Page 4 - Imports

China's 2024 iron ore imports seen to be around 1.17-1.18 bn metric tons

China's iron ore imports in the first quarter of 2024 totalled 310.13 million tons, up 5.5 per cent from a year earlier, customs data showed

Need to be watchful about steel imports amid surge, says T V Narendran

As steel imports continue to surge, Tata Steel CEO T V Narendran has said there is a need to be watchful about the situation. The comment comes at a time when India has reported a 38 per cent surge in steel imports to 8.319 million tonnes, becoming a net importer of the commodity during the 2023-24 financial year. Speaking to PTI, the industry executive said, "It would be a pity if the situation continues in the long run. We have to be watchful about imports." As long as it is unfair imports, the government needs to deal with it, Narendran said without elaborating further. Steel consumption is expected to grow 8-10 per cent in the ongoing 2024-25 fiscal year, he said in reply to a separate question on demand. Steelmakers have been raising concerns on increasing imports from certain countries, including China and seeking the government's intervention on the issue. Domestic players have also been demanding a curb on imports and review of free trade agreements (FTAs) with several ...

China's share in industrial goods imports jump to 30% from 21%: GTRI

With increasing India's dependence on Chinese industrial goods like telecom, machinery and electronics, Beijing's share in New Delhi's imports of such goods rose to 30 per cent from 21 per cent in the last 15 years, a report said. According to the report by the economic think tank Global Trade Research Initiative (GTRI), the growing trade deficit with China is a cause of concern, and the strategic implications of this dependency are profound, affecting not only economic but also national security dimensions. From 2019 to 2024, India's exports to China have stagnated at around USD 16 billion annually, while imports from China have surged from USD 70.3 billion in 2018-19 to over USD 101 billion in 2023-24, resulting in a cumulative trade deficit exceeding USD 387 billion over five years. The Indian government and industries must evaluate and potentially recalibrate their import strategies, fostering more diversified and resilient supply chains, GTRI founder Ajay Srivastava said. This

GST, China imports emerge as major poll issues among lock industry traders

High GST rates, pandemic effect and Chinese locks the triple whammy undercutting the livelihoods of thousands of workers and traders in Uttar Pradesh's famed Tala Nagri' has emerged as a major concern this election and voters are looking for a candidate who will pull the lock industry out of the slump. The Rs 4,000 crore industry of Aligarh, where lock making is likened to an art dating back to the Mughals, is not so robust anymore with shifting global market dynamics taking their toll. With Lok Sabha elections just two days away, the clamour for decisive action that will save the livelihood of the estimated one lakh people dependent on the lock industry is growing. And at the centre of the problems, say industry insiders, are high GST rates, which in turn have led to a surge in Chinese lock imports. "The steep GST rates have made it increasingly challenging for us to compete with Chinese locks flooding the market at significantly lower prices," said Omvir Singh, owner of a cottage

Crude oil import bill drops 16% but import dependency hits new peak

The world's third largest oil importing and consuming nation has been able to add to its domestic production drop, raising its import dependence

Figure this: Discrepancy in India-China trade data is only getting worse

What China sends doesn't match India's records on imports, and the mismatch is in billions of dollars

Global toy majors shifting focus from China to India, exports jumped 239%

Popular brands like Hasbro, Mattel, and Spin Master depend more on India for sourcing

Govt plugs loopholes in imports of QCO items

The new disciplines imposed on imports of items subject to QCOs are well intended

Chatroom: ADD not exempt on imports under the EPCG authorisations

TNC Rajagopalan answers SME queries related to GST, export and import matters

India cannot afford to remain dependent on defence imports, says Rajnath

A huge country like India cannot remain dependent on import of military hardware as such dependency can be "fatal" for its strategic autonomy, Defence Minister Rajnath Singh said on Tuesday, showcasing the Modi government's priority for boosting domestic manufacturing. In an address at a conference, Singh, without elaborating, also said that India had to face "trouble" in "difficult times" in the past due to its reliance on defence imports. He said the annual volume of domestic defence production has crossed the record figure of Rs 1 lakh crore which was nearly Rs 44,000 crore around 2014. "We will be able to maintain strategic autonomy only when arms and equipment are made in our own country, by our own people. We worked towards this, and we also saw positive results," Singh said. "While around 2014, our domestic defence production was around Rs 44,000 crore, today our domestic defence production has crossed the record figure of Rs 1 lakh crore, and it is continuously growing," he

PC, laptop imports from China surged by 11.3% to $276 million in December

In December, China's share increased to 89.4 per cent in total shipments of the items to India compared to 76.4 per cent share during April-December period of FY24

'Thermal coal imports falling first time since pandemic on domestic output'

Lower Indian appetite for imports could further pressure prices, even as miners grapple with a 70% plunge from record highs that followed Russia's invasion of Ukraine in 2022

Yellow peas import allowed after registration under monitoring system: DGFT

Import of yellow peas is allowed after registration under the import monitoring system with immediate effect for all consignments where bill of lading (shipped on board) is issued on or before April 30, according to a commerce ministry notification. The Directorate General of Foreign Trade (DGFT) said the import is permitted without the MIP (Minimum Import Price) and port restriction conditions. However, the imports are subjected "to registration under the import monitoring system, with immediate effect for all import consignments where bill of lading (shipped on board) is issued on or before April 30, 2024," the DGFT notification said. During April-December this fiscal, the import of yellow peas stood at USD 5.43 million. It was USD 0.14 million in 2022-23.

India's lentil imports from Canada surge despite diplomatic strains

After Trudeau's comments, Indian lentil buyers slowed purchases from Canada, fearing that New Delhi or Ottawa could impose barriers on trade

Net FDI into India down 55% to $9.69 billion in Apr-Dec 2023: RBI Bulletin

Receding inflation, dip in borrowing costs may support FDI in 2024

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

Duty concession on gold will be concern for India in FTA with Peru: GTRI

Duty concessions on gold, which accounts for 80 per cent of India's imports from Peru, is the most challenging issue for New Delhi under the proposed free trade agreement with the South American nation, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. India and the South American nation Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. The next round of talks is expected to start this week in Lima, Peru. "Tariff concessions on gold, accounting for USD 1.8 billion or 80 per cent of India's imports from Peru

Steel imports hit five-year high in April-December amid soaring demand

India's steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year

Gold imports rise 26.7% to $35.95 billion in Apr-Dec on healthy demand

India's gold imports, which have a bearing on the country's current account deficit (CAD), increased 26.7 per cent to USD 35.95 billion during the April-December of this fiscal due to healthy demand, according to government data. The imports stood at USD 28.4 billion during the same period a year ago. In December 2023, imports of the precious metal jumped by 156.5 per cent to USD 3 billion, as per the data released by the commerce ministry. Despite the increase in gold imports, the country's trade deficit (difference between imports and exports) narrowed to USD 188.02 billion in the first three-quarters of this fiscal against USD 212.34 billion in April-December 2022. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during the period dipped by 16.16 per cent to USD 24.3 billion. India's current account deficit declined sharply to 1 per cent of the GDP or USD 8.3 bill

SC junks review plea on overvaluation in capital goods' import by Adani cos

According to a lawyer associated with the case, the court had found that the project cost of APML and APRL was either similar or lower than the price of their competitors