Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

China lifts import duty on soybean, other Indian goods from July 1.


Date: 27-06-2018
Subject: China lifts import duty on soybean, other Indian goods from July 1
NEW DELHI:  The ongoing trade war between China and the United States might improve India’s trade balance with its Himalayan neighbour, as Chinese Cabinet on Tuesday announced a lift of import tariffs on soybean and a few other goods from India and four other Asian nations from July 1. The other four nations are South Korea, Bangladesh, Laos and Sri Lanka. The import tariff on soybean was three per cent earlier. The Chinese cabinet said that it will lift duty on related products such as soymeal, soybean cake, rapeseed and fish meal for the Asian countries.

As per reports, chemicals, agricultural products, medical supplies, clothing and steel & aluminum products from these countries will enjoy certain tariff reductions too. Even though the Chinese government had planned the tariff cuts since March, the move comes barely two weeks after that country said it would impose additional 25 per cent tariff on 659 US goods worth $50 billion, including soybean, in retaliation to US President Donald Trump’s effort to cut down $375 billion deficit in bilateral trade by imposing additional tariffs on Chinese products coming to the US.

For India, which has been pushing for lower taxes for its exports, the cuts might improve the $51 billion trade deficit in its $84 billion-trade with China as soybean is that country’s biggest agricultural import from the US by value. During the India-China strategic dialogue held in April, NITI Aayog Vice-Chairman Rajiv Kumar had pitched for export of soybean and sugar to China from India. India has been pressuring China to open up more for Indian products.

Commerce Minister Suresh Prabhu had, on numerous occasions, said that India is working to bridge the trade deficit gap with China and has taken several steps in that direction. “With China, we had a huge trade deficit. I invited the Chinese Commerce Minister (Zhong Shan) to India, signed many agreements and decided not only to reduce trade deficit, but (bring in) balance in trade,” Prabhu had said last week.

Source: newindianexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 09-05-2025
Notification No. 29/2025-Customs
Seeks to exempt works of art and antiques from Basic Customs Duty

Date: 30-04-2025
Notification No. 02/2025-Customs (CVD)
Seeks to amend Notification No. 05/2024-Customs (CVD) dated the 11th September, 2024 so as to align with changes made vide Finance Act, 2025

Date: 30-04-2025
Notification No. 26/2025-Customs
Seeks to rescind Notification No. 04/2025-Customs dated the 1st February, 2025

Date: 30-04-2025
Notification No. 27/2025-Customs
Seeks to amend Second Schedule to the Customs Tariff Act, to align it with changes made in the First Schedule to the Customs Tariff Act vide Finance Act, 2025.

Date: 30-04-2025
Notification No. 28/2025-Customs
Seeks to amend Notification no. 27/2011-customs dated 1 st March, 2011 and Notification No. 22/2024-Customs, dated 2 nd April, 2024 to align them with the changes made in the Second Schedule to the Customs Tariff Act.

Date: 30-04-2025
Notification No. 33/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 28-04-2025
Notification No. 24/2025-Customs
Seeks to amend List 34A and 34B of the Notification No. 50/2017-Customs dated 30.06.2017

Date: 24-04-2025
Notification No.31/2025-Customs (N.T.)
Goods Imported (Conditions of Transshipment) Regulations, 2025

Date: 23-04-2025
Notification No. 28/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 17-04-2025
Notification No. 26/2025 – Customs (N.T.)
Amendment to Notification No. 77/2023-Customs (N.T.) dated 20.10.2023 - Revision of rate of duty drawback of Gold jewellery and silver jewellery/articles



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001