In an interaction with Imaging Solution Magazine, Mr. Masood Khan, President, Image King shares insights on overcoming rising import costs and challenges in the imaging industry.
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Over the past three months, significant currency fluctuations have impacted the cost of imports, particularly due to the US dollar’s strength against the Indian rupee and its movement against the Chinese yuan.
- The US dollar has strengthened by approximately 1.5% against the Indian rupee, increasing our costs for dollar-denominated imports.
- Additionally, the Chinese yuan has appreciated by around 3.6% against the US dollar, further affecting our pricing structure.
As a result, the prices of toner cartridges are expected to increase, with the overall difference exceeding 5%. On top of this, a 10% basic customs duty and an additional 10% surcharge will be applied, further raising the costs.
With new customs duties coming into effect from 1st October, our industry is facing back-to-back challenges. However, this is a crucial time for us to stand united and navigate these changes effectively.
Together, we can overcome these obstacles and continue to strengthen the imaging industry.
Covered By: Imaging Solution / Image King
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