Page 10 - Imports

Surge in import cost may negate positive impact of rupee fall: Experts

According to an analysis done by FIEO, the rupee has depreciated by 8.1 per cent till September 7, 2022 since the same point last year

China's export growth sinks in August, imports shrink due to inflation

China's trade weakened in August as high energy prices, inflation and anti-virus measures weighed on global and Chinese consumer demand, while imports of Russian oil and gas surged. Exports rose 7% over a year ago to USD 314.9 billion, decelerating from July's 18% expansion, customs data showed Wednesday. Imports contracted by 0.2% to USD 235.5 billion, compared with the previous month's already weak 2.3% growth. Demand for Chinese exports has softened as Western economies cool and the Federal Reserve and central banks in Europe and Asia raise interest rates to contain surging inflation. At home, repeated closures of Chinese cities to fight virus outbreaks has weighed on consumers' willingness to spend. The slowdown in China's export sector is adding to headwinds for the Chinese economy, said Rajiv Biswas of S&P Global Market Intelligence in a report. Lack of import growth highlights continued weakness of Chinese domestic demand. Growth in the world's second-largest economy fell .

Petronet LNG Ltd to invest Rs 40,000 cr in 5 yrs to expand import infra

Petronet LNG Ltd, India's biggest gas importer, will invest Rs 40,000 crore in the next five years for expanding import infrastructure as well as foraying into new business to boost profitability to Rs 10,000 crore. Petronet, which operates two liquefied natural gas (LNG) import facilities at Dahej in Gujarat and Kochi in Kerala, is looking to foray into the petrochemicals business, according to the firm's latest annual report. The company has formulated a '1-5-10-40' strategy for exponential growth and diversification. "The company aims at achieving an annual turnover of Rs 1 lakh crore over next five years and annual profit after tax of Rs 10,000 crore with investments of Rs 40,000 crore," it said. It had a net profit or profit after tax of Rs 3,352 crore on a turnover of Rs 43,169 crore in fiscal 2021-22 (April 2021 to March 2022). LNG is natural gas that has been cooled down to liquid form for ease of transporting in ships. At the import terminal, LNG is regassified into its ..

CAD may touch nine-year-high in Q1FY23 as net exports soar

India's CAD stood at 1.5% of GDP in the March quarter of FY22 compared to a CAD of 2.6% of GDP in the preceding quarter of FY22

Bangladesh imports 36 F-7BGI aircraft from China to boost military supplies

China has been trying since a long time to emerge as a major defence exporter to India's neighbouring countries like Bangladesh, Pakistan etc

Govt issues 63 show cause notices to makers, importers of weighing machines

The government has issued 63 show cause notices to the manufacturers and importers selling weighing and measuring instruments on e-commerce platforms, seeking details of compliance with legal requirements. It has been observed that some manufacturers and importers of these instruments are selling the person weighing machines and kitchen scales on the e-commerce platforms without complying with the legal provisions, an official statement said on Tuesday. "Centre, through the Department of Legal Metrology has issued 63 show cause notices to the manufacturers/importers of the weighing and measuring instruments for seeking details of compliance," it said. It noted that unauthorised sales on e-commerce sites have not only created deficiency in service to the consumer but have also caused revenue loss to the government. "The notices were issued to manufacturers/ importers/ sellers on e-commerce platforms, seeking details of the approval of model, manufacturing/importer/dealer license and

Mexico's imports from Russia increase by 20% in first half of 2022

Mexico imported goods from Russia worth $1.193 billion in January-June of this year, according to the latest figures from the Bank of Mexico

Investment demand to lift India's silver imports to record high level

Higher demand in India, the world's biggest silver consumer, could support global prices

RBI took steps to promote rupee as preferred currency for global trade: FM

RBI asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.

Despite trade ban, Pakistan imports from India jump 2x in April-May

The Shehbaz Sharif-led govt named a senior official 'trade minister' in Pakistan's New Delhi embassy in May

MoD bans imports from 18 top defence platforms, items to be made in India

Items include light-weight tanks, self-healing minefields, "plug-and-play housing" for soldiers at extreme altitudes, 127 mm naval gun, multi-role helicopter, among others

China facing stiff competition for its favourite Russian oil from India

India has ramped up purchases of crude from Russia's far east, a grade that's typically favored by Chinese oil refiners

China's exports bounce back, but global risks darken trade outlook

China June export grows at fastest pace in 5 months; trade surplus at record, but export outlook still faces uncertainty

South Korea to increase tariff-free import items to counter inflation

The government had lifted import duties on 26 major industry and food items, such as cooking oil, pork and liquified natural gas (LNG), earlier this year

How will the hike in import duty of gold affect customers in India

Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively

UltraTech Cement paying for Russian coal in Chinese yuan: Report

UltraTech importing from Russian producer SUEK, valued at 172.7 mn yuan; SUEK's Dubai unit facilitated trade from Russia's Vanino port; traders say other companies set to pay in yuan for Russian coal

SME Chatroom: 'IGCR Rules apply only when exemption notifications say so'

the duty concessions are available under exemption notifications and some of them mandate the procedures prescribed under the said IGCR Rules.

Domestic toy makers see surge in sales after dip in Chinese imports

Sales rise for domestic players after India last year banned sale of toys that are not certified by Bureau of Indian Standards

Duty on solar modules, cells to continue; don't want imports: R K Singh

There are "no plans" to review the basic customs duty (BCD) levied on solar modules and cells, Union Power Minister R K Singh has said.

India considers curbing fridge imports to boost local industry: Report

Sources say the government is considering mandating that importers seek a licence from the authorities, replacing the existing free-import regime