Export Growth

China's exports up 5.8% in June as tariffs reprieve prompts rush of orders

China's exports accelerated in June as a reprieve on US tariffs prompted a rush of orders by companies and consumers. Exports climbed 5.8% from a year earlier, up from a 4.8% rise in May. Imports also recovered, growing 1.1% in the first increase so far this year, according to customs data released Monday. Exports to the United States fell 16% but that was less than half the 34.5% drop seen in May. After US President Donald Trump imposed tariffs of up to 245% on imports from China and Beijing responded with its own steep import duties, the two sides agreed to hold back to allow time for talks. But preliminary discussions between the two sides have yet to produce significant progress. In the meantime, the Trump administration has hiked tariffs on imports from China by 35%, pending an Aug 12 deadline for reverting to the higher tariffs Washington and Beijing have delayed for now. The recovery in trade is expected to help boost economic growth in the April to June quarter. The Chines

Boosting exports and cutting imports key to India's strength: Nitin Gadkari

Union Minister Nitin Gadkari on Saturday said India will have to increase its exports and reduce imports to emerge as a stronger nation in the global community. Addressing an international conference on Vision 2047 Prosperous and Great Bharat, Gadkari suggested that the imposition of reciprocal tariffs by the US was a "blessing in disguise" for India as newer markets are now opening up for the domestic industry. "If you want to make villages prosperous and the nation stronger, one thing is clear we have to increase our exports and reduce imports. I would not take the name of any country, but whatever is happening today, it is a blessing in disguise for us," he said, in an apparent reference to the tariffs imposed by the US. Gadkari said the Indian sugar industry received an order of 1,000 containers from the US. "These are the ways if someone faces a loss, someone else profits. It is a plain case of demand and supply," the minister said.

Commerce Min, Indian mission officials to hold talks to boost exports

Senior officials from the commerce ministry, and commercial wings of Indian Missions of 20 countries will hold a three-day meet, beginning here on Monday, to discuss ways to promote exports of goods and services, an official said. Commerce and Industry Minister Piyush Goyal will also interact with these commercial representatives on January 6. The issues, which would come up during the three-day celebration included opportunities and challenges and the way ahead in six focus sectors (of goods and services each) in 20 countries of significance; non-tariff barriers; logistics; WTO (World Trade Organisation) matters; and role and importance of MAI (market access initiative), the official said. The commerce ministry is in the process of formulating a strategy to push exports of six key product categories, including engineering goods and electronics, to 20 focus countries, including the US, Australia, France, China, Russia, the UK, Japan, South Korea, Singapore, and Indonesia. These ...

Focus on quality, export competitiveness won't come from subsidies: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday asked the industry to focus on making high quality products to tap global markets as export competitiveness will not come from government subsidies or support. He also said that the government is putting its effort to nudge industry to get into the manufacturing of high quality products as it is a "tough" task to get industry to accept that they should be making quality goods. Initially, the government faced a huge amount of opposition from the industry on quality control orders. "Our export competitiveness is not going to come from subsidies or government support. It is not going to come from our closing the doors to the rest of the world. If we are looking at self-reliant India, it can only happen when India will be self-confident and that confidence will only come when we all decide that quality is not our job, it is our duty," the minister said. He added that if the Indian industry is not competitive in any product, that

Indian manufacturing should aim for export-led growth: Jamshyd Godrej

Says India must come up with a similar scheme as EU's CBAM to help industry become more carbon neutral

Risk of another US port worker strike looming threat for exporters

In India, the trade union movement is very fragmented and at its weakest since independence. So, the fears of workers disrupting critical activities like port operations are very low

At 18% export growth rate, India may touch $1 trn goal by 2028-29: PwC

In the "Conservative" case, if exports grow at the rate of 10 per cent, India would have to wait until 2032-33 to meet the target of $1 trillion in exports

Rodtep reimbursements: Govt likely to guide industry on documentation

The RoDTEP scheme allows refunds of the embedded non-creditable central, state and local levies paid on inputs to exporters and is compliant with World Trade Organisation (WTO) norms

Commerce ministry panel reviews guidelines for elections of EPCs, FIEO

The commerce ministry's committee, which is reviewing the eligibility criteria for the election of office bearers of export promotion councils (EPCs) and apex exporters body FIEO, is expected to submit its report by end of this month, an official said. Exporters have urged the ministry for early release of the report so that elections can be conducted in the councils and Federation of Indian Export Organisations (FIEO) as per the new criteria. The official said that a draft report was circulated to the councils and suggestions have been sought. "We have received the feedback. The committee will review that and the report would be submitted to the higher authorities of the ministry," the official added. In May this year, the ministry decided to review the eligibility criteria for the election to make them more inclusive and representative. A three-member panel was constituted to review the existing guidelines and make suitable recommendations about representation of different ...

After RoDTEP, govt likely to extend export-boosting textile scheme

Ministry seeks Cabinet's approval regarding RoSCTL scheme

India's share in exports in labour-intensive sectors declining: FIEO

India's labour-intensive export sectors such as apparels, marine products, plastics, and gems and jewellery are showing a "troubling pattern" as the country is experiencing a decline in global market share across these segments during the last five years, a FIEO report has said. Apex exporters body Federation of Indian Export Organisations (FIEO) also said that a note of caution is warranted regarding a distinct spike in export growth of roughly USD 40 billion as this particular surge is likely attributed to a rerouting of crude oil trade routes via India to Europe. This phenomenon may not be sustainable in the coming years, it said. It added that the most "pressing concern" regarding the negative export growth is the "poor" performance of labour-intensive sectors. In a country like India, these sectors hold immense significance not only for their job creation potential but also for their substantial contribution to net high-value addition. "Addressing this challenge requires a ..

At 5.74% CAGR, exports growth dismal in last nine years

he Foreign Trade Policy (FTP) 2015-20 targeted doubling of exports of goods and services from $466 billion in 2013-14

India's Exports to EU, US grow but Asia and Africa suffer in FY23

India's merchandise exports had risen 6.7 per cent to $450.4 billion in FY23

FTAs don't always boost domestic manufacturing or speed export growth: GTRI

Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'. It is also not true that countries world over are rushing to do FTAs and in fact these pacts are "enthusiastically" embraced mainly by east Asian economies or countries that have lowered their customs duties close to zero. "Major industrial countries/regions do FTAs selectively. The USA has no FTA with significant economies like

Under scanner: Special mechanism for sharing trade data in the works

CBIC come across 12-13 cases of import-export data leaks to dark web

Musical instruments' exports rise 3.5 times to Rs 172 crore in Apr-Sept

The country's musical instruments exports have increased to Rs 172 crore during April-September this fiscal against Rs 49 crore in the same period of 2013-14. Commerce and Industry Minister Piyush Goyal said in a tweet that the exports have risen to more than 3.5 times in the first six months of the current fiscal. "India's exports of musical instruments rose to more than 3.5 times in April-September 2022, as compared to the same period in 2013," Goyal said. On the jump in exports, Prime Minister Narendra Modi said the growth is encouraging. "With Indian music gaining popularity worldwide, there is a great opportunity to further grow in this sector," Modi tweeted.

India's rice export rates hit one-year peak on high demand from Bangladesh

Prices of rice exported from India held firm near their highest level in more than a year this week as demand from neighbouring Bangladesh remained strong

Manufacturing sector to be impacted in FY23 as exports take a hit: Report

The Indian manufacturing sector, which received a fillip in FY22 due to export growth, is likely to be hit by a slump in foreign trade activity in FY23, a report said on Thursday.

China's July exports rise 18% to $333 bn, with trade surplus at record high

China's export growth continued to rise in July, sending trade surplus to a record high, according to government data

Top Headlines: IDBI might merge with pvt bank, Sensex valuation & more

The conditions for the strategic divestment of IDBI Bank could facilitate its merger with other financial entities, including commercial banks, said an official. Read more in our top headlines