Page 16 - Exports

US, China, UAE drive India's first export contraction in nearly 2 yrs

The three nations that saw positive growth in exports were the Netherlands (21.6 per cent), Singapore (24.8 per cent), and Brazil (57.7 per cent)

India notifies 8,606 tonnes of raw cane sugar exports to US under TRQ

The government on Wednesday notified exports of 8,606 tonnes of raw cane sugar under the tariff-rate quota (TRQ) scheme to the US. Shipments under the TRQ enjoy relatively low customs duty. After the quota is reached, a higher tariff applies on additional imports. "The quantity of 5841 MT (raw/refined) sugar to be exported to EU and quantity of 8606 MTRV raw cane sugar to be exported to USA under TRQ scheme from October 1, 2022, to September 30, 2023 has been notified," the Directorate General of Foreign Trade (DGFT) said in a public notice. India, the world's second biggest producer and the largest consumer of sugar, has a preferential quota arrangement for sugar export with the European Union as well. The DGFT said that the quota will be operated by APEDA.

India's exports to UAE rises 17.6% to $18 bn in Apr-Oct this fiscal: Data

India's exports to the UAE, with which a free trade agreement was implemented on May 1, rose by 17.6 per cent to about USD 18 billion during April-October this fiscal, according to the commerce ministry's data. However, exports in October dipped by 18 per cent to about USD 2 billion. Imports during April-October 2022-23, on the other hand, increased by 33 per cent to USD 32.3 billion from the UAE, the data showed. Imports from China during the same period grew by 18 per cent to USD 60.3 billion, while India's exports to China declined by 37.3 per cent to 8.8 billion, according to the data. Exports to India's major destinations, such as the US, UAE, China, Bangladesh, UK and Saudi Arabia, have recorded negative growth in October. On the other hand, exports registered positive growth in the Netherlands, Singapore and Brazil during the month. In April-October this fiscal, exports to the US rose by 8.4 per cent to USD 47 billion. Similarly, the outbound shipments to the UK during sev

Indian govt lays out action plan to promote millet export starting Dec 2022

For exports of Indian millets, the Indian government has planned to facilitate participation of exporters, farmers and traders in 16 international trade expos and Buyer Seller Meets (BSMs).

Single-window exports clearance system roll-out likely next year, in phases

First phase is expected early next fiscal year; CBIC in talks with six major concerned regulatory agencies with the vast majority of export matters

India's services exports to buck recession fears; see 25-30% growth

Notwithstanding the threat of a recession looming ahead for the developed economies, exporters say they expect a similar trend to continue in the second half of the year

What is the Black Sea grain deal; where does it stand after Russia's exit?

With Russia pulling out of the deal, it would become difficult for the grain shipments to leave Ukraine. However, 12 shipments left Ukraine's ports on Monday

Russian exports jump over 25% to $431 billion in January-September

Russian exports jumped by 25.4 per cent year on year to $431 billion in the first nine months of 2022, a senior official has said.

India will achieve $2 trillion export target by 2030: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Sunday expressed confidence that the country will achieve the export target for goods and services to USD 2 trillion by 2030. The minister was speaking at the Exporters Conclave held at Chennai. Goyal emphasised on sustaining the export momentum and said that he is confident that Indian exports will be able to wither the global headwinds and will surpass growth in exports by a big margin. He also said that by 2047, the country will become a USD 30 trillion economy with 25 per cent share in exports. By the year 2030, exports from India will be USD 2 trillion, he said. The industry participants were assured that the government is committed to addressing the issues raised by them. Speaking at the event, A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said that Indian exporters have good opportunities for exports to Russia and the EU despite recessionary trends visible there. He said that there would be about US

Statsguru: Six charts show mounting trade troubles amid uncertain outlook

WTO also revised global growth figures downwards. It now expects the world to register a 2.3 per cent growth, compared to the April estimate of 3.2 per cent for 2023

Rupee fall may or may not help exports, says FM Nirmala Sitharaman

Sitharaman said the central bank has used nearly $75 billion to stop fluctuations and severe volatitlies in rupee-dollar exchange rate

India's Aug crude imports fall 13% on monthly basis on monsoon demand lull

Crude imports last month fell to 17.55 mn tons from July, data from Petroleum Planning and Analysis Cell showed. But, imports in August were up 0.9%, compared with corresponding period last year

Govt permits invoicing, payment and settlement of trade in rupee

The commerce ministry on Friday allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency. In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. To align the Foreign Trade Policy (FTP) with this decision of the RBI, the Directorate General of Foreign Trade (DGFT) added a new paragraph in the FTP. DGFT is an arm of the ministry which deals with export and import related matters. "Para 2.52 (d) is notified to permit invoicing, payment and settlement of exports and imports in INR (Indian rupee) in sync with RBI's ...circular dated July 11, 2022. This shall come into force with immediate effect," DGFT said in a notification. Accordingly, it said, settlement of trade transactions in INR may also take place through special

Expect $470-billion merchandise exports by year-end, says FIEO

Rupee trade mechanism with Russia to start soon, says FIEO

India's rice exports set to fall 25% as levy make shipments expensive

"The duty has made Indian rice expensive. Exports would drop by at least 5 million tonnes," B.V. Krishna Rao, president of The Rice Exporters Association (TREA), told Reuters.

Exports of products from UP under ODOP scheme record significant rise

Government data said that the total value of exports of ODOP products from the state increased from Rs 58,000 crore in FY17-18 to Rs 96,000 crore in FY21-22

Amid global headwinds, Indian exporters hope to tide over slowdown

Say India is better placed even as exports decline

Exports remain flat at $33 bn in August; trade deficit widens to $28.68 bn

India's exports contracted by 1.15 per cent to USD 33 billion and trade deficit more than doubled to 28.68 billion in August, a preliminary data released by the commerce ministry said on Saturday. Trade deficit in August 2021 stood at 11.71 billion. Imports rose by 37 per cent to USD 61.68 billion in August this year. Commerce secretary B V R Subrahmanyam, however, said that the country's overall exports are expected to cross USD 450 billion during the current fiscal. "In goods exports, we will be crossing USD 450 billion this fiscal," Subrahmanyam said. During April-August 2022-23, exports registered a growth of 17.12 per cent to USD 192.59 billion. Imports during the five-month period of this fiscal grew by 45.64 per cent to USD 317.81 billion. Trade deficit widened to 125.22 billion in April-August this fiscal as against USD 53.78 billion in the same period last year. Oil imports in August jumped by 86.44 per cent to USD 17.6 billion. However, gold imports dipped by 47.54 per

Services exports rise 20.2% to $23.26 bn in July, shows RBI data

India's services exports increased by 20.2 per cent year-on-year to USD 23.26 billion in July, according to Reserve Bank data released on Thursday. The July exports were, however, lower than USD 25.29 billion in June this fiscal. As per the monthly data on India's international trade in services for July 2022, the imports rose 22.3 per cent to USD 13.92 billion in July. In June, the imports stood at USD 15.76 billion. The exports during April-July 2022-23 stood at 94.75 billion, and the imports totalled USD 58.94 billion during the period. Monthly data on services are provisional and are likely to undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis, the RBI said.

China demands US to repeal tech export curbs after Nvidia warning

The Chinese government on Thursday called on Washington to repeal its technology export curbs after chip designer Nvidia Corp. said a new product might be delayed and some work might be moved out of China. The latest controls add to mounting US-Chinese tension over technology and security. American officials say they need to limit the spread of technology that can be used to make weapons. Nvidia said it was told Friday it needs a US government license to export any product with performance equal to its A100 graphics processing chips or better to China, Hong Kong or Russia. It said buyers of the A100 and development of the newer H100 might be affected. China's Commerce Ministry accused Washington of abusing export controls to limit semiconductor sales to China. It said trade curbs would disrupt supply chains and global economic recovery. China firmly opposes this, said a ministry spokesperson, Shu Jueting. The US side should immediately stop its erroneous practices, treat companies