Page 9 - India Exports

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

ITC's Puri hopes food export bans are short-lived once supply stabilises

The company, a major wheat exporter, saw its agriculture business revenue decline 25% in the April-June quarter, hit by the export bans, according to its quarterly earnings presentation

Toy exports up 60% to $326 mn from FY19-FY23: MoS informs Parliament

India's toy exports increased 60 per cent from USD 203.46 million in 2018-19 to USD 325.72 million in 2022-23, Parliament was informed on Wednesday. Import on the other hand dipped 57 per cent from USD 371.69 million in 2018-19 to USD 158.70 million in 2022-23, according to data provided by Minister of State for Commerce and Industry Som Parkash. He said the government has taken proactive steps to promote domestic toy industry. "As a result of various steps taken by the government, the volume of import of toys into the Indian market has shown a consistently decreasing trend," he said in a written reply to the Lok Sabha. In a separate reply, he said the total number of industries registered under the ministry from January 1991 to July 31, 2023 is 1,10,525. Replying to a question on Open Network for Digital Commerce (ONDC), Commerce and Industry Minister Piyush Goyal said ONDC has launched a Feet on Street (FoS) programme, involving 90 FoS resources, to support the network participa

Niti Aayog looking at tax related issues of engineering, textile industry

Government think-tank Niti Aayog is looking at tax-related issues, including inverted duty structure in three sectors of engineering, leather, and textiles, an official said on Monday. The issues are likely to be taken up with higher authorities for their resolution to promote the growth of these sectors, the official said. Industry representatives of leather and engineering sectors said that they have shared a list of GST (Goods and Services Tax) and inverted duty structure-related issues with the Niti Aayog. "We expect the government to resolve those issues as it would help in promoting manufacturing and exports from the country," an industry official said. The leather sector has recommended the reinstatement of basic customs duty on the import of wet blue, crust and finished leathers. The exercise assumes significance as these three sectors are labour-intensive and contribute significantly to the country's merchandise exports. The leather and footwear industry employs 4.42 mi

Postal dept helping small businesses contribute to India's exports

Dakghar Niryat Kendras (DNKs) are helping small businesses in exporting even the smallest items from any part of the country, a senior postal official said here on Thursday. Speaking at a session organised by the Merchants' Chamber of Commerce, Post Master General of West Bengal circle Anil Kumar said the scheme is helping small businesses to contribute to the country's exports. "The Department of Post is at present catering to 213 countries, and is doing e-commerce with 38 countries in the Asia Pacific region," he said. He said the department has a network of 60,000 post offices in India, of which 12,000 are in West Bengal. "This network is being used to facilitate exports of all types of goods, including 'gangajal'," he said. The government is also working on a comprehensive plan to make the postal network useful for the 'one district one product' scheme, Kumar said. He said that the department is also working on a number of other initiatives to boost its revenue, including the

Comm min asks exporters to focus on potential sectors to boost exports

The commerce ministry on Monday asked exporters to focus on potential key sectors such as food, electronics and engineering and 12 major markets to boost exports, an official said. It was also suggested to focus on organising fairs and exhibitions at global scale, the government official said. These issues among others were discussed during a meeting called by the ministry with the industry and exporters. The meeting was chaired by commerce and industry minister Piyush Goyal. The six sectors which hold huge potential to increase the country's exports include food, textiles, engineering, electricals and electronics, medical devices, pharma and auto components. The main global destinations where exports could be promoted further include the US, UK, Brazil, Germany, Saudi Arabia, Sweden, Taiwan, Korea, Japan and Russia. An industry representative, who participated in the meeting, said that emphasis was given on both trade and investments. Increasing investments will help in promoti

Steering sustainable trade

India needs to push manufacturing exports

Exports to EU worth $1.3 bn to be impacted by deforestation rule: GTRI

India's exports of products like coffee, leather hides and paperboard worth USD 1.3 billion annually to the European Union will get impacted due to the deforestation regulation adopted by the EU earlier this week, a report by economic think tank GTRI said on Thursday. Within three weeks of introducing the carbon border tax, the European Union Council on May 16 adopted the European Union Deforestation-Free Products Regulation (EU-DR). The Global Trade Research Initiative (GTRI) said that the EU-DR appears to prioritise protecting its own agricultural sector and promoting exports, making imports more difficult as it is a trade barrier disguised as a green measure. The regulation covers cattle, buffalo, the meat of bovine animals, preparations, Oil cake, soya beans, palm oil, cocoa bean, powder, chocolate, coffee, leather hide, skin, paper, paperboard, wood, wood articles, wood pulp, boards and wood furniture. The exporters now have to ensure that these products have been grown on lan

The long route for oil

Surge in India's petrochemicals export may not be sustainable

India's services exports rise record 27% in FY23, shows RBI data

Services imports grow 22%; surplus at $142 bn: RBI data

India surpasses Rs 85,000 cr worth mobile phone exports in FY23: Data

Smartphone exports from India have doubled from a corresponding period from the last fiscal year, driven by production-linked incentive (PLI) schemes

Claims of rebound in global trade premature

The expected boost in shipments from China after relaxation of the Covid-19 restrictions has not materialised

Scaling the export competitiveness ladder: What should India do?

It is possible to rapidly climb the export competitiveness ladder and our vast labour force with low unit labour cost coupled with current global geopolitical conditions affords us the opportunity

New export strategy must be a result of introspection

The 2015 Foreign Trade Policy Statement said that the government aims to increase India's exports of merchandise and services from $465.9 billion in 2013-14 to approximately $900 billion by 2019-20

India's exports rise in both value, volume terms in 2022: GTRI report

The country's merchandise exports have recorded a healthy growth in both value and volume terms in 2022, economic think tank Global Trade Research Initiative (GTRI) said in a report on Thursday. The outbound shipments rose by 14.6 per cent year-on-year to USD 453.3 billion in 2022. "The study found that products where exports increased to cover a value of USD 315.9 billion (69.8 per cent of total merchandise exports). But, products whose export quantities increased over the previous year represent USD 285.6 billion (63 per cent of total exports)," it said. Major product categories which have recorded growth in both value and volume terms include petroleum products, sugar, and basmati rice. "Petroleum products, including diesel, gasoline and naphtha represent an export value of USD 94 billion. The unit price rose between 50-115 per cent in one year. The high unit prices may be primarily due to the high prices of crude oil. Sugar saw a unit value increase of 15 per cent, with exports

India's soymeal exports to soar as drought trims Argentine supply

The drop in Argentina's output has driven up the South American producer's prices, making Indian soymeal more competitive