Page 4 - Trade Deficit

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

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

Debt-trapped Pakistan slashes trade deficit by 43 per cent in FY23

Cash-strapped Pakistan has slashed its trade deficit by a staggering 43 per cent to USD 27.55 billion in the fiscal year 2023, according to a media report on Wednesday. The government's stringent control over imports played a vital role in this significant reduction, as it aimed to stabilise the country's critically low foreign exchange reserves and mitigate the risk of default. In the previous fiscal year 2022, the trade deficit had widened to a daunting USD 48.35 billion, causing concern about the country's economic stability, The Express Tribune newspaper reported. However, the government's strict administrative measures on imports and the impact of floods in 2022 negatively affected the domestic economy, resulting in a provisional growth rate of only 0.3 per cent in FY23, compared to 6.1 per cent in FY22. Recent data from the Pakistan Bureau of Statistics (PBS) said that imports decreased by 31 per cent to USD 55.29 billion in FY2023. This is a significant drop from the record

UK's duty benefit scheme withdrawal may impact Indian goods' exporters

The UK's decision to withdraw duty benefit scheme GSP may impact Indian exporters from certain labour-intensive sectors such as leather and textiles as they were the major beneficiaries, according to experts and traders. The UK is replacing the Generalised Scheme of Preferences (GSP) with a new Developing Countries Trading Scheme (DCTS) from June 19. Labour intensive sectors, including certain textile items, leather goods, carpets, iron & steel goods and chemicals may get impacted due to this. Global Trade Research Initiative (GTRI) said the US, European Union (EU), Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes. "As the UK has come out of the EU, it has designed its own GSP scheme. Each country sets a product-wise threshold limit, if a country's exports cross the limit, the GSP concessions stop. The UK withdrawing GSP concessions on labour intensive products was expected as the two ...

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 ...

Exports contract for 4th straight month; trade deficit hits 5-month high

Imports decline 6.6% in May

Expect RBI to start rate cuts by end of FY24: HDFC Bank chief economist

Abheek Barua said that the Indian economy is expected to grow at 4.4% in the quarter ended March 31

Softer US dollar, better risk appetite push rupee to two-month high

The Indian unit has been gaining against the greenback and has appreciated 1.08 per cent in 2023

Pakistan's trade deficit narrows by over 35% in 1st nine months of FY23

The exports from July 2022 to March this year were recorded at $21.046 billion against the exports of $23.350 million in the same period of last fiscal year

Non-essential curbs

Policy focus must shift from imports to exports

Moderation in India's trade deficit could be transitory: Acuite Ratings

Acuite Ratings in a report maintaining the trade deficit at $106 billion or 3.1 per cent of gross domestic product (GDP) for FY23

India's merchandise trade deficit in January down at $17.75 billion

January merchandise exports were $32.91 billion compared with $34.48 billion in December, while imports were at $50.66 billion against $58.24 billion in December, according to government data

Growth-oriented Budget can worsen trade deficit

The Indian economy is a 'bright star' growing at about 7 per cent, the fastest rate among major economies

Japan saw record trade deficit in 2022 amid soaring energy prices, weak yen

According to the Finance Ministry, the country logged a 19.97 trillion yen ($155 billion) deficit for 2022

Centre to levy import duties on non-essential items as exports fall: Report

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties

India, China trade deficit at $51.5 bn during April-October this fiscal

The trade deficit, difference between import and exports, between India and China has touched USD 51.5 billion during April-October this fiscal, Parliament was informed on Friday. The deficit during 2021-22 had jumped to USD 73.31 billion as compared to 44.03 billion in 2020-21, according to the data provided by commerce and industry minister Piyush Goyal in a written reply to the Rajya Sabha. According to the data, imports during April-October this fiscal stood at USD 60.27 billion, while exports aggregated at USD 8.77 billion. He said that the merchandise exports from India to China have increased from USD 11.93 billion in 2014-15 to USD 21.26 billion in 2021-22, showing an increase of 78.2 per cent over the last six years. Imports from China, on the other hand, have increased from USD 60.41 billion in 2014-15 to USD 94.57 billion in 2021-22. "The trade deficit with China in 2004-05 was USD 1.48 billion, which increased to USD 36.21 billion in 2013-14, an increase of 2,346 per c

After toys, govt looks to curb China electric fan, smart meter imports

Since the quality control order 3 years ago, toy import down 70 per cent

New Zealand's rising import prices drive increase in trade deficit

New Zealand's total trade deficit increased in the September 2022 quarter to NZ$7.5 billion ($4 billion), driven by increases in import prices, the country's statistics department said on Friday

Rupee slides as Chinese yuan weakens, October trade deficit hits mood

The rupee settled at 81.65 per US dollar on Thursday as against 81.31 per dollar at previous close

Unwelcome reminder

Trade weakness would affect growth