose 50% export tax on molasses
India is the world's biggest importer of vegetable oil. The basic import duty on refined soya bean oil and sunflower oil was cut to 12.5% from 17.5%, in June last year. India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soya bean from Argentina. Govt also imposed a 50% duty on exports of molasses, a by product of sugarcane used as a raw material for alchohol production, with effect from January 18. A finance ministry notification said molasses resulting from the extraction or refining of sugar will attract a 50% export duty.
EU moving towards paperless customs system from June; Indian exporters must prepare to comply
The EU has proposed to implement the second phase of its ICS from June 3 this year. ICSD 1 was applicable to the air mail and express deliveries from March 15, 2021, and then it was extended to air cargo from March last year. The ICS2 will now be extended to cover all types of imports using ships, trains, trucks, also on June 3, 2024. First two phases covered 15% imports into the EU, third and final phase cover balance 85% of the imports value. The new system will apply to all goods like manufactured products, raw materials, agricultural products, and even live animals. Also apply to letters, parcels, and express deliveries. Source: The economic times
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