Page 9 - India Trade

Why India's easing of export curbs is important to global rice trade

India's exports were bigger than the combined shipments of the world's next four biggest exporters: Thailand, Vietnam, Pakistan and the United States

India, Myanmar discuss ways for bilateral trade through local currencies

India and Myanmar on Saturday discussed ways to promote bilateral trade through their local currencies rupee and kyat. The issue was discussed during the meeting between Commerce and Industry Minister Piyush Goyal and Kan Zaw, Myanmar's Minister of Investment and Foreign Economic Relations, on the sidelines of the 12th East Asia Summit Economic Ministers' Meeting at Vientiane, Laos. "Discussed potential cooperation in areas like lentils, diesel, gasoline, electric vehicles, etc and ways to promote bilateral trade including through Rupee-Kyat currency mechanism, between our nations," Goyal said in a post on social media platform X. India-Maynmar bilateral trade stood at USD 1.75 billion in 2023-24. India is looking at promoting trade in local currencies with various other countries including UAE, African nations and Russia. Local currency trading would reduce transaction costs by eliminating the need to convert currencies twice. In July 2022, the Reserve Bank of India introduced a

'India not abuser, Donald Trump's claims about import duties unfair': GTRI

Think tank GTRI has criticised Donald Trump's claim that India is an "abuser" of import tariffs, noting singling out high tariff items do not present the real trade picture

India 'big abuser' of US trade ties, says Trump ahead of meeting PM Modi

Donald Trump, hoping to make a comeback as the US president, criticised India as a "big abuser" of trade while praising PM Modi as a 'fantastic' man at an election campaign in the US

No near-term impact of B'desh situation on India's trade: CRISIL Ratings

Crisil Ratings on Tuesday said the recent developments in Bangladesh did not have a significant impact on India's trade and it does not foresee any near-term impact on the credit quality of India Inc. Crisil Ratings said the effect will vary based on industry/sector-specific nuances and exposure. "We do not foresee any near-term impact on the credit quality of India Inc either," it added. However, a prolonged disruption can affect the revenue profiles and working capital cycles of some export-oriented industries for which Bangladesh is either a demand centre or a production hub. Also, the movement in the Bangladeshi currency Taka, will have to be watched, the credit ratings agency said. "Recent developments in Bangladesh haven't had a significant impact on India's trade and going forward, the effect will vary based on industry/sector-specific nuances and exposure. We do not foresee any near-term impact on the credit quality of India Inc either," Crisil Ratings said. Companies into

Experts cite logistical, Red Sea crisis as issues impacting India's exports

The Red sea crisis and logistical challenges have severely impacted the country's exports in August, which contracted 9.3 per cent, according to exporters and experts. Think tank GTRI said the contraction of petroleum product exports' by 37.56 per cent to USD 5.95 billion in August is linked to the ongoing disruptions in the Red Sea. These exports were USD 9.54 billion in August 2023. "This dramatic decline has significantly impacted India's overall merchandise trade, leading to a 9.33 per cent reduction in August 2024 compared to the previous year," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. Interestingly, he said, crude oil prices remained relatively stable between these two periods, suggesting that the drop in petroleum product exports is "linked to ongoing disruptions" in the Red Sea. The yearlong ongoing disruptions have forced shipping routes to take longer paths around the Horn of Africa and the Cape of Good Hope, rendering exports to Europe less

'India preps for next 1000 years, building sustainable energy path': PM

The Prime Minister highlighted the efforts towards achieving the target of 500 GW by 2030

American pistachio industries eyeing 'fast-growing' Indian markets

India does not cultivate or produce any pistachios. So pistachios are actually imported, either from Persia, Iran, or now from California

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

India-EFTA trade deal: Swiss Federal Council begins ratification process

Switzerland's federal cabinet has adopted the ambitious trade pact between India and the European Free Trade Association (EFTA) and placed it before Parliament as part of the ratification process. The ambitious trade pact, signed in March between India and the European bloc comprising Norway, Switzerland, Iceland and Liechtenstein, aims at expanding trade across a range of areas, including pharmaceuticals, manufacturing, new technologies and machinery. Under the mega trade deal, the four European countries are looking at making an investment of USD 100 billion in India over the next 15 years. Each of the signatory countries will have to ratify the pact for its roll out. On Wednesday, the Federal Council adopted a dispatch on the free-trade agreement between the EFTA states and India, the Swiss government said in a statement. The Federal Council, which is the Swiss federal cabinet, is the highest executive authority in the country. The Swiss Parliament is expected to debate the ..

To boost investment PM Modi announces 'Invest India Office' in Singapore

Four MOUs were exchanged, and these are in cooperation in semiconductor ecosystem, in digital technologies, in skill development and education, and in health care

Govt notifies 8,606 tonnes raw cane sugar exports to US under TRQ regime

The government on Tuesday notified exports of 8,606 tonnes of raw cane sugar under the tariff-rate quota (TRQ) scheme to the US for the October 2024 - September 2025 period. Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports. "The quantity of 8,606 MTRV (metric tonnes raw value) of raw cane sugar to be exported to USA under TRQ scheme from 01.10.2024 to 30.09.2025 has been notified," the Directorate General of Foreign Trade (DGFT) said in a public notice. A similar quantity was notified in January also. India, the world's second-biggest producer and the largest consumer of sugar, has a preferential quota arrangement for sugar export with the European Union as well. The DGFT said that the quota will be operated by the Agriculture and Processed Food Products Export Development Authority (APEDA).

India to hold more talks over import curbs on steelmaking raw material

In June, India's federal steel ministry also wrote to the trade ministry to make clear it did not favour limits on imports of met coke, citing risks to domestic output

Indian solar panels face US scrutiny for possible China forced labour links

The law bans goods made in China's Xinjiang region where Chinese authorities are reported to have established labour camps for ethnic Uyghur and other Muslim groups

Indian traders keen to boost ties with Seychelles, says trade commissioner

The Indian trade community in Seychelles is eager to participate in Commonwealth Trade activities and provide a platform for young Commonwealth leaders to discuss trade ties, Honorary Trade Commissioner of India, Commonwealth Trade Council Karunanithy Vaithiyanathasamy said. The business ties between India and Seychelles have been strengthening and there are potential to explore the relationship between the two countries, Karunanidhi Vaithiyanathasamy who was appointed as the Honorary Trade Commissioner of the India Commonwealth Trade Council said in a press release. The Council has proposed to set up an incubation centre in Seychelles based similar to the Centre established in Zanzibar. Seychelles to India High Commissioner Lalatiana Accouche in her address, invited business leaders from Tamil Nadu to set up entities in Seychelles. She appealed to the industry captains to consider Seychelles not only as a place of unparalleled beauty but as a land of significant business ...

US top trading partner, China trade deficit highest in Jan-Jun 2024: GTRI

The US has emerged as India's top trading partner during January-June this year, while the country has recorded its highest trade deficit of USD 41.6 billion with China during the period, according to think tank GTRI. It also said the country's merchandise exports rose 5.41 per cent to USD 230.51 billion during the first of 2024. "China topped the list with a substantial trade deficit of USD 41.6 billion, as exports to China were USD 8.5 billion, while imports reached USD 50.1 billion during January-June 2024," it added. The data analysis for the first half of this calendar year by the Global Trade Research Initiative (GTRI) showed India exports goods to 239 countries and out of these, 126 countries showed positive growth in exports. These nations account for 75.3 per cent of India's total exports. Major countries with increased exports include the USA, UAE, Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6 per cent of India's ...

Rupee rises 7 paise to 83.90 as US dollar retreats in early trade

The Indian rupee appreciated 7 paise to 83.90 against the US dollar in early trade on Wednesday, as the American currency retreated from its elevated levels. Forex traders said the US dollar has weakened against majors post the US Producer Price Index (PPI) print, which came in softer than anticipated, leaving the Dollar Index vulnerable to further correction. At the interbank foreign exchange, the rupee opened at 83.90 against the greenback, registering a gain of 7 paise over its previous close. On Tuesday, the rupee settled for the day on a flat note at 83.97 against the US dollar. The Reserve Bank of India has been holding the 84.00 psychological mark, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. "The rupee is expected to open around 83.91 slightly stronger with a narrow range of 83.87/83.97, as the market awaits the Indian trade data for July-24," Bhansali added. Forex traders said market participants are also awaiting cues f

Tricolour sales soar amid campaign to unfurl it in every home

Har Ghar Tiranga campaign, launched in 2022, has traders busy

India, US ink 'landmark' agreement on cooperation in MSMEs sector

India and the US on Tuesday signed a "landmark" agreement that provides a framework for both sides to explore cooperation in the micro, small and medium enterprises (MSME) sector. External Affairs Ministry Spokesperson Randhir Jaiswal said the Memorandum of Understanding (MoU) would enable MSMEs of the two countries to foster trade. "Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support women entrepreneurs," he said on X. The MoU was signed in line with a decision taken during Prime Minister Narendra Modi's visit to the US in June last year. The pact was inked by the two sides in New Delhi. The MoU provides a framework for both sides to discuss issues concerning the MSME sector and explore possibilities of cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace; cooperation in areas of .

Govt likely to extend import regime for laptops, IT hardware products

The system kicked in on November 1 to promote domestic manufacturing of these goods and reduce dependence, especially on China