Page 12 - Exports

Easy documentation, role of post offices to boost e-commerce exports

Steps such as increasing awareness, easier documentation, simplified customs processes and standard operating practice for product returns would help in promoting the country's exports through e-commerce medium, according to a report by industry body FISME. The other measures which would help the sector include lowering charges for Export Data Processing and Monitoring System (EDPMS); easier reconciliation of remittances for export receipts from abroad through a reassessment of the current 25 per cent variation between exports and payments; and raising the 9-month limit on receiving payments for exports for e-commerce. Over 90 per cent of e-commerce exporters in India are MSMEs (most of them micro and small enterprises) and, therefore, a strategy for e-commerce exports must focus on MSMEs spread across the nation to sell their products to global markets, FISME said. The FISME and IKDHVAJ Advisers LLP report has flagged a number of issues that need to be looked upon to promote export

India's exports to UAE likely to grow by 60% to $50 billion by 2026-27

Under the free trade agreement domestic exporters in various sectors like textiles, agriculture, dry fruits, gems and jewellery are getting duty-free access to the UAE market

Centre may impose blanket ban on sugar export in the wake of rising prices

Govt plan follows less-than-expected production in 2022-23 season

Get real with targets

The credibility of foreign trade policies will improve if they are not obsessed with setting export targets

Export of engineering goods to US grows by 6.8%, China's falls by 52.4%

The US remains the top destination for India's engineering goods exports in the financial year 2022-23 with total shipments value recording 6.8 per cent year-on-year growth to $18.67 billion

Fuel, electronics exports lead India's post-pandemic trade basket rejig

For FY23, merchandise exports grew 6 per cent to $447 billion mainly due to robust growth during the first six months of FY23

Future of exports

India needs to do more to integrate with the world

Govt policies to boost chemical exports during challenging times: Patel

Minister of State for Commerce and Industry Anupriya Patel on Saturday exuded confidence that continued policy support by the government and CHEMEXCIL will help sustain the chemicals export growth momentum. "CHEMEXCIL plays an important role of interfacing with the industry and the government in the formulation of export-oriented policies and creating a favourable and export-friendly environment to augment exports of chemicals from India. "There are challenges ahead in this fast-changing world and with continued policy support from the government, the Council and the enterprising exporting community will definitely sustain and also surpass its enhanced momentum in export growth," Patel said at the 47th Export Awards ceremony of CHEMEXCIL. CHEMEXCIL (Basic Chemicals, Cosmetics and Dyes Export Promotion Council) crossed USD 30 billion of exports in organic and inorganic chemical sector for FY23, of which USD 27 billion of exports were achieved from April 2022 to February 2023. Going

5 of India's top 10 destinations for exports witness contraction in March

Overall exports during the month down 14% YoY

Exports contract most in nearly 3 years in March; trade gap swells

Global turmoil weighs on demand

Sri Lanka considers exporting 100,000 endangered monkeys to China

Cash-strapped Sri Lanka is exploring the possibility of exporting 1,00,000 endangered monkeys to China, one of its largest bilateral lenders, the agriculture minister has said. The toque macaque is endemic to Sri Lanka and classified as endangered on the International Union for Conservation of Nature (IUCN) red list. Sri Lanka's agriculture minister Mahinda Amaraweera has asked officials to study China's request to procure toque macaques, news portal Economy Next reported on Wednesday. They want these monkeys for their zoos, the minister was quoted as saying. The minister said the request for 1,00,000 monkeys to be exhibited at over 1,000 Chinese zoos could be considered, given the large macaque population in the country, the report said. No financial details were made available so far, it added. A special discussion was held on Tuesday on dispatching monkeys to China under the first phase of the programme, the Ada Derana news portal reported. The discussion headed by Minister .

Apple boost helps India double smartphone exports; shipments hit $11.1 bn

Apple exported over $5 billion worth of iPhones from the country in FY23 and already accounts for 45 per cent of the overall smartphone exports, followed by Samsung

At $11 bn exports , India to become global mobile device leader: Vaishnaw

With the doubling of smartphone exports from India to over USD 11 billion, the country is on its way to become global leader in the mobile devices segment, Union minister Ashwini Vaishnaw said on Wednesday. Mobile phone exports from India reached close to USD 11.12 billion with iPhone maker Apple accounting for around half of the total exports, according to industry body ICEA and estimates from industry sources. "With the doubling of exports of smartphones to more than USD 11 billion, India is well on its way to become a leader in the mobile device market of the world and play a major role in India's electronic exports. This is a major win for PM Modiji's 'make in India' programme," Vaishnaw said. India Cellular and Electronics Association (ICEA) said that mobile phones export from India have doubled to surpass Rs 90,000 crore, about USD 11.12 billion, in the financial year (FY) 2022-23 from Rs 45,000 crore in FY22. "No economy or sector in the economy can become a great and vibran

Electronics exports cross Rs 1.8 trn, mobiles alone surpass Rs 90K cr

Top exporting destinations for mobile phones include the UAE, the US, the Netherlands, the UK, and Italy

West must remove obstacles to its grain exports, says Russian official

Russia may pull out of a wartime deal that allows the export of Ukrainian grain to global markets if the West fails to remove obstacles to Russian agricultural exports, Moscow's top diplomat suggested Friday. The deal, which was brokered by the United Nations and Turkiye in July, unblocked shipments that were stuck in Ukraine's blockaded and mined ports, alleviating rising food prices and threat of hunger in some countries. A separate agreement aimed to facilitate the export of Russian fertilisers and grain. Moscow has repeatedly complained that the deal failed to work for Russian agricultural exports, which have had trouble reaching world markets due to Western sanctions. Speaking at a joint news conference with his Turkish counterpart, Russian Foreign Minister Sergey Lavrov told reporters that Russia agreed last month to extend the deal for 60 days - instead of the 120 days set under a previous extension - to send a warning signal to the West. After we extended the deal for 120 .

Goods exports touched $447 bn in 2022-23; final numbers awaited: Goyal

The country's goods exports touched USD 447 billion till the last count for 2022-23 fiscal year as against USD 422 billion in 2021-22, Commerce and Industry Minister Piyush Goyal said on Tuesday. The final export and import data for 2022-23 would be released by the mid of April. At present, the ministry is in the process of collating the data. The trade data for goods comes with a lag of about 15 days and in the case of services data, it is 45 days. Goyal said that services exports are estimated to cross USD 320 billion in 2022-23. Growth in merchandise goods would be around 6 per cent for the last fiscal, he said, adding that it has grown from "USD 422 billion to USD 447 billion at last count (as the) final numbers are still awaited". He said the country's exports are growing despite global challenges such as rise in raw material prices, restrictions in exports of certain products like wheat and Russia-Ukraine war. "The final numbers (exports of goods and services will be closer

Cases under probe for fraud not to be covered under FTP's amnesty scheme

Cases under investigation for fraud, and misdeclaration of capital goods will be excluded from the coverage of the amnesty scheme announced under the new foreign trade policy (FTP), according to the commerce ministry. The government announced the new FTP on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorizations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted. However, no interest is payable on the portion of additional customs duty and special additional customs duty. All those authorization holders who are interested to avail of the scheme will have to register themselves with the DGFT

New foreign trade policy seeks to spur rupee trade, e-com exports

New policy is in line with government's priority towards moving from an 'incentive-based regime' to a 'remission and entitlement-based regime', thereby making the policy compliant with WTO rules

India's farm exports likely to touch record $56-57 billion: Official

The achievement will be commendable, given that exports of several high-value items, such as wheat and rice, have been banned during the financial year to control inflation

India to be coal exporter by 2025-26: Coal minister Pralhad Joshi

The ministry has also signed agreements for 29 coal mines auctioned under the sixth round of commercial coal mines auction