Page 6 - Export

Global South calls for ramped up global efforts to improve supply chains

The Global South leaders further highlighted the role of South-South cooperation in this regard and discussed ways to promote mutual cooperation and investments amongst the Global South countries

Govt mulls extension of parboiled rice restrictions ahead of key polls

The govt is considering an extension to a 20% export levy, which is due to expire on Oct. 15, according to people familiar with the matter who asked not to be identified as the talks are confidential

Ather Energy to make international foray in Nepal with flagship model 450X

Electric two-wheeler maker Ather Energy on Monday said it is foraying into the international market. The company plans to enter the international market with the export of its flagship model, 450X, to Nepal, it said in a statement. The plans to export the 450X model comes at a time when Nepal is shifting towards more clean mobility options. A relatively smaller market as compared to its neighbours India and China, Nepal, however, presents a promising proposition for companies like Ather to understand new markets in terms of product performance and acceptability, the company said. "While we continue growing domestically, we are really excited about expanding our business footprint to international markets. We have had incredible in-bound demand from multiple markets, and Nepal is the first step in our journey of going international," Ather Energy Chief Business Officer Ravneet Phokela said.

Govt considers lowering minimum export price on rice to $850 per tonne

The government is considering reducing the minimum export price (MEP) of basmati rice to USD 850 per tonne from USD 1,200 per tonne at present. The issue was flagged by various food product importers here during a meeting with Commerce and Industry Minister Piyush Goyal. "We are very seriously looking at it. I have had many meetings with rice exporter associations in India. We have compiled the data of basmati rice exports to different parts of the world and different varieties of basmati rice," Goyal said. "And we hope that very soon we'll be able to come up with a very fair price, which all of the industry is very happy about," he told reporters here. He was replying to a question about whether the government is considering their demand to cut the MEP on basmati rice. The Indian rice industry has also demanded the same. Rajya Sabha member from Punjab Vikramjit Singh Sahney has also urged the Centre to rationalise the USD 1,200 per tonne minimum export price on basmati rice as i

Domestic demand, exports revival to aid readymade garment players' revenue

Readymade garment manufacturers are likely to post an 8-10 per cent increase in revenue on the back of growing domestic demand and revival of exports, a report said on Friday. Domestic demand and revival in exports have been driven by lower cotton prices and easing supply-chain disruptions, the report by Crisil Ratings said. Volume growth will be higher at 6-8 per cent this fiscal, compared with 3-5 per cent last fiscal, it said. Despite this, revenue will grow slower than the 14 per cent in the last fiscal as realisations moderate due to easing raw material prices. The Crisil Ratings report further said prices of cotton and man-made fibre are expected to fall 15-17 per cent and 8-10 per cent, respectively, this fiscal. Consequently, growth in realisations will be a meagre 1-3 per cent this fiscal, as against 10 per cent last year, the rating agency said. "Readymade garment manufacturer makers will rely on domestic consumption (75 per cent of the overall demand), which is expecte

Rice export ban a regulation, safeguards food security: India to WTO

India has said that the export ban on rice is a regulation rather than a restriction and is crucial for securing the food security of 1.4 billion people, according to an official. This was stated by India in response to concerns raised by a group of countries including the US during a meeting of the WTO's Committee on Agriculture in Geneva on September 27. The Geneva-based official said that in the meeting, India reiterated its commitment to ensure food security in importing countries by granting exemptions to those in need upon their governments' requests. The Indian government has already allowed exports of non-basmati rice to Bhutan (79,000 tonnes), UAE (75,000 tonnes), Mauritius (14,000 tonnes) and Singapore (50,000 tonnes) through the National Cooperative Exports Ltd (NCEL). On July 20 this year, India banned exports of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season. "The Government of India has the commit

Weekend Bites: India-Canada-Khalistan, women's Bill, and drugs on drones

In which we munch over the week's platter of news and views

India, Canada diplomatic row will not have material impact on exports: EEPC

The diplomatic row between India and Canada will not have a material impact on the country's exports, according to apex engineering body EEPC. India's exports to Canada stood at USD 4.1 billion in 2022-23. The export goods include pharmaceuticals, gems and jewellery, textiles, and machinery, while imports (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products. "We do not believe that the stand-off with Canada will have a material impact on our exports and trade, given our long-standing relationship. We expect the current stand-off to be temporary and to be resolved," EEPC (Engineering Export Promotion Council of India) Chairman Arun Kumar Garodia told PTI. He expressed hope that the stand-off would be resolved soon and India's outbound shipments to Canada will continue to grow. "India and Canada have been good partners as far as trading and cultural relations are concerned, for a significant time. The current stand-off between India and Canada seems to be a

Punjab CM demands rollback of restrictions on basmati rice exports

Punjab Chief Minister Bhagwant Mann on Friday said that the restrictions on exports of basmati rice imposed by the Union government is against the interests of the farmers and demanded its immediate rollback. Addressing a gathering during "Kisan Mela" organised here at the Punjab Agricultural University, the chief minister lamented that "this illogical decision will do considerable damage to the economic situation of the farmers as well as the traders". The Union government has fixed Minimum Export Price of basmati at USD 1,200 per tonne "which adversely hit the domestic price of the crop". Mann, according to an official statement, said that the Union government must remove all these restrictions to safeguard the interests of the farmers from the state. The chief minister said that the hard working and resilient farmers of the state are already at a crossroads due to the ever escalating cost of the farm inputs and "low MSP". He said that the state produces maximum basmati rice in

Tea cos to witness 8% fall in revenue on decline in exports: Crisil Ratings

The tea industry is likely to witness an 8 per cent year-on-year decline this fiscal due to decreasing export volume following the rise in supply from Sri Lanka, a report said on Friday. The operating profitability of the industry will fall for the second year in a row, shedding 100 basis points (bps) to 5 per cent due to lower realisation, Crisil Ratings said in a report. Profitability had fallen 150 bps last fiscal, primarily because of an increase in wages, the report said, adding that in FY23, wages that constitute 20 per cent of total input cost were hiked by 15 per cent. However, low leverage and negligible capital expenditure (capex) will keep credit profiles stable, the report stated. The tea industry will report 8 per cent year-on-year degrowth in revenue this fiscal, led by a decline in export volume, the agency said. "Domestic demand, which accounts for 82 per cent of sales volume, should remain steady at 1,100 million kg this fiscal. However, exports, which make up 18

Indorama Ventures to invest $150 mn in three PET recycle plants in India

Bangkok-headquartered and Indian majority-owned Indorama Ventures Public Co Ltd is investing USD 150 million in three PET recycling plants in India, aiming to start commercial production in 2026. We have obtained basic regulatory approvals and land acquisition is going on nearer to our three existing PET-producing plants at Haldia, Nagpur and Panipat, Indorama Ventures Group CEO Aloke Lohia told PTI of the investment plans on the sidelines of the 21st Forbes Global CEO Conference on Tuesday. Recycled PET from the three plants will supplement Indorama Ventures' current 800,000 tonne/year PET production for the Indian and export markets. PET is durable and can be recycled multiple times. He explained the need to increase the use of recycled PET, supporting global initiatives to reduce the use of making new products out of fossil fuels. Noting the Indian economy's high growth, Lohia is bullish about business prospects in India, especially the manufacturing sector and the government-l

Huge potential to increase exports of organic agri products: Comm secretary

There is a huge potential to increase exports of organic agri products as the global market stood at about USD 135 billion and India's shipments are only over USD 700 million, a top government official said on Thursday. Commerce Secretary Sunil Barthwal said that the industry should also work on improving the quality and standards of these products. "Organic food segment is an important area. We need to work on this. The world market is about USD 135 billion and India's share is USD 700 million, so there is a huge potential in this... We are focusing on the sector," Barthwal said here while inaugurating a fair of organic products - BIOFAC INDIA at India Expo Mart in Greater Noida. It was organised by APEDA. He also said that there is a need to promote Indian standards of these goods and comply with the standards of importing countries. The secretary urged the industry to promote the logo of India organic as it would help in promoting the credibility of the products in the ...

Tea exports declines by 0.81% to 96.49 million kg during first half of 2023

Tea exports during January to June declined 0.81 per cent to 96.49 million kg as against 97.28 million kg in the corresponding period a year ago, according to Tea Board data. Exports from North India, comprising mainly Assam and North Bengal, marginally increased to 59.16 million kg compared with 59.09 million kg in the year-ago period, it said. However, shipments from South India declined to 37.33 million kg in the reporting period as against 38.19 million kg in January-June 2022. In the last calendar year, overall tea exports from the country stood at 231.08 million kg, registering a rise of 17.57 per cent over 2021, which was at 196.54 million kg. Secretary-General of Indian Tea Association (ITA) A Raha said it is unlikely that exports during 2023 will surpass the figures of 2022. The main cause for this is a slump in demand in the export markets and drop in shipments to Iran, due to payment issues with that country. Iran has traditionally been a major importer of Indian tea a

Captain Fresh raises $20 million for global expansion in Series C funding

Captain Fresh, a B2B fish and seafood company, on Tuesday announced raising USD 20 million (around Rs 166 crore) that will help it in expanding in global markets. The extended C funding round saw participation from SBI Investment and Evolvence Capital, among others. "This investment is led by Japan-based SBI Investment and Evolvence Capital, complemented by continued backing from internal investors, including Accel, Matrix Partners India, Prosus Ventures and Tiger Global," a company statement said. Captain Fresh is backed by Ankur Capital and Incubate Fund. "The fresh capital will be purposed towards Captain Fresh's global aspirations, particularly focusing on Europe and the USA. Discussions are already in motion with potential allies in these markets," it added. Founder Utham Gowda said it is a transformative juncture in our aim to establish Captain Fresh on the global stage. "Over the past three years, we've built significant supply side capacity by establishing a robust networ

Com ministry suggests banks to provide export credit to e-comm exporters

The commerce ministry's arm DGFT on Monday said it has suggested banking and financial institutions to extend pre- and post-shipment export credit in foreign currency to e-commerce exporters based on the guidelines of the RBI. Any issues in availing such credit may be brought to attention by e-commerce exporters or banks to the directorate general of foreign trade (DGFT). This assumes significance as the new Foreign Trade Policy 2023 is also aimed at promoting exports through the e-commerce medium. The DGFT in a trade notice said that consultations were held with industry representatives, exporters, and nodal departments on outstanding issues pertaining to exports through e-commerce. One issue flagged was the unavailability of pre-shipment and post-shipment export credit for e-commerce exports and in this regard, consultations were held with the RBI, it said. It is clarified that master circular 'Rupee/Foreign Currency Export Credit and Customer Service to Exporters' furnishes a .

Suzuki Motorcycle India logs 30% rise in 2-wheeler sales at 103,336 units

Suzuki Motorcycle India said on Friday its two-wheeler sales, including exports, increased 30 per cent year-on-year to 103,336 units in August. The company had sold 79,559 two-wheelers in August 2022, the company said. Total domestic sales during August rose 28 per cent to 83,045 units as compared to 64,654 units in August 2022, it said. The company also sold 20,291 vehicles in the exports market in August, Suzuki Motorcycle India said. "We saw strong demand for our products within India, which has aided us in our continued growth," Suzuki Motorcycle India Managing Director Kenichi Umeda said.

Govt to ensure enhanced export control of dual-use items: Official

The government will ensure enhanced export control of dual-use items so that these do not fall into the hands of non-state actors and terrorists, Director General of Foreign Trade Santosh Sarangi said on Friday. Dual-use items are those which are used for civilian and non-civilian purposes. Speaking at the Indian Chamber of Commerce here, Sarangi said India is now a part of several multi-lateral groupings like Australia Group. "Enhanced export controls will ensure that these dual-use items do not fall into the hands of non-state actors and terrorists," he said. Sarangi also said the DGFT prepares a special SCOMET (speciality chemicals, organisms, materials, equipment and technologies) list of dual-use items after inter-ministerial consultations. "We have a strict regime of export controls of dual-use items. We also see the countries and the frequency at which these items are sent," he said. Also at the same time, the government is taking steps to facilitate more exports of these

Cut and polished diamond export likely to decline 15% this fiscal: Report

After a robust growth in the past two fiscals, exports of cut and polished diamonds saw a 32 per cent decline in the April-July period, according to a report. The exports of Cut and Polished Diamond (CPD) may end the fiscal with a decline of around 15 per cent, the report by CareEdge Ratings. In 2021-22, CPD exports grew to USD 24.43 billion while in 2022-23 it declined marginally to USD 22.04 billion, according to the report. The agency attributed the steep fall in exports to the prevailing high inflationary pressures across major diamond-consuming markets. Consequently, CPD exports plunged 32 per cent during the first four months of the current fiscal as compared to the year-ago period. The agency expects CPD exports to decline about 10-15 per cent to about USD 19 billion this fiscal. While natural diamond is going through a temporary disruptive phase, green shoots appear in the Lab-Grown Diamond (LGD) segment. Exports of LGD jumped around 41 per cent in the last four years en

Onion export duty: Auctions begin in Maha APMCs, stop later over low prices

Onion auctions resumed for some time in a few APMCs in Nashik in Maharashtra on Thursday after being stalled since Monday even as more than 500 farmers blocked the Mumbai-Agra highway seeking cancellation of the Union government's decision to impose 40 per cent export duty on the kitchen staple, officials said. Auctions began at the APMCs in Lasalgaon, the largest wholesale onion market in the country, as well as Pimpalgaon and Chandwad in the morning but were stopped some time later after the farmers did not get the Rs 2,410 quintal as promised by NAFED, an apex organisation under the Union Agriculture ministry, and NCCF, they said. Officials said farmers also stopped the auction since personnel from NAFED, or National Agricultural Cooperative Marketing Federation of India Limited, were absent during the auctions. "In Lasalgaon, as many as 300 vehicles laden with onions arrived for auction in the morning with minimum price per quintal being Rs 600, the maximum being Rs 2,500 and ..

Govt set to ban sugar exports from October for first time in 7 years

India allowed mills to export only 6.1 million tonnes of sugar during the current season to Sept. 30, after letting them sell a record 11.1 million tonnes last season