Page 10 - Indian Exports

WTO ranks India 18th in merchandise exports

India is ranked 7th in the list of services exporters with exports of $309 billion and 4.4 per cent of global services trade share

Indian exports face bigger threat from Asia-Pacific than West: CRISIL

CRISIL also said that the share of the US and the EU in India's goods exports has been on the rise since 2021 and it is eating into the share of the APAC region

Razorpay offers savings on overseas bank transfers for Indian exporters

Fintech company Razorpay on Wednesday announced the launch of its MoneySaver Export Account to offer up to 50 per cent savings on international bank transfers for Indian exporters. The company will help small and mid-size exporters open an account in a country of their choice and receive payments locally via Razorpay's platform, hence avoiding chargebacks and transfer costs. The initiative allows exporters to receive international bank transfers from 160 countries, it added. Users can access the feature on the Razorpay dashboard. All payments will come with an electronic Foreign Inward Remittance Statement, the company said. Rahul Kothari, Chief Business Officer, Razorpay, said the service already supports over 10,000 exporters.

Tamil Nadu tops NITI's Export Preparedness Index 2022 among coastal states

Tamil Nadu has pipped Maharashtra and Gujarat to emerge as the top state among coastal states in the Niti Aayog's Export Preparedness Index 2022. The index is aimed at assessing the readiness of the states in terms of their export potential and performance. Tamil Nadu is followed by Maharashtra, Karnataka, Gujarat, Andhra Pradesh, Odisha, West Bengal and Kerala in that order in the ranking of coastal states, according to the government think tank's report released on Monday. Among hilly/Himalayan states, Uttarakhand has ranked at the top position. It is followed by Himachal Pradesh, Manipur, Tripura, Sikkim, Nagaland, Meghalaya, Arunachal Pradesh and Mizoram in that order. Haryana topped the chart among the landlocked regions. It was followed by Telangana, Uttar Pradesh, Punjab, Madhya Pradesh and Rajasthan. In the category of union territories/small states, Goa was ranked first. Jammu and Kashmir, Delhi, Andaman and Nicobar and Ladakh were ranked second, third, fourth and fifth,

India's trade deficit falls to $20.13 bn in June from $22.1 bn in May

Services exports in June were $27.12 billion, while imports were $15.88 billion

Restoration of GSP benefits by US need of hour: CII EXIM committee chair

An early solution for restoration of GSP benefits by the US to Indian exporters is the need of the hour as it would help further boost the bilateral trade, Chairman of the CII national committee on EXIM Sanjay Budhia said on Wednesday. India and the US have agreed to discuss New Delhi's demand for restoration of Generalized System of Preferences (GSP) benefits to domestic exporters and now both sides will commence discussions to find a solution. The previous Trump administration in the US revoked GSP from India in 2019. GSP allows eligible developing countries to export duty-free goods to the US. Budhia said about two-thirds of the US imports under GSP are raw materials, components, or machinery and equipment used by US companies to manufacture goods in America for domestic consumption or for export. GSP also helps American consumers by eliminating duties on a variety of usually inexpensive consumer goods, he said adding these benefits are real and tangible. Both sides have mutu

Commerce Ministry to meet exporters over declining exports on Monday

The commerce ministry has called a meeting of exporters on Monday to take stock of the situation, as the country's outbound shipments have been contracting for the last four months, an official said. Exporters are expected to flag issues like extending greater support to participate in global exhibitions and fairs; expediting negotiations to conclude free trade agreements with the UK, Canada, Israel and GCC (Gulf Cooperation Council); and allowing industry double weighted deduction on salary to professionals to retain talent in India. Exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to USD 34.98 billion in May, while the trade deficit widened to a five-month high of USD 22.12 billion, according to the ministry data. Cumulatively, exports during April-May this fiscal contracted by 11.41 per cent to USD 69.72 billion, while imports declined 10.24 per cent to USD 107 billion. Demand slowdown in major markets, high inflation in developed economies and the

Govt eases policy related to export of certain types of drones, UAVs

The government on Friday eased norms for the export of certain categories of drones, meant for civilian-end uses, with a view to facilitating the outbound shipments of high-tech items. The commerce ministry's arm DGFT said the export of drones/Unmanned Aerial Vehicles (UAVs) of certain specifications would be allowed under the General Authorization for Export of Drones (GAED), a one-time general licence valid for three years. "The export of Drones/UAVs not covered under the specified categories in SCOMET list and capable of range equal to or less than 25 km and delivering a payload of not more than 25 kg (excluding the software and technology of these items) and meant for only civilian end-use, will now be subject to GAED," the Directorate General of Foreign Trade (DGFT) said. Exports of items under the Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) list are permitted only against an export authorisation issued on this behalf. "In line with the emphasi

Driven by PLI India to cross Rs 1.2 trn in mobile exports in FY24

Buoyed by friendly govt policies and PLI scheme, India is set to cross Rs 1,20,000 crore in mobile exports in the current fiscal year (FY24), driven by Apple

Chamber India to take delegation to global south nations: Abhinav Balyan

The Chamber of Commerce, Sustainable Development and Foreign Relations on Friday said it will be taking delegations to eight global south destinations to explore opportunities for Indian business with a view to increasing the country's exports. Global south region includes Africa, Latin America and the Caribbean, and Asia. Chamber of Commerce, Sustainable Development and Foreign Relations or Chamber India President & CEO Abhinav Balyan said that they are focusing on increasing exports and enhancing cooperation with the Global South nations. "We would be taking a delegation to 8 global south destinations to create more opportunities for Indian business and increase our exports," he said here at the Chamber India-Global South Meeting. He added that the chamber will organise these meetings in the state capitals with foreign delegations to explore business opportunities for all states. Information and Broadcasting Minister Anurag Thakur, Minister of State for Panchayati Raj Kapil ...

India's exports to grow dramatically on the back of dynamic trade strategy

India's total exports, merchandise exports and services combined, grew at 13.8 per cent to achieve a new record of $770 billion in 2022-23

Robust trade ecosystem crucial to achieve $2 trn exports by 2030: DGFT

A robust and easy trade finance ecosystem is important for India to achieve the USD 2 trillion exports target by 2030, a senior government official said on Thursday. Additional Director General of Foreign Trade (DGFT) S C Aggarwal said easy availability of affordable trade finance helps promote export competitiveness. Traders and the government have to work on issues like obtaining easy finance both for domestic and cross-border trade, he said. "A robust and easy trade finance ecosystem is very important for moving us to achieve this goal (of USD 2 trillion)," Aggarwal said here at an event. India has set an ambitious target to take its total goods and services exports to USD 2 trillion by 2030. According to the commerce ministry's data, exports of goods and services in 2022-23 rose 14.68 per cent to USD 775.87 billion as against USD 676.53 billion in 2021-22. He suggested the industry to focus on how to make it easier to get the finance and ways to strengthen this ecosystem.

Int'l transport corridor: Reflection of India's expanding global footprint

The development of INSTC shows the strategic vision, political will and state capacity of countries like India, Iran and Russia to establish an alternative vision for the economic growth

Exports to Germany may get impacted as it enters recession: Traders

With the German economy contracting for two consecutive quarters, India's exports from sectors such as apparels, footwear, and leather goods to the European Union nation are likely to be impacted adversely, according to exporters. Data released by the Federal Statistical Office on Thursday shows that Germany's gross domestic product (GDP) declined by 0.3 per cent from January to March. This follows a drop of 0.5 per cent in Europe's biggest economy during the last quarter of 2022. "This is going to affect Indian exports not only to Germany but Europe as a whole since other countries are also already in recession," Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said. He said India's export to Germany stood at USD 10.2 billion in 2022-23 and it could see a fall due to long-term recession in Germany and the most affected sectors would be leather products, chemical, and light engineering items. Economic think-tank GTRI co-founder Ajay Srivastava said: .

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

Exports saw sharp fall on decline in US and UAE share, shows govt data

Shipments to six of top 10 markets saw a decline in April

India's exports to Latin America likely to be highest in a decade in FY23

Exports crossed $16 billion as of February; trade deficit shrinking from pre-pandemic levels

Electronics exports grew a whopping 50% in FY23; may overtake drugs, pharma

Smartphones alone accounted for 23% of the rise

Export of engineering goods to US grows by 6.8%, China's falls by 52.4%

The US remains the top destination for India's engineering goods exports in the financial year 2022-23 with total shipments value recording 6.8 per cent year-on-year growth to $18.67 billion

India's ICT tariffs led to annual export loss of €600 million, says EU

Claims real impact on European companies that also export from other countries to India considerably higher