Page 5 - India Exports

India targeting Russia to boost banana exports to $1 bn: APEDA chairman

After successfully exporting trial shipments of fresh bananas to countries like the Netherlands through sea route, India is now targeting to increase exports of the fruit to Russia, an official said on Monday. India has set a target of USD 1 billion banana exports in the coming years. At present, exports of most of the fruits, including banana, from India are happening by air route because of lower volumes and different ripening periods. To increase vo?lumes, India is developing sea protocols for fresh fruits and vegetables like bananas, mangoes, pomegranates, and jackfruit to promote their exports through ocean routes. The Agricultural and Processed Food Products Export Development Authority (APEDA), along with other stakeholders, has developed these protocols for bananas. APEDA is an arm of the commerce ministry. "We are targeting Russia to increase banana exports. We are going to participate in buyer-seller meets in Russia," APEDA Chairman Abhishek Dev said. He said India expor

India's exports to Australia up 64.4% in Nov: Commerce ministry data

India's exports to its trade agreement partner Australia rose 64.4 per cent year-on-year to USD 643.7 million in November on account of healthy growth in sectors such as textiles, chemicals and agricultural products, according to the commerce ministry data. However, the country's merchandise exports recorded a decline of 5.21 per cent year-on-year to USD 5.56 billion, the preliminary data showed. India and Australia implemented an interim trade pact -- Economic Cooperation and Trade Agreement (ECTA) -- on December 29, 2022 and are now in negotiations to widen the scope of the pact. On the completion of two years of ECTA, Commerce and Industry Minister Piyush Goyal said the agreement has brought with it increased market access for Indian exporters, expanded opportunities for MSMEs and farmers, and generated several employment avenues. It has also enabled growth in exports by 14 per cent in 2023-24; notable boost in IT/ITeS, business and travel services; and port-study work and work

Recovery in markets, focus on key products boost export prospects for 2025

India's growing capabilities in high-value sectors like machinery and electronics are supporting the country's exports, amid global uncertainties caused by conflicts, and the gradual economic recovery in developed markets offers improved growth prospects for the Indian exporting community in 2025. Trade experts suggest that if the new US administration imposes higher tariffs on China, Mexico, and Canada, Indian exporters could benefit further by seizing those opportunities. They noted that the possible intervention of the new US administration under Donald Trump to end the Russia-Ukraine conflict could ease the Red Sea crisis, streamline global supply chains, and reduce shipping costs for traders. However, Trump's threat for reciprocal tariffs on Indian goods may have an impact on the country's outbound shipments, as additional duties affect exporters' competitiveness. The European Union's green regulations, including the Carbon Border Adjustment Mechanism (CBAM) and deforestation

WT-ECIB scheme likely to benefit 1,000 new small exporters, says govt

The ECGC is aiming to reduce the export credit gap through the WT-ECIB scheme, which is expected to benefit about 1,000 new small exporters, in addition to the existing 8,000-odd by facilitating the availability of adequate and affordable export finance from banks for working capital, an official statement said. The commerce ministry in its 2024 year-end review said that the Export Credit Guarantee Corporation of India (ECGC) has extended the scope of its Whole Turnover Export Credit Insurance for Banks (WT-ECIB) scheme to export credit working capital limits up to Rs 80 crore with effect from July 1. "ECGC aims to improve the export credit offtake for MSME exporters and reduce the export credit gap through this scheme, which is expected to benefit around 1,000 new small exporters, in addition to around 8,000 existing exporters," it added. It also said that the India-Sri Lanka Economic and Technology Cooperation Agreement (ETCA) negotiations are ongoing with the 14th round of ...

Govt needs to properly monitor export promotion scheme EPCG: CAG report

The commerce ministry needs to properly monitor the scheme to promote exports, EPCG, as it not only allows duty-free imports of capital goods but also grants a long gestation period for meeting the export obligation, according to a CAG audit report. The scheme allows import of capital goods for pre-production, production, and post-production at nil customs duty but subject to meeting export obligations. The report also said the import of capital goods from ports other than the registered port without adhering to the prescribed procedure involves the risk of importing the goods from multiple ports using the same authorisation that have revenue implications and has the risk of misuse of the bonds. The customs and regional authorities should monitor such cases scrupulously and invoke penal action for non-compliance, CAG said in a statement. It has presented the performance audit report on the scheme in Parliament. "The scheme not only allows duty-free imports of capital goods but als

Mexico, Canada, Asean gained more from US-China trade war than India: GTRI

Mexico, Canada, and 10-nation Southeast Asian bloc ASEAN benefited more from the US-China trade war than India, economic think tank GTRI said in a report. It said that India has to strengthen its local supply chains and produce critical intermediates to reduce reliance on China, while improving cost efficiency and ease of doing business to enhance competitiveness of domestic industries and increase exports to the US. With Donald Trump again becoming the US President, the evolving trade landscape offers huge opportunities for the Indian industry as he is now planning new tariffs targeting Mexico, Canada, China, and others. The US-China trade war, initiated in 2018 under President Trump with tariffs targeting key sectors, has significantly reshaped global trade flows but failed to achieve its primary goals. "Key beneficiaries of the trade war included Mexico, Canada, and ASEAN nations, which collectively accounted for 57 per cent of the growth in US imports. India also emerged as a

'Should not be concerned much about imports as long as exports' grow'

India should not be overly concerned about imports as long as exports' share continues to grow, Commerce Secretary Sunil Barthwal said on Thursday. He also said the world needs to avoid protectionism which creates more trade barriers and hinders movement of goods. The secretary said that one needs to avoid the mercantilist approach and should not bother too much about trade balance and imports. "Because if the Indian economy is growing at 7 per cent and if the world is growing at 3-3.5 per cent rate of growth then obviously India will be requiring more of consumption, more of imports and let me tell you that the role of imports in exports is also very very important," he said at a CII event. Imports of raw materials and intermediate products are essential, he said. "As long as we are able to improve our exports share, we should not be too much concerned about imports and that is what I feel that we need to avoid," he added. Further, Barthwal said developed countries are confused

Asia's jet fuel imports from India to hit multi-yr high in Nov, shows data

Indian aviation fuel arriving in hubs including Singapore, Hong Kong and Malaysia will probably hit around 2.7 million barrels in November, up at least 40% from October

PM Modi visits Guyana: Why South American nation is crucial to India

South American nation has become a significant contributor to world crude supply

China top import source for India during Apr-Oct, exports to China dip 9%

China was India's top import source with USD 65.89 billion, a 9.8 per cent year-on-year increase, worth of inbound shipments during the April-October period of this fiscal, according to the commerce ministry data. Exports to China, however, dipped by 9.37 per cent to USD 8 billion. During the period, the US emerged as the top export destination for the country with outbound shipments increasing by 6.31 per cent to USD 47.24 billion. During the period, the top 10 import sources of India were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore, the data showed. Imports from Russia rose by 8.85 per cent to USD 38.8 billion during April-October this fiscal from USD 35.65 billion a year ago. Similarly, the inbound shipments from the UAE rose by 55.12 per cent to USD 38.64 billion from USD 24.9 billion in the first seven months of the last fiscal. During the period, the top 10 export destinations of the country were the US, the UAE, the ...

India boosts global share in petroleum, gemstone, sugar exports over 5 yrs

India's export competitiveness has witnessed healthy gains in multiple sectors -- particularly petroleum, gemstones, agrochemicals and sugar -- during the last five years, as these segments have increased their share in global trade, according to the commerce ministry data. The other sectors where the share of India's exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. The ministry data analysis showed that petroleum exports rose to USD 84.96 billion in 2023, with India's market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018. In the precious and semi-precious stones segment, the country's share in global shipments has soared to 36.53 per cent last year from 16.27 per cent in 2018. It has propelled the country to the top position in the category, with exports reaching USD 1.52 billion in 2023 from USD 0.26 .

Govt decides to scrap export tax on parboiled rice to boost exports

Last month India also gave the go ahead for exports of non-basmati white rice to resume. But New Delhi set a floor price for non-basmati white rice exports at $490 a metric ton

Make in India needs a reset. It won't work unless we focus on exports

The trouble is that Indian manufacturers appear less and less interested in becoming export powerhouses

Export of electric two-wheelers from India has lot of potential: Gadkari

Exports of electric two-wheelers from India has a lot of potential, specially to markets where Indian manufacturers are already selling conventional engine counterparts, Union Minister Nitin Gadkari said on Tuesday. Speaking at the launch of Revolt Motors' electric commuter motorcycle here, Gadkari said 50 per cent of motorcycles produced in India are exported and major players like Bajaj Auto, Hero MotoCorp, and TVS have a large presence in the international markets. The minister asked Revolt Motors to explore markets in the neighbouring countries as well as Africa and Latin America. Anjali Rattan, Co Founder and Chairperson of Rattan India Enterprises -- the promoter firm of Revolt Motors -- said the company has firmed up plans for exports to Sri Lanka to start with. The company is exploring export opportunities in Nepal, Africa, and Latin America as well. Revolt Motors on Tuesday launched its commuter bike RV1 with introductory prices of Rs 84,990 and Rs 99,990 for two variants

Open for opportunities to source components from India: Aircraft maker ATR

India is the main market that offers a lot of potential and ATR is open for opportunities in terms of sourcing components from the country, according to a senior official of the European aircraft maker. ATR, a joint venture between European aeronautics players Airbus and Leonardo, manufactures turboprops with up to 78 seats as well as freighters. IndiGo and two regional carriers -- Alliance Air and FLY91 -- operate ATR planes that are used for regional flight operations. ATR's Chief Commercial Officer Alexis Vidal told PTI in a recent interview that the company is looking at India as the main market and the country's regional air connectivity is very promising. Currently, nearly 70 ATR planes are in operation in India and worldwide, the company has delivered around 1,700 aircraft. "We believe there is a potential in India for another 200 aircraft in the coming decade... All this, I believe very well supported by policy making... will drive additional aircraft into the country," he

Agrochemicals export likely to touch Rs 80,000 cr in 4 yrs: ACFI-EY report

India's agrochemical exports could increase to over Rs 80,000 crore in the next four years provided the industry is facilitated with conducive environment, according to a report by AFCI and EY. A report by Industry body Agro Chem Federation of India (ACFI) and EY titled 'Indian Agrochemical Industry: The Story, the challenges and the aspirations' noted that the exports of agrochemicals stood at Rs 43,223 crore in the 2022-23 fiscal. "India's Agrochemical exports outweigh the domestic consumption of the same. The Indian exports by agrochemical industry have witnessed commendable growth in recent times," said the report which was released at the 7th AGM of ACFI held recently. ACFI said that the government must focus on facilitating a conducive environment which includes streamlining licencing norms and improving infrastructure for storage and sale, incentivise biopesticide production, streamline registration process for new molecules, enter trade agreements with countries with more ..

Amazon says exports from India-based sellers to cross $5 bn in 2024

Such items are usually easy to post directly to customers abroad and less affected by import taxes than costlier products

Need to remove basmati rice floor price to boost shipments, say exporters

India and Pakistan, the only growers of basmati, both try to promote the premium grade of rice in a manner similar to French Champagne or Darjeeling tea

Domestic exporters keep fingers crossed amid Mpox outbreak in Africa

Indian exporters are keeping their fingers crossed amid the outbreak of Monkeypox in Africa, as the continent is a crucial region for domestic exports. According to exporters, though the spread of the disease is contained in certain countries, it would be a challenge, if it spreads to more nations. "As of now, the spread is not rampant, but looking into the infection, the exporters are definitely concerned, hoping it will not spread," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. Another exporter said that so far, there is no lockdown-like situation in the continent, and therefore, no payment delays are happening. "But, we are keeping our fingers crossed," he said. Think tank GTRI said the direct impact of the MPox outbreak on global trade has been relatively limited so far, though the situation warrants close monitoring. Unlike the COVID-19 pandemic, which led to strict travel bans, the current MPox situation has not necessitated such drastic

India's exports fall 1.48% in July, trade deficit widens to $23.5 billion

Inbound shipments into the country rose 7.46 per cent to $57.48 billion during the month, leading to a trade deficit of $23.5 billion