National News
India’s CAD surges on gold and silver imports
India’s trade deficit swelled to a three-month peak of $34.6 billion in January, driven by soaring gold and silver imports that inflated the import bill even as exports stagnated amid slumping shipments to the U.S.
Import Surge
Imports climbed 19.1%—the steepest rise since April—to $71.2 billion, marking the second-highest monthly figure on record, with gold inflows rocketing 4.5-fold to $12 billion and silver doubling 2.3 times to $2 billion. This spike overshadowed modest export growth of just 0.8% to $36.6 billion, hampered by declines in gems and jewelry as well as textiles, despite slight gains in electronics and pharmaceuticals.
Export Outlook
Commerce Secretary Rajesh Agrawal expressed optimism for record annual exports, projecting merchandise nearing $860 billion and services surpassing $410 billion for the first time, buoyed by sustained upward momentum. Confidence partly hinges on rebounding U.S. demand for gems, jewelry, and textiles following the early-February withdrawal of punitive 25% secondary tariffs
National News
GJEPC Unveils GCC Customs Guide for Gem & Jewellery Exporters
Comprehensive Guide Details Duties, VAT, Compliance Norms and FTA Benefits to Streamline India–Gulf Jewellery Trade
GJEPC has released a GCC Customs Guide covering import procedures for the UAE, Saudi Arabia, Qatar, Oman, Bahrain and Kuwait, to help exporters navigate compliance requirements and shipment planning.
The GCC remains a key market for India, with exports of about $8 billion in FY 2024-25, contributing nearly 27% of global shipments from the sector. The guide outlines customs duties, VAT Structures, Documentation Norms, Hallmarking and Assay Rules, Kimberley Process and CITES Compliance, Temporary Import Provisions, Port Procedures and Clearance Timelines.
The guide notes that GCC countries broadly follow a 5% import duty regime, with country-specific VAT and regulatory requirements, while CEPA and FTA benefits are available in markets such as the UAE and Oman subject to origin documentation.
Designed as a practical reference, the guide aims to reduce customs delays, compliance costs and entry barriers, particularly for new exporters targeting the Gulf region.
source:GJEPC
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