Page 11 - Indian Exports

Govt fixes sugar exports quota at 5,841 tn for EU under TRQ scheme

India on Friday notified sugar exports of 5,841 tonnes to the European Union under the tariff-rate quota (TRQ) scheme for 2023-24 (October 2023 to September 2024). TRQ is a quota for a volume of exports that enters the European Union (EU) with relatively low tariffs. After the quota reaches its limit, a higher tariff is applicable to additional shipments. "The Director General of Foreign Trade hereby allocates quantity of 5,841 MT for export of sugar to EU from India under TRQ for the year 2023-24 (October 2023 to September 2024)," an official notification said. It said that a Certificate of Origin, if required, for preferential export of sugar to EU, shall be issued by the Additional Director General of Foreign Trade, Mumbai on the recommendation of APEDA regarding the entity and quantity for which it is eligible. The quota will be operated by the Agriculture and Processed Food Products Export Development Authority (APEDA) as the implementing agency for the export of TRQ items to

Co-monitoring mechanism for steel exports between India, US at final stage

India and the US are in the final stages of setting up a joint monitoring mechanism to enable domestic exports of certain steel and aluminium products to America without paying extra duties, an official said. Indian exports of these products attract additional duties in the US as Washington, in 2018, imposed a 25 per cent import duty on steel products and 10 per cent on certain aluminium products on grounds of national security. In retaliation, India in June 2019 imposed additional customs duties on 28 American products. During the visit of Prime Minister Narendra Modi in June, the two countries decided to remove trade irritants and as part of that both sides agreed to end six trade disputes at the World Trade Organisation (WTO). They have mutually resolved those six disputes and India has decided to remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019. The US, on its part, has agreed to provide greater market access to

Indian embassies, consulates well-placed to help Indian businesses: Singh

Union Minister Rajkumar Ranjan Singh on Wednesday said that Indian embassies and consulates are well-placed to help the country's businesses explore new markets for exports. India's growth and prosperity are intrinsically linked to its ability to tap into global markets and focusing on the incredible products and services that it has to offer, Singh, the Union Minister of State for External Affairs said. Stating that India has representation in almost all the countries of the world, he said "Our embassies and consulates are equipped with commercial representatives." He said that they are "well-placed" to help Indian businesses explore new markets. "Trust, quality and assured supply are the key components for the long-term success of any export business," the minister said. Stating that India is looking to increase its exports to two trillion USD by 2030, Singh said "Our export target of 2030 will be equivalent to Brazil's or Canada's total GDP today." He expressed confidence that

Govt's policy neither beneficial to farmers nor consumers: Sena (UBT)

The Shiv Sena (UBT) on Tuesday slammed the Centre over its decision to impose 40 per cent export duty on onions and claimed the government's policy is neither beneficial to farmers nor consumers. An editorial in the Sena (UBT) mouthpiece 'Saamana' further claimed the Modi government gives assurances of doubling the income of farmers, but works in a way that they do not even get the expected income. On August 19, the central government imposed 40 per cent export duty on onions to restrict outward shipments and boost local availability, amid apprehension about the kharif output and signs of firming of retail prices. The decision led to protests by farmers and traders in various parts of Maharashtra, especially in Nashik district. The policy of the government is neither beneficial to farmers nor consumers, the editorial in Saamana said. Whenever there is a chance for farmers to earn a little more money, the government either resorts to export duty or ban on exports, the Marathi daily

Domino effect: India rice export ban puts market on edge for similar curbs

Thailand, Vietnam and Pakistan, world's second, third and fourth biggest exporters, respectively, have said they are keen to boost sales since demand for their crops has been rising after India's ban

First trial shipment of fresh pomegranate exported to US: Commerce ministry

The commerce ministry on Tuesday said the first trial shipment of fresh pomegranate has been exported to the US through the air route. It was facilitated by the Agricultural and Processed Food Products Export Development Authority (APEDA). APEDA Chairman Abhishek Dev said the increase in pomegranate exports to the US would result in higher price realisation and an increase in farmers' income. "As the long-distance market and high cost was prohibitive in commencing commercial operations, the export of trial shipment of pomegranate would help in building capacities among Indian exporters and US importers by ensuring that quality fruits are exported," it said. Buoyed by the acceptance of Indian mangoes in the US, exporters are hopeful that pomegranate would also become a successful product there. 'Bhagwa' pomegranate from Maharashtra has substantial export potential and almost 50 per cent of the fruit's export from the country is from the state's Solapur district. In 2022-23, 62,280

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: .