Page 20 - India Trade

Dip in demand from China, Italy may have hit India's merchandise exports

India's merchandise exports contracted 3.5% to $33.6 bn in September

Foreign trade: Going beyond a phrase

India's trade policy needs to expand on what 'self-reliance' means

Surge in import cost may negate positive impact of rupee fall: Experts

According to an analysis done by FIEO, the rupee has depreciated by 8.1 per cent till September 7, 2022 since the same point last year

UCO Bank becomes first lender to get RBI's approval for rupee trade

Many banks in India are planning to open such special vostro accounts for settling trade transactions with other nations

Currency internationalisation: India pushes for rupee trade with Cuba

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India

Russia's secret gem sales fracturing diamond trade from Mumbai to New York

Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa PJSC was hit with US sanctions

Rice prices soften in domestic markets after ban; exports may shrink by 25%

India, which commands 40% share in the global rice trade, exported 21.23 mt of rice in 2021-22, against 17.78 mt in the previous year

India's exports surge 1.62% in Aug with outbound shipments worth $33.92 bn

External demand for key commodities such as engineering goods, gems and jewellery, and textiles fell in August

Conditions apply

Futures trade in farm commodities won't work with controls

Trade with India saw biggest jump among 15 nations in 1 year: US envoy

US's trade with its top 15 partners increased over the past one year, but the single biggest jump was with India, the country's Consul General in Kolkata Melinda Pavek said. Pavek, while addressing a session here at the East India Summit 2022 organised by the Confederation of Indian Industry (CII), said India-US trade stood at USD 67 billion during the first six months of 2022. "Exports to India were USD 23 billion, while Indian exports to the US stood at USD 44 billion during January-June. "US trade with its top 15 partners has increased over the past year, but I am proud to say that the single biggest jump was with India... US companies are consistently India's biggest source of foreign direct investment (FDI)," she said. In 2021, overall US-India bilateral trade in goods and services was USD 157 billion, as per official data. Some of the top trading partners of the US include China, Canada, Mexico, Japan, Germany, the United Kingdom and France. Pavek also said several US agenc

Staying out of IPEF's trade pillar: There are two sides to this debate

There is no meeting ground between politics which is looking at the elections this year, and economics, which is looking at the next decade

India-Russia trade hits roadblock as Moscow wants ruble for its exports

Moscow is pushing for ruble payment for crude imports after Russia's energy major Gazprom signed a deal with China to start payments for gas supplies to China in yuan and rubles instead of dollars

Export momentum dissipating but new opportunities opening up

Speculation on what the new Foreign Trade Policy, to be unveiled this month-end, may contain has engaged the attention of exporters and importers

CEPA: When it comes to trade with Bangladesh, India is far behind China

China accounted for 10.2 per cent of FDI investments in Bangladesh between 2014 and 2021, India's share was 3.9 per cent

India aspiring to take intl trade to $2 trn by 2030, says Goyal in US

India's goods and services exports crossed $675 billion in the last financial year and the government has set a target of achieving $750 billion for 2022-23

ONDC to soon open up for beta-testing for public in limited areas

Since April-end, ONDC has been testing with a closed user group for end-to-end execution.

Piyush Goyal likely to chair Board of Trade meeting next month

Commerce and Industry Minister Piyush Goyal is likely to chair a meeting of the Board of Trade next month to discuss ways to boost the country's exports, an official said. The Board is an advisory body on the foreign trade policy. It is headed by the minister and includes participants from states, Union Territories, and senior officials from public and private sectors, and provides a platform to discuss ways on boosting manufacturing and exports. The board may meet sometime in mid-September, the official said. Last month, the government nominated 29 non-official members from different sectors, including large and small enterprises, to the Board. The new members include Laghu Udyog Bharati executive member Om Prakash Mittal, India Cellular and Electronics Association chairman Pankaj Mahindroo and Amul MD RS Sodhi. Discussions in the meeting are expected to focus on the new Foreign Trade Policy (FTP 2022-27), ways to take forward domestic manufacturing and exports. The platform pr

Trade with US, China: PHDCCI calls for mass production of commodities

In the fiscal year 2021-22, the US was India's largest trade partner, followed by China

New era for overseas trade as Indian cargo moves via Bangladesh ports

The successful completion of a trial run for trans-shipment of cargo movement from Kolkata to the northeast through Mongla port in Bangladesh marks a new era in connectivity for New Delhi and Dhaka.

Trade settlement in rupee: Fearing sanctions by West, banks seek clarity

Large banks with overseas operations have sought clarity and assurance from RBI that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia