Page 8 - Export

Export growth still depends on demand in Europe, North America

The government is pinning its hopes on increased investment that its Production Linked Incentives (PLI) scheme may attract

India's exports to UAE fall by 10.2% to $4.82 bn in April-May: Data

India's exports to the UAE contracted by 10.2 per cent to USD 4.82 billion during April-May this fiscal against USD 5.37 billion in the year-ago period, according to the commerce ministry data released on Monday. India and the UAE have operationalised a comprehensive free trade agreement since May 1 last year. According to the data, imports from the UAE too fell to USD 6.73 billion from USD 9.67 billion in April-May 2021-22. India's exports to the UAE in 2022-23 rose by 11.8 per cent to USD 31.3 billion, while imports from that country grew by 18.8 per cent to USD 53.2 billion in the preceding fiscal due to increased inbound shipments of oil. Exports to the US also declined by about 13 per cent to USD 12.47 billion. Imports from America decreased to USD 6.88 billion during the first two months of this fiscal as against USD 8.33 billion in the same period a year ago, the data showed. However, imports from China have marginally increased to USD 15.75 billion during April-May 2023-2

India's trade deficit rises to $22.12 bn in May, highest since Dec 2022

In May, imports fell 6.6% to $57.1 billion, and exports declined 10.3% to $34.98 billion

Gem, jewellery exports fall by 10.7% to Rs 22,693.41 crore in May

The overall gems and jewellery exports witnessed a decline of 10.70 per cent in May at Rs 22,693.41 crore (USD 2,755.90 million), the Gem Jewellery Export Promotion Council (GJEPC) said on Wednesday. Gem and jewellery exports stood at Rs 25,412.66 crore (USD 3,285.47 million) during May last year, GJEPC said in monthly data on its website. According to GJEPC data, the overall exports of cut and polished diamonds (CPD) showed a decline of 12.17 per cent at Rs 14,190.28 crore (USD 1723.17 million) in May compared to Rs 16,156.04 crore in the corresponding month of 2022. Similarly, the gross exports of polished Lab Grown Diamonds during April-May witnessed a 20.57 per cent fall at Rs 1,985.83 crore (USD 236.08 million) over Rs 2,499.95 crore (USD 325.45 million) in the first two months of preceding financial year. However, the total exports of gold jewellery increased by 7.29 per cent at Rs 5,705.32 crore (USD 693.01 million) in May as against Rs 5,317.71 crore (USD 687.18 million) in

Seafood exports up 4.31% to $8.09 bn in 2022-23, on jump in shrimp trade

India's seafood exports rose by 4.31 per cent to USD 8.09 billion in 2022-23 on account of a jump in the shipments of frozen shrimp, the commerce ministry said on Wednesday. In volume terms, the exports increased to 17,35,286 tonnes in the last fiscal against 13,69,264 tonnes in 2021-22. "Frozen shrimp remained the major export item in terms of both quantity and value while USA and China turned out to be the major importers of India's seafood," it said. Frozen shrimp exports increased to USD 5.48 billion in 2022-23. The sector accounts for about 41 per cent of India's total seafood exports in volume terms. The US is the largest market of frozen shrimp, followed by China, the European Union, South East Asia, Japan, and the Middle East, the ministry said. The other segments which recorded a healthy growth in exports include black tiger, shrimp, frozen fish, frozen octopus, canned products, and frozen lobster. It added that the US continued to be the major importer of Indian seafood

Reliance suspends Sikka port's diesel, oil products exports due to cyclone

Reliance said in a letter sent to traders that it had declared a force majeure on exports from Sikka due to the storm, which weather forecasters say could hit India's western state of Gujarat

EEPC to focus on WANA region for enhancing engineering goods exports

Engineering Exports Promotion Council on Wednesday said it would focus on the West Asian and North African countries for enhancing exports to the WANA region. The EEPC, in a statement, said there is ample scope for increasing bilateral trade with the WANA countries, especially for engineering exports. The council is also holding an exhibition 'INDEE' at Jordan, which is India's fourth largest trading partner in the region. In 2022, India's engineering exports to Jordan stood at USD 136.4 million, which was 33 per cent higher than the target of USD 109 million for the period. Jordan is strategically located in the western Asian region, the statement said, quoting EEPC chairman Arun Kumar Garodia. He said India and Jordan share vibrant social, economic and business ties with expanding trade and investment flows between the two countries. According to him, Jordan has a free trade agreement with the US for which most products exported from the former to the latter attract zero custom

Sri Lanka to import 1 mn eggs daily from India to meet market demand

Sri Lanka will import one million eggs daily from five chicken farms in India to meet its growing market demand, the crisis-hit island nation's top importing agency said on Tuesday. Sri Lanka State Trading Corporation (STC) Chairman Asiri Valisundara said that 20 million eggs were imported from India, of which 10 million have been released to the market. The eggs were being imported from two chicken farms in India, and the Animal Production Department has additionally approved the purchase of eggs from three other farms, Valisundara was quoted as saying by the Colombo Page news portal. STC Chairman Walisundara said it has been decided to import one million eggs daily from five chicken farms in India. He said that permission was received to import eggs from three more farms according to the report given by the three officials of the Animal Production Department and the State Trading Corporation who visited poultry farms in India. The further import of eggs is based on market demand

Govt caps amount of interest subvention at Rs 10 cr per IEC holder

The government on Thursday capped the amount of interest subvention at Rs 10 crore per IEC (import-export code) holder in one financial year. In March last year, the RBI extended the interest equalisation scheme for pre and post-shipment rupee credit for MSME exporters till March 2024 with the objective of boosting outbound shipments. Exporters get subsidies under the 'Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit'. "The annual net subvention amount would be capped at Rs 10 crore per IEC in a given financial year. All disbursements made from April 1, 2023, shall be counted for an IEC for the current financial year," the directorate general of foreign trade (DGFT) said in a trade notice. The interest equalisation rates under the scheme have been revised to 2 per cent and 3 per cent for specified categories of MSME manufacturer exporters. Import-Export Code (IEC) is an important document required to undertake the business of inbound and outbound shipment

Nayara Energy exports dip, 0.07 mn tonnes diesel flows to Europe in FY23

Nayara Energy, India's second-biggest private oil refinery, reported a sharp decline in fuel exports as domestic sales surge on retail network expansion and demand rise, a company official said. During calendar year 2022, Nayara reported 61 per cent of sales from the domestic market and the remaining 39 per cent from exports of all products including jet fuel (ATF), diesel and petrol. Out of the total 6.91 million tonne of fuel exported by Nayara during 2022, diesel exports stood at about 4.39 million tonne or roughly 64 per cent of all exports. More than 84 per cent of all fuel exports were to Asia, the Middle East and Africa with only minuscule volumes going to the EU, a company spokesperson said. Nayara sold the bulk of the fuel it produced from its 20 million tonne a year oil refinery at Vadinar in Gujarat through its 6,500+ petrol pumps - the largest fuel retail network by any private company. During January-March 2023, subsequent to meeting domestic demand, Nayara Energy's .

Shrimp exports to witness 5% revenue growth in FY24: Crisil Ratings

India's shrimp exporters are expected to witness 5 per cent growth in revenue in 2023-24, mainly driven by an increase in demand from China, a report said on Tuesday. The report also said that better demand is likely to encourage shrimp processors to expand their capacities. The shrimp sector will see revenue growth of 5 per cent year-on-year in fiscal 2024, driven by increasing demand from China, which will shore up exports to a near lifetime high of USD 5.3 billion seen in fiscal 2022, Crisil Ratings said in a report. This growth will largely be volume-driven, allowing operating margin to bounce back to 7.5 per cent as costs soften, it added. Debt is likely to contract and part-funding such capex and incremental working capital requirements will be comfortably absorbed by the strong balance sheets of the players, it added. India, Ecuador and Vietnam are the top three suppliers of shrimp, while the US, EU and China are the top three consumers. India supplies 70 per cent of its .

IFL Enterprises Limited secures export orders worth $8.16 million

IFL Enterprises Ltd secured export orders worth USD 8.16 million Approx. Rs. 67 crore

CHATROOM: 'No assent needed to re-export goods imported under IGCRS'

There is no requirement under FEMA that you must have an IEC before receiving advance payment for exports

Gati Shakti helps India register Rs 2 trn in goods export in FY23: Sonowal

Union Minister Sarbananda Sonowal on Saturday said that the PM Gati Shakti programme has helped the country to register a year-on-year incremental growth of Rs 2 lakh crore in goods export in the previous fiscal. Delivering his speech at an event hosted by Indian Merchants Chamber here, Sonowal, who is the Minister for Ports, Shipping and Waterways, also said the central government has been working hard towards improving and modernising India's ports and connected infrastructure. As a result of transformational initiatives, in 2022-23 financial year India's Goods exports touched USD 447 billion, up from USD 422-billion a year earlier, which translates into a huge increase of more than Rs 2 lakh crore in a year, Sonowal was quoted as saying in a statement. According to the minister, India has become a USD 3.5 trillion economy in less than nine years. This blistering speed of the growth is historic and the result of Gati Shakti, he stated. The multi-modal connectivity provides ...

India, US discuss export control issues related to dual-use items: Kendler

India and the US discussed export control issues related to items of dual use, US Assistant Secretary for Export Administration Thea D Rozman Kendler said here on Friday. Talking to reporters, Kendler said the two sides are also engaged in the final planning for the India-US Strategic Trade Dialogue, to be held in Washington next month. "Our strategic trade dialogue, shared commitment to export controls paves the way for this high tech cooperation... And I think we're at a new stage in our relationship where we see tremendous opportunity and a closer relationship and hope that throughout our new dialogue, we can explore ways of enhancing high tech commerce," the senior US official said. She informed there were also roundtable discussions with the Indian industries, including with the Indian Electronics Semiconductor Association, the US India Business Council, NASSCOM and the American Chamber of Commerce. "...the purpose of having these industry meetings was to learn about the tech

Export, demand slowdown may hurt Schaeffler India's near-term prospects

March quarter earnings were below estimates due to weak show of industrial segment

India's economic activity signals resilience even as exports dim outlook

India's economic activity stayed resilient in March though the weakening pace of exports and an increase in unemployment dimmed the outlook for the country that's surpassing China as the most populous

Merchandise exports may cross $500 bn this fiscal due to healthy demand

The country's merchandise exports are likely to cross USD 500 billion this fiscal due to healthy demand for domestic goods in key global markets, including the US, and benefits from trade pacts, according to exporters. They said that other destinations like Russia would give a huge boost to the country's outbound shipments, particularly in the agri and food processing sectors. Federation of Indian Export Organisations (FIEO) said they are targeting to take the shipments to USD 500 billion-510 billion during the current financial year. Services exports are likely to reach around USD 390 billion in 2023-24 from USD 322.72 billion in 2022-23. "Together with goods and services, we are targeting exports of USD 900 billion this fiscal," FIEO Director General Ajay Sahai said. He noted that free trade agreements with the UAE and Australia would provide a huge platform to boost exports in those markets. "Production-linked incentive scheme too will provide an impetus to our exports as dome

Quest for value chains and exports

There are critical shortcomings in India's export policy that need to be tackled to expand its share of goods trade. Here are three suggestions that merit consideration

Chatroom: Replacement part can be imported under EPCG scheme for spares

There is no stipulation that a free replacement must come only after re-export of the wrong shipment