Page 8 - Exports

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

Govt extends RoDTEP benefits to e-commerce exports through post or couriers

The government on Thursday announced extension of export benefits under RoDTEP scheme to e-commerce exports through post or couriers. The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the centre, state, or local level. The commerce ministry will soon put in place the necessary IT framework and other enablers for extension of the scheme for the exporters. "We are extending RoDTEP benefits for exports through e-commerce," Commerce and Industry Minister Piyush Goyal told reporters here. The step will help SME sectors take advantage of government schemes, further pushing e-commerce exports and boosting overall export growth from the country to achieve the target of USD 1 trillion merchandise exports by 2030. Goyal also released a handbook for MSMEs with focus on e-comm

Chatroom: Extension for exports realisation, RBI should review instructions

You cannot amend the shipping bills and so, you may explain the error to the bank and seek write-off or closure of the entries

Construction equipment sales likely to touch double-digits this fiscal year

India is currently the world's third-largest market for construction equipment, after the US and China

Electronics, services exports to contain slide in growth rate of trade

Robust exports performance in electronic goods, particularly smartphones, and services sectors will help India contain the fall in growth rate of overall trade, which is expected to decline by 2.6 per cent in the current year, a report said. Economic think tank Global Trade Research Initiative (GTRI) in its report said that despite global challenges, India's exports and imports of goods and services are likely to dip by 2.6 per cent to USD 1,609 billion in 2023 as against USD 1,651.9 billion in 2022. The decline in India's merchandise exports mirrors the global trend of a 5 per cent decline (as per UNCTAD's Global Trade Update) and aligns with China's 5.2 per cent drop in merchandise exports during January-November 2023, it added. The World Trade Organization (WTO) has forecast that the global merchandise trade volume would grow only by 0.8 per cent in 2023. In 2023, sectors which are expected to register growth include, aviation turbine fuels, motor gasoline, smartphones, basmati

Indian goods worth $3.7 billion entering Oman to get boost by FTA: GTRI

Over 83.5 per cent of Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement, a report said on Tuesday. According to the - India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond - report, prepared by think tank Global trade Reproach Initiative (GTRI), these goods at present face a 5 per cent import duty in Oman. India and Oman are negotiating a comprehensive economic partnership agreement (CEPA), under which the two countries could significantly reduce or eliminate customs duties on the maximum number of goods agreed between them. With the new trade agreement, these products, including major export items like motor gasoline (exports worth USD 1.7 billion), iron and steel products (exports worth USD 235 million), electronics (USD 135 million), machinery (USD 125 million), aluminium oxide (USD 126 million), textiles (USD 110 million), alumina

Centre to buy unsold onions: Maha Dy CM amid protests against export ban

The Centre is ready to purchase onions from farmers which remain unsold or cannot be auctioned even as attempts are being made to find a way out in view of the export ban, Maharashtra Deputy Chief Minister Devendra Fadnavis told the legislative council on Monday. He was replying to a query raised by the Leader of the Opposition, Ambadas Danve, who sought to know the measures being taken by the state government in view of the ban on the export of onions. Fadnavis' statement comes in the backdrop of his meeting with Union Minister for Consumer Affairs, Food and Public Distribution Piyush Goyal in Mumbai on Saturday night regarding the issues faced by cultivators in the state. "Farmers are badly affected by unseasonal rains. The ban on export of onions by the Central government is not in the interest of farmers, who are forced to resort to protests in Maharashtra," said Danve, who belongs to Shiv Sena (UBT). He questioned whether the state government would take up the onion export ban

Onion farmers stage protest on Mumbai NH, stop auctions over ban on exports

Onion farmers blocked the Mumbai Agra Highway at three places in Maharashtra's Nashik and stopped auctions in wholesale markets of the district on Friday after the Centre announced a ban on the export of the kitchen staple, police said. The Centre has banned onion exports till March 31, 2024, to increase domestic availability and to keep prices in check. Farmers stopped auctions at onion markets of Lasalgaon, Chandwad, Nandgaon, Dindori, Yeola, Umarane and other places in Nashik district on Friday, an official said. According to officials, auctions were not held at Lasalgaon Agriculture Produce Market Committee (APMC), but were conducted at Vinchur and Niphad sub-committees of Lasalgaon APMC. As many as 600 vehicles laden with onions arrived at Vinchur on Friday. The minimum price was at Rs 1,500 per quintal, maximum at Rs 3,300 per quintal and Rs 2,700 per quintal average, they said. Hundreds of cultivators gathered on the Mumbai-Agra Highway and blocked the road using tractors a