Electronics are India’s second highest value import item. These consist of TV, Computers, Mobile handsets etc.Out of these LED TVs have emerged specially popular owing to quality and prices. Leading television makers like Samsung, LG, Panasonic and Sony are ruling the market because of their brand value.
LED TV Import Data
India’s import and export system is managed by the Foreign Trade (Development & Regulation) Act of 1992 (full text) and India’s Export Import (EXIM) Policy. For the import and export of goods registration with regional licensing authority is a prerequisite. Clearance of goods will not be allowed unless the importer has obtained an Import Export Code (IEC) from the regional authority.
India maintains a web-based Indian Customs Electronic Commerce/Electronic Data Interchange Gateway, also known as ICEGATE. ICEGATE provides options for calculating duty rates, electronic payment, electronic filing of certain import declarations and shipping bills, and online verification of import and export licenses.
LG India is currentlythe country’s second-largest television player. It has been contemplating importing finished TV sets from Asian nations to remain competitive. Imports from Asian sideof the country increased last year after Samsung started bringing TVs in from Vietnam. According to data collated by CEAMA from the ministry of commerce and industry, the volume from Vietnam increased from 16,000 units in 2017-18 to over 600,000 units in the April-October 2018-19.
The Indian government has aggressively pushed to cut down on India's massive import bill for electronics. It stood at $21 billion in FY18 and made up the third biggest part of the import bill after crude oil and gold.
Trends
As per current trends, despite discounts being offered, Indians are deferring purchases of new television sets which has brought sales of leading brands down by 10-20% from a year ago.
Some of the most amazing and well utilized technology brands in India like Samsung, TCL, Xiaomi, Hisense in the sense of LED tv are imported from nations like China.
However, weirdly enough, over the last six months, industry sales have dipped 10%, largely driven by a dip in the offline sales channel.
“TV continues to be in a tough situation. Consumers still continue to remain in a state of indecisiveness that potentially GST rates may further drop and that the current time may not be the best time to buy a TV," said Manish Sharma, Panasonic CEO India and South Asia.
Meanwhile, brands like LG, Samsung, Sharp, Panasonic, Sony, Skyworth, Vizio, Toshiba are still imported from beautiful and technologically advanced country of Japan.
Also, Olevia and Apple tv, are two of the most expensive as well as famousbrands are specially imported from the United States of America.
Summary:
The following article includes a brief analysis of the trading system in India, mainly focusing on the imports of LED TV in India. From technologically advanced countries like China and Japan etc.
