Page 8 - Exports

Centre, experts to discuss trade regime of sensitive goods, tech on Jan 30

Top central government officials, industry leaders and international experts will gather here on January 30 to deliberate on India's export control systems for sensitive goods and technologies and global best practices in the sector, an official said. The official said that the 'National Conference on Strategic Trade Controls' seeks to showcase India's prowess in export control systems, facilitate a dialogue between government authorities and industry leaders on the sector, and address emerging risks associated with the export of sensitive goods and technologies. There are specific laws and regulations with regard to strategic trade or export controls. These help manage the flow of dual-use goods, services and technologies across national borders. These regulations primarily focus on controlling the export of SCOMET items in order to balance the country's commercial and security considerations. Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) items are .

Interim Budget 2024: Industry seeks tax benefits, boost to exports

Indian industry, including exporters on Thursday, asked the government to provide tax incentives for research and more funds for marketing activities in the Budget to boost manufacturing and the country's outbound shipments. They also urged the government to consider developing a global shipping line in partnership with the private sector. India's outward remittance on transport services is increasing with rising exports. "We remitted over USD 80 billion as transport service charge in 2021. As the country moves towards the goal of USD 1 trillion, this will touch USD 200 billion by 2030," Federation of Indian Export Organisations (FIEO) said, adding that the private sector may be engaged to develop the shipping lines. This will also reduce arm-twisting by foreign shipping lines, particularly of our MSMEs, the organisation said. For promoting Research and Development (R&D) in the country, weighted tax deduction can be increased to 200 per cent, it said. "Unfortunately, India's ...

Indian petroleum export earnings hit as Red Sea conflict intensifies

Petroleum product exports contributed $57 billion to India's coffers in fiscal 2022/23, around 12.7% of India's total exports by value

'Robust branding strategy crucial to make India as top jewellery supplier'

The Directorate General of Foreign Trade (DGFT) on Wednesday pitched for formulating a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery. "India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices and availability. "Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tonnes, there's a pressing need for streamlining exports," DGFT Director General Santosh Kumar Sarangi said. He was speaking at the 4th edition of the 2-day 'India Gold & Jewellery Summit' that concluded on Wednesday. "Collaboration between the Department of Commerce, GJEPC, and leading brands is essential to formulate a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery," he said. According to him, the potential of e-commerce in cross ..

TVS, Bajaj Auto forecast lingering challenges to recovery of exports

On top of festive season, Bajaj Auto also benefited from strong demand for its premium motorcycles, led by the two Triumph models

Coffee exports from India decline by 5.4% to 377,000 tonne in 2023

Coffee shipments from India declined 5.4 per cent to 3.77 lakh tonne in 2023 due to a fall in the shipment of Robusta coffee, according to the official data. The country had exported 3.98 lakh tonne of coffee in 2022. India, Asia's third-largest producer and exporter, grows Arabica and Robusta variety of coffee. Arabica coffee bean has lesser caffeine content than the Robusta. Arabica has a sweet and smoother taste, while the Robusta is generally more bitter and harsher on the taste buds. According to the Coffee Board of India's latest data, export of Robusta coffee bean declined 15 per cent to 1.87 lakh tonne in 2023, from 2.20 lakh tonne in the previous year. However, the shipment of Arabica coffee bean rose 5.79 per cent to 46,869 tonne in 2023 from 44,302 tonne in the previous year. Even Instant Coffee exports rose 6.68 per cent to Rs 1.42 lakh tonne as against 1.33 lakh tonne in the said period, as per the data. In terms of value, total coffee exports were at Rs 9,580.58 cr

Japan's exports surge 10% in Dec on strong demand for autos, revived trade

Japan's exports surged almost 10% in December from a year earlier, helped by a revival in trade with China and strong demand for vehicles, machinery and computer chips. Imports fell almost 7%, leaving a trade surprise of 62 billion yen ($410 million), according to preliminary customs data released Wednesday. A weak Japanese yen has helped export manufacturers like Toyota, Honda and Sony, though it increases costs of imports of key commodities like oil and gas needed to fuel the world's third-largest economy. A decline in oil prices helped reduce the burden of energy imports in December, which fell by 18% from a year earlier. A recovery in demand in China contributed to a 10% increase in exports, while imports from China were flat. Another boost came from a surge in tourist arrivals, which are counted as exports in trade statistics. The improvement late in the year means that overall net exports should have made a significant contribution to GDP growth in the fourth quarter," Gabr

Red Sea impact: Who would a price rise hurt the most?

The Indian economy will not remain untouched by the effect of Houthi attacks. Indian exports and imports will be adversely affected if the Red Sea route cannot be used

Waning supplies prop up India rates to 4-month peak, Thai prices rise

Supplies have also dropped, which also contributed to price increases. Traders said new supply is expected to enter the market around next month

India to tap 12% of global iPhone production in FY24, up from 9% earlier

Apple crosses PLI target of $8.9 bn this financial year

Red Sea crisis: Attacks on ships around India matter of concern, says EAM

Terming the attacks on ships in the vicinity of India as a matter of "grave concern" to the international community, External Affairs Minister S Jaishankar Monday said that such threats have a direct bearing on India's energy and economic interest as he underlined that this "fraught situation" is not to the benefit of any party. "There have also been recently a perceptible increase in threats to the safety of maritime commercial traffic in this important part of the Indian Ocean," he said in a joint press statement after wide-ranging talks with Iranian counterpart Hossein Amirabdollahian. He stressed that it's important that this issue be "speedily addressed", in an apparent reference to targeting of merchant vessels in the Red Sea - one of the busiest trade routes - by Iranian-backed Yemen's Houthi rebels amid the Israel-Hamas conflict. "We have even seen some attacks in the vicinity of India. This is a matter of great concern to the international community. Obviously, it also has

IT services, BPO exports grew over 12% to touch $193 billion in FY23: ESC

The exports of computer software and services, including IT enabled services and BPO, logged 12.2 per cent growth during 2022-23 to touch USD 193 billion, according to estimates by Electronics and Computer Software Export Promotion Council (ESC). The IT software/services chunk accounted for the bulk of this at USD 126 billion, followed by BPO services (USD 52 billion). "In value terms, export of the IT/ITeS/and BPO during 2022-23 is estimated at USD 193 billion, up from USD 172 billion estimated in the year 2021-22, registering a growth of 12.21 per cent, which is mostly contributed by IT software/services at USD 126 billion, followed by BPO services (USD 52 billion), software products development (USD 5.1 billion), engineering services (USD 9 billion)...," Sandeep Narula, Chairman of ESC said in a release. Narula said the growth of BPO services at 14.63 per cent and 13.33 per cent growth of IT products are good indications since global trading of these segments would go up ...

Red Sea crisis: Commerce ministry calls inter-ministerial meet on Jan 17

The commerce ministry has called a high-level inter-ministerial meeting on January 17 to discuss the way forward on the trade front in the wake of ongoing problems in the Red Sea, a senior official said on Saturday. Senior officials from five ministries -- external affairs, defence, shipping and finance (department of financial services) and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy so that India's response can be quick and decisive. "This Wednesday, we are holding an inter-ministerial consultation. We will be discussing the way forward," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi ...

No proposal to lift export curbs on wheat, rice, sugar, says Piyush Goyal

Union Minister Piyush Goyal on Saturday said there is no proposal before the government as of now to lift export curbs on wheat, rice and sugar. He also said the country will not import wheat and sugar. "There is no proposal as of now to remove export restrictions on wheat, rice and sugar. And India will not import wheat and sugar," Goyal told reporters. India had banned wheat exports in May 2022, non-basmati rice exports from July 2023 and extended curbs on sugar exports beyond October 2023, as part of measures to control rising domestic prices.

Apis India to expand product portfolio, aims Rs 500 cr revenue in FY25

Homegrown FMCG firm Apis India plans to expand its product portfolio in the food segment and aims a topline of Rs 500 crore by the end of next fiscal, its Managing Director Amit Anand said on Tuesday. Besides, Apis India has plans to open a new plant to cater to the growing demand and is investing in branding and marketing to make its products more visible in the market. The listed company, which is present in the food segment with honey, dates, green tea and breakfast products, among others, is looking to expand its product portfolio and distribution footprints across the country. The Delhi-based company had reported a revenue of Rs 333.66 crore for the financial year that ended on March 31, 2023. The company gets nearly equal contributions from the B2B and B2C businesses. "There would be a substantial growth this year. We expect our B2C business and exports will grow. Besides, there is a unit in Dubai, UAE which is also rising very fast. We are looking to achieve Rs 500 crore by

Leaf out of China's playbook: India may create green channel for e-commerce

Under the plan, e-commerce export zones may be developed near airports where export clearances are quicker

Optimistic about $2 trillion export target by 2030, says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Saturday expressed optimism that the country will meet its ambitious USD 2 trillion export target by 2030, notwithstanding geopolitical headwinds and inflationary concerns. Speaking at the inauguration of the Patsan Bhavan, which houses the Jute Commissioner's office and headquarters of Jute Corporation of India and National Jute Board, in New Town, Kolkata, Goyal acknowledged the challenging global situation. He cited the Ukraine war, the Israel conflict and issues related to the Red Sea as factors impacting trade. "To address low food grain production and curb domestic inflation, we have implemented restrictions. However, despite all these challenges, India's exports will continue to grow, aiming at reaching USD 2 trillion by 2030 from the current USD 770-775 billion," Goyal said. He highlighted the potential of the jute industry, stating that with "contribution from the jute sector and concerted efforts from the Centre and sta

S Korea exports accelerate as shipments to US overtake China for first time

China remains South Korea's biggest trading partner by a large margin given the scale of Seoul's imports from the world's second-largest economy

Demand uptick, easing inflation to provide advantage to exports in 2024

Easing inflation in developed countries, softening interest rates, a gradual pick up in global demand and other factors will provide a silver lining for the country's exports and the overall outbound shipments are expected to be more than USD 900 billion in 2024. International trade experts have expressed hope that the services sector would perform better than merchandise and the country's overall outbound shipments may touch over USD 900 billion in 2024 against an estimated USD 764 billion in 2023. A stable rupee against the US dollar, focus on new markets like Latin America and Africa, new items like mobiles and fresh fruits, focus on promoting e-commerce exports, free trade agreements with the UAE and Australia would also help the country register healthy growth in outbound shipments next year. Despite various challenges, including geopolitical tensions and China's subdued post-pandemic recovery, impacting exports this year, India's goods and services exporters have managed to ta

Govt to extend RoDTEP benefits to e-commerce exports: Piyush Goyal

The RoDTEP scheme, which came into effect three years ago, refunds the embedded non-creditable central, state, and local levies paid on inputs to exporters