Page 8 - India Exports

Plastic exports grew 9.4% to $933 mn in Oct on festive demand: Plexconcil

Plastic exports grew 9.4 per cent year-on-year to USD 933 million as the raw material prices declined and festive demand in key markets increased, Plexconcil said on Thursday. The country's plastic exports stood at USD 852 million in October 2022, industry body Plastics Export Promotion Council (Plexconcil) said in a statement. "We are very pleased to see a positive movement in exports of most of the product segments in October. There is an increase in demand following the festival season in the key markets. "We also saw a decline in raw material prices, which boosted exports. We hope that this trend continues into the next few months, and we are able to achieve overall growth despite the dampening performance in the past six months," Plexconcil Executive Director Sribash Dasmohapatra said. Exports of consumer and houseware products improved by 6.3 per cent in October, primarily due to higher sales of tableware and kitchenware made of plastics, builders ware of plastics and furnitu

FTA with EU, EFTA doable but India's concerns must be addressed: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said the proposed free trade agreements with the European Union and four-nation EFTA group are doable, but they should keep in mind India's concerns as the level of economic development is different. Addressing CII's India-Nordic Baltic Business Conclave here, he said the European Union (EU) and European Free Trade Association (EFTA) countries need to understand certain "very important and significant" differences between the two set of regions. "We are in active dialogue with the EU and EFTA for a free trade agreement... I do believe that both of these are eminently doable and will significantly help us expand our engagement not only in trade in goods services, but also in investments, technology, tourism, innovation, and clean energy," Goyal said. The Nordic Region nations include Denmark, Norway, Sweden, Finland, and Iceland, Faroe Islands, and Greenland, while Baltic states include Estonia, Latvia, and Lithuania. India an

Samsung, Apple phones' exports to drive electronic goods shipments: DGFT

Increasing exports of mobile phones by companies like Samsung and Apple are helping boost the electronic goods sector, a senior government official said. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said there has been an "exponential" jump in exports of electronics goods from India. From 11th or 12th a few years back, the sector is the fifth highest exporting commodity from India now, he added. "The jump has been exponential and largely on account of Samsung and Apple phones being exported from our country. So, there are certain sectors which are going to see rapid growth in exports and electronics, especially mobile phones and a lot of IT hardware...will become high export commodities in future," he said here at a function on MSME exports. Electronic goods exports rose by 27.7 per cent to USD 15.5 billion during April-October this fiscal. The sectors like electronics, value-added agri products, renewable energy items like solar panels and modules, and electric

India developing sea protocols for fresh produce to boost ocean exports

India is developing sea protocols for various fresh fruits and vegetables like bananas, mangoes, pomegranates and jackfruit to promote their exports through ocean routes, a senior government official said on Tuesday. At present, most of these exports are happening by air route because of lower volumes and different ripening periods. The protocol includes understanding voyage time, scientifically understanding the ripening of these commodities, harvesting at a particular time and training of farmers. These protocols will be different for different fruits and vegetables. Additional Secretary in the Commerce Ministry Rajesh Agrawal said shipments through sea route have two advantages - cost and volume. The exercise would help boost exports of fruits and vegetables as shipments through air cargo have a positive impact on the price competitiveness of these commodities. "So far, we are using air routes to export these perishable goods. But now, we are trying to see how we can use the se

India's non-basmati rice export slumps 57% in September on duty hike

Basmati rice export in contrast up 5.7% despite MEP

China-Plus-One strategy powers up India's exports of solar modules

Executives from rating agencies expect exports to continue to remain a part of the strategy for most large manufacturers

Exports up 6.21% to $33.57 bn in Oct; trade deficit high at $31.36 bn

India's exports rose by 6.21 per cent to USD 33.57 billion in October this year, as against USD 31.6 billion a year-ago, government data showed on Wednesday. Imports also increased to USD 65.03 billion in the month under consideration, as against USD 57.91 billion recorded in October 2022. The country's trade deficit in October stood at USD 31.46 billion. During the April-October period of this fiscal year, exports contracted by 7 per cent to USD 244.89 billion. Imports during the seven-month period fell by 8.95 per cent to USD 391.96 billion. Commerce Secretary Sunil Barthwal said the trade numbers in October reflect 'green shoots'.

Faster trains are crucial for India to tap global export markets like China

What has local train travel got to do with exports? A lot, according to Lin Tian at INSEAD in Singapore and Yue Yu at the University Of Toronto

Indian exporters on Amazon Global Selling gear up for holiday season

Indian businesses exporting through the Amazon Global Selling program are on track to surpass $8 billion in cumulative exports by the end of 2023

India's rice export restrictions are pushing global south towards a crisis

Every rice eater in the world has felt the pinch of India's export restrictions

US emerges as India's biggest trading partner during Apr-Sep this fiscal

The US has emerged as India's biggest trading partner during the first half of the current financial year despite global economic uncertainties and declining exports and imports, according to government data. According to the provisional data of the commerce ministry, the bilateral trade between India and the US has declined by 11.3 per cent to USD 59.67 billion during April-September 2023 against USD 67.28 billion in the same period last year. Exports to the US have come down to USD 38.28 billion during April-September 2023 from USD 41.49 billion a year ago. Imports also declined to USD 21.39 billion during the first six months of the current fiscal compared to USD 25.79 billion in the same period last year. Similarly, the two-way trade between India and China also dipped by 3.56 per cent to USD 58.11 billion. Exports to China contracted marginally to USD 7.74 billion during the first half of the current fiscal from USD 7.84 billion in the year-ago period. Imports fell to USD 50.

India's exports decline 2.6% to $34.47 bn in September: Govt data

India's exports declined by 2.6 per cent to USD 34.47 billion in September this year as against USD 35.39 billion in the same month last year, government data showed on Friday. Imports too fell by 15 per cent to USD 53.84 billion as against USD 63.37 billion recorded in September 2022. The country's trade deficit in the month stood at USD 19.37 billion. During April-September this fiscal, exports contracted by 8.77 per cent to USD 211.4 billion. Imports during the six-month period fell by 12.23 per cent to USD 326.98 billion. Meanwhile, Commerce Secretary Sunil Barthwal said, "Negotiations for the India-UK FTA (free trade agreement) are going on and we are ironing out the differences.

Centre set to restrict sugar exports after poor monsoon rains: Report

Monsoon rain this year was the lowest since 2018 due to the El Nino weather pattern

Israel crisis unlikely to have impact on pharma trade: Industry Experts

Pharmaceutical exports from India to Israel in FY 2020-21 amounted to $32.5 million, which represents only a minor segment of India's overall pharma exports

Marketing strategy to help tap $112 bn export in 10 nations in 3 yrs: Study

Aggressive marketing strategy including support from the government can help Indian businesses tap USD 112 billion export potential in ten countries like the US and UK in three years, according to a study by FIEO. Federation of Indian Export Organisations (FIEO) said that to tap this potential, a proper strategy is required. It suggested the government to formulate a scheme to support participation of domestic industry in exhibitions, buyers-sellers meet, and roadshows in important cities of these ten countries to showcase Indian goods. Besides, Indian missions in these countries should identify market access issues so that those problems can be resolved to promote shipments of domestic goods in those destinations as non-tariff barriers impact exports. The missions can also help industry organise meetings with leading importers, FIEO said, adding active print and electronic media campaigns can be considered to show the prowess of domestic manufacturing capabilities in these ...

Mobile phone exports from India almost double to $5.5 bn till Aug in FY24

Mobile phone exports from India almost doubled to USD 5.5 billion, about Rs 45,700 crore, till August this financial year, according to industry body ICEA's estimates. ICEA said, mobile phone exports from India between April-August 2023 was around USD 3 billion, about Rs 24,850 crore. A source, who did not wish to be named, said, with Apple exported mobile phones worth more than Rs 23,000 crore, thereby accounting for a little over half of the total export. An email query sent to Apple did not elicit any reply. Commenting on the overall mobile phone export, ICEA Chairman Pankaj Mohindroo told PTI that mobile phone exports from India continue to buck the overall trend of muted global trade by registering a massive growth of more than 80 per cent. "India continues to strive hard to be a preferred location for GVCs. It is work in progress but the trend is positive," Mohindroo said. According to ICEA estimates, mobile phone exports from India have doubled to surpass Rs 90,000 crore,

Overall engineering exports from India affected by global slowdown: EEPC

Engineering Exports Promotion Council (EEPC) said that overall exports of engineering goods from the country have been affected by the global slowdown. Overall engineering exports during April to August in 2023 dropped 4.55 per cent to USD 44.62 billion as against USD 46.74 billion in the previous similar period of 2022. According to an EEPC spokesman, engineering exports to Russia surged 178 per cent to USD 568.41 million during April to August of fiscal 2023-24, which was USD 204.17 million in the corresponding previous period. The exporters' body said that some of the major trading partners like the US and European countries have been affected by the global slowdown. The Russia-Ukraine conflict has also been ongoing, while China is also experiencing a slowdown. All these factors have affected India's engineering export demand, EEPC said. Engineering exports to the US fell 14 per cent year-on-year during April to August 2023. EEPC is also of the view that India should sign free

India unlikely to export sugar in 2023-2024, says ED&F Man Commodities

NEW DELHI (Reuters) - India is unlikely to export sugar in 2023-24 season as output will be less than a year earlier, Kona Haque, head of research at ED&F Man Commodities said on Thursday.

Legislation introduced in US House to remove high-tech barriers to India

As President Joe Biden visited New Delhi, two powerful lawmakers have introduced legislation in the US House of Representatives to remove high-tech export barriers to India to give a big boost to the unrestricted export of sensitive technologies to the country and bolster bilateral technology cooperation. The legislation was introduced on Friday by Congressmen Gregory Meeks, Ranking Member of the House Foreign Affairs Committee, and Andy Barr, vice chair of the House India Caucus. The Technology Exports to India Act aims to facilitate the sale of high-performance computers and related equipment to India and strengthen United States-India technology cooperation. As President Biden visits India for the G-20 Summit, we are happy to introduce the Technology Exports to India Act' to bolster technology cooperation between the United States and India, the two lawmakers said in a joint statement. This bill removes restrictions on the sale of US products, such as digital computers and ...

Trade pacts with G20 member countries can help India boost exports: CII

Negotiating trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India's economic growth and global influence. India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said. He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services. "Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries. Such agreements can reduce trade barriers, tariffs, and regulatory