Page 5 - Export

Shipping industry CEOs see no short-term end to Red Sea disruptions

Among the other leaders watching the renewed threats to supply chains was European Central Bank President Christine Lagarde

Integrate more districts in export initiatives to boost shipments: DGFT

More and more districts need to be integrated with export initiatives to help boost the country's outbound shipments, a senior official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi also said that an increase in exports helps in enhancing per capita income. He said that four states - Gujarat, Maharashtra, Karnataka and Tamil Nadu - account for 65 per cent of India's exports and they also have a high per capita income. The DGFT also noted that only 62 districts out of over 760 in the country contribute about 80 per cent of India's exports. "So there is a need to integrate more and more districts in our export initiatives. Imagine if another 700 districts get involved in export activities, then our export potential will multiply," Sarangi said here while inaugurating the Federation of Indian Export Organisations' (FIEO) 'Sourcex India' exhibition. The three-day show will end on January 19 here. "There is a very positive correlation between export

Jump in cargo rates to hurt trade, India needs own shipping line: Exporters

Freight rates have skyrocketed by up to 600 per cent due to the Red Sea crisis which would hurt the world trade, say Indian exporters while suggesting the government should start its own shipping line of global repute. The freight hike issue was flagged in the meeting of the Board of Trade (BoT) chaired by Commerce and Industry Minister Piyush Goyal on Tuesday, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. He said "It is a serious issue" and the problem will hurt the global demand for goods besides pushing inflation in different countries. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, encircling Africa, resulting in delays of almost 14-20 days and also higher freight and insurance costs. "At so

Jindal SAW Q3 results: Net profit rises over twofold to Rs 532 crore

The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago

Cost of Indian exports more than doubled due to Houthi attacks in Red Sea

Around 80% of India's goods trade with Europe, estimated at nearly $14 billion a month, normally passes via the Red Sea, according to government estimates

Exports marginally up at $38.45 bn in December; trade deficit narrows

Imports declined by 4.85 per cent to $58.25 billion in December last year due to a dip in crude oil shipments

Commerce ministry calls stakeholders' meet on WTO issues on January 20

The commerce ministry has called a meeting of all stakeholders, including government officials and trade sector experts, on January 20 to discuss issues which are likely to figure in the WTO meeting, an official said. The 13th Ministerial Conference (MC) of World Trade Organization (WTO) is scheduled from February 26-29 in Abu Dhabi, the UAE. MC is the highest decision-making body of the 164-member WTO, which monitors global exports and imports besides adjudicating disputes between member countries. India is the member of the organisation since 1995. The issues which would figure in the MC 13 include agriculture, food security, dispute settlement reform, e-commerce moratorium, and fisheries subsidies. "We are meeting all the stakeholders on January 20," the official said. On the food security issue, India has called for finding a permanent solution to the issue of public stockholding for food security in the ministerial-level meeting. It has dismissed arguments for alternative fo

Best of BS Opinion: Investing for growth, export potential & more

Here is the best of Business Standard's opinion pieces for today

Export potential

The agricultural sector needs policy intervention

Toys to have major share in Walmart's $10 bn Indian exports target: DPIIT

US-based retail giant Walmart is targeting to increase its exports from India to USD 10 billion annually and domestic toys will account for a significant portion of the total exports, a senior government official said on Thursday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that the American company has recently held a workshop with 100 Indian toy makers so that they can set up the supply chain for toy exports from India. "Walmart has given a target of USD 10 billion exports from India and in that they are going to have toy exports as a significant portion," he told reporters here. The company has earlier informed toy makers about their requirements and expected quality standards. In December 2020, Walmart committed to triple its exports of goods from India to USD 10 billion each year by 2027, providing a significant boost to micro, small and medium-sized enterprises (MSMEs) here. Global retailers such as IKEA are already sour

CCI study on mining sector flags iron ore varied pricing, export issues

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. To ensure fair markets, the competition watchdog initiated a focused study on the mining sector, specifically iron ore in India, and its interconnected industries like steel. The goal was to assess the competition perspective and determine if the iron ore market is functioning appropriately within the broader economic landscape. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', CCI has also flagged possible issues, with the pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for ..

DPIIT working with 24 sub-sectors to promote manufacturing, cut imports

The department for promotion of industry and internal trade (DPIIT) is working with 24 sub-sectors, including furniture, aluminium, agrochemicals and textiles, to promote domestic manufacturing, boost exports and reduce imports, according to an official statement. The commerce and industry ministry on Tuesday said that since its launch, 'Make in India' has made "significant" achievements and is now focusing on 27 sectors under 'Make in India 2.0'. While the DPIIT is coordinating action plans for 15 manufacturing sectors, the Department of Commerce is coordinating for 12 service sectors. "Now, DPIIT is working closely with 24 sub-sectors which have been chosen keeping in mind the Indian industries strengths and competitive edge, need for import substitution, potential for export and increased employability," the ministry said. It added that these sub-sectors are -- furniture, air-conditioners, leather and footwear, ready to eat, fisheries, agri produce, auto components, aluminium, .

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Will ensure farmers don't face losses due to onion export ban: CM Shinde

Maharashtra Chief Minister Eknath Shinde on Monday said his government will find a way so that farmers do not suffer losses due to the ban on export of onions. Shinde visited his Shiv Sena party office in the Vidhan Bhavan premises in Nagpur ahead of the third day of the state legislature's winter session here. The Centre has banned onion exports till March 31, 2024, to increase domestic availability and keep prices in check. Speaking to reporters on the issue, Shinde said the state government always stands with farmers of the state. The CM said he had a telephonic conversation with Union Minister for Consumer Affairs, Food and Public Distribution Piyush Goyal on the onion issue. "We will find out a way so that farmers and customers do not face losses due to the ban on export of onions," Shinde said. On the issue of ban on the use of sugarcane juice and sugar syrup for ethanol production, the CM said the government representatives will meet Union Cooperation Minister Amit Shah ov

Govt extends export ban on de-oiled rice bran till March-end 2024

The government has extended the export ban on de-oiled rice bran, a major ingredient in preparation of cattle and poultry feed, till March 31 next year, according to a notification. It was first banned in July this year. "Export prohibition of de-oiled rice bran is extended till March 31, 2024," the directorate general of foreign trade has said in a notification. According to experts, rise of prices of the feed is one of the major reasons for increasing milk prices in the country and putting a ban on the exports can help increase availability of the product in the domestic market, thereby containing rates. However, Solvent Extractors Association of India had earlier asked the government to reconsider its decision on banning the exports as the move is likely to have minimal impact on the prices of cattle feed and milk. As per estimates, in cattle feed, about 25 per cent rice bran extraction is used.

Crucial to identify real beneficiaries of interest subvention scheme: GTRI

It is crucial for the government to identify real beneficiaries of the interest subvention scheme provided to various export sectors, think tank GTRI said on Saturday. The Union Cabinet on Friday approved an additional allocation of Rs 2,500 crore for the continuation of interest equalisation or subsidy scheme on pre- and post-shipment rupee export credit up to June 30 next year. Launched on April 1, 2015, the scheme was initially valid for five years up to March 31, 2020. It has been continued thereafter, with a one-year extension during COVID, and further extensions and fund allocations. "No detailed study of the scheme has been done yet. It is important for the government to identify the actual beneficiaries. Considering the low spending, it is possible that a few large entities, rather than MSMEs, are reaping the most benefits," the Global Trade Research Initiative (GTRI) said. It is also necessary to find out which product groups receive the most credit and the effectiveness

Preventing carbon leakage CBAM's aim: Europe as India threatens retaliation

The European Commission on Friday said the sole aim of CBAM -- a tax the European Union plans to impose on energy-intensive goods from countries like India and China -- is to prevent carbon leakage, a situation where companies decide to shift out their production from a country with stringent policies. European Commissioner Wopke Hoekstra made this statement at a press conference at the UN climate talks here even as India's Commerce and Industry Minister Piyush Goyal threatened retaliatory action at an event in New Delhi. Hoekstra said, "CBAM's sole aim is to prevent carbon leakage." Peter Liese, a German politician and a member of the European Parliament, said the bloc aims to reduce emissions by 55 percent by 2030 and that achieving such a significant reduction without CBAM would not be feasible. Stressing that CBAM is crucial for funding the bloc's climate goals, he cautioned that any attempt to dismantle it would have far-reaching consequences beyond its scope. "Any agenda to .

China's exports edged higher for first time in 7 months, imports falls

China's exports rose in November, the first increase since April, while imports fell, according to customs data released Thursday. Exports rose 0.5 per cent from a year earlier to USD 291.9 billion, a sign that demand may be picking up after months, but imports fell 0.6 per cent, to USD 223.5 billion, after they climbed 3 per cent in October. China has been grappling with sluggish foreign trade this year amid slack global demand and a stalled recovery, despite the country's reopening after its strict COVID-19 controls were lifted late last year. The trade surplus of USD 68.4 billion was up 21 per cent compared to October's USD 56.5 billion. Demand for Chinese exports has been weak since the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs.

Govt should cut import tax on goods to lessen need for export schemes: GTRI

Reducing import duties on inputs and capital goods could help the government cut down the need for many of the existing export schemes, think tank GTRI said on Friday. This would be an important step as India continues to face challenges in managing these incentives within the framework of international trade laws, it said. The Global Trade Research Initiative (GTRI) said that many countries, including major trade partners of India like the European Union (EU) and the US continue to declare Indian schemes as subsidies and punish exporters by charging countervailing duties. America and the EU account for over 20 per cent of the country's total outbound shipments. At present, India is implementing many schemes to facilitate exports. These include the Advance Authorisation Scheme (AAS), Export Promotion Capital Goods Scheme (EPCGS), Duty Drawback Scheme (DDS), the Remission of Duties and Taxes on Exported Products (RoDTEP), Special Economic Zones (SEZ), Export Oriented Units (EOUs); .

Brics meet: Saudi Arabia urges all nations to halt weapon exports to Israel

Saudi Arabia's Crown Price made this request during an extraordinary BRICS Joint Meeting, which was being held virtually to address the Israel-Hamas conflict