Page 6 - Indian Export

Centre, state, exporters to discuss ways to boost exports on Jan 16

The Centre, state governments and industry representatives will meet on January 16 to discuss ways to boost the country's exports, an official said. Issues which are expected to figure in the meeting include rupee payment challenges, need of global shipping, and challenges being faced by traders on account of the Red Sea crisis, and uncertain global economic situation due to the Russia-Ukraine war and Israel-Hamas conflict. The meeting will be chaired by Commerce and Industry Minister Piyush Goyal. They all are members of the Board of Trade (BoT). "There are over 135 members of BoT. It is meeting on January 16 at Bharat Mandapam," the official said. Headed by the minister, the board includes participants from various states, Union Territories, and senior officials from the public and private sectors. In the meeting, representatives of export promotion councils present their views on the export sector. The board provides an opportunity to have regular discussions and consultations

CBAM as an opportunity

Indian exporters could proactively adjust to it

Rodtep, personal computer imports on table at India-US trade policy forum

Trade policy meet may also take up issues like GSP, non-tariff barriers

Exports to Iran fall amid decline in rupee reserves of middle east

A growth in the near future is unlikely owing to global geopolitical tensions

Foreign exchange reserves rise by $9 bn in week to 20-month high at $616 bn

Gold reserves rose by $446 million in the previous week, whereas Special Drawing Rights (SDRs) increased by $135 million

'Indian agri trade curbs to cut exports by $4 bn, Red Sea attacks a risk'

The world's second-largest producer of wheat, rice and sugar, India has restricted exports of these commodities to rein in rising domestic prices

Engineering exports register 3% on-year fall in November to $7.85 billion

India's engineering goods exports registered a 3-per cent year-on-year decline in November to USD 7.85 billion, an industry body report said. The dip was primarily attributed to the festive season that disrupted operations in major engineering export belts across the country, particularly in northern and western regions, it said. While acknowledging the recent decline, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about exceeding last year's overall engineering exports. "After experiencing a slump in the first half of 2023, the sector witnessed positive growth from August to October, which instilled hope for a continued positive trajectory," EEPC India Chairman Arun Kumar Garodia said. The industry remains cognizant of the current global challenges, including high inflation and interest rates, particularly in key markets like Europe and the United States, he said. These factors contribute to the ongoing trade slowdown and necessitate continue

New FTAs, lower cost of power, logistics to help boost exports: PHDCCI

Measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to USD 2 trillion by 2030, an industry chamber report said on Thursday. The PHDCCI's report also recommended schemes for 75 potential export products including marine items, iron ore, some chemicals, pharma, cotton, aluminium, and tankers to promote shipments. "The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports," it said. The report - India's Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030. - added that India's service exports have traditionally been concentrated in North America and Europe, but growing continents like Asia, Africa,

Rupee reaches 83.25 against US dollar after fall of 2 paise in early trade

The rupee slipped by 2 paise to 83.25 against the US dollar on Friday as a firm greenback in the overseas markets weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices. However, a firm US dollar and weak domestic equity markets restricted the rupee movement and the local currency edged lower by 2 paise to 83.25 in early trade. The rupee closed at 83.23 against the greenback on Thursday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was flat at 104.35. Brent crude futures, the global oil benchmark, recovered from overnight losses to trade higher by 0.40 per cent at USD 77.73 per barrel. Indian basket oil futures were down 0.85 per cent at USD 83.09 per barrel. Brent crude futures for December delivery plunged up to 5 per cent to a four-month low of USD 77.42 per barrel on Thursday as weak jobs data from the US led t

Festival gold rush widens India's trade deficit to new high in October

The services exports in October were valued at $28.70 billion as compared to $29.37 billion in September and imports were $14.32 billion against $14.91 billion in the previous month

Export contraction narrows in September; govt sees 'green shoots'

Outbound shipments fall 2.6%; imports decline 15%

US biggest export destination for Indian smartphones in Apr-Jul: Govt data

India exported smartphones worth USD 4.67 billion in April-July this fiscal, following a multifold jump in shipments to the US, which emerged as the biggest destination for India-made devices, according to government data. The smartphone exports to the US jumped multiple times to USD 1.67 billion during the first four months of this fiscal against USD 284.6 million a year ago, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms. The US was followed by the UAE (USD 836.36 million), the Netherlands (USD 379.3 million), the UK (USD 336.27 million), Italy (USD 245.7 million), and the Czech Republic (USD 230.25 million). Overall India's export of smartphones in 2022-23 was USD 10.95 billion. During April-July 2023-24, smartphone exports soared by 99.52 per cent over April-July 2022-23. Prior to 2022-23, the smartphone exports were non-existent, so the data was not captured. After the announcement of the Product Linked Incentives (PLI) sche

Centre establishes National Turmeric Board, expected to reach $1 bn by 2030

National Turmeric Board to increase awareness and consumption of turmeric and develop new markets internationally to increase exports

43% of India's exports to EU to be hit by green regulations: Report

Textiles, chemicals, certain consumer electronics products among trade categories that could be affected

Onion auctions to resume at APMCs in Nashik from Aug 24: Traders' rep

Onion auctions at all APMCs in Maharashtra's Nashik district, closed for three days now, will resume from Thursday as traders protesting the imposition of 40 per cent export duty on the key kitchen staple have decided to withdraw the agitation, a traders' representative here said on Wednesday. The decision was taken in a meeting of the representatives of traders-exporters and farmers with Union minister Dr Bharati Pawar here on Wednesday. After the meeting, Pawar also said a representative of the traders in Nashik informed in the meeting that they are withdrawing the decision of closure of onion auctions at the Agriculture Produce Market Committees (APMCs) and the operations there will start tomorrow. "About the 40 per cent export duty, we will request the Union government to rethink and take a positive decision on the issue," she said. Pawar, the Union Minister of State for Health and Family Welfare, is the member of Parliament from Dindori in Nashik. Onion auctions at most of th

India's foreign trade crosses $800 bn mark in first 6 months of 2023: GTRI

A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the USD 800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to USD 385.4 billion during January-June this year, as against USD 379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to USD 415.5 billion during the six months of this year, as against USD 441.7 billion in January-June 2022. "India's foreign trade (exports and imports of merchandise and services) reached USD 800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022), the report said. Standalone, goods exports dipped by 8.1 per cent to USD 218.7 billion, while imports contracted by 8.3 per cent to USD 325.

Exports to UK holding up among top 10 destinations of Indian exports

India and the UK are currently negotiating a Free Trade Agreement (FTA). Out of the total 26 chapters in the proposed FTA, 19 chapters have been closed

'No impact of US, EU crisis on CEAT, exports to be 25% of revenue in 2 yrs'

The share of exports in our revenue is around 19.5%. We are targeting to increase it to 25% in the next 2 years, said Arnab Banerjee, MD & CEO, CEAT

Q1 a washout, exporters pin hope on North America for a turnaround

Slowdown in key economies, as well as geopolitical tensions resulted in sluggish demand for Indian goods

Rice prices to climb further after India export ban, trade at standstill

In Thailand, the world's second biggest exporter, suppliers were waiting to find out prices before signing new deals