The start of 2021 brought about a hope of recovery amongst businesses across globe and India was no exception. But by the time we entered the first quarter of financial year (usually second quarter for most parts of the world), the government announced lockdown as the second wave of coronavirus knocked on our doors.
While businesses went back to limited/no operation temporarily; the import-export business saw a boom. Immediate need of medical equipment due to high demand but short supply within India as the cases rose innumerably. Countries across the globe came ahead offering help to India and this gave a boom to the import industry though at higher cost.
Medical equipment we helped procure during the past couple of months:
- Oxygen Concentrators ( and its supporting parts/accessories)
Used to provide oxygen to the person having low blood oxygen level by pulling oxygen from the surrounding air. - Oximeters
Used to check the level of oxygen in a person’s body or in other words, how well is your heart pumping oxygen in your body?
CHINA – A massive player in importing to India
Given the recent scenario of India, most Chinese carrier were rather keen and willing to market essential as well as necessary non-essential goods to India. However, on a high cost (relatively higher than it was a couple months ago or so) but despite that, China was the most economical option when compared to the rest of the world. While imports flew in from various parts of the world, private industrialists preferred China as their country of choice for importing medical equipment.
Despite the demand and availability of supply options, and the willingness of Chinese freight carriers – issues were faced in getting space on the carriers.
Logistics Forecast for India in the coming weeks
- Relatively higher costs while importing
- Anticipate struggle while trying to get a space on a carrier
(The above might vary depending upon the country of import and other variables)
- Central Board of Indirect Taxes and Customs (CBIC) has decided to ease the requirement of bond (to expedite customs clearance) until June 30th, 2021 to avoid any delays or disruption. Instead, businesses can present an undertaking in lieu of a bond, however, availing this facility would mean ensuring that the concerned business will be able to replace the undertaking with a proper bond by July 15, 2021. (Rana, May 2021)