Page 9 - Exports

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

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 ...