Page 7 - Exports

Japan records trade deficit for 3rd fiscal year despite recovering exports

Japan recorded a trade deficit for the third straight fiscal year as the costs of energy and other imports rose and the yen remained weak. The deficit was 5.89 trillion yen (USD 38 billion) for the fiscal year that ended in March, according to Finance Ministry data released on Wednesday. The biggest trade deficits were in the Middle East, mainly Saudi Arabia and the United Arab Emirates, as well as Australia and Indonesia. Japan had a trade surplus with the US and some European countries. Annual exports to China slipped slightly, declining for the first time in four years, although the latest monthly data show exports to China recovering, growing 12 per cent from the previous year. Robert Carnell, regional head of research Asia-Pacific at ING Economics, said strong technology-related exports were behind the jump in exports to China, while noting exports were also growing to other regions. We think exports will be the main engine for growth in the coming months, he said in a ...

India's exports shrink 3% in FY24 but tide is turning, says govt

India's trade deficit at 11-month low in March

Record demand for exports spurs India's services PMI to 61.2 in March

HSBC Bank survey says 'buoyant demand' led to a 'cascade of positivity for the sector'

Govt to begin procurement of 500,000 tonnes of rabi onion in 2-3 days

Amid concern over likely fall in mandi prices in view of extension of onion export ban, the government on Tuesday assured farmers that it will start procurement of 5 lakh tonnes of rabi onion in next 2-3 days to protect their interest. Last week, the commerce ministry extended the ban on onion export till further orders. The ban on onion shipment was valid till March 31. "We want to assure farmers that their concern will be taken care of. ...We will begin procurement of 5 lakh tonne of rabi (winter) crop in the next 2-3 days for maintaining a buffer stock," Consumer Affairs Secretary Rohit Kumar Singh told reporters. The onion export ban is affecting traders and not farmers as average mandi (wholesale) prices are ruling currently at around Rs 13-15/kg in Maharasthra, which is almost double from the previous year level, he said. "Even if prices crash, we will protect the interest of farmers," he added. The secretary said the government normally buys onion for the buffer stock at a

Japan's exports rise nearly 8% in Feb on shipments of cars, machinery

Japan's exports rose 7.8 per cent in February from a year earlier on strong shipments of cars and electrical machinery, the government said on Thursday. Exports in February totaled 8.2 trillion yen (USD 55 billion), marking the third straight month of growth, according to preliminary customs data. The report showed the trade deficit sank by more than half on-year to 379 billion yen (USD 2.5 billion), marking the second straight month of a deficit. Exports to China rose just 2.5 per cent and those to all of Asia edged 2.3 per cent higher on-year, suggesting that demand has moderated. Exports to the United States rose 18 per cent and exports to the EU were up almost 16 per cent. The picture for imports was mixed, with China supplying 1.7 trillion yen (USD 236 billion), a nearly 17 per cent annual increase that more than doubled Japan's deficit with its giant neighbour. In all, imports edged up 0.5 per cent, totalling nearly 9 trillion yen (USD 60 billion), as prices for key commodit

Sponge iron producers urge govt to impose duties to curb iron ore exports

India, the world's biggest sponge iron producer, has about 336 sponge iron plants spread across the country

Exporters body FIEO unanimously elects Ashwani Kumar as new President

Exporters body FIEO on Monday said Ashwani Kumar has been elected as its new President. The Federation of Indian Export Organisations (FIEO) said that Kumar was elected as president unanimously. He has replaced A Sakthivel. Kumar, who is a Jalandhar-based engineering exporter, replaced A Sakthivel. Besides serving as the Regional Chairman (Northern Region) of the organisation, Kumar has also represented various forums of Jalandhar including its Focal Point Industries Association, Effluent Treatment Society, Management Association, Badminton Association, and Integrated Association of SMEs. He is taking over the post at a time when global trade is undergoing a sea change.

China's exports likely slowed in Jan-Feb period as factories struggle

The head of the state economic planner said on Wednesday that China's exports for January-February rose by 10%, but did not state whether that was in yuan or dollar terms

Boost GI products as premium goods globally to boost exports: Experts

The government should promote GI (Geographical Indications) products like Kala namak, rice, and Nagpur oranges as premium offerings on the global stage to boost exports of these items as they hold huge potential in different countries, according to experts. They said that a key weakness of Indian GI products compared to similar international goods is the lack of strong marketing and global brand recognition. Many Indian GI products, despite their unique quality and cultural significance, are not as well-known internationally, Global Trade Research Initiative (GTRI) Founder Ajay Srivasatava said. He said that this is due to inadequate branding, promotional activities, and limited access to global markets. Additionally, issues related to consistent quality assurance and the efficient management of GI tags can also hinder the potential for Indian GI products to compete effectively on the international stage. "Strengthening these areas could significantly enhance the global presence a

Chatroom: ADD not exempt on imports under the EPCG authorisations

TNC Rajagopalan answers SME queries related to GST, export and import matters

Nayara Energy exports decline by 10% in 2023 as domestic demand surges

Nayara Energy, India's largest private fuel retailer, saw petroleum product exports drop by 10 per cent in 2023 as it supplied more products domestically to meet the fuel demands of a growing economy, sources said. Nayara, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat and a network of over 6,500 petrol pumps, exported 6.21 million tonne of petroleum products, including jet fuel, gasoil (diesel) and gasoline (petrol) between January 2023 and December 2023, down 10 per cent year-on-year. This was primarily because of larger consumption at home. The company is catering to the domestic market through institutional business, sales to other oil companies and its own retail chain. Of all the petroleum products Nayara produced, 68 per cent were sold within the country and the remaining 32 per cent of products, including, ATF, gasoil and gasoline were exported, sources said. According to the oil ministry's Petroleum Planning and Analysis Cell (PPAC), consumptio

India exported $6.65 bn oil products derived from Russian oil: Report

Over one-third of India's export of oil products to the G7-led coalition countries was derived from Russian crude, a European think-tank said, highlighting how the partners shunned buying Russian crude and imposed price caps but a loose policy on refined product allowed third countries to use Russian oil and legally export products to them. While there are no restriction or sanctions on buying/using Russian crude oil and exporting fuels such as diesel derived from it, the Group of Seven (G7) rich nations, the European Union and Australia - called the price cap coalition countries - first set a crude price cap of USD 60 per barrel starting December 5, 2022 and later on products like diesel to keep market supplied while limiting Moscow's revenue. This was aimed at punishing Russia for its February 2022 invasion of Ukraine by depriving it of oil revenues while averting a surge in prices that could occur if Russian oil stopped flowing to global markets. "In the 13 months since the oil .

Japan's trade deficit falls, exports grow 12% as shipments jump in vehicles

Japan's exports grew nearly 12 per cent in January as shipments jumped in vehicles, auto parts and machinery, according to government data Wednesday. That helped the nation's trade deficit shrink to 1.76 trillion yen (USD 12 billion), or about half of what it was a year ago, as imports declined 9.6 per cent from the previous year. By region, exports grew to North America, the rest of Asia and the Middle East, while imports generally fell from all global regions. Imports, which have been declining on-month for nearly a year, totalled 9 trillion yen (USD 60 billion), with the biggest drops in oil, natural gas and iron ore. Exports totalled 7.3 trillion yen (USD 48 billion), marking the second straight month of growth, according to the Finance Ministry's preliminary report. The export rise was better than what analysts had expected at about a 10 per cent growth. Japan has slipped to become the world's fourth-largest economy, after the US, China and Germany, according to nominal gross

Tea exports decline by 1.17% to 207.14 mkgs in first 11 months of 2023

Tea exports from India have declined by 1.17 per cent to 207.14 million kgs in the January-November period of 2023, according to official data. The country shipped out 209.60 mkgs of tea during a similar 11-month period of the previous year. During the calendar year 2022, the total tea exports were 231.08 mkgs. Region-wise, exports from North India, comprising primarily the states of Assam and West Bengal, stood at 125.27 mkgs, down from 132.21 mkgs in the comparable periods of 2023 and 2022 respectively, the Tea Board data said. Shipments from South India during the first 11 months of 2023 increased to 81.87 mkgs from 77.39 mkgs in the previous similar period, according to the data. Industry sources said that the dip in exports was due to the volume loss in the Iran market due to payment problems. The Iranian market constitutes 20 per cent of India's total tea exports after the Commonwealth of Independent States bloc. The sources also said the export scenario for the full calen

Small Indian exporters reel as Red Sea crisis helps rivals nab business

Re-routing via the Cape of Good Hope has meant ships sailing from India will often need an extra 15-20 days before reaching destinations in Europe, greatly increasing costs

India, UAE sign agreement to develop trans-continental trade corridor

The corridor, announced last September on the sidelines of the G20 summit in New Delhi, aims to extend from India across the Arabian Sea to the United Arab Emirates and through Saudi Arabia

US trade deficit shrinks 18.7% in 2023, slightly widens in December

Economists expected trade, which added to gross domestic product growth last year, to remain supportive to the economy in 2024, though Red Sea shipping disruptions posed risk

Merchandise exports set to moderate to $435 billion in FY24: Exim Bank

India's merchandise exports are likely to moderate to USD 435.3 billion in FY24 against 447.46 billion in FY23, the Exim Bank said on Wednesday. The merchandise exports are set to grow by nearly 3 per cent to USD 118.2 billion in the March quarter compared to the same period a year ago. It can be noted that the merchandise exports declined for the first two quarters of the ongoing 2023-24. In its quarterly study on the overall exports, the policy bank said the non-oil exports will grow 4.55 per cent to USD 95 billion in the January-March 2024 quarter. "Positive growth in India's exports could be as a result of India's strong GDP growth fundamentals and outlook and expected global easing of monetary tightening spurring global demand," the bank said in the report. The oil exports are likely to remain subdued during the year, contracting by USD 12.5 billion compared to FY23, the bank said. The outlook is subject to risks of uncertain prospects for advanced economies, geopolitical sh

India exported 0.78 MT coal to neighbouring countries in Apr-Nov: Govt

India's coal export to neighbouring countries was 0.78 Million Tonnes (MT) in the April-November period of the ongoing fiscal, Parliament was informed on Thursday. Among the neighbouring countries, India exports coal to Nepal, Bangladesh, and Bhutan. Replying to a question in Lok Sabha, Coal Minister Pralhad Joshi said, "Coal export by the country during the last three years... is 2.945 MT in 2020-21, 1.316 MT in 2021-22, 1.166 MT in 2022-23 and 0.78 MT in 2023-24 (up to November)." Most of the coal produced in the country is consumed domestically. The major coal consuming sectors in the country are power, steel, cement, sponge-iron, and fertiliser. As the primary source of commercial energy in India, coal accounts for half of our energy consumption and remains the dominant fuel for power generation due to its reliability compared to other renewable energy sources.

Govt extends export incentive scheme for apparel, garment till March 2026

The government on Thursday approved the continuation of an export incentive scheme - RoSCTL - for apparel, garments and made-ups up to March 31, 2026. The Rebate of State and Central Taxes and Levies (RoSCTL) scheme is aimed at compensating for the state and central taxes and levies in addition to the rebate provided under duty drawback scheme on export of apparel/garments and made-ups. "The Union Cabinet chaired by Prime Minister Narendra Modi approved the continuation of scheme for RoSCTL for export of apparel/garments and made-ups up to March 31, 2026," an official statement said. It said that the move will provide a stable policy regime which is essential for long-term trade planning, more so in the textiles sector where orders can be placed in advance for long-term delivery. "The continuation of RoSCTL will ensure predictability and stability in policy regime, help remove the burden of taxes and levies and provide level-playing field on the principle that goods are exported an