Page 6 - India Exports

Imports from China up 13% to $10.2 bn, exports dip 9.44% to $1.5 bn in July

India's exports to China dipped by 9.44 per cent to USD 1.05 billion, while imports rose by 13.05 per cent to USD 10.28 billion in July, according to the commerce ministry data. Cumulatively, during April-July this fiscal, exports to the neighbouring country also dipped by 4.54 per cent to USD 4.8 billion, while imports grew 9.66 per cent to USD 35.85 billion, leaving a trade deficit of USD 31.31 billion, the data showed. The country's exports also contracted to the UK, Germany, South Africa, Malaysia, France, Italy, Australia, Nepal, Brazil, Belgium, Turkey, and Indonesia during the month. However, the outbound shipments recorded growth in the US, UAE, the Netherlands, Singapore, Saudi Arabia, Bangladesh, and Mexico in July. According to the data, India's exports to the US rose 3.15 per cent to USD 6.55 billion, while imports increased by 1.43 per cent to USD 3.71 billion in July. Cumulatively, during April-July 2024-25, exports to the US increased 9 per cent to USD 27.44 billion

India's exports dip 1.2% to $33.98 bn in July, imports up by 7.45%

India's merchandise exports in July dipped 1.2 per cent to USD 33.98 billion from USD 34.39 billion in the year-ago month, according to government data released on Wednesday. Imports increased by about 7.45 per cent to USD 57.48 billion in July against USD 53.49 billion a year ago. The trade deficit, or the gap between imports and exports, during the month under review stood at USD 23.5 billion. Briefing media on data, Commerce Secretary Sunil Barthwal said that going by the current trend, the country's total exports of goods and services will cross last year's figure. India's merchandise exports rose by 2.56 per cent to USD 35.2 billion in June, even as the trade deficit widened to USD 20.98 billion. Exports during April-July this fiscal increased 4.15 per cent to USD 144.12 billion, and imports grew 7.57 per cent to USD 229.7 billion.

Germany's proposed low emission steel standard may hurt India biz: GTRI

Germany's proposed Low Emission Steel Standard (LESS) is expected to pose new challenges to Indian industry which is already reeling with lower exports, higher imports and Europe's carbon tax, think tank GTRI said on Friday. India's steel exports have dropped by 31.2 per cent from USD 31.7 billion in 2021-22 to USD 21.8 billion in 2023-24, while imports have increased by 37 per cent, from USD 17.3 billion to USD 23.7 billion, making India a net importer, it said. The Global Trade Research Initiative (GTRI) said that the Indian steel industry is not legally bound to follow the new German steel standard, but ignoring it could hurt domestic exports. "Global markets are demanding low-carbon products, and Indian steel producers not aligning with LESS may struggle to compete," GTRI Founder Ajay Srivastava said. He added that India's steel industry must prepare to comply with new steel standards introduced by Germany, but may soon be adopted by other developed countries. LESS is a volunt

Electronics exports among top 3: PM Modi credits 'Yuva Shakti' for feat

PM Modi reposted Ashwini Vaishnaw's post on X citing Business Standard's front page story in Monday's edition, which reported that electronics exports were among top 3 categories in India

India adds two more ports for export of essential commodities to Maldives

India has announced two additional ports for the export of essential commodities from India to the Maldives for the financial year of 2024-25.The two new ports announced are namely: Kandla Sea (INIXY1) and Vishakhapatnam Sea (INYTZ1)."Government of India has announced the inclusion of two additional ports for export of essential commodities from India to the Maldives for FY 2024-2025," the Indian High Commission in Maldives said in a post on X.Kandla and Vishakhapatnam Customs Sea ports have been added to the list of ports allowed for Export of Essential Commodities. This is in addition to four ports which were already in use."In exercise of the powers conferred by Section 3 read with Section 5 of the Foreign Trade (Development & Regulation) Act. 1992. read with paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023, as amended from time to tone, the Central Government hereby amends Notification No 06/2023 dated 15 04 2024 incorporating (2) additional Ports for Export of

India has potential to export 15 mn tonnes coal to its neighbours: Study

India has a potential to export 15 million tonnes of coal to its neighbouring countries like Nepal and Bangladesh, according to a study. By promoting exports, increasing domestic production, and facilitating import substitution, the country aims to achieve self-reliance, strengthen energy security and support the growth of the coal sector. "According to a study conducted by IIM Ahmedabad, there may exist potential of exporting 15 MT to the...neighbouring countries," the coal ministry said in a statement. The country has a capacity to export 8 million tonnes (MT) of coal to Bangladesh, 3 MT to Myanmar, 2 MT to Nepal and 2 MT to others. The increased production and export of coal will lead to economic growth, create jobs and generate revenue for the government. The government is actively promoting coal exports to capitalise on the growing global demand for fossil fuels. This initiative aims to position the country as a key player in the international coal market, generating revenue

Decoding the 'Swift' payment system: Why it may crop up in Modi-Putin talks

Prime Minister Modi and Russian President Putin are set to hold key bilateral talks in Moscow today to discuss a wide range of issues as part of the 22nd India-Russia annual summit

Good, services exports expected to surpass $800 bn in FY25, says Goyal

'Hope to make progress in India-UK FTA irrespective of elections'

Exporters' body urges Piyush Goyal to restore IES benefits for all

A body of exporters has written to Union Commerce and Industry Minister Piyush Goyal, expressing concerns over the extension of the Interest Equalisation Scheme (IES) for only two months and exclusively for MSMEs. Federation of Indian Export Organisations (FIEO) president Ashwani Kumar highlighted that the scheme has so far benefitted not only MSMEs but also merchant exporters and large manufacturing companies at a lower rate of two per cent for 410 tariff lines, covering labour-intensive products. The current scheme, valid till June, provides pre and post-shipment rupee export credit, offers a two per cent interest equalisation rate for manufacturers and merchant exporters dealing with specified 410 export items, and a higher rate of three per cent for MSME manufacturers exporting under any of these items. Kumar pointed out that the exclusion of these categories from the extended scheme will severely impact labour-intensive exports, which have already been struggling in recent ...

DGFT, Revenue dept working on dedicated hubs to boost e-commerce exports

In a bid to boost India's e-commerce exports, the Directorate General of Foreign Trade (DGFT) is working with the Department of Revenue to establish designated e-commerce hubs across the country to streamline the process for online export shipments. The country's e-commerce exports currently stand at USD 2 billion as compared to China's staggering USD 350 billion, according to industry sources. The government aims at bridging the gap by establishing a supportive e-commerce ecosystem, they said. "A lot of streamlining is required in this regard. We are working with the Department of Revenue to have designated e-commerce hubs so that clearance of goods happens fast," Director General of Foreign Trade Santosh Kumar Sarangi told PTI. He said these hubs will have facilities like dedicated customs and security checks, allowing cleared parcels to proceed through a green channel at airports, eliminating the need for further inspections. This approach mirrors best practices observed in oth

Why is Nomura betting big on RIL, BEL, Exide, Sona BLW and Uno Minda?

As corporate capex picks up, it expects the Indian corporate sector to sustain 12 - 17 per cent earnings growth in the medium-term

India in trade deficit with 9 of top 10 trading partners in 2023-24: Data

India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. The data also showed that the deficit with China, Russia, Korea, and Hong Kong increased in the last fiscal compared to 2022-23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed. The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23. China has emerged as India's largest trading partner with USD 118.4 billion of two-way commerce in 2023-24, edging past the US. The bilateral trade between India and the US stood at USD 118.28 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23. India has a free

Share of passenger vehicle output geared for export at 10-year low in 2023

India's share of production geared for export is the lowest in Asia, trailing South Korea, Thailand, Japan, and Indonesia

India exports over 45,000 tonnes onion after lifting ban, says official

India has exported more than 45,000 tonnes of onion since the ban on outbound shipments was lifted early this month, a top government official said on Wednesday. These exports provided relief to farmers after curbs were imposed to keep domestic supplies steady ahead of general elections. The world's biggest vegetable exporter banned exports of the bulb last December and then extended it in March, after a rise in prices triggered by sluggish production. "Since the ban was lifted, more than 45,000 tonnes of onions have been exported, mostly to the Middle East and Bangladesh," Nidhi Khare, Secretary of the Consumer Affairs Ministry, told PTI. To keep onion prices affordable during the election period, the government on May 4 lifted the ban but imposed a minimum export price (MEP) of USD 550 per tonne. Khare said the forecast of a good monsoon this year will ensure better sowing of kharif (summer) crops, including onion from June onwards. State-owned agencies have started procuring o

Smartphones become India's fourth largest export item with 42% growth

Smartphones have been a key success story of the government's production-linked incentive (PLI) scheme

India asks int'l committee to set limits on ethylene oxide in spices

The development comes after sales ban on Everest and MDH

China beats US to emerge as largest trading partner of India in FY24: GTRI

China has emerged as the largest trading partner of India with USD 118.4 billion two-way commerce in 2023-24, slightly edging past the US, according to the data of economic think tank GTRI. The bilateral trade between India and the US stood at USD 118.3 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23. The data showed that India's exports to China rose by 8.7 per cent to USD 16.67 billion in the last fiscal. The main sectors which recorded healthy growth in exports to that country include iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits and vegetables, plastic and linoleum. Imports from the neighbouring country increased by 3.24 per cent to USD 101.7 billion. On the other hand, exports to the US dipped by 1.32 per cent to USD 77.5 billion in 2023-24 as against USD 78.54 billion in 2022-23, while imports dipped by about 20 per cent to USD 40.8 billion, the data showed. The Global Trade Research Initiative (GTRI) said

Lok Sabha elections: Bihar litchi faces the heat amid cargo curbs

Fresh litchi needs a sprinkle of support to reach across the country

On an upswing: Engineering goods exports pick up pace in H2FY24, shows data

The exports of engineering goods - comprising over a fourth of India's export basket - grew 2.1 per cent to $109.3 billion

Israel outweighs Iran in trade with India since 2019, shows data

India's exports to Iran dropped to $1.2 billion as of December 2023, on a rolling 4-quarter basis. India's exports to Israel grew to $6.1 billion in the same period