Page 7 - Export

Onion export duty: Amid protests, MoS tells farmers prices will not crash

Amid a protest by farmers and traders against the imposition of 40 per cent export duty on onions by the Centre, Union Minister Bharti Pawar on Monday said prices of the kitchen staple will not crash. During the day, auctions of onions in APMCs in Nashik were halted in protest and several farmers and traders held protests across the district seeking a rollback of the export duty. "Prices of onions will not crash so farmers must not worry. The demand is growing and thinking about the people first is the policy of the Union government," she told reporters here. The government has taken the (export duty) decision to balance demand and supply and NAFED has been directed to procure additional two lakh tonnes of onion as buffer stock, Pawar said. She said the opposition was attacking the government over the rise in prices of onions and the move was to ensure there is availability of the crop in the domestic market. She said Union Minister for Consumer Affairs, Food and Public Distributi

Rural demand to boost revenue of hosiery industry by 18-20% in FY24: Crisil

The Indian hosiery industry is likely to witness 18-20 per cent revenue growth to Rs 36,000 crore this financial year, supported by the revival in rural demand, a report said on Monday. Rural demand, which accounts for almost half the domestic revenue, was impacted last fiscal amid rising inflation and lower farmer income and as a result, the overall volume declined by 30 per cent year-on-year, a report by Crisil Ratings said. "This fiscal, urban demand is expected to remain stable, while a well distributed monsoon and probable inflation moderation should boost rural demand, leading to a recovery of 35-40 per cent in volume. Potential export opportunities, especially to Gulf countries, could bump up volume further," Crisil Ratings Director Rahul Guha said. The Comprehensive Economic Partnership Agreement (CEPA) signed by the government with the UAE could boost textile segment exports, especially of hosiery. Tailwinds from the agreement could add 2-3 per cent to hosiery exports from

Maharashtra farmers protest at markets against 40% duty on onion export

Farmers in at least three districts in Maharashtra on Sunday protested at APMCs against the Centre's decision to impose a 40 per cent duty on the export of the kitchen staple. Amid protests, state Agriculture Minister Dhananjay Munde said he would speak with Union Commerce and Industry Minister Piyush Goyal on Tuesday and try to find some "amicable" solution to the issue. A day after the Central government imposed a 40 per cent duty on the export of onions till December 31, 2023, wholesale markets at Satana, Malegaon and Lasalgaon (In Nashik district), in Ahmednagar, and at Manchar and Khed in Pune district saw protests by farmers. Munde's cabinet colleague Chhagan Bhujbal said he would raise the onion export duty issue with the state deputy chief minister and BJP leader Devendra Fadnavis. "I will request him to discuss this with officials in Delhi. We will try to take steps to find an amicable solution, Bhujbal told reporters. A Swabhimani Shetkari Sanghatna (SSS) leader said ...

Centre imposes 40% export duty on onion to improve local supplies

The government on Saturday imposed a 40 per cent duty on the export of onions to check price rise and improve supplies in the domestic market. The Finance Ministry through a notification imposed a 40 per cent export duty on onions till December 31, 2023. The export duty comes amid reports that onion prices are likely to rise in September.

Roaring back from pandemic, Japan's economy grows by 6% in April-June

Japan's economic growth jumped at an annual pace of 6% in the April-June period, marking the third straight quarter of growth as exports and inbound tourism recovered. Real gross domestic product, which measures the sum value of a nation's products and services, grew 1.5% in the fiscal first quarter for the world's third largest economy, the Cabinet Office said Tuesday. The annualized pace shows what the growth would have been if what was marked during the quarter had continued for a year. The rate outpaced what analysts had forecast at 3.1% growth. The latest quarter showed the strongest growth since October-December 2020, when Japan's GDP grew 1.9% on-quarter, and 7.9% annualized rate. Exports grew 3.2% in the three months through June, according to the government. Auto exports have grown lately, after a period in which they had stalled on the shortage of computer chips and other parts. Production was crimped because of social restrictions related to the COVID-19 pandemic. Also

Global slowdown, protectionism start affecting services exports from India

The services trade surplus widened to $36.39 billion in the first three months of the current financial year against $31.07 billion in the first quarter of the previous year

India starts exporting potatoes from Madhya Pradesh to Guyana: Official

India has started exporting potatoes to Guyana for the first time and the move will help in new markets for the country's shipments, a senior commerce ministry official said on Monday. "Two containers of potatoes sourced directly from farmer producer organisation of Madhya Pradesh were exported to Guyana. It was a new product of export to a new market," Additional Secretary in the commerce ministry Rajesh Agrawal told reporters here. Further, Agrawal said a mutual recognition agreement will be signed with Korea to promote trade of organic products and it is likely to be signed this year.

DGTF invites applications for allocation of wheat quota exports to Bhutan

The government has invited applications from exporters to allocate quota for exports of wheat to Bhutan during 2023-24 on humanitarian and food security grounds. In a trade notice, the DGFT (Directorate General of Foreign Trade) has laid out a detailed procedure for allocation of quota for export of wheat, 'atta' and 'maida' on humanitarian and food security grounds, based on requests received from Bhutan. It said the government has approved export of 14,184 tonne of wheat grain; 5,326 tonne of wheat flour (atta); 15,226 tonne of maida to Bhutan in 2023-24. "Accordingly, applications are invited from exporters for allocation of quota," it said. As per the procedure, the minimum threshold for these products will be 100 tonne by land transport to the neighbouring country. "Application would be allowed only if the exporter applies for quantity more than the minimum threshold," it said. In a separate notification, DGFT said it has banned exports of de-oiled rice bran till November 30

Global rice markets in turmoil as India bans export of non-basmati

Social media has been abuzz for the past few days with viral videos of people stocking rice bags in the US and the UK, and stores restricting supplies of Indian rice

Heat, war and export bans: Global threats to food supplies on the rise

Right now, it's so hot in southern Europe that cows are producing less milk and tomatoes are being ruined. Grain harvests will be much smaller too after struggling with drought

Pakistan lost $8.3 billion in remittances and exports last financial year

The growth trajectory has been lost in FY23 despite over a million Pakistanis leaving the country for jobs mainly in the Middle East

Prices of Chinese gallium steady after rush to beat export curbs eases

Inquiries from foreign buyers have dissipated, researcher Shanghai Metals Market said, citing market participants. Risks rising as shipments may not able to leave before curbs kick in next month

India-China trade witnesses first signs of slowdown in years: Report

The India-China trade, which in recent years rose sharply despite bilateral tensions over the border dispute, showed the first signs of a slowdown in years falling by 0.9 per cent in the first half of this year. This came as China's overall foreign trade declined by about five per cent as its economy struggled to recover from COVID blues. China's exports to India in the first half of this year totalled USD 56.53 billion compared to USD 57.51 billion last year registering a decline of 0.9 per cent, according to the data released by Chinese customs on Thursday. India's exports to China during the same period totalled USD 9.49 billion compared to USD 9.57 billion last year. The trade deficit in the first half of 2023 too declined significantly to USD 47.04 compared to USD 67.08 billion last year. Last year was a bumper year for India-China trade as it touched an all-time high of USD 135.98 billion despite the continued chill in the bilateral ties over the military standoff in eastern

China's exports dip 12.4% in June as global demand weakened amid rate hikes

China's exports tumbled 12.4 per cent in June from a year earlier as demand weakened after central banks raised interest rates to curb inflation. Customs data released Thursday showed imports slid 6.8 per cent. Trade weakness adds to downward pressure on the world's second-largest economy. Global consumer demand has weakened after the Federal Reserve and central banks in Europe and Asia raised interest rates to bring inflation down from near multi-decade highs by reining in business and consumer activity. In January-June, China's total trade including imports and exports fell nearly 5 per cent from a year earlier. Exports slipped 3.2 per cent and imports declined 6.7 per cent as prices of commodities like oil fell and demand inside China also faltered. Trade also has been dampened by tensions with Washington and restrictions on access to US processor chips and other technology in a feud with Beijing over security and Chinese industrial policy. Chinese factories assemble most of the

Export, import cost may rise from Jan 2027 from decarbonisation measures

Decarbonisation measures for the global shipping industry to reduce carbon emissions in the coming years may increase the cost of doing exports and imports from January 2027, a report by think tank GTRI said on Monday. The 175-member International Maritime Organization (IMO) notified its strategy on July 7 to decarbonise the global shipping sector and achieve net-zero emissions by 2050, the Global Trade Research Institute (GTRI) said It added that IMO has also set interim targets for reducing emissions by 20-30 per cent by 2030 and 70-80 per cent by 2040, compared to 2008. It added that IMO has also suggested the shipping industry to switch to cleaner fuel. "By 2030 cleaner fuel must account for a minimum 5 per cent total fuel use. IMO will notify detailed measures next year. While IMO recommendations are not legally binding, countries are expected to achieve the targets set. This year, few countries pushed for a flat tax of USD 100 per tonne of carbon emission by ships, yet IMO ..

Batch of 556 vehicles shipped as Maruti Suzuki commences exports of Fronx

Maruti Suzuki on Thursday said it has initiated exports of the newly launched model Fronx. The first batch of 556 vehicles was shipped from Mundra, Mumbai and Pipavav Ports to destinations in Latin America, the Middle East and Africa, the country's largest carmaker said in a statement. "The newly launched Fronx is an important model in our portfolio, and we are confident that it will augment our ambitious export plans," Maruti Suzuki India Managing Director & CEO Hisashi Takeuchi noted. Aligned with the Government of India's efforts towards Make in India, the automaker is focused on leading the export of cars manufactured in India, he added. "With support from our parent company, Suzuki Motor Corporation, Japan we have expanded our portfolio and are now exporting to more markets," Takeuchi said.

Xi Jinping's metal curbs risk backfiring as G-7 seeks alternative to China

The new export licensing system highlighted China's dominant position in global production of gallium and germanium, which are used to make chips, electric cars and telecommunications equipment

Comm min allows EPCMD to issue export registration, membership certificates

The commerce ministry has authorised the newly-established Export Promotion Council for Medical Devices (EPCMD) to issue registration-cum-membership certificates for exporters of specific items such as bandages and first-aid boxes. Under the foreign trade policy, a Registration-cum-Membership Certificate (RCMC) is required for exporters to avail benefits under the policy. Holding the certificate can also help exporters in availing benefits with respect to customs and excise. The certificate is issued by export promotion councils and commodity boards. The directorate general of foreign trade (DGFT) in a public notice stated that the council has been included in FTP for "issuing RCMC for specific items". These items also include hot water bottles, ice bags, gloves, personal protective garments for surgical/medical use, surgical gowns and drapes, syringes, with or without needles, and stethoscopes. Raghuveer Kini has recently taken charge as the executive director of the council. ...

Sri Lanka to halt decision of exporting 100,000 endangered monkeys to China

Sri Lanka has decided to halt its decision to export 1,00,000 endangered Toque Macaque monkeys to China, the country's Attorney General on Monday told the Court of Appeal, amidst protests from environmental groups against the deal. A privately-owned Chinese company connected to Zoological Gardens which are animal breeders had made the request to the island nation's agricultural ministry a few months earlier. Sri Lanka, RARE Sri Lanka, Justice for Animals and others in the Court of Appeal pursuant to the statement made by Minister of Agriculture Mahinda Amaraweera said there were plans being made to export toque macaque monkeys from Sri Lanka to China. The petitioners sought the Court of Appeal's intervention to issue an order to prevent the proposed export of toque macaque monkeys from Sri Lanka to China. When the case was taken up today the Attorney General stated in open court that they had received instructions from the Department of Wildlife and Conservation that they will not

IFFCO, Kapoor Enterprises ink pact for export of nano liquid urea to US

Leading fertiliser cooperative Indian Farmers Fertiliser Cooperative Ltd (IFFCO) on Thursday said it has signed an agreement with California-based Kapoor Enterprises Inc for export of nano liquid urea to the US. The agreement was signed on June 21 in the backdrop of Prime Minister Narendra Modi's visit to the US. "IFFCO now started exporting ...nano liquid urea to the USA," the cooperative said in a statement. IFFCO, however, did not provide any details about the quantity and value of the contract it has bagged from Kapoor Enterprises. Currently, the cooperative is exporting more than 5 lakh bottles of nano liquid urea to more than 25 countries. In June 2021, IFFCO launched the world's first nano urea fertiliser, while nano DAP in April this year. A 500-mililitre bottle of IFFCO nano urea liquid will replace at least one bag of conventional urea. The bottle can significantly bring down the cost of logistics and warehousing, the cooperative said. IFFCO has already sold more than