The Leading Trends of Export From India in The Financial Year 20-21 (3)

1. THE LEADING TRENDS OF EXPORT FROM INDIA IN THE FINANCIAL YEAR 20-21 www.kitefs.co.uk

2. INDIA’S IMPORT-EXPORT ENVIRONMENT The uncertain global trade situation caused by the pandemic severely hit the global merchandise trade in 2020, and India was not immune to the impact as well as and sea freight service UK. Exports in FY 2020-21 amounted to a total of almost US$291.8 billion, declining to 6.8 percent. imports during the FY 2020-21, on the other hand, saw a medium decline of more than 16 percent, amounting to US$394 billion. Mineral fuels and precious stones and metals remained as the top imported items, with an increased demand for animal/vegetable fats and oils by courier service provider in UK sea import export in Uk It is also worth noting that raw materials and intermediates account for a considerable proportion of India’s exports, while finished products have an overwhelming presence in India’s imports basket for . courier service provider in UK

3. PROFITS IN PROPERTY HEADING1-A Exports to USA and from UK continued to dominate with a share of over 17 percent of India’s total exports. This was followed by China and the UAE, swapping positions, as exports to the UAE dropped significantly in the year 2020-21. door to door freight UK For imports in FY2020-21, India’s top three destinations were China, USA, and UAE, with imports from Switzerland rising to fourth top sourcing destination after these. Switzerland accounts for a significant proportion of India’s precious metal imports by , led by gold. best shipping service company in UK The past few years have seen a steady decline in Asia’s share in India’s export basket as it is today for accompanied by an increase in trade with countries in the west. This is likely also because India is pulling away from trade partnerships in the east and looking to establish new trade relations in relatively under-tapped markets by in western countries. cargo companies UK freight forwarder UK

4. INCENTIVE SCHEMES The government remains supportive of incentive schemes for export to india and import from india. However, it has been working to revamp existing export schemes so they are in sync with WTO stipulations too. The Service Exports from the India Scheme (SEIS) is expected to be revamped with a wider coverage of businesses, offering exporters duty credit scrips at five to seven percent of the net foreign exchange earned by freight forwarders from the UK handling import and export For merchandise exporters, the Remission of Duties and Taxes on Exported Products (RoDTEP) is expected to be a part of the new FTP which offers reimbursement of the central, state, and local taxes/duties as well. It replaces the previous Merchandise Export from the India Scheme (MEIS), which was not compliant with the WTO rules. Currently, negotiations are underway by import companies UK and export companies UK to expand the beneficiaries of RoDTEP. This is because there has also been much disappointment among industry and trade stakeholders (and are key to the country’s export base) who have been left out of the remit of the new RoDTEP scheme right away, such as the pharmaceutical, steel, and chemical industries that includes export-oriented units with best logistics company UK

5. FOCUS ON NEW BILATERAL TRADE PACTS Following its withdrawal from the RCEP, India is actively working to forge new trade partnerships with other countries by . Progress is also being made around an India-EU free trade agreement as negotiations resumed after an eight-year halt and . shipping door to door service Uk project cargo shipping Uk Political convergence on key regional and global issues provide background support as formal talks on a couple of key pacts and top air freight services in UK on investment protection and geographical indications began in September. While it seems that foreign trade is on path to recovery, COVID-19 has certainly affected the ambitions of countries worldwide and . The pandemic necessitated national spending to boost the exports and foreign trade as well, but that has stretched government budgets thin, including India’s . logistics solutions company in Uk logistics services company near london

6. FUTURE FOCUS Experts have predicted foreign trade to bounce back in FY 2021-22. Now in Q3 FY 2021-22, recovery is afoot with exports growing to US$33.1 billion in August, 45 percent higher than this period last year for . Since the beginning of the current financial year, exports have also amounted to an estimated US$163 billion for . The target for exports for the current financial year is set at US$400 billion, and one India is set to achieve that as well. freight door to door Uk project cargo forwarders in Uk According to India’s Minister for Commerce and Industry, Piyush Goyal, last year [India’s] services export was an estimate of US$194 billion, and goods was US$290 billion as per reports. He also said, as reported in the Economic Times, “We would like both services and goods exports to compete with each other and then together to reach the US$2 trillion mark”. He also said the export target for the textiles sector was US$44 billion for . shipping and forwarding agents in Uk

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