Page 10 - Exports

Overall engineering exports from India affected by global slowdown: EEPC

Engineering Exports Promotion Council (EEPC) said that overall exports of engineering goods from the country have been affected by the global slowdown. Overall engineering exports during April to August in 2023 dropped 4.55 per cent to USD 44.62 billion as against USD 46.74 billion in the previous similar period of 2022. According to an EEPC spokesman, engineering exports to Russia surged 178 per cent to USD 568.41 million during April to August of fiscal 2023-24, which was USD 204.17 million in the corresponding previous period. The exporters' body said that some of the major trading partners like the US and European countries have been affected by the global slowdown. The Russia-Ukraine conflict has also been ongoing, while China is also experiencing a slowdown. All these factors have affected India's engineering export demand, EEPC said. Engineering exports to the US fell 14 per cent year-on-year during April to August 2023. EEPC is also of the view that India should sign free

CDIL becomes first Indian firm to produce Silicon Carbide components

Electronic component maker CDIL has become the first company in India to start manufacturing Silicon carbide semiconductors for use in high power-consuming technology products. While speaking on the sidelines of the launch of the company's new surface mount semiconductor packaging line, CDIL Executive President and Chief Operating Officer Pankaj Gulati told PTI that the company has started exporting Silicon Carbide (SiC) components to China, the US, Europe and Australia. "We are the first company in India to have started manufacturing of Silicon Carbide semiconductors. We have started shipping them to China, US, Europe and Australia," Gulati said. CDIL operates manufacturing facilities and a reliability lab in Mohali and Delhi, serving industries with a focus on the automotive, defence, and aerospace sectors. The company's expansion has received incentive support from the Centre under the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS). Th

Centre extends RoDTEP scheme till June 30 amid faltering exports

The scheme has now been extended until 30 June at the same rates for the existing export items

Kolkata Port offers 25% rebate on power charges to boost perishable exports

Kolkata Port, now known as Syama Prasad Mookerjee Port, has offered a 25 per cent waiver on reefer container electricity charges for perishable exports at Kolkata Dock System to attract exporters of eastern and northeastern region who use other ports to ship their cargo, an official said on Sunday. The discount on power for reefers, short for refrigerated containers, will help Kolkata Port to boost exports of perishables considerably from here, the official said. These refrigerated containers play a pivotal role in maintaining the freshness and quality of perishable goods during transportation. "We have the largest infrastructure for reefer container park in the eastern coast and our aim is to take capacity utilisation to 70 per cent in the near term from below 50 per cent now. The rebate benefit will attract more cargo," deputy chairman Samrat Rahi told PTI. Rahi said the discount, which will be available to exporters for a year from now, will put Khidderpore dock in advantageous

Right policies will help India reach $2-trn exports by 2030: Sanjay Budhia

Right policies and a proactive approach by the government will help India achieve USD 2-trillion exports target of goods and services by 2030, Chairman, CII national committee on EXIM, Sanjay Budhia, said here on Friday. He said the global economy is still going through turmoil due to geopolitical tensions and the trade environment remains challenging. "With the right policies, coupled with fearless and proactive approach and implementation, India can stay on positive growth trajectory to achieve the ambitious export target of USD 2 trillion by 2030," he said at a workshop on export control on dual-use items. He added that despite a turbulent global economy and headwinds, several path-breaking policy initiatives were implemented and put in action by the government and the country. Budhia, the Managing Director of Patton Group, said the new Foreign Trade Policy 2023 could be a game changer to put India at a leadership position on the global exports map. "The policy has focused on .

Rice shipments of 500,000 tonnes postponed after new duty: Exporters

Indian exporters were offering 5% broken parboiled variety last week at $450-$455 per metric ton, but since then have raised prices to a record $520, exporters said, up nearly 40% from a year ago

Plastics exports decline 15% in July to $956 mn on lower demand: Plexconcil

Plastics exports from the country declined 14.6 per cent to USD 956 million in July mainly due to decreasing demand in key export markets like the US and Europe, apex industry body Plastics Export Promotion Council (Plexconcil) said on Monday. The overall exports during July 2022 stood at USD 1.119 billion, Plexconcil said in a statement. Flexible Intermediate Bulk Containers (FIBC), plastic raw materials, packaging items, plastic films and sheets, and plastic writing instruments and stationery witnessed a major decline in exports. Meanwhile, cumulative plastics exports during the April-July period also dropped 14.9 per cent to USD 3.741 billion as against the year-ago period. "We are happy to see that consumer and houseware products, floor coverings, leather cloth, laminates, medical items of plastic... are doing really well. The Indian plastics industry is undergoing a phenomenal transformation and is experiencing accelerated growth in recent years," Plexconcil Executive Director

Direct export of fruits from Assam to Singapore successful: Officials

The trial exercise of directly exporting fresh fruits and vegetables from Assam to Singapore under the supervision of the island country's Ministry of Trade and Industry was successful, officials said on Saturday. The cargo included coffee plum, star fruit, jackfruit, Assam lemon, and pineapple, the exporter Achintya Kumar Das, the Founder of KADlien Innovations and Export Centre, told PTI. The 24-kilogram cargo was carried by Druk Air on August 23. The project is a collaborative effort of Singapore's Ministry of Trade and Industry and India's Ministry of Commerce and Industry, with support from the Federation of Indian Export Organisation (FIEO), APEDA, and KADlien, he said. "Singaporean authorities have expressed satisfaction after visiting and witnessing the fruits at the importer's site," Das stated. Singapore High Commissioner to India Simon Wong also took to X (formerly Twitter) to congratulate the team behind the project. "I am happy to announce the first air cargo shipmen

Nepal faces shortage after India slaps 40% tax on onion exports: Report

Nepal has started to face an acute shortage of onions, days after neighbouring India slapped a 40 per cent export tax on the vegetable, a media report said on Wednesday. India last week imposed a 40 per cent tariff on the export of onions till December 31 to restrict overseas sales. The move comes amid anticipation of a price rise ahead of the festival season when demand for most commodities goes up, The Kathmandu Post newspaper reported. The new tariff has severely affected Nepal as several traders in Kalimati Fruit and Vegetable Market -- the Himalayan nation's largest wholesale market for agricultural products-- reported a sudden scarcity of onions. There is a severe scarcity of onions in the Nepalese markets now. No onion shipments have been delivered since Sunday, and the remaining stocks were sold out by Monday, Binay Shrestha, Information Officer for the country's largest produce bazaar, was quoted as saying in the report. Shrestha said that onions cost Rs 54 per kg two week

Amazon India enabled nearly $8 bn in exports, created 1.3 mn jobs

Amazon had pledged to digitise 10 mn MSMEs, enable $20 bn in cumulative e-commerce exports and create 2 mn jobs in India by 2025. Amazon said it was well on track to fulfil these pledges

US trade deficit shrinks sharply as imports hit more than 1-1/2 year low

Imports drop 1.0%, goods imports decline 1.2%; exports dip 0.1%, goods exports decrease 0.1%

Services PMI at over 13-year high in July, helped by strong demand

Demand conditions show significant improvement leading to robust growth in India's dominant services sector

Bharat Biotech picks up 20% stake in Eastman Exports Global Clothing

The Bharat Biotech Group has picked up 20 per cent in Tamil Nadu-based knitwear firm Eastman Exports Global Clothing Private Ltd, for an undisclosed amount. A press release from Eastman Exports said it will use the new investment for capital expenditure, strengthening backward integration and customer acquisition among others. The funds will also help the company expand its presence in the global apparel industry, especially at a time when other countries are facing a slowdown and to capture the overall China Plus One Strategy of divesting manufacturing away from a single country. Managing Director of Bharat Biotech, Suchitra Ella said, We are fully committed to the Make in India strategy across industries. India is one of the few vertically integrated countries in cotton-based apparels, our vision is to grow this industry and support manufacturing from India to the world. Our vision of supporting rural and semi-urban communities, especially women is addressed through this ...

Telecom PLI: Companies clock Rs 6,911 crore exports till May 2023

Companies under the Production Linked Incentive scheme for local manufacturing of telecom and networking products have done exports worth Rs 6,911 crore till May 2023, Parliament was informed on Wednesday. Production Linked Incentive scheme was launched on February 24, 2021, to promote domestic manufacturing of specified telecom and networking products, including 4G, 5G products and also design-led manufacturing in the country. "The companies under the scheme have made an export of Rs 6,911 crore up till 31.05.2023," Minister of State for Communications Devusinh Chauhan said in a written reply to the Lok Sabha. He said the number of 5G Base Transceiver Stations (BTSs) by various telecom service providers totalled 2.81 lakh as of July 7, 2023. Chauhan also shared the operator-wise data for the same, which showed Airtel had 53,223 5G BTSs, Reliance Jio (2.28 lakh) and Vodafone Idea (36).

India pharma exports surging despite cough syrup deaths: Trade body

Two other cough syrups made in India killed 19 children in Uzbekistan around December, according to the Uzbekistan government

Commerce ministry looking at fixing export target in range for this fiscal

With the increasing global economic uncertainties, the commerce ministry is looking at fixing this fiscal year's export target in a range instead of a single figure, an official said. To set the target range, a detailed study on 200 countries and 31 commodity groups is in the process, the official said. The target range would depend on parameters such as the USD 1 trillion merchandise exports target by 2030; import to GDP ratio of importing countries; export to GDP ratio of India that will tell the potential and past trends. "We are not fixing any export target as a figure. In fact, my team has done an exercise, where we are saying that let us talk in terms of range. In the best scenario, the exports can be this much and in the worst scenario, it can be this much," the official said. For a monitoring purpose of exports every month, the official said a fixed number would be required and that could be a mid-value or an average may be accepted. The ministry has though fixed an intern

Developed economies under stress, there is demand slowdown: Goyal

The developed economies are under stress, and there is a demand slowdown in the world market, Commerce and Industry Minister Piyush Goyal on Monday said amid a dip in the country's exports. India's exports contracted by 22 per cent, the steepest decline in the last three years, to USD 32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. "Over the last two years, we have had record exports. Unfortunately, the world seems to be moving towards a recession. Developed economies of Europe and America are under stress, very often overstocked, seen softening of commodities and commodity pricing and demand. Similarly, discretionary spending is very lukewarm," he said at an event. The minister said that gems and jewellery, textiles, and leather goods, which are India's strength areas are currently under stress. "In this situation, it is incumbent on all of us to work as a team and make the India story, the compulsive story of t

We're starting manufacturing of networking equipment: Cisco's Chittilapilly

We have announced plans to start manufacturing in Chennai because our subcontractors have a presence there, said Daisy Chittilapilly, President, Cisco India and SAARC

Exports see sharpest decline in 3 years; trade deficit narrows to $20.1 bn

Outbound shipments drop 22% to $33 bn; imports decline over 17% to $53 bn

Another China challenge

Export controls will affect high-tech businesses