Page 7 - Global Trade

India lags in filling void left by Chinese export retreat: World Bank

India's share of global apparel exports has decreased from 4 per cent in 2018 to 3 per cent in 2022, mainly due to rising production costs and declining productivity, according to the World Bank

Rupee rises 5 paise to 83.88 against US dollar in early trade on Friday

Rupee traded in a narrow range and appreciated 5 paise to 83.88 against the US dollar in morning trade on Friday, supported by easing crude oil prices and fresh foreign fund inflows. Forex traders said significant correction in oil prices, which is hovering around USD 77 per barrel, is a major positive for the rupee, given India's substantial oil imports. At the interbank foreign exchange market, the local unit opened at 83.93 and then gained ground and touched 83.88, registering a rise of 5 paise from its previous close. On Thursday, the rupee traded in a narrow range and settled lower by 3 paise at 83.93 against the American currency. "Despite the dollar index reaching a recent low, the Indian rupee remains steadfast, showing little signs of strengthening. This resilience can be attributed to the central bank's deliberate interventions, aimed at stabilizing the USDINR around the 83.90-95 range," CR Forex Advisors MD-Amit Pabari said. Meanwhile, the dollar index, which gauges the

China's exports likely expanded in July lifted by global trade upturn: Poll

Trade data on Wednesday is expected to show exports grew 9.7 per cent year-on-year by value, according to the median forecast of 30 economists in a Reuters poll

Global ocean freight market faces high costs, Red Sea conflict disruptions

The detour around Africa has increased both shipping costs and delivery times, exacerbating the challenges faced by global trade, which is still recovering from a host of geopolitical issues

Global trade trends and Budget initiatives

The Budget signals a move towards a more open trade policy, but further broadening and deepening are essential

Rising freight costs, container shortages paralyse global trade recovery

Red Sea crisis causing global shipping disruptions reminiscent of those seen during Covid-19 pandemic

Decoding the 'Swift' payment system: Why it may crop up in Modi-Putin talks

Prime Minister Modi and Russian President Putin are set to hold key bilateral talks in Moscow today to discuss a wide range of issues as part of the 22nd India-Russia annual summit

Red Sea crisis is increasing the distance and time of global sea transport

These longer routes are detrimental to global efforts to reduce carbon emissions as ships are re-routing thousands of miles around Africa's Horn to avoid the Red Sea and Gulf of Aden

Was global trade a mistake?

The late-20th-century project of integrating China into the global economy, in the hope that economic development would come hand in hand with political liberalism, feels at best misguided

'AI can help shipping industry cut emissions by 47 mn tonnes every year'

The use of the technology could reduce the need for maneuvers and route deviation from close encounters with high-risk marine targets

Brics discusses trading in local currency, African Union, and Palestine

India welcomed Egypt, Iran, UAE, Saudi Arabia, and Ethiopia who attended their first Brics meeting in Russia on Tuesday

India's role in easing fragmentation of global trade amid US-China tensions

Considering India's merchandise exports, the US is still our largest partner. But, it is India's imports that have solidified China as a significant trading partner

Taiwan selling more to US than China in major shift away from Beijing

Whether it's tapioca balls or computer chips, Taiwan is stretching toward the United States and away from China the world's No. 2 economy that threatens to take the democratically ruled island by force if necessary. That has translated to the world's biggest maker of computer chips which power everything from medical equipment to cellphones announcing bigger investments in the U.S. last month after a boost from the Biden administration. Soon afterward, a Taiwanese semiconductor company said it was ending its two-decade-long run in mainland China amid a global race to gain the edge in the high-tech industry. These changes at a time of an intensifying China-U.S. rivalry reflect Taiwan's efforts to reduce its reliance on Beijing and insulate itself from Chinese pressure while forging closer economic and trade ties with the United States, its strongest ally. The shift also is taking place as China's economic growth has been weak and global businesses are looking to diversify following

Panama Canal in talks with US LNG producers to increase transportation

The canal is typically used by US Gulf Coast exporters to send LNG cargoes to Asia via the Pacific Ocean, but from last year low water levels forced cuts to daily crossings

Govt working on global trade ahead of World Bank business ready report

With the World Bank planning to come out with its first Business Ready report in September this year, the commerce ministry has started working on the international trade topic in detail to further push India's ranking, an official said. Business Ready (B-READY) is the World Bank's new flagship report benchmarking the business environment and investment climate in most economies worldwide. The report assesses the regulatory framework and public services directed at firms, and the efficiency with which regulatory framework and public services are combined in practice. The first B-READY report will be launched on September 25, 2024. The Business Ready report is replacing the World Bank Group's earlier Doing Business index. In 2020, the World Bank decided to pause the publication of its Doing Business report following a number of irregularities regarding changes to data in previous reports. The new focuses on 10 topics covering the lifecycle of a firm in the course of starting, ...

India, Chinese Taipei ask WTO to delay ruling on ICT import duties dispute

India and Chinese Taipei have asked the WTO's dispute settlement body not to adopt any ruling against New Delhi's import duties on certain information and technology products till July 26 as both sides are engaged in resolving the matter, an official said. The issue came up during a meeting of the dispute settlement body (DSB) in Geneva on April 26. In the meeting, the two countries asked DSB to delay consideration of a dispute panel's reports until July 26, 2024 in order to help facilitate resolution of the disputes, the Geneva-based official said, adding that the body agreed to that. Earlier also, DSB had agreed to three previous requests from India and Chinese Taipei to delay consideration of the reports. As per rules of the WTO, the panel's ruling will have to be adopted by DSB for implementation within 60 days of the release of the order. However, countries can mutually request DSB for delay in adoption of the ruling. In its report, a dispute panel of WTO on April 17, 2023

Govt asks shipping firms to enhance reporting, tracking on West Asia routes

The government has issued advisories to ship companies to enhance reporting, tracking and security protocols for vessels on West Asian routes and coming into Indian waters. In a circular dated April 10, 2024, the Directorate General of Shipping (Mumbai) advised ship managers, ship masters and seafarers to enhance the mechanism for reporting and tracking maritime activities to safeguard the interest of merchant ships and their crews. The ministry has identified sensitive zones that include the Persian Gulf, Strait of Hormuz, Gulf Of Oman, Arabian Sea, Gulf of Aden, Bab Al Mandeb Strait, Red Sea, Somali Basin and Arabian Sea region. The circular said in the event of any incidents or security escalation due to incidents, all vessels transiting through these areas are requested to submit their details via the online Ship Reporting Form. "This measure is critical for maintaining a comprehensive and up-to-date vessel. database, which will facilitate easier tracking and coordination at th

India's growth dependent on global interdependence: Ex-US trade official

: The current China situation presents an opportunity to be an alternative or additional node in global supply chains, a former US trade official said Tuesday and asserted that India's economic prosperity will be driven by its global interdependence in increasing trade and investments into and from India, helping drive job creation, GDP growth and prosperity. The former official said as India becomes the third largest economy in nominal GDP and as the Indian middle class grows to become larger and with higher incomes, it will emerge as a significant market for US and global businesses. India's productive capacity will similarly find enhanced ways to serve global demand as we already see in technology, he said. India is a beneficiary of globalisation. Its economic prosperity will be driven by its global interdependence, in increasing trade and investments into and from India, helping drive job creation, GDP growth and prosperity. Today the global supply chain situation works in ...

Global trade optimism

Downside risks in 2024 must also be evaluated

Global trade outlook positive, geopolitical uncertainties remain: UNCTAD

Global trade dipped 3% to $31 trillion in 2023 after peaking in 2022