Page 8 - Export

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

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 ...