Page 8 - Exports

Exports from special economic zones up 4% to $163.69 bn in 2023-24

Exports from special economic zones (SEZs) rose by over 4 per cent to USD 163.69 billion in 2023-24 even though the country's total shipments dipped by more than 3 per cent in the last fiscal. According to the data of the commerce ministry, exports from these zones stood at USD 157.24 billion in 2022-23 and USD 133 billion in 2021-22. SEZs are key export hubs which contributed over one-third of the country's total outbound shipments in the last fiscal. SEZs are enclosures that are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market. As many as 423 such zones have been approved by the government, out of which 280 are operational as of March 31 this year. As many as 5,711 units are approved in these zones till December 31, 2023. The data also showed that as on December 31, 2023, over Rs 6.92 lakh crore have been invested in these zones and a total of 30.70 lakh people are employed there. The ma

'IT services export from STPI register unit crossed Rs 9 trillion in FY24'

IT services exports from STPI-registered units have crossed Rs 9 lakh crore in the 2024 financial year, a senior official said on Wednesday. While speaking at the 33rd Foundation Day of Software Technology Parks of India, Director General Arvind Gupta announced an initiative towards developing India's sovereign cloud journey under the brand name 'Ananta', which will be a hyperscale cloud made by Indians for Indians. Apart from the conventional Compute Infrastructure Services (IAAS), Ananta will also offer PAAS, SAAS and GPU-based services. "STPI has played a very crucial and important role for nurturing the IT industry so that it could have reached this stage. The exports from STPI registered units have also reached Rs 9.19 lakh crore," Gupta said. The STPI registered units in the first year of its establishment in 1991 reported exports of Rs 17 crore. STPI at the event signed a memorandum of understanding with Sabudh Foundation for creating skill-development initiatives and nurtu

Japan's exports rise for 5th time in April on weak yen, biz mood stalls

In volume terms, however, Japanese shipments fell 3.2 per cent year-on-year in April, down for the third straight month

Toy exports down at $152 mn in 2023-24, need strategy to push it: GTRI

The country's toy exports declined marginally to USD 152.34 million in 2023-24 from USD 153.89 million in the previous financial year, according to a report by economic think tank GTRI. The Global Trade Research Initiative (GTRI) said that India's toy exports did not benefit much from the mandatory quality control orders. It said that while the domestic measures were primarily aimed at boosting local industry and ensuring safety, they did not significantly enhance India's toy exports. "From FY'2020 to FY'2022, exports increased modestly from USD 129.6 million to USD 177 million. However, by FY'2024, exports decreased to USD 152.3 million," the report said. Imports, however, increased to USD 64.92 million in 2023-24 from USD 62.37 million in 2022-23. GTRI Founder Ajay Srivastava said that the QCO checked substandard imports from China but did not result in higher exports from India. Though India has taken decisive steps since 2020 to curb the inflow of substandard toy imports, ...

HMD plans to make India a key manufacturing hub for its phone exports

Nokia was the first mobile brand which was exported out of India from its own manufacturing plant in Tamil Nadu

Increasing global uncertainties may impact demand, India's exports: FIEO

The escalating geopolitical tension may have implications for the country's exports in the first quarter of 2024-25 as it is likely to impact global demand, apex exporters body FIEO said. The global uncertainties caused by continuing war between Russia and Ukraine has impacted India's outbound shipments in 2023-24, which recorded a decline of 3.11 per cent to USD 437 billion. Imports too dipped by over 8 per cent to USD 677.24 billion. "If the global situation continues to be like this, it would impact global demand. In the first quarter numbers, the demand slowdown may be visible," FIEO Director General Ajay Sahai said. He added that despite all the challenges, freight rates are softening and it is giving an indication that demand may be impacted in the times to come. He cautioned that further escalation of the current situation could have serious implications on the world trade. "Besides geopolitical uncertainties, high inflation and high interest rates are also crucial reasons

Engineering goods exports up 10.7% in March to $11.28 billion: EEPC

Exports have been dented by a slowdown in global demand, the ongoing Russia-Ukraine war and the Red Sea shipping crisis brought on by conflict in the Middle East, exporters said

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