Page 9 - Global Trade

Russia-Ukraine war brings about structural changes in global trade

Even the western countries will find it difficult to absorb the costs of helping Ukraine fight Russia and rebuild its civilian infrastructure and host millions of refugees

Tapping global trade

Exports will need policy support

India's exports rise in both value, volume terms in 2022: GTRI report

The country's merchandise exports have recorded a healthy growth in both value and volume terms in 2022, economic think tank Global Trade Research Initiative (GTRI) said in a report on Thursday. The outbound shipments rose by 14.6 per cent year-on-year to USD 453.3 billion in 2022. "The study found that products where exports increased to cover a value of USD 315.9 billion (69.8 per cent of total merchandise exports). But, products whose export quantities increased over the previous year represent USD 285.6 billion (63 per cent of total exports)," it said. Major product categories which have recorded growth in both value and volume terms include petroleum products, sugar, and basmati rice. "Petroleum products, including diesel, gasoline and naphtha represent an export value of USD 94 billion. The unit price rose between 50-115 per cent in one year. The high unit prices may be primarily due to the high prices of crude oil. Sugar saw a unit value increase of 15 per cent, with exports

Future of trade is digital, green and inclusive, says WTO Director-General

The World Trade Organization Director-General Ngozi Okonjo-Iweala on Tuesday said the future of trade is in services and it has to be green, digital and inclusive

India looks at expanding rupee trade to Africa, W Asia to make it stronger

India has already been in talks with Russia for a rupee-rouble payment system

Beijing building up unoccupied land features in South China Sea, says West

While China has previously built out disputed reefs, islands in the area, the West presented images of what they called the first known instances of a nation doing so on the territory

Global trade surges to record $32 trillion in 2022, says UN report

Trade in merchandise goods soared to $25 trillion, an increase of about 10 per cent versus the prior year; trade in services grew 15 per cent year-over-year to nearly $7 trillion

Premature to declare death of globalisation; geopolitics transforming trade

A US-China trade war, a global pandemic, Brexit and Russia's war in Ukraine have rattled the once-entrenched ways that the world's largest economies trade with each other

India's G20 presidency will be 'watershed moment' in its history: Kamboj

India's presidency of the G20 will be a 'watershed moment' in its history as the country seeks to play an important role in finding pragmatic global solutions for the well-being of all, India's Permanent Representative to the UN Ambassador Ruchira Kamboj has said. India on Thursday assumed the monthly rotating Presidency of the 15-nation UN Security Council, as well as the year-long presidency of the G20. Kamboj said on Thursday India sees both the presidencies - that of the Security Council for this month and the G20 for the next year, as a new responsibility". "We will try our utmost to show that the hopes and expectations of the global community are met, said the President of the Security Council for December. On India's G20 presidency, Kamboj said it is an honour for the country to lead a group that represents 85 per cent of the world's GDP and 75 per cent of global trade. Kamboj said that as noted by Prime Minister Narendra Modi, India's presidency of the G20 comes at a time

FTAs and their discontents: Do free trade agreements benefit India?

India's balance of trade has worsened with countries with which it has signed free trade agreements

Global trade growth to slow in the last months of 2022 and into 2023: WTO

The triggers: Ukraine war, high energy prices, monetary tightening by major economies

Govt not to impose anti-dumping duty on Chinese metal cutter wheels

The government has decided not to impose anti-dumping duty on Chinese metal cutter wheels as the finance ministry has not accepted the recommendations of the Directorate General of Trade Remedies (DGTR) for imposing the levy. The commerce ministry's investigation arm DGTR had conducted a probe into the alleged dumping of "Resin Bonded Thin Wheels" from China, and in September it recommended the imposition of the duty. The product is used in various sectors ranging from welding, cutting, foundry to primary metal markets for nagging and cutting ferrous and non-ferrous materials. "The central government, after considering the final findings of the designated authority (DGTR), has decided not to accept the ... recommendations," an office memorandum of the Department of Revenue said. While the Directorate General of Trade Remedies (DGTR) recommends the duty, the Department of Revenue takes the final decision to impose it. In international trade parlance, dumping happens when a country

Piyush Goyal asks exporters make price adjustments to retain market share

A temporary change in pricing will help them accommodate short-term challenges, an official statement says; minister reviewed sectoral progress in exports with EPCs and Industry bodies

Top Headlines: Global trade growth forecast; world currency reserves shrink

India's merchandise exports could face major headwinds next year with the WTO slashing its forecast for global trade volume growth to 1 per cent from 3.4 per cent

Latest news LIVE: ED attaches assets worth Rs 2,747 cr in ABG Shipyard case

From Covid to the Russia-Ukraine war, catch all the latest news development here

NLP will spur growth, increase India's participation in global trade: PM

Prime Minister Narendra Modi said on Wednesday the Union cabinet's decision on India's logistics policy will accelerate growth and increase the country's participation in global trade. The efforts in the logistics sector will particularly benefit the farmers of the country and the micro, small and medium enterprises (MSME) sector, Modi said in a tweet. "Today's Cabinet decision on a PLI scheme relating to the National programme on High Efficiency Solar PV Modules will enhance manufacturing in the sector and boost investment," the prime minister said in another tweet. The cabinet earlier approved the National Logistics Policy, which aims at reducing the transportation cost and improve the global performance of the sector. Modi last week unveiled the policy, which seeks to cut transportation costs by promoting a seamless movement of goods across the country. The cabinet also approved modifications in the scheme for semiconductors and the display manufacturing ecosystem with a unifor

Rice prices soften in domestic markets after ban; exports may shrink by 25%

India, which commands 40% share in the global rice trade, exported 21.23 mt of rice in 2021-22, against 17.78 mt in the previous year

Top public sector banks may soon end wait on trade settlement in rupee

Finance ministry to meet stakeholders on Wednesday

China's recovery wobbles as drought, global slowdown add to risks

China's economy continued to recover in August but warning signs are flashing across a number of fronts as drought and weaker global demand add new risks to growth prospects

Arms conference puts trillion-dollar industry under the spotlight

Arms conference puts trillion-dollar industry under the spotlight