Page 7 - Imports

India's crude oil imports from Russia down 24% MoM, lowest in 7 months

Indian refiners also cut shipments from Iraq, another top supplier, by 10% on the month in August to 848,000 barrels a day

Palm oil futures edges up on supply concerns amid India festive demand

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange strengthened 7 ringgit, or 0.18% to 3,937 ringgit ($849.22) per metric ton by the midday break

India mulls wheat imports from Russia at discount to calm prices: Reports

The imports would allow New Delhi to intervene more effectively in the market to drive down wheat prices that stoked inflation to a 15-month high in July

Global slowdown, protectionism start affecting services exports from India

The services trade surplus widened to $36.39 billion in the first three months of the current financial year against $31.07 billion in the first quarter of the previous year

No proposal to put import restrictions on more electronic goods: Comm Secy

There is no proposal at present to impose import restrictions on more electronic goods, Commerce Secretary Sunil Barthwal said on Monday. The government has decided to impose import curbs on laptops, personal computers and certain more electronic devices from November 1 on security grounds to reduce imports from nations like China and boost domestic manufacturing. Barthwal said there is a production-linked incentive (PLI) scheme for electronics and mobile manufacturing. "We are monitoring our imports. We are also looking that there should not be undue dependence on any particular country. We want to diversify both our exports as well as our imports. "We do not want ourselves to be dependent upon very few sources of imports...So what we are doing, we are evaluating the position in consultation with various ministries. We are looking at trends, but there is nothing in the offing, as of now," he told reporters here. He was replying to a question about whether the government is lookin

Trade deficit widens to $20.67 bn in July compared to $20.13 bn in June

Merchandise exports in July stood at $32.25 billion, down from $32.87 billion in June and $38.34 billion in July 2022

US trade deficit shrinks sharply as imports hit more than 1-1/2 year low

Imports drop 1.0%, goods imports decline 1.2%; exports dip 0.1%, goods exports decrease 0.1%

Govt may give 1 month transition period for electronics import restrictions

Within a day, the government officials said there will be a transition period for this policy without providing further details

'Timeline for implementing import restriction on laptops may get extended'

The government is likely to push its order of licensing requirement for imports of laptops, PC and tablets by at least a month, sources said, as officials did fire-fighting after the decision announcement took the industry by surprise. The move is expected to offer a breather to companies, who have been on tenterhooks following Thursday's order. DGFT will soon issue a notification on timeline extension, IT Ministry sources said. In a post on 'X' social media platform (earlier known as Twitter), Minister of State for Electronics and IT Rajeev Chandrasekhar said: "There will be a transition period for this to be put into effect, which will be notified soon". Meanwhile, IT Ministry sources indicated that implementation timelines will be extended by at least a month, which means players will have more time in hand to apply for a licence if they wish to import these products. Time will be given to companies so that they apply for licences, sources said, adding that timelines will be ...

Govt should announce objective criteria for importers of computers: GTRI

With India imposing import curbs on laptops and computers, the government should take steps such as announcing objective criteria for importers to seek licence for inbound shipments of these items to meet domestic demand, trade think-tank GTRI said on Friday. On August 3, the government said importers of these goods have to seek licence/permission from Directorate General of Foreign Trade (DGFT) for imports. PCs, laptops, and tablets connect us to the world of education, business, entertainment and everything else. The government must take all steps to avoid short supply and market disruption. One way is announcing objective criteria that will constitute the basis for the grant of licence, Global Trade Research Initiative (GTRI) co-founder Ajay Srivastava said. In similar cases earlier, criteria like past performance have been used for granting licences. He said the government may inform all firms of their next year's annual import eligibility in terms of the number of units and va

Govt restricts import of laptops, computers to push local manufacturing

"Their import would be allowed against a valid licence for restricted imports," the notice said

Rupee snaps 3-day winning run on RBI intervention, importer hedging

The one-year dollar-rupee implied yield rose four bps to 1.73%, amid the RBI's possible intervention in the forwards market

India's trade deficit falls to $20.13 bn in June from $22.1 bn in May

Services exports in June were $27.12 billion, while imports were $15.88 billion

Gold, silver prices unchanged; yellow metal trading at Rs 59,620 per 10g

The price of ten grams of 22-carat gold was Rs 54,650, at par with yesterday's price

Falling inbound shipments cast a shadow on IGST and cess on imports

Imports were the only exception in the otherwise strong GST numbers in the first three months of the current financial year

Centre prohibits import of cigarette lighters priced less than Rs 20

The government on Thursday prohibited imports of cigarette lighters if the price per unit is less than Rs 20, with a view to discourage inbound shipments of the product. "The import policy of cigarette lighters...is revised from 'free' to 'prohibited'. However, import shall be free if CIF value is Rs 20 or above per lighter," the directorate general of foreign trade (DGFT) said in a notification. CIF value (cost, insurance, and freight) is a trade term used in international commerce to determine the total value of goods being imported. The prohibition has been imposed on pocket lighters, gas fuelled, non-refillable or refillable. Imports of pocket lighters, gas fuelled, non-refillable stood at USD 0.66 million in 2022-23. It was USD 0.13 million in April this fiscal. Similarly, the inbound shipments of pocket lighters, gas fuelled, and refillable, stood at USD 8.87 million in 2022-23 against USD 7 million in 2021-22. It was USD 0.96 million in April of this fiscal. These are impo

Coal India to phase out mining equipment imports that costs Rs 4,500 cr

In a boost to domestic manufacturing of earth-moving equipment used in mines, Coal India Ltd has decided to phase out imports over a period of 5-6 years, the Coal Ministry said on Monday.

India can cut energy import bill by using 10% of coal bed methane: Experts

India can cut its energy imports bill by USD 2 billion if the nation harnesses 10 per cent of the coal bed methane reserves of 2,600 billion cubic meters, said experts. This assumes significance in view India's coal production clocking record high during the last iscal year and plans afoot to increase it further. The experts believe that the industry's collective efforts in utilising Coal Bed Methane (CBM) can help the country save over USD 2 billion on imports bill in near future. India has an estimated Coal Bed Methane Reserve of 2600 billion cubic metres, they say. "India touched a record-high growth in coal production of more than 778.19 million tonne, posting record growth in coal production in the year 2022-23. "Plan is to increase the production to over one billion tonne by 2025-26. Therefore, we collectively must tap and utilise Coal Bed Methane which in turn would help reduce emissions and also boost India's energy security. Even if the industry can tap about 10 per cent o

EU imports high-tech products worth euro 482 bn from extra-EU nations

In 2022, the EU imported Euro 482 billion worth of high-tech products from extra-EU countries (+22 per cent compared with 2021), according to an estimate published by Eurostat

India's merchandise trade deficit in March stood at $13.7 billion

That was lower than the $17.43 billion recorded in the previous month, and below the $18.30 billion forecast in a Reuters poll