What is MIP in customs?
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What is MIP in customs?
As per the Directorate General of Foreign Trade, the policy, which comes into effect from October 1, has lowered minimum import price (MIP) distortion and given tariff protection. On import of marble and travertine blocks, the government increased the basic customs duty to 40\% from 10\% at present.
What is the minimum import price?
Minimum import price (MIP) is a temporary measure to provide protection to domestic farmers. The government has imposed a minimum import price of Rs 200 per kg on all kinds of peas, a move which could help in curbing cheaper imports and boost local prices.
Do India import steel?
India is the world’s eleventh-largest steel importer. In 2016, India imported 9.8 million metric tons of steel, a 26 percent decrease from 13.3 million metric tons in 2015. India imports steel from over 80 countries and territories.
What is minimum export price Upsc?
Minimum Export Price (MEP) is the price below which an exporter is not allowed to export the commodity from India. MEP is imposed in view of the rising domestic retail/wholesale price or production disruptions in the country. MEP is a kind of quantitative restriction to trade.
Which countries import steel?
Iron and Steel Importers By Country
| Rank | Country | Iron/Steel Imports in USD |
|---|---|---|
| 1 | United States | $49,418,439,000.00 |
| 2 | Germany | $31,546,209,685.00 |
| 3 | China | $22,472,855,000.00 |
| 4 | South Korea | $21,210,070,702.00 |
Why does China import steel from India?
“For China, supply disruptions and elevated global iron ore prices led to higher steel imports in these months, given that it imports over 90 per cent of its iron ore requirement,” noted CRISIL.
What is meant by minimum export price?
How does minimum export price work?
How does MEP work? MEP involves “fixing a floor price” below which an exporter shall not sell the product to an overseas customer. Usually imposed on commodities such as “onion and basmati rice”, it hopes to restrict export volumes, curtail domestic prices and enhanc forex earnings.
Who is the largest exporter of steel?
China
China was the world’s largest steel exporter in 2019. In 2019, China exported 62.0 million metric tons of steel, a 7.3 percent decrease from 66.9 million metric tons in 2018.
Where does India export steel?
Between YTD 2015 and YTD 2016, the volume of India’s steel exports increased to nearly all of the country’s top 10 steel export markets. Exports increased significantly to Malaysia (up 208\% by volume from YTD 2015), Vietnam (up 178.1\%), Bangladesh (up 145.8\%), Belgium (up 130.9\%), and Spain (up 95\%).