Export News

Partial revival of export sops cheers spice traders

Partial revival of export sops cheers spice traders Kochi: The Centre has partially restored the merchandise export of India scheme (MEIS) incentive much to the relief of the spice exporters of the country, whose margins were hit after its discontinuance from August. “They have decided to extend it till December 31. We hope to get the pending amounts from August,’’ said Rajiv Palicha, chairman of All India Spices Exporters Forum, adding that the decision came last weekend. The spices industry…

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Bleak export view, lower prices worry jeera growers

Bleak export view, lower prices worry jeera growers Sowing delayed by a month; prices down 10% from last year Poor export prospects and lower prices, coupled with delayed sowing, are hurting jeera growers this rabi season. As on December 2, 2019, rabi sowing for jeera was undertaken on 1,31,561 hectares in Gujarat, nearly 70,000 hectares down from 1,99,455 hectares reported around the same time last year. The three-year average jeera acreage in the State is 3.36 lakh hectares. Gujarat is…

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Import curbs likely on over 350 items to boost ‘Make in India’

Import curbs likely on over 350 items to boost ‘Make in India’ NEW DELHI: The government has identified over 350 “non-essential” imports — ranging from toys and textile products to footwear and electronic goods — on which it intends to initiate a host of measures, including an increase in customs duty apart from putting in place quality control orders to reduce shipments into the country and encourage domestic manufacturing. In addition, departments are looking into suggestions of waiving the requirement for…

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Transparent mechanism set up for export freight payment, related charges in foreign exchange

Transparent mechanism set up for export freight payment, related charges in foreign exchange Move follows complaints from exporters that they were overcharged by logistics intermediaries Stake holders in India’s export trade have set up a mechanism for payment of freight and its related charges to shipping lines and other logistics intermediaries. This was aimed to curb “profiteering” in the exchange rate when the payments are made in Indian rupees. The Standard Operating Procedure (SOP), a first-of-its-kind mechanism for payment of…

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11,000 tonnes of onions to reach India from Turkey

11,000 tonnes of onions to reach India from Turkey NEW DELHI: To control the rising prices of onion, the government is importing 11,000 tonnes of the staple vegetable from Turkey. Government sources on Sunday said that the MMTCNSE -0.28 % has signed a second import order for this and the consignment will reach the country by end of December or the first week of January. The MMTC is arranging imports of onions from various countries, including Turkey, the sources said.…

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India to export 4 million tonnes of sugar, says Marex Spectron

India to export 4 million tonnes of sugar, says Marex Spectron Pune: India to produce 27 million tonnes of sugar and export 4 million tonnes, says a survey carried out by Marex Spectron, a London-based commodities broker. Indian government has allowed export of 6 million tonnes of sugar. The survey tried to answer three burning questions in front of the global sugar industry, which include the anticipated Indian sugar production during 2019/ 20, the anticipated exports from country and anticipated…

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Rice export prices drop to the lowest in five years

Rice export prices drop to the lowest in five years Export prices of Indian rice fell to the lowest in nearly five years this season with subdued demand from Iran and European Union countries, even as the new crop is being harvested in northern India. Iran is one of the largest importers of Indian basmati rice in recent years, and the likelihood of lower sales has led to a price drop, said exporters. Iran used to buy a quarter of…

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Spices export plunge on withdrawal of MEIS benefits

Spices export plunge on withdrawal of MEIS benefits KOCHI: Spices exports have been hard hit by the discontinuance of incentives under the Merchandise Exports from India Scheme (MEIS) from August. Industry executives said exports fell an estimated 30-35% in the past three months and that there are fears that the situation will worsen if the incentives are not restored. “We have apprised the commerce ministry about the problem. Unless the incentives are restored, India’s competitiveness in the global market will…

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Onion import norms relaxed till December 31

Onion import norms relaxed till December 31 The imported onions will be fumigated by the importer at Indian ports The government on Wednesday said the relaxation on fumigation and endorsement conditions for imported onions would be extended by a month till December 31. In a letter to officials at the Directorate of Plant Protection, Quarantine and Storage on Wednesday, the Agriculture Ministry said the restrictions had been lifted for one more month. On November 6, the ministry had relaxed the norms till…

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Surplus-hit sugar mills eye exports

Surplus-hit sugar mills eye exports Pune: Indian sugarNSE -1.30 % mills have so far contracted for export of 1 million tonne sugar for export during 2019-20 sugar season that began on October 1 driven by good demand from Iran and some countries from Asia. India has set target of exporting 6 million tonne sugar to ease the situation of surplus sugar in the country. “According to our estimate, India has contracted for export of 1 million tonne sugar starting October…

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