Page 7 - Indian Export

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

Export preparedness: Tamil Nadu takes top spot, Gujarat slips to 4th

The ranking is based on four main pillars: Policy, business ecosystem, export ecosystem and export performance

MSMEs to face headwinds due to economic slowdown in US, Europe: CRISIL

A fifth of the MSME sector by value is expected to witness an increase in working capital requirement this fiscal, the report said

A downer for air cargo: What accounts for stagnation of industry in FY23

The global economic downturn, issues with China and a shift towards sea and surface transport have impacted both the domestic and international business in FY23

Quality check: India needs to restore faith in the 'world's pharmacy'

For more than a decade, it has been clear that too many medicine makers in India have not been doing their duty by their customers, here and abroad

Post-pandemic, a double-digit surge in India's exports to Germany

The spike, which comes amid a recession in the European nation, is led by a surge in the sale of telecom instruments

Chinese technicians may get faster visas to India to help set up factories

Chinese technicians and engineers need to visit India to set up factories and machinery in the country and a faster visa could make this process smoother

PLI footprint in India-China trade

India's goods imports from China during FY23 touched $98.5 billion, at a growth rate of 4.2 per cent, while India's global imports grew at 16.1 per cent during this fiscal year

India's exports may hit $900 bn despite global headwinds in FY24: Exporters

Merchandise exports could expand to between $495 billion and $500 billion, while services exports could touch $400 billion in the year ending March 2024

Commerce Min urges export promotion council to meet targets set for FY23

The commerce ministry has asked export promotion councils to work on export targets for current fiscal year and chalk out a detailed road map to achieve that. According to exporters, issues related to the country's outbound shipments were discussed during a meeting chaired by Commerce and Industry Minister Piyush Goyal on April 24. India's goods and services exports together touched an all-time high of USD 770 billion last fiscal year.While merchandise exports touched USD 447 billion, services exports are estimated at about USD 322 billion. "The ministry has asked us to work on new exports target for this fiscal and explain ways to achieve," an exporter said. He said it was emphasised that states and Indian missions abroad be involved in achieving the new target. There was also a discussion on organising a major buyer-seller meet to showcase India's prowess in exports. Latin America and African countries hold huge potential to boost exports. Apparel Export Promotion Council Chai

IoTechWorld Avigation targets 3,000 agri drones sale, explore export mkt

Agri drone manufacturer IoTechWorld Avigation is targeting to sell 3,000 drones this fiscal, a six-fold jump from the previous year, on rising demand mainly from agrochemical firms and agriculture universities. Startup IoTechWorld, which was founded in 2017 by Deepak Bhardwaj and Anoop Upadhyay, has a manufacturing facility in Gurugram. It sells agri drones at about Rs 7.5 lakh plus GST. Agrochemical player Dhanuka Agritech in 2021 announced an investment of Rs 30 crore in IoTechWorld for a minority stake. "We sold around 500 agri drones during the last fiscal year as against 100 drones in 2021-22," IoTechWorld Avigation co-founder Deepak Bhardwaj said on the sidelines of an event on Saturday. The company celebrated 6th foundation day and launched a new agri drone which is more compact and foldable, thereby easy to transport. "We could not fulfill the entire orders last fiscal because of the shortage of chips," he said. Bhardwaj said the demand is primarily from agrochemical play

Apple continuously expanding business operations in India: Piyush Goyal

US-based iPhone maker Apple is continuously expanding its operations in India and the government is in regular touch with the company to support its business, commerce and industry minister Piyush Goyal has said. He said that the electronics industry works like this as first they put a basic set up and then they keep sourcing different components to add into their ecosystem. "Apple is continuously expanding their operations in India... We are in regular touch with the Apple, MeITY (Ministry of Electronics and Information Technology) is also in touch with them... We hand-hold them because in a way, the eyes of the whole world are fixed on Apple," he said when asked about Apple's plan to start full-fledged manufacturing unit in India. The company gets iPhones manufactured by electronics giants -- Foxconn, Wistron and Pegatron in India. The minister has earlier stated that India's exports of mobile and electronics goods have doubled in the last year. "Apple itself has exported about