Page 13 - Exports

UK puts export bar on Tipu Sultan's Flintlock gun valued at 2 mn pounds

An 18th-century gun made for Mysuru ruler Tipu Sultan and valued at 2 million pounds has had its export barred to allow time for a buyer to come forward to keep it in UK for public study and education

Share of Russia's grain exports settled in rubles to reach 30%: Official

Russia is also negotiating with importing countries on the creation of grain hubs in them, and on the creation of joint ventures in Russia for grain processing

Underwhelming performance

Without economic integration, trade strategy will not work

CHATROOM: Exports on CIF terms attract IGST on CIF value, says expert

The Commerce Ministry introduced Para 2.43 on "merchanting trade" in the recently released Foreign Trade Policy 2023

India's April merchandise and services trade deficit at 21-month low

April merchandise exports were $34.66 billion, down from $38.38 billion in March, while imports fell to $49.90 billion from $58.11 billion, data showed

Blue Star targeting to double exports within 3 years, says top official

Blue Star Ltd is targeting to double its exports within three years as the company looks to expand its international footprint. Blue Star Managing Director B Thiagarajan said the company's exports are worth around Rs 800 crore at present and would like to double these within three years. According to Thiagarajan, the company is going to expand its international footprint. "We were only in the Middle East (earlier). This year, we have opened an office in the US, Japan, and Europe. So, we want to enter these markets," he said. "You know China plus one strategy. People want to look at India other than China. Under that, we are exploring these markets. Today, we do exports of around Rs 800 crore, we would like to double it within three years," Thiagarajan told PTI here. The AC market in the US and Europe is very big compared with India, he noted. This year, the company has also bagged a "major order from Bengaluru metro, worth more than Rs 500 crore", he added. On the company's plan

EU imports high-tech products worth euro 482 bn from extra-EU nations

In 2022, the EU imported Euro 482 billion worth of high-tech products from extra-EU countries (+22 per cent compared with 2021), according to an estimate published by Eurostat

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