Page 8 - Indian Exports

Ramkrishna Forgings seeks 20% exports growth as Mexico unit comes up

Company last year acquired three companies as it ramps up production capacity

India's medicine exports to US, Italy on the rise: Commerce ministry

With the government focusing on boosting domestic manufacturing of pharmaceutical products, India's medicine and antibiotics exports have started gaining significant market share in the US. According to the commerce ministry data, India is the third largest import source of 'medicine put up for retail sale' for the US. The top two are Ireland and Switzerland. In 2023, the country exported these medicines worth USD 9 billion as against 7.33 billion in 2022. With this increase in the shipments, India's share went up to 13.1 per cent in 2023 from 10.08 per cent in 2022. Share of the top exporter Ireland fell to 13.85 per cent in 2023 from 17.18 per cent in 2022 because its sales in the US went down to USD 9.5 billion in 2023 from USD 12.5 billion in 2022. The second biggest exporter Switzerland also saw its share decline to 13.7 per cent last year from 17.4 per cent in 2022. Similarly, India has increased its share among exporters of antibiotics in the Italian market. It is ranked 10

Electronics export opportunity

India must aim for greater global integration

Exports to top-10 nations grow faster than overall figures in Q1 FY25

After witnessing a 3 per cent contraction in the financial year 2023-24, outbound shipments from India saw positive growth in the three consecutive months

Non-tariff barriers: Centre readies steps to ease exporters' woes

Sets up panel, identifies challenges, to launch portal soon

Exports positive in April-June quarter despite challenges: Piyush Goyal

India's exports have recorded healthy growth in May and remained in the positive zone in June and the first quarter of the current fiscal despite global challenges, Commerce and Industry Minister Piyush Goyal has said. He also said that growth in the services sector is helping the country's outbound shipments to register positive growth rates. "In May, exports were positive, the figure for June is also positive. The first quarter is also in the positive territory," Goyal told PTI. India's merchandise exports rose 9.1 per cent to USD 38.13 billion in May. During April-May this fiscal, the outbound shipments grew by 5.1 per cent to USD 73.12 billion. The commerce ministry will officially release the export data for June on July 15. "Despite the ongoing two wars (Russia-Ukraine and Israel-Hamas), the Red Sea crisis, and container shortage issues, our exports are in a positive zone. One more advantage that we have is the fast pace growth in the services exports," the minister said. H

Exports to jobs: 5 macro signals FM should heed ahead of Budget 2024

Rural consumption slowdown and slowing bank deposits are among other issues she should consider

'$10 bn opportunity up for grabs in off patent drug market by 2029'

As many as 15 blockbuster drugs whose revenues worth USD 112 billion will be off-patented during 2023 to 2029 and the Indian pharma industry will have a growth opportunity of USD 10 billion in the form of generics (including complex), a top official of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce said on Thursday. Addressing a press conference, Udaya Bhaskar, Director General of Pharmexcil also said Indian pharma exports recorded 8.85 per cent growth during April and May this year at USD 4.73 billion against USD 4.35 billion during the same period last fiscal. He further said with the advent of quality concerns raised by global regulatory agencies, Pharmexcil's priority has been shifted to quality management and imbibing quality culture in the industry by way of organising capacity building programmes in states to uphold the image of Indian pharma on global platform. According to the pharma exports body, India has 748 US Foo

Govt plans telecom PLI scheme revamp, may focus on MSMEs and exports

Focus to remain on absorbing more export-oriented segments, involving greater number of MSMEs

L&T looks to crack China hi-tech code; deploys on-ground teams, taps MNCs

L&T is looking at cutting down on certain imports from Europe

Exports may surge 12-15% to cross $500 billion this fiscal: FIEO

The country's merchandise exports are expected to increase about USD 60-70 billion to USD 500 billion by the end of FY25, apex exporters' body FIEO said on Thursday. In 2023-24, exports dipped over 3 per cent to USD 437 billion. Federation of Indian Export Organisations (FIEO) President Ashwini Kumar also said the country's services exports are also likely to reach USD 390-400 billion this fiscal. "We are looking for merchandise exports between USD 500-510 billion in 2024-25. In the services, we expect exports to be around USD 390-400 billion for the current fiscal," Kumar told reporters here. He said traditional markets like the US and Europe will help in boosting India's exports.

India's export reliance on US grows despite diversification push

The share of the US in India's total exports continuously declined from a high of 21.7 per cent in 1998-99 to a low of 10.1 per cent in 2010-11

India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI

India's imports of goods from countries with which it has a free trade agreement like the UAE, South Korea, and Australia grew about 38 per cent during 2019-24 fiscal years to USD 187.92 billion, according to think tank GTRI. On the other hand, the country's exports to the FTA (free trade agreement) partners rose 14.48 per cent to USD 122.72 billion in 2023-24 from USD 107.20 billion in 2018-19. "From FY'2019 to FY'2024, India's imports increased by 37.97 per cent, from USD 136.20 billion to USD 187.92 billion. This growth highlights the significant and varied impact of free trade agreements on India's global trade dynamics," the Global Trade Research Initiative data showed. According to the data, India's exports to the UAE increased by 18.25 per cent to USD 35.63 billion in 2023-24 as against USD 30.13 billion in 2018-19, while imports surged 61.21 per cent, from USD 29.79 billion in FY2019 to USD 48.02 billion in the last fiscal. The FTA between India and the UAE came into effect

Statsguru: Optimism about growth of India's commercial services exports

The last decade saw a growth rate of 8.7 per cent, which made India one of the fastest-growing exporters of commercial services

Bad news for exports: Houthis may strike more ships beyond Red Sea

Attack on MSC Orion could portend new round of threats from Yemen's Iranian-backed Houthis

India's services exports decline marginally in March to $30 billion

India's services exports declined 1.3 per cent in March to USD 30 billion while imports fell by 2.1 per cent to USD 16.61 billion, showed Reserve Bank data released on Thursday. As per RBI's data on India's international trade in services, the trade surplus during March 2024 was USD 13.4 billion. Both exports and imports of services were in positive zone in the preceding two months. According to the commerce ministry data, the services export during fiscal 2023-24 is estimated at USD 339.62 billion and imports at USD 177.56 billion. The trade surplus or difference between exports and imports works out to be USD 162 billion during the year. Despite persistent global challenges, overall exports (merchandise and services) are estimated to reach USD 776.68 billion in 2023-24 as compared to USD 776.40 billion in 2022-23.

Better PLI execution on cards if Modi returns to power, says report

The French banking group said the turnaround in the investment cycle that started from 2018-19 has further gained pace over the last two years after a Covid-led disruption in 2020 and 2021

Engineering exports edge up to $109 bn despite geo-political tensions

India's engineering exports edged up to USD 109 billion in 2023-24 despite a slowdown in some of the major global markets amid geo-political tensions, EEPC said on Monday. India's engineering exports are competitive globally and expected to gain further market share in the coming years, with the country entering into more FTAs, it added. The apex body of engineering goods exporters expects the value of shipments from the sector to rise to USD 300 billion by 2030 and generate a significant number of jobs and foreign exchange earnings in the process. Notably, the engineering sector is the largest contributor to India's overall exports, with a share of 24 per cent, and also contributes approximately 40 per cent of the country's total manufacturing exports. "The engineering goods exports in FY24 surpassed the previous year's numbers despite a slowdown in some of the key global markets, geo-political tensions, Red Sea crisis and high freight rates," said EEPC India Chairman Arun Kumar .

WTO pares down projected merchandise trade volume growth to 2.6% for FY24

India's merchandise exports in value terms are expected to contract by 1-1.5 per cent in 2023-24 after two consecutive years of growth

Muted exports for auto sector in FY25 amid weak overseas demand: Ind-Ra

A slowdown in demand from both domestic commercial vehicle manufacturers and subdued exports could limit revenue growth to a range of 6-8 per cent year-over-year