Page 9 - Exports

China's exports grow for the first time in six months in November

In the short run, however, the pressure on Chinese manufacturers show little sign of easing off completely

Congress slams wheat policy, says poor suffering due to PM's 'showmanship'

The Congress on Tuesday attacked the Centre over its policy on wheat export and import, alleging that due to Prime Minister Narendra Modi's "showmanship", the poor people have suffered. Congress general secretary Jairam Ramesh shared a media report on X which claimed that India may allow import of Russian wheat to mitigate the rising domestic wheat prices ahead of the Lok Sabha polls. In a post in Hindi on X, Ramesh said, "Last year, to shore up his image, the Prime Minister had claimed that India is capable of feeding the world. He gave free rein to export of wheat." "Then wheat crisis occurred in our own country. By the end of 2022, wheat stocks reached a 15-year low. When the situation worsened, exports were banned. Now there is news that the government is considering importing wheat," the Congress leader said. Meanwhile, the prices of wheat products, including flour, in the country increased by 50 per cent, he claimed. Ramesh said there have also been reports of rice being giv

India's services PMI falls to 56.9 in November, lowest in 2023 so far

S&P Global said that the slowdown in services PMI was mainly owing to a slowdown in new orders as well as output across sectors

Saffron traders in Afghanistan urge for more facilities in exports, visas

Annual saffron exhibitions, according to Nabil, are intended to promote saffron production in the province of Herat and strengthen the status and worth of Herat saffron

China-Plus-One strategy powers up India's exports of solar modules

Executives from rating agencies expect exports to continue to remain a part of the strategy for most large manufacturers

Online sellers seek FDI in inventory-based model of e-comm for export

The e-commerce industry has suggested the government to permit foreign direct investment (FDI) in an inventory-based model of online trade only for export purposes, a senior government official said on Friday. At present, the country's FDI policy does not permit foreign direct investment in the inventory-based model of e-commerce. It is allowed only in firms that are operating through a marketplace model. Director General of Foreign Trade (DGF) Santosh Kumar Sarangi said that they are working on several steps to promote exports through e-commerce medium. He said that the e-commerce stakeholders have asked the department for the promotion of industry and internal trade (DPIIT) to relook at the FDI policy on this issue. "For export purposes, if these (rules) could be revisited is something that we are requesting the DPIIT to examine and explore... and this could be one step forward for creating the e-commerce export zones that DGFT and its team has been working on," Sarangi said here

Dependence on small number of nations for certain products has risks

The growing share of foreign inputs in global exports has indicated that Global Value Chains (GVCs) continued to expand in 2022, though there are risks from the dependence on a small number of countries for certain products, a report has said. Expansion of GVCs bodes well for spreading the benefits of trade to more firms, workers and developing economies, according to the GVC Development Report 2023 released on Thursday. The report, GVC Development Report 2023: Resilient and Sustainable GVCs in Turbulent Times, was jointly published by the Asian Development Bank, the Institute of Developing Economies -- Japan External Trade Organisation, Research Institute for Global Value Chains at the University of International Business and Economics (UIBE) Beijing, and the World Trade Organisation (WTO). "Global value chains continued to expand in 2022, as indicated by the growing share of foreign inputs in exports and the increasing participation rates of economies worldwide," it said. However

UK seeks customs duty concessions on EV exports in FTA with India

The UK has sought customs duty concessions on exports of electric vehicles to India under the proposed free trade agreement (FTA), which is under negotiations, an official said. However, the official said, no decision has been taken so far on the issue. There is a demand to provide concessions on a specified number of vehicles per year, the official added. The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven. According to experts, the UK's major export destination for vehicles is Europe, and they are looking to diversify their exports. "The UK has sought concessions on electric vehicles from India as part of the ongoing free trade agreement negotiations," the official, who did not wish to be named, said. India's electric vehicles market is expected to grow to one crore units in annual sales by 2030 and create five crore direc

NCEL gets Rs 7,000 cr orders, to share profit with member farmers: Shah

Cooperation Minister Amit Shah on Monday said the newly established National Cooperative for Exports Ltd (NCEL) has bagged orders worth Rs 7,000 crore so far and the export body will share at least 50 per cent profit with member farmers over and above the support price. NCEL, which was established on January 25, is negotiating orders worth Rs 15,000 crore, he said after launching a logo, website and brochure of the cooperative export body. NCEL will help cooperative societies tap the global export market and handhold them to produce and manufacture products that comply with international standards, he added. There are about 8 lakh cooperative societies in the country with over 29 crore members. "Currently, NCEL is operating from a temporary office. We are recruiting staffers. So far, we (NCEL) have received orders of Rs 7,000 crore and negotiating orders worth Rs 15,000 crore," Shah said while addressing a national symposium here. NCEL will purchase commodities to be exported from

Coop export body NCEL gets Rs 7,000 cr orders so far, says Amit Shah

Cooperation Minister Amit Shah on Monday said the newly established National Cooperative for Exports Ltd (NCEL) has bagged orders of Rs 7,000 crore so far. Shah, who launched the new logo and website of NCEL here, said the cooperative will ensure that benefits of exports reach member farmers of cooperatives and will share with them about 50 per cent of the export profit over and above the minimum support price. "Currently, NCEL is operating from a temporary office. We are recruiting staff. So far, we (NCEL) have received orders worth Rs 7,000 crore...," the minister said addressing a national symposium. NCEL will not only focus on making profits from exports but also handhold farmers to manufacture products for the export market. It will also share profit with the member farmers of cooperatives, he said. NCEL will purchase the commodities to be exported from member farmers at the MSP. Out of the total profit the NCEL earns from the exports, about 50 per cent of it will be transferr

Govt extends 20% tax on exports of parboiled rice until March 2024

The 20 per cent export duty on parboiled rice was imposed on August 25 till October 16 to maintain adequate local stock and keep domestic prices under check

Marketing strategy to help tap $112 bn export in 10 nations in 3 yrs: Study

Aggressive marketing strategy including support from the government can help Indian businesses tap USD 112 billion export potential in ten countries like the US and UK in three years, according to a study by FIEO. Federation of Indian Export Organisations (FIEO) said that to tap this potential, a proper strategy is required. It suggested the government to formulate a scheme to support participation of domestic industry in exhibitions, buyers-sellers meet, and roadshows in important cities of these ten countries to showcase Indian goods. Besides, Indian missions in these countries should identify market access issues so that those problems can be resolved to promote shipments of domestic goods in those destinations as non-tariff barriers impact exports. The missions can also help industry organise meetings with leading importers, FIEO said, adding active print and electronic media campaigns can be considered to show the prowess of domestic manufacturing capabilities in these ...

Mobile phone exports from India almost double to $5.5 bn till Aug in FY24

Mobile phone exports from India almost doubled to USD 5.5 billion, about Rs 45,700 crore, till August this financial year, according to industry body ICEA's estimates. ICEA said, mobile phone exports from India between April-August 2023 was around USD 3 billion, about Rs 24,850 crore. A source, who did not wish to be named, said, with Apple exported mobile phones worth more than Rs 23,000 crore, thereby accounting for a little over half of the total export. An email query sent to Apple did not elicit any reply. Commenting on the overall mobile phone export, ICEA Chairman Pankaj Mohindroo told PTI that mobile phone exports from India continue to buck the overall trend of muted global trade by registering a massive growth of more than 80 per cent. "India continues to strive hard to be a preferred location for GVCs. It is work in progress but the trend is positive," Mohindroo said. According to ICEA estimates, mobile phone exports from India have doubled to surpass Rs 90,000 crore,

Overall engineering exports from India affected by global slowdown: EEPC

Engineering Exports Promotion Council (EEPC) said that overall exports of engineering goods from the country have been affected by the global slowdown. Overall engineering exports during April to August in 2023 dropped 4.55 per cent to USD 44.62 billion as against USD 46.74 billion in the previous similar period of 2022. According to an EEPC spokesman, engineering exports to Russia surged 178 per cent to USD 568.41 million during April to August of fiscal 2023-24, which was USD 204.17 million in the corresponding previous period. The exporters' body said that some of the major trading partners like the US and European countries have been affected by the global slowdown. The Russia-Ukraine conflict has also been ongoing, while China is also experiencing a slowdown. All these factors have affected India's engineering export demand, EEPC said. Engineering exports to the US fell 14 per cent year-on-year during April to August 2023. EEPC is also of the view that India should sign free

CDIL becomes first Indian firm to produce Silicon Carbide components

Electronic component maker CDIL has become the first company in India to start manufacturing Silicon carbide semiconductors for use in high power-consuming technology products. While speaking on the sidelines of the launch of the company's new surface mount semiconductor packaging line, CDIL Executive President and Chief Operating Officer Pankaj Gulati told PTI that the company has started exporting Silicon Carbide (SiC) components to China, the US, Europe and Australia. "We are the first company in India to have started manufacturing of Silicon Carbide semiconductors. We have started shipping them to China, US, Europe and Australia," Gulati said. CDIL operates manufacturing facilities and a reliability lab in Mohali and Delhi, serving industries with a focus on the automotive, defence, and aerospace sectors. The company's expansion has received incentive support from the Centre under the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS). Th

Centre extends RoDTEP scheme till June 30 amid faltering exports

The scheme has now been extended until 30 June at the same rates for the existing export items

Kolkata Port offers 25% rebate on power charges to boost perishable exports

Kolkata Port, now known as Syama Prasad Mookerjee Port, has offered a 25 per cent waiver on reefer container electricity charges for perishable exports at Kolkata Dock System to attract exporters of eastern and northeastern region who use other ports to ship their cargo, an official said on Sunday. The discount on power for reefers, short for refrigerated containers, will help Kolkata Port to boost exports of perishables considerably from here, the official said. These refrigerated containers play a pivotal role in maintaining the freshness and quality of perishable goods during transportation. "We have the largest infrastructure for reefer container park in the eastern coast and our aim is to take capacity utilisation to 70 per cent in the near term from below 50 per cent now. The rebate benefit will attract more cargo," deputy chairman Samrat Rahi told PTI. Rahi said the discount, which will be available to exporters for a year from now, will put Khidderpore dock in advantageous

Right policies will help India reach $2-trn exports by 2030: Sanjay Budhia

Right policies and a proactive approach by the government will help India achieve USD 2-trillion exports target of goods and services by 2030, Chairman, CII national committee on EXIM, Sanjay Budhia, said here on Friday. He said the global economy is still going through turmoil due to geopolitical tensions and the trade environment remains challenging. "With the right policies, coupled with fearless and proactive approach and implementation, India can stay on positive growth trajectory to achieve the ambitious export target of USD 2 trillion by 2030," he said at a workshop on export control on dual-use items. He added that despite a turbulent global economy and headwinds, several path-breaking policy initiatives were implemented and put in action by the government and the country. Budhia, the Managing Director of Patton Group, said the new Foreign Trade Policy 2023 could be a game changer to put India at a leadership position on the global exports map. "The policy has focused on .

Rice shipments of 500,000 tonnes postponed after new duty: Exporters

Indian exporters were offering 5% broken parboiled variety last week at $450-$455 per metric ton, but since then have raised prices to a record $520, exporters said, up nearly 40% from a year ago

Plastics exports decline 15% in July to $956 mn on lower demand: Plexconcil

Plastics exports from the country declined 14.6 per cent to USD 956 million in July mainly due to decreasing demand in key export markets like the US and Europe, apex industry body Plastics Export Promotion Council (Plexconcil) said on Monday. The overall exports during July 2022 stood at USD 1.119 billion, Plexconcil said in a statement. Flexible Intermediate Bulk Containers (FIBC), plastic raw materials, packaging items, plastic films and sheets, and plastic writing instruments and stationery witnessed a major decline in exports. Meanwhile, cumulative plastics exports during the April-July period also dropped 14.9 per cent to USD 3.741 billion as against the year-ago period. "We are happy to see that consumer and houseware products, floor coverings, leather cloth, laminates, medical items of plastic... are doing really well. The Indian plastics industry is undergoing a phenomenal transformation and is experiencing accelerated growth in recent years," Plexconcil Executive Director