Page 4 - Export

India's engineering exports to Russia doubled till February in FY24: EEPC

India's engineering exports to Russia doubled to USD 1.22 billion till February during the 2023-24 fiscal, Engineering Export Promotion Council (EEPC) of India said on Tuesday. The shipments to the country stood at USD 616.68 million in the previous fiscal, it said. The exports to the US dipped seven per cent year-on-year to USD 15.95 billion during this period, EEPC said in a statement. In case of China, engineering shipments to that country saw a marginal decline to USD 2.38 billion from USD 2.40 billion in the period under review, it said. Exports to the UAE and Australia, with which India had signed an FTA, remained positive. Till February, shipments to the UAE rose 16 per cent on-year to USD 5.22 billion, while those to Australia was higher by five per cent at USD 1.30 billion. Cumulative engineering exports during April-February (2023-24) stood at USD 98.03 billion as against USD 96.84 billion in the corresponding period a year ago, the statement said. In the last few mont

Exporters need to follow new British rules to avail duty benefits: DGFT

Exporters seeking to avail duty concessions on shipments to the UK will have to adhere to the new British rules under the Developing Countries Trading Scheme (DCTS). In a trade notice, the Directorate General of Foreign Trade said that the United Kingdom (UK) has replaced its existing origin declaration process under Generalized Scheme of Preferences (GSP) with the UK DCTS effective from June 19, 2023. The transition period for this change was extended until December 31, 2023. "Starting from January 1, 2024, onwards, Indian exporters to the UK are required to adhere to the new rules under DCTS to avail concessions on their exports to the UK," the trade notice to the exporters community said. It added that goods that meet the UK DCTS Rules of Origin (RoO) requirements would be eligible to claim a concessional rate of import duty for exports to the UK. "Consequently, the origin criteria necessary for satisfying the Rules of Origin to avail tariff concessions on exports from India t

Govt imposes minimum export price of $2,000 per tonne on honey till Dec

The government on Thursday imposed a minimum export price (MEP) of USD 2,000 per tonne on natural honey till December this year. The notification will be effective immediately. Exports below this MEP value will not be permitted. "Export of natural honey is free. Minimum export price (MEP) of USD 2,000 per metric ton is imposed till December 31, 2024, or until further orders, whichever is earlier," the Directorate General of Foreign Trade said in a notification. During April-January this fiscal, natural honey exports stood at USD 153.21 million. It was USD 203 million in 2022-23. The major exporting destinations include the US and the UAE.

India set to become exporter of forged wheels used in railways: Vaishnaw

Sixty to seventy years after being an importer of forged wheels used in the railways, India is all set to become an exporter of the train component, Union Minister of Railways Ashwini Vaishnaw said here on Thursday. The minister, who also holds the portfolio of Electronics and Information Technology, was here to inaugurate the Chennai Design Centre of US-based semiconductor manufacturer Qualcomm, when he said that construction activities for setting up a plant to produce forged wheels for the railways has commenced in Tamil Nadu. The railways has entered into a joint venture with Ramakrishna Forgings Ltd to set up the manufacturing facility at Gummidipoondi near Chennai, at an outlay of Rs 650 crore in the first phase. "As you are aware, Vande Bharat trains have been very successful. The wheels that are used in Vande Bharat trains are of special quality. They undergo a special manufacturing process. The wheels that we use in the wagons undergo a casting process," he told ...

India-US trade likely to top $200 billion this year: Ambassador Garcetti

The India-United States trade is likely to surpass the previous record of USD 200 billion this year and huge opportunities exist for the two countries to expand cooperation in defence, space besides critical emerging technologies like semiconductors and artificial intelligence, said American Ambassador Eric Garcetti on Thursday. The US is proud to be India's No. 1 trading partner with two-way trade reaching nearly USD 200 billion last year, Garcetti told reporters in Indore. "I think this year we will break the (previous) record of USD 200 billion in bilateral trade (between India and the US)," he said. The envoy asserted that US President Joe Biden in the past had emphasized that trade between India and America should rise to the level of USD 500 billion given the potential for expansion. Efforts are on achieve this goal, said the Ambassador who took charge of his new diplomatic assignment last year. Garcetti said huge opportunities exist to further grow Indo-US trade, and for ..

India's free trade agreement with EFTA likely to be signed on March 10

The Union Cabinet on Thursday discussed the proposed free trade agreement between India and four European nation bloc EFTA and the pact is likely to be inked on Sunday, said sources. The negotiations for the pact with the European Free Trade Association (EFTA) members -- Iceland, Liechtenstein, Norway, and Switzerland -- have concluded. The pact is expected to be signed on Sunday here, sources added. India and EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. The agreement has several chapters including trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation. EFTA has 29 free trade agreements (FTAs) with 40 partner countries, including Canada, Chile, China, Mexico, and Korea. Under free trade pacts, two trading partners significantly reduce or eliminate .

Exports of diamond expected to hit 5-year low in FY24 at $15-16 billion

India's cut and polished diamond (CPD) exports are expected to hit a five-year low in 2023-24 with a dip of around 25-30 per cent to USD 15-16 billion, according to a rating agency. The demand in the near term is expected to remain subdued with no significant recovery anticipated in the segment in FY'25, CareEdge Ratings said in a note. The US and China, the primary diamond-consuming markets, together account for approximately 65 per cent of India's diamond exports. However, the economic conditions in the US and China, the rise of alternative discretionary spending options, the growing market for lab-grown diamonds (LGD), and geopolitical tensions have negatively affected India's cut and polished diamond exports, the rating agency note said. These factors resulted in a 28 per cent year-on-year drop to USD 13.04 billion in the first ten months (April-January) of FY'24, driven by decreases in volume and value, it said. The impending impact of G7 sanctions on Russian-origin diamonds

Tamil Nadu contributes to 32% of India's total electronics exports till Jan

The state has been making rapid strides in all areas of industrial growth, primarily due to its connection with stakeholders

India should become green energy exporter by 2047 to attract capital: Kant

Addressing at the 'Raisina Dialogue 2024', Kant said today's challenge is climate change and the World Bank needs to become a climate bank

Amul's golden jubilee: Modi calls for making it biggest dairy firm globally

A co-operative which started in FY1973-74, already saw its revenue at Rs 72,000 crore in FY23 and exports its products to more than 50 countries

Govt extends the interest equalization scheme until June 30, 2024

The scheme, inaugurated on April 1, 2015, was originally slated for a five-year duration until March 31, 2020

US lawmakers and apple growers celebrate export of apples to India

US lawmakers and apple growers are celebrating the export of apples to India this year, which is 16 times more than last year after New Delhi decided to drop the 20 per cent retaliatory tariff put in 2019 on American products, including this fruit. This moment was celebrated at a Seattle port on Tuesday. Apple growers from Washington State have almost a million boxes of apples this year to India, which is 16 times more than last year. "This is a new day in trade relations between the United States and India," Senator Maria Cantwell told reporters in Seattle on Tuesday. She was joined by Prakash Gupta, the Consul General of the newly opened India Consulate in Seattle, along with apple growers from Central Washington and labour and port officials. "Apples are the pride of the Washington agricultural economy. They are known worldwide. Today is a celebration because, for five years now, we have not seen the volume of apples leaving these docks and travelling to India," said Cantwell,

Eicher expects exports of Royal Enfield to pick up after two-year slump

Strong domestic sales of Royal Enfield, a premium-priced motorcycle, helped Eicher post a bigger-than-expected 12.3% jump in revenue to 41.79 billion rupees ($504 million) for the Oct-Dec quarter

KRBL Q3 results: Profit declines nearly 35% on weak export demand

Consolidated net profit was 1.34 billion rupees ($16.1 million) for the quarter ended Dec. 31, compared with 2.05 billion rupees a year earlier

Centre slashes import duty on mobile phone components from 15% to 10%

This comes just a day before the Centre is scheduled to announce its Interim Budget 2024 in Parliament

Red Sea crisis: Exports, higher freight impacts wire maker R R Kabel

Attacks by Yemen's Houthi militia on merchant ships in the Red Sea and retaliatory U.S. strikes have ratcheted up tensions in the Middle East as the Gaza war rages on

Red Sea crisis pushes costs of fuel tanker above $100,000 per day

The cost to ship refined products from the Middle East to Japan added another 3% to $101,000 a day on Thursday, according to data from the Baltic Exchange in London

Scaling up to meet domestic demand, no plans to export to China: NMDC

Reuters reported on Wednesday that the federal government had turned down a request from the company to export iron ore to China

Gem, jewellery exports slip 8.14% to Rs 18,281 crore in December: GJEPC

The overall gems and jewellery exports fell 8.14 per cent year-on-year in December to Rs 18,281.49 crore (USD 2,195.23 million), according to data released by the Gem Jewellery Export Promotion Council (GJEPC). The total exports stood at Rs 19,901.55 crore (USD 2,413.46 million) in the corresponding month of 2022, GJEPC said in a statement. "Sluggish demand across key export markets, geo-political scenario, and India and the USA, among 60 countries, going for elections this year, impacted the exports," GJEPC chairman Vipul Shah told PTI. Meanwhile, the overall exports of cut and diamonds dipped by 31.42 per cent to Rs 7,182.53 crores (USD 862.48 million) in December compared to Rs 10,472.93 crore (USD 1,270.36 million) for the same period of the previous year. However, the gold jewellery exports in December grew by 47.32 per cent to Rs 7,508.05 crore (USD 901.52 million) compared to Rs 5,096.25 crore (USD 618.27 million) for the same period of the previous year.

Aramco CEO Nasser predicts tighter oil markets, sees Red Sea risks

Container vessels have been pausing or diverting from the Red Sea that leads to the Suez Canal, the fastest route from Asia to Europe, where about 12% of world shipping passes