37% More Exports to India for products under HS Code 847160:
As per the latest trade data available on Ekport, there were 37% more exports to India for HS Code 847160 which includes products like graphic printers, computer mouse, air mouse, plotters, USB scanners, keyboard, scanners, fingerprint scanners, computer peripherals and accessories, and other input / output units which connect to automatic data processing units like computers, mainframes, etc. Exports to India for products under HS Code 847160 was USD 159.3 Million during Year 1 (Mar 2016 to Feb 2017) and it increased to USD 218.2 Million during Year 2 (Mar 2017 to Feb 2018).
Graph 1: Global Exports to India for HS Code 847160(Computer Peripherals and Accessories)
The above graph shows a Year-on-Year comparison for monthly global exports to India for products under the HS Code 847160. It can be seen from the graph that every month the exports for Year 2 are more than the corresponding month of Year 1. Exporters may find it useful to note the increase especially for the last 4 months (Nov, Dec, Jan and Feb). This indicates that there has been a significant trend towards more exports to India for computer peripherals and accessories(HS Code 847160).
Indian Trade Classification for products under HS Code 847160:
As per the international Harmonized System, HS Code 847160 includes products and devices that act as Input or output units, whether or not containing storage units in the same housing and are used with automatic data processing machines, magnetic optical readers and machines for transcribing and processing data.The local Indian regulation, tax, custom duty, policy enforcement and Indian authority further bifurcates / classifies the products under HS Code 847160 using an 8-digit ITC code. For example, Combined input or output units (ITC Code 847160 10), Graphic printer (ITC Code 847160 24), Printer: Plotters (ITC Code 847160 25), Other Printers (ITC Code 847160 29), Keyboards (ITC Code 847160 40), Scanners (ITC Code 847160 50), Computer Mouse (ITC Code Code 847160 60) and other products related to Input or output units, whether or not containing storage units in the same housing which are not classified separately and clubbed as one under the name “Other” (ITC Code 847160 90). These HS Codes together amounted to USD 218.2 Million worth of India’s Imports during Year 2 which indicates a strong demand for products under HS Code 847160 in India.
Top 5 Countries Doing More Exports to India for products under HS Code 847160:
The top countries exporting to India for HS Code 847160 are China (USD 142.7 Million), Taiwan (USD 14.7 Million), South Korea(USD 11.6 Million), Singapore(USD 9.8 Million) and USA(USD 8.1 Million). During Year 2, these top 5 countries accounted for USD 186.9 Million out of a total of USD 218.2 Million exports to India for products under HS Code 847160.
Graph 2:The top 5 countries exporting products under HS Code 847160(Computer Peripherals and Accessories)
From Graph 2 above, it can be seen that the exports to India in Year 2 for products under HS Code 847160 has increased from top 5 exporting countries, except USA which had a small drop of USD 0.4 Million. China and Taiwan were the leading exporting countries to do More Exports to India for products under HS Code 847160.
Why Korea should focus on doing More Exports to India for products under HS Code 847160:
Graph3: Percentage Increase in Exports to India for HS Code 847160(Computer Peripherals and Accessories).
Graph3 shows the Percentage Increase in Exports of products under HS Code 847160 to India for the top 5 exporting countries - China is the leading exporter to India for HS Code 847160 and had a growth of 31% USD (USD 33.7 Million), Taiwan had a growth of 153% (USD 8.9 Million), Singapore had a growth of 17% (USD 1.4 Million) the outstanding performer was South Korea with a massive growth of 673% (USD 10.1 Million), which outperformed its peer exporters in doing more exports to India for products under HS Code 847160 in Year 2. It is worth noting that Korea was not in the list of top 5 countries exporting the products under HS Code 847160 in Year 1, but in Year 2 it increased its exports and ranked 3 among the top 5 countries. This indicates that South Korea is taking the right steps in the direction of doing more exports to India. Though China has the maximum exports to India for products under HS Code 847160 but due to the tensions mounting between China and India in the recent past indicates a significant opportunity for other countries like South Korea to develop More Exports to India and possibly become a dominant exporter for products under HS Code 847160 to the Indian market.
South Korea and India’s bilateral trade has seen a bloom in the recent years due to the efforts put by both the governments to enhance the bilateral trade between the nations. South Korea set up a state-funded and operated trade and investment promotion organization called KOTRA in the cities Mumbai, Delhi, Kolkata and Bangalore of India and is working to smoothly bring Korean products in India. An example of the success of KOTRA is exports of products under HS Code 847160 which increased by 673% between Year1 and Year2. The main reasons for the increase in the imports of products under HS Code 847160 is that the consumption itself has increased due to the increase in the Sales of Laptops and Tablets and also Gaming in India has increased a lot in the recent years and youth of India being tech savvy demand for more innovative computer peripherals for better user experience and also the Digital India campaign launched by Indian Prime Minister Mr. Narendra Modi which ensured that the Government services are made available to citizens electronically by improved online infrastructure and by increasing Internet connectivity or by making the country digitally empowered in the field of technology. As more Indian consumers (including consumers in rural India) have access to computers or laptops at their residence and workplace as well as more Indian businesses (industry, retail, trade) rely on automation and usage of computers from billing and back office jobs to front end consumer interaction, there has been an increase in domestic demand for products under the category of HS Code 874160. These are some macroeconomic reasons why the consumption of products under HS Code 874160 has received a big boost in India.
What are the custom duties and taxes applicable for products HS Code 847160:
The import customs and duties play a major role for exporters to export their products globally, cause at the end the final price of the product with duties and taxes decide whether the product is affordable for the target audience or not. To help exporters of products under HS Code 847160 targeting Indian market - we provide the custom duties and taxes applicable for products under HS Code 847160.
For products under HS Code 847160, the Basic Custom Duty(BCD) is NIL (0%) and also the other duties are NIL (0%), which means that there will be no duty charged on the import of products under HS Code 847160. The indirect tax, known as GST(Goods & Services Tax) will be levied in a similar way it is applicable for all other domestic goods in India. Currently the GST rate is 18% of (AV+BCD+SCD) where AV= Assessed Value.
For example, if the product’s Assessed Value (AV) is USD 100,000.
Basic Customs Duty (BCD): 0% of (AV) = 0
Special Customs Duty (SCD): 0% of (AV) = 0
GST = 18% (AV+BCD+SCD): 18% of (100,000 + 0 + 0) = USD 18,000
Total Amount after paying customs duty and GST: USD 118,000
Who is Importing the products under HS Code 847160:
The products under HS Code 847160 are mainly imported in the cities like Mumbai, Delhi, Chennai and Bangalore of India. Based on Ekport Lead Generator, some of the companies that import products under HS Code 847160 (Computer Peripherals and Accessories) in Mumbai are: Creative Computers, Abacus Peripherals Pvt Ltd, Marc Computers, in Delhi: Vipin Imports Pvt Ltd, AK computer accessories, 2nd’s Computers and in Bangalore: Sogo Computers Pvt Ltd, Computers Pvt Ltd, Bangalore Computer Centre.
Ekport is being used by many importers in India to discover global import opportunities and connect with exporters worldwide.Global exporters can easily and quickly find and connect importers of their products in India by using Ekport Lead Generator accessible to signed up members. Request Special Access to Ekport (here).