Page 2 - Export

Trade deficit eases to $20.8 bn in Sept amid geopolitical challenges

Exports stood at $34.58 billion in September, while imports were at $55.36 billion during the month

The CGST rules: Helpful amendments, court decisions for exporters

CBIC had issued its circular prescribing the procedures for the payment of IGST and compensation cess (CC) along with interest by the importers who had violated the pre-import condition

Ukraine grain exports reach 11.2 MT so far this year, says Kyiv

The volume included 6.5 million tons of wheat, almost 3 million tons of corn and more than 1.4 million tons of barley

Favourable biz environment drives firms' credit upgrades in H1FY25

Export-intensive segments vulnerable to global risks, warn rating agencies

Export-oriented units struggle, unhappy with new IGCRS e-process

Most of the EOUs are unhappy with the way the CBIC has tried to push through the new processes without adequate preparation

Declining bank credit may feature in Piyush Goyal's meet with exporters

The declining bank credit to exporters will hurt the sector, and traders will flag the issue prominently during their meeting with Commerce and Industry Minister Piyush Goyal on September 11, an industry official said on Sunday. While exports grew by 15 per cent in the rupee terms between 2021-22 and 2023-24, the outstanding credit in March 2024 dropped by 5 per cent over the same month in 2022, according to exporters. Apex exporters body Federation of Indian Export Organisation (FIEO) said the export credit growth is not keeping pace with rising exports of the country. "We have seen a decline in export credit between March 2022 and March 2024 despite the need for more credit for longer duration due to hike in prices of commodities, sharp spurt in freight (both sea and air) and the Red Sea crisis, leading to longer voyage time and delayed payment," FIEO Director General Ajay Sahai told PTI. According to FIEO, the value of export credit outstanding has come down to Rs 2,17,406 crore

Value proposition is key to the success of e-commerce export hubs scheme

The draft modalities are quite detailed but these will need suitable vetting by the revenue department

Ecom export hubs expected to create up to 2.75 lakh additional jobs: Report

The expansion plan is poised to transform the logistics sector, which is currently experiencing a 12 per cent annual growth rate, said the study

Govt seeks proposals from industry for setting up e-commerce export hubs

The government has sought proposals from the industry to set up e-commerce export hubs (ECEH) in the country for examination, support, and hand-holding. Based on the proposal, further details, including software requirements for ECEH, to facilitate seamless and expeditious export clearances, will be firmed up, the Directorate General of Foreign Trade (DGFT) has said in a trade notice. In this regard, it said, draft modalities for operation of these hubs have been formulated. Based on draft modalities proposed, the government would like to initiate a pilot launch of ECEH. "In this regard, detailed proposal(s) for setting up ECEH may be submitted to this directorate, for examination, support and hand-holding," the DGFT said. In the Budget, the government announced setting up of these hubs to promote exports through e-commerce medium in public-private-partnership (PPP) mode. Initially there are plans to set up 10-15 hubs in the country. These hubs would be designated areas, which wo

Govt bans export of de-oiled rice bran till next year's January 31

The government has banned exports of de-oiled rice bran, used in the cattle feed industry, till January 31, 2025. Earlier in March, the government imposed a ban on this product till July 31. "Export of de-oiled rice bran is prohibited up to January 31, 2025," the Directorate General of Foreign Trade (DGFT) has said in a notification. In a separate trade notice, the DGFT said a revamped non-preferential Certificate of Origin (eCoO) 2.0 system has been launched. An exporter has to submit a 'certificate of origin' at the landing port of the importing country. This certificate is essential to prove where their goods come from. *** Vedanta Aluminium launches 3rd phase of Project Shree Shakti * Vedanta Aluminium on Tuesday said it has launched the third phase of an initiative to induct women employees into the night shift at its smelter operations in Jharsuguda, Odisha. It will enable women employees to have greater flexibility to work at their preferred hours and take on critical r

India, Aus to resume comprehensive FTA talks on Monday; progress expected

Chief negotiators of India and Australia will begin the next round of talks for the comprehensive free trade agreement from tomorrow in Sydney, where both sides are likely to close negotiations on several chapters of the pact, an official said. Both countries have already implemented an interim pact and are in discussions to expand its scope under the CECA (Comprehensive Economic Cooperation Agreement). The interim pact - Economic Cooperation and Trade Agreement (ECTA) - came into force in December 2022. The tenth round of negotiations is scheduled from August 19-22 in Sydney. "Out of the total 19 areas of the agreement, we have completed our discussions on four chapters, and we are in very advanced stages in a few others. We hope that in this round, we should be able to close altogether, maybe more than 10 chapters," the commerce ministry official said. In this round, the official said that both countries are likely to get into market access discussions in goods and services. Th

Technopark's software export revenue up 14% at Rs 13,255 cr in FY24

The revenue from software exports by the IT and IT enabled services companies of the Kerala government-owned Technopark has reached Rs 13,255 crore for the Financial Year (FY) 2023-24, marking a 14 per cent growth compared to last year, the IT hub authorities said on Saturday. The software export revenue of Technopark for the FY 2022-23 was Rs 11,630 crore. "The revenue from software exports by the IT/ITEs companies of Technopark has clocked Rs 13,255 crore for the Financial Year (FY) 2023-24, marking a 14 per cent growth compared to last year," Technopark said in a release. The premier IT hub of the country, which covers a total area of 768.63 acres with 12.72 million sqft built up space, houses as many as 490 companies, providing 75,000 direct jobs and two lakh plus indirect jobs. Col Sanjeev Nair (Retd), CEO, Technopark, said the stellar performance tells a growth story of the vibrant IT ecosystem in Kerala and the business vision and professionalism of the in-house companies.

Crisis in Dhaka: Bangladesh textile biz may move to hubs like Tiruppur

India likely to see volume of such exports inflate by $400 mn per month

India free-trade agreement with Oman hits market-access roadblock

Differences over access to petrochemical products major bone of contention

Economic Survey: Silver linings amid slower growth, export woes linger

Tax revenue's continued growth, meanwhile, is led by direct taxes

Budget 2024: EEPC urges revival of interest subvention scheme for exporters

The Engineering Export Promotion Council (EEPC India) has urged the government to revive the interest subvention scheme for exporters in its pre-budget recommendations. EEPC India Chairman Arun Kumar Garodia emphasised the scheme's importance, especially with rising interest rates. He called for restoring the three per cent subvention rate for specific tariff lines and a 5 per cent rate for MSME exporters across all product categories. The recent exclusion of merchant exporters from the Interest Equalisation Scheme (IES) raised concerns. EEPC India argued that merchant exporters, with low profit margins, are significantly impacted by credit costs. They proposed extending the IES benefits to them with a three per cent subvention rate. A government notice extended the IES for two months, but only for MSMEs. This left merchants and large exporters ineligible after June 30. The apex engineering exports promotion body warned this exclusion could hurt these businesses, especially those

GoM to decide on lifting export ban on certain non-basmati rice: Goyal

Union Commerce Minister Piyush Goyal on Wednesday said a Group of Ministers will take a decision on lifting the ban on certain varieties of non-basmati rice after considering demand-supply and price situation. The Group of Ministers (GoM) always take a balanced decision, he added. The Centre has banned exports of non-basmati white rice since July 20, 2023, to boost domestic supply. When asked if the government is considering the removal of ban on rice exports, he said: "These decisions are taken by a Group of Ministers. We meet periodically, assess the production of agri produce, the consumption patterns, price in the retail and wholesale market, and we take a balanced decision". According to the agriculture ministry's estimates, India's rice production is estimated at 136.7 million tonnes in 2023-24 compared to 135.75 million tonnes in the preceding year.

Govt considers easing rice export limitations in boon to world buyers

The government is considering allowing white rice shipments with a fixed duty, said the people, who asked not to be identified as the talks are confidential

Govt, industry to discuss ways to promote growth of toy sector on July 8

Government officials and industry will hold a detailed discussions on ways to further boost domestic manufacturing and exports of toys on July 8, an official said. The meeting is organised by Invest India, an arm of the Department for Promotion of Industry and Internal Trade (DPIIT), in collaboration with the Toy Association of India. The main issues that would figure in the meeting include growing opportunities and regulatory developments in the toy sector to chart a path forward; making India a global toy hub; and ways to integrate Indian toy manufacturers in the global supply chain. Toy Association of India Senior Vice-President Naresh Kumar Gautam said the government has already taken a series of steps to boost the growth of the sector. To showcase domestic products, an international fair is being organised from July 6-9 here at Pragati Maidan where over 150 foreign buyers from 35 nations are visiting. Over 400 domestic toy players will exhibit their innovative products, Gauta

Cargo traffic across 12 major Indian ports surges 6.8 % to 69.8 MT in June

Cargo traffic across 12 major Indian ports rose 6.8 per cent to 69.08 million tonnes (MT) in June from 64.69 MT in the year-ago month, with ten ports showing positive growth while the remaining two witnessed a decline. Jawaharlal Nehru Port in Maharashtra recorded the highest growth in cargo handling at 15.12 per cent during the reporting month, followed by Cochin Port with 15.12 per cent, Kamarajar Port (10.70 per cent), Deendayal Port (8.57 per cent) and New Mangalore Port (8.53 per cent), according to the data released by the major ports' apex body Indian Ports Association (IPA). The 12 major ports are Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (Kamarajar), Tuticorin (V O Chidambaranar), Visakhapatnam, Paradip and Kolkata (including Haldia) and Jawaharlal Nehru Port. According to the IPA, VO Chidambaranar Port's cargo traffic grew 7.73 per cent and Paradip Port 7.41 per cent growth, respectively, during the previous month. SMP Kolkata Port ...