India notifies 8,606 tonnes of raw cane sugar exports to US under TRQ - Exportify Pulse Edition - January 08, 2024
India notifies 8,606 tonnes of raw cane sugar exports to US under TRQ
The government on Wednesday notified exports of 8,606 tonnes of raw cane sugar under the tariff-rate quota (TRQ) scheme to the US for the fiscal year 2024. Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports.
"The quantity of 8,606 MTRV raw cane sugar to be exported to USA under TRQ scheme from 01.10.2023 to 30.09.2024 has been notified," the Directorate General of Foreign Trade (DGFT) said in a public notice.
India, the world's second-biggest producer and the largest consumer of sugar, has a preferential quota arrangement for sugar export with the European Union as well. The DGFT said that the quota will be operated by Agriculture and Processed Food Products Export Development Authority (APEDA).
Red Sea crisis impacts India’s exports on higher shipping, insurance costs
New Delhi: The Red Sea crisis has begun impacting India’s exports with shipping and insurance costs for shipments to the US, EU, parts of Africa and the Middle East having risen in the last month, a senior official has said. While the defence ministry is providing security and escorts to some shipments, the number of exporters using the Red Sea route had reduced.
Commerce secretary Sunil Barthwal met shipping companies and exporters on Thursday to take stock of the situation as shipping giant Maersk decided to suspend all transits through the Red Sea/Gulf of Aden until further notice due to fresh attacks by Yemen-based Houthi rebels.
India's agricultural exports to rise despite curbs on wheat, rice, sugar
India's agricultural exports will rise in fiscal 2023/24 from last year despite curbs on wheat, rice and sugar, the nation's trade minister said on Monday, amid efforts to diversify shipments.
The world's second-largest producer of wheat, rice and sugar, India restricted exports of these commodities last year in a bid to rein in rising domestic prices.
These restrictions are likely to cause a shortfall of about $4 billion to $5 billion this year, Reuters reported last month.
"We had agri exports in the aggregate of about $53 billion in 2022/23, and we expect the number to increase in the current year despite the restrictions placed on export of rice, wheat or sugar," trade minister Piyush Goyal said in his address to a conference in New Delhi.
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Duty concessions on petrochemical products a sticking point in India-Oman FTA talks
Customs duty concession demand on petrochemical products such as polypropylene and polyethylene, used primarily in the plastics industry, may act as a sticking point in the early conclusion of talks for the proposed free-trade agreement (FTA) between India and Oman, according to an official. Negotiations for the pact, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA), are in the last phase.
Certain domestic players from both public and private sectors are opposing duty concessions on these products under the agreement.
They are claiming that Oman provides huge subsidies to its industry on raw materials for the production of these petrochemical products.
According to them, if India would give duty concessions on these already subsidised products, it would be a double advantage for Omani firms.
The government official said that they are holding talks with domestic players on the issue.
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Editor's Note:
Piyush Goyal remains optimistic about $2 trillion export target
Kolkata, Union Commerce and Industry Minister Piyush Goyal on Saturday expressed optimism that the country will meet its ambitious USD 2 trillion export target by 2030, notwithstanding geopolitical headwinds and inflationary concerns. Speaking at the inauguration of the Patsan Bhavan, which houses the Jute Commissioner's office and headquarters of Jute Corporation of India and National Jute Board, in New Town, Kolkata, Goyal acknowledged the challenging global situation.
He cited the Ukraine war, the Israel conflict and issues related to the Red Sea as factors impacting trade.
"To address low food grain production and curb domestic inflation, we have implemented restrictions. However, despite all these challenges, India's exports will continue to grow, aiming at reaching USD 2 trillion by 2030 from the current USD 770-775 billion," Goyal said.
He highlighted the potential of the jute industry, stating that with "contribution from the jute sector and concerted efforts from the Centre and state governments, we can achieve new heights".
India currently exports around Rs 1,500 crore worth of jute.Goyal, who also holds the portfolios of textiles and consumer affairs, food and public distribution, urged industry players to increase the figure.He also asked the jute sector to showcase products at the upcoming Bharat Tex 2024, the world's biggest-ever textiles event, to be organised from February 26-29 in New Delhi.
Goyal also highlighted the achievements of the central government and appealed to the people of West Bengal for their support in the upcoming general elections.
Source: economictimes