On December 30, 2024, the Directorate General of Foreign Trade (DGFT) issued a significant notification regarding the Minimum Export Price (MEP) for the export of honey. The new policy condition extends the MEP on Natural Honey under ITC Code 04090000 of Schedule II (Export Policy) beyond the previously scheduled end date of December 31, 2024, to now remain in effect until December 31, 2025.
Key Highlights of the DGFT Notification:
- Extension of MEP: The policy regarding the Minimum Export Price (MEP) on Natural Honey has been extended for one more year, until December 31, 2025.
- ITC Code: The notification specifically pertains to honey under ITC Code 04090000, as listed in Schedule II (Export Policy).
What Does This Mean for Honey Exporters?
This extension means that honey exporters will continue to face the MEP requirement for exports of Natural Honey. The MEP is essentially the minimum price that exporters must adhere to when selling honey in international markets.
For exporters, this regulation ensures that they are not undercutting prices in the international market, promoting fair trade practices and protecting the domestic honey industry from price distortions.
Conclusion
The DGFT’s decision to extend the MEP on Honey reflects the government’s ongoing efforts to regulate and stabilize the honey export market. Exporters will need to adjust their pricing strategies accordingly, ensuring compliance with the updated export policy through December 2025.
