Page 6 - Indian Exports

India asks missions in 20 nations to boost market opportunities, export

The commerce ministry has asked the commercial wings of Indian Missions of 20 countries to specifically identify market opportunities in six goods and services to promote India's exports, an official said on Thursday. Ways to increase the exports were discussed during a three-day meet, concluded on January 8, between senior officials from the ministry and commercial wings of Indian Missions. The official said the missions were asked to market opportunities in these six sectors, competitors and specific companies. The meeting was important as the commerce ministry is in the process of formulating a strategy to push exports of six key product categories, including engineering goods and electronics, to 20 focus countries, including the US, Australia, France, China, Russia, the UK, Japan, South Korea, Singapore and Indonesia. These countries, including the US and the European Union nations, account for a major chunk of India's total exports. After recording double-digit growth in Octo

Industry seeks extension of RoDTEP scheme to SEZs, EOUs till Sep-end

Currently, the RoDTEP scheme for exports from the domestic tariff area (DTA) or the domestic market is in place until September 30

Working on strategy to push growth of exports in goods, services: Goyal

The government is working on an export strategy to further accelerate the country's goods and services shipments, Commerce and Industry Minister Piyush Goyal has said. He said the ministry is working on a "very" targeted manner to take the exports to USD 2 trillion by 2030 by addressing concerns of exporters and identifying areas of India's competitive advantages and strengths. "Export of both goods and services are doing good despite global challenges... We are working on an export strategy to see how we can fast track growth of exports of both goods and services," Goyal told PTI. In 2024-25, the exports are expected to cross USD 800 billion. It was USD 778 billion in the previous fiscal year. Asked about his expectations from the forthcoming Budget for exports, the minister said Prime Minister Narendra Modi has always been "very" supportive of the exporting community. "I am sure the Prime Minister and the finance minister (Nirmala Sitharaman) will always be proactive to support

Shooting itself in the foot - again: This trade barrier hurts India more

The real problem with India's trade policy lies in a seemingly innocent administrative procedure that doesn't sound half as dangerous as tariffs

Exporters ask for Rs 750 cr to target US market amid China's tariff woes

The demand has come at a time when there is an expected policy shift in the US by President-elect Donald Trump, who wants to impose higher tariffs on Chinese goods

Trade reforms, global value chains key to India's export strategy

Export promotion requires consistent and open trade policy

India under pressure as Trump vows action on tariffs and trade deficit

Experts fear that Indian exporters might have to pay higher duties while exporting pharmaceuticals, textiles, chemicals, and engineering goods

Commerce dept plans mega global meet to boost exports in six product areas

The meet comes against the backdrop of merchandise exports hitting a 25-month low in November amid continued geopolitical tensions as well as a decline in petroleum prices

Biden should revive WTO dispute settlement mechanism before leaving

The decision to give a second term to Ngozi Okonjo-Iweala reflects broad recognition of her exceptional leadership and strategic vision for the future of the WTO

Importers can use 2 exemption notifications simultaneously for same imports

If goods are imported into India after exportation therefrom, such goods shall be liable to duty and be subject to all the conditions and restrictions

Adani group row may test resilience of project exports from India

The government has been pushing to promote project exports and sees it as a next big opportunity

India's oilmeal exports up 5% in Oct; rapeseed meal shipments decline

India's export of oilmeals rose 5 per cent to 3.05 lakh tonnes in October compared to 2.89 lakh tonnes in the year-ago period, according to industry body SEA. However, during the April-October period of the 2024-25 fiscal year, the overall oilmeal exports declined 7 per cent to 23.88 lakh tonnes against 25.66 lakh tonnes in the corresponding period last year, primarily due to lower shipments of rapeseed and castorseed meals. The Solvent Extractors Association of India (SEA) said in a statement that rapeseed meal exports dropped to 1.60 lakh tonnes in October from 1.69 lakh tonnes a year ago. India, traditionally a major exporter of rapeseed meal as cattle feed, shipped about 22 lakh tonnes in the 2023-24 fiscal year, helping farmers secure better prices. "However, this year presents new challenges," SEA said, noting that rapeseed meal exports have fallen 25 per cent in the first seven months of the current fiscal to 11.8 lakh tonnes from 15.1 lakh tonnes in the year-ago period. Th

Govt working on revamped interest subvention scheme for exporters

IES is an interest subvention scheme, under which benefits in the interest rates charged by the banks are given to the exporters on their pre and post shipment rupee export credits

India's automobile exports rise 14% in Apr-Sept, led by PVs, two-wheelers

Automobile exports from India in the first six months of the current fiscal year rose 14 per cent year-on-year, led by gains in shipments of passenger vehicles and two-wheelers. According to Siam data, the overall exports in the April-September period stood at 25,28,248 units, up 14 per cent as compared with 22,11,457 units in the year-ago period. "Key markets like Latin America and Africa, which had slowed down for various reasons, have bounced back. This has been the main reason for exports coming back," Society of Indian Automobile Manufacturers (Siam) President Shailesh Chandra said. He was replying to a query on the reasons for the bouncing back of vehicle exports in the April-September period. Various African nations and other regions faced challenges due to devaluation of currencies. This impacted the vehicle shipments as the nations focussed on import of essential items. Automobile exports declined 5.5 per cent in FY24 due to the monetary crisis in various overseas ...

Economic activity shows dynamism but at moderated pace in Q2: NCAER-NSE

Economic activity continued to show dynamism in the second quarter of 2024-25, though at a moderated pace, according to the NCAER-NSE Business Expectations Survey. The survey said after improving for two consecutive quarters, business sentiments moderated in the second quarter of 2024-25 (134.3) compared to the first quarter (149.8) as well as the corresponding quarter of 2023-24 (140.7). "While all four components of the Business Confidence Index (BCI) experienced slight moderation in sentiments between the first and second quarters of 202425, the percentage share of positive responses remained well above 50 per cent, signalling continued economic dynamism, " said the survey. In the second quarter, 62.1 per cent of firms expected that overall economic conditions would improve in the next six months, while 58.0 per cent expected their financial positions to improve during the same period. The capacity utilisation was close to or above optimal level' for 96.3 per cent of the surveye

India less export-oriented, US tariff hike won't impact nation: Fitch

India, which is less export-oriented than many other Asian economies, would be relatively unaffected in case the US levies higher tariffs on imports, Fitch Ratings said on Monday. Fitch said higher trade barriers in the wake of the US elections could pose additional challenges for issuers across multiple credit sectors in Asia-Pacific (APAC). Also, weaker growth globally would weigh on macroeconomic prospects in Asia in the event of sharp US tariff increases, especially if China's economic prospects are affected disproportionately. It said that the high share of exports going to the US, coupled with high dependence on exports for growth within the region, means that any hit to exports to the US would have negative repercussions for GDP in many Asian economies, albeit to varying degrees. Fitch views Vietnam as the most vulnerable on this front, but Taiwan, Thailand, Hong Kong, Singapore, Malaysia and South Korea would also have significant exposure. A sharp increase in US tariffs cou

India’s iPhones outsmart diamonds in export race!

India’s smartphone exports, led by Apple’s iPhones, have surpassed non-industrial diamonds to become the country’s largest product export to the US!

Centre reduces export duty on parboiled rice to 10% from 20%: Govt order

India had imposed a 20% duty on parboiled rice exports in 2023 after its crop was affected by below-normal rainfall

CPD exports to contract by 18-19%; sector outlook remains negative: Report

With continued decline in demand in key markets like the US and China, cut and polished diamond (CPD) exports are likely to decline by 18-19 per cent in 2024-25, a report said on Thursday. CPD exports are estimated to decline 18-19 per cent year-on-year to decade-low levels of USD 12.5-13 billion in FY25, led by a 13-14 per cent fall in volumes, along with the softening of average realisations by 5-6 per cent, Rating Agency Icra said in its report. According to the Icra report, CPD exports from India contracted by 28 per cent in FY24 due to the worsened global macroeconomic conditions and increased competition from lab-grown diamonds (LGD). With sustained subdued demand conditions in the two key consuming markets - the US and China - the downturn in exports continues as the industry is witnessing a 19 per cent contraction in CPD exports in the first four months of FY25. The US demand contracted due to inflationary pressures and in China on account of changing consumer preferences a

India's exports to China fall at faster clip than to other partners

India's exports to China witnessed 22.44 per cent contraction to $1 billion, while overall exports declined 9 per cent at $34.7 billion in August, commerce department data showed