Import/Export Industry Notifications

Mumbai and its neighbouring areas like Thane, Palghar et al are receiving heavy rains along with winds as Cyclonic Storm "Tauktae" turned into "very severe." No fatalities have been reported so far, but India's financial capital has reported uprooting of trees at many places. The Mumbai Airport has also shut operations till 2 pm with reports of several flights to the city being diverted.

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The Israeli ports of Ashdod and Askelon have reportedly been closed as rockets fell near two general cargo ships during escalating violence between Israelis and Palestinians. Maritime security Dryad Global said the incidents were "indiscriminate" but warned that port and shipping infrastructure might become targets of any protracted struggle between Jews and Arabs in Israel.

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India’s overwhelming Covid-19 crisis is threatening operations at some of its biggest ports, raising concern the action could trigger shipping delays that reverberate through global supply chains. About 21.9 million tons of cargo are scheduled to arrive in May, but with labor shortages and force majeure at some ports, many of the vessels could see discharge delays.

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To ensure liquidity for exporters in the challenging period of the Covid pandemic, the government has decided to credit all customs refunds and duty drawback claims made by them up to May 14, by the end of the month. The Central Board of Indirect Taxes and Customs (CBIC) has launched a special refund and duty drawback between May 15 and May 31.

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A senior trade official said on Friday that the government might finally notify the refund rates for taxes paid on exported goods by the end of this month. Almost five months since the introduction of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme with the delay affecting exporters’ pricing strategies.

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Sharp development in exports throughout sectors, notably within gems and jewelry, engineering items, and petroleum merchandise, resulted in a steep improvement of 195.72% in India’s exports efficiency in April 2021 to $30.63 billion in comparison with April 2020. Exports had plunged in April 2020 because of a halt in manufacturing actions through the Covid-induced lockdown, per fast estimates launched by the Commerce Ministry.

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The Mahratta Chamber of Commerce Industries and Agriculture (MCCIA), in association with the National Bank for Agriculture and Rural Development (NABARD), will launch India’s first and unique Agriculture Export Facilitation Centre on 15th May 2021. This Facilitation Centre will work as a one-stop-shop for the exporters in the agricultural sector.

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Deendayal Port Trust handled 10.452 mt in April from 8.674 mt last year, a growth of 20.%. Mumbai Port Trust handled 4.67 mt (4.08 mt), with an increase of 14.41%. Visakhapatnam Port Trust handled 5.57 mt (5 mt), posting a growth of 11.2%.

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On Friday, Anup Wadhawan, Commerce Secretary, said that India could achieve a $400 billion export target in FY22 as the recovery in the country's exports is broad-based and substantial. India's exports in April jumped nearly three-fold to $30.63 billion while imports rose to $45.72 billion, official data showed.

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