India and Turkey Restructure Import Policies on Precious Metals and Steel to Protect Local Industries

Governments in key emerging markets are increasingly utilizing Harmonized System (HS) classifications to manage macroeconomic pressures and protect vital domestic industries. In India, the Directorate General of Foreign Trade (DGFT) has amended its import policy for precious metals. According to reports from Reuters, The Economic Times, and Business Standard, India has restricted the import of gold and silver findings—such as hooks, clasps, and pins—as well as coins. These items, classified under HS codes 7113 and 7118, have been shifted from the ‘Free’ category to the ‘Restricted’ category. Under the new regulations, importers are required to obtain a government license before bringing these goods into the country. The policy shift is a direct effort by the Indian government to curb its rising trade deficit in precious metals.

Meanwhile, Turkey has taken decisive action to protect its heavy industry. As reported by Reuters, the Turkish Official Gazette, and SteelOrbis, Turkey’s Ministry of Trade announced an increase in customs duties on imports of certain hot-rolled and cold-rolled flat steel products. These steel imports are classified under HS codes 7208 and 7209. The Turkish government designed this measure to support domestic steel producers who are currently facing heightened competition from foreign imports. By raising these tariffs, the ministry aims to stabilize local market prices and protect domestic manufacturing capacity from being overwhelmed by cheaper foreign alternatives.

These regulatory adjustments demonstrate how governments leverage specific HS codes to address distinct economic challenges. Whether managing a trade deficit in precious metals or shielding a foundational industrial sector like steel from foreign competition, HS codes provide the regulatory framework necessary to implement precise trade policies. For global traders, these shifts emphasize the importance of maintaining up-to-date compliance strategies, as sudden changes in HS code classifications can significantly alter the cost structure of cross-border transactions.