Page 10 - Trade Exports

India's smartphone exports breached Rs 20K crore mark in November

Smartphone exports in November reached Rs 20,395 crore, representing a staggering 92 per cent increase over the same month last year, when the figure was Rs 10,634 crore

China's exports fall, imports decline in November falling below forecasts

China's exports slowed in November and its imports declined, falling below forecasts and underscoring potential weakness in trade at a time when its leaders are striving to boost the economy after the shocks of the COVID-19 pandemic. Customs data Tuesday showed exports grew 6.7 per cent from a year earlier, down from a 12.7 per cent increase in October. Analysts had estimated that exports had risen more than 8 per cent. Imports fell 3.9 per cent from a year earlier, reflecting weak demand from industries and consumers. With exports outpacing imports, China's trade surplus rose to USD 97.4 billion. The report came a day after Beijing pledged to loosen monetary policy and provide more support for the world's No. 2 economy. US President-elect Donald Trump has threatened to slap tariffs of 60% or more on imports of Chinese goods, complicating Beijing's efforts by threatening an area of the economy that has performed relatively well while the property sector remains in the doldrums and

Export insurance claim dismissed over delayed declarations, premium

Advance premium had to be deposited to secure coverage under Section 64VB of the Insurance Act. Failure to fulfil this obligation meant the risk was not covered

Uttar Pradesh government aims to sparkle in gems and jewellery sector

Unveils blueprint to position UP as a hub for jewellery trade and exports

CBIC should review its MOOWR instructions to ease operations for units

Irritants persist for MOOWR units, although over five years have passed since the introduction of MOOWR 2019 regulations

Chennai-Vladivostok maritime corridor becomes operational, says Sonowal

The Chennai-Vladivostok maritime corridor, which is likely to boost maritime ties between India and Russia, is operational now, and container ships carrying crude oil, metal and textile have started coming to Indian ports, Union Minister Sarbananda Sonowal said on Monday. The Chennai-Vladivostok sea route will cover a distance of about 5,600 nautical miles. "The Eastern Maritime Corridor between Vladivostok and Chennai is operational now. Container ships carrying crude oil, metal and textile have started coming to Indian ports," Sonowal told reporters here. The Eastern Maritime Corridor is estimated to reduce the time required to transport cargo between the Indian and Russian Ports of the Far East Region by up to 16 days. The time taken will come down to 24 days compared to more than 40 that it currently takes to transport goods from India to Far East Russia via Europe. The current trade route between Mumbai and St Petersburg in Russia covers a distance of 8,675 nautical miles, an

Shiprocket, CSC selected to set up e-commerce export hubs around Delhi

Logistics aggregator Shiprocket and air cargo handling company Cargo Service Centre (CSC) have been selected by the government on a pilot basis to set up e-commerce export hubs in the country, a senior official said on Thursday. The e-commerce export hubs (EECH) will come in and around Delhi airport and begin operations in February next year, Director General of Foreign Trade Santosh Kumar Sarangi told reporters here. While Shiprocket is headquartered in Gurugram, the CSC is Mumbai-based. "We have approved two agencies to set up pilot e-commerce export hubs in Delhi," he said. The hub will have facilities for expedited customs and security clearance in-house. Provision for quality and certifying agencies will also happen within the hub. It will also have an easy re-import policy, he added. This policy will enable the return of e-commerce consignments and rejects without payment of import duty. He added that based on the feedback received from these firms on the running of these .

Collective effort required to achieve $2 trn exports target by 2030: Goyal

Commerce and Industry Minister Piyush Goyal on Monday said collective effort is required to achieve the "big" exports target of USD 2 trillion by 2030. Addressing the annual convocation of IIFT (Indian Institute of Foreign Trade) through video conference, he expressed confidence in achieving the target. "Let us partner to achieve the export target of USD 2 trillion by 2030, given that we will cross USD 800 billion this (fiscal) year. We will have to really put in a lot of effort collectively to achieve USD 2 trillion. It will not happen by chance, it will happen by choice and I am confident that we can achieve this big target," Goyal said. In 2023-24, India's exports of goods and services stood at USD 778 billion. He urged the students and faculty of the institute to contribute to studying the non-tariff barriers being faced by Indian products in other countries so that the officers can flag those. The ministry also announced that soon the IIFT will have its new campus in ...

DGTR recommends anti-dumping duty on PVC resins of about $339 per tonne

The commerce ministry's investigation arm DGTR has recommended imposition of an anti-dumping duty of up to USD 339 per tonne on imports of PVC resins from seven countries, including China, the US and Korea, with a view to guard domestic producers. In its preliminary findings, the Directorate General of Trade Remedies (DGTR) has concluded that 'PVC suspension resins' have been exported to India at a price below the normal value, resulting in dumping. The notification of the directorate said that the imports from these countries - China, Indonesia, Japan, Korea RP, Taiwan, Thailand and the US - have caused material injury to the domestic industry. "Accordingly, the authority recommends imposition of provisional anti-dumping duty on the imports," it has said. The recommended duty ranges between USD 25 per tonne and USD 339 per tonne. The finance ministry takes the final decision to impose duties. The DGTR conducted the probe following applications regarding the same from domestic ..

India boosts global share in petroleum, gemstone, sugar exports over 5 yrs

India's export competitiveness has witnessed healthy gains in multiple sectors -- particularly petroleum, gemstones, agrochemicals and sugar -- during the last five years, as these segments have increased their share in global trade, according to the commerce ministry data. The other sectors where the share of India's exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. The ministry data analysis showed that petroleum exports rose to USD 84.96 billion in 2023, with India's market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018. In the precious and semi-precious stones segment, the country's share in global shipments has soared to 36.53 per cent last year from 16.27 per cent in 2018. It has propelled the country to the top position in the category, with exports reaching USD 1.52 billion in 2023 from USD 0.26 .

China may offer Taliban tariff-free trade to get closer to its resources

Selling Afghanistan's lithium, copper and iron deposits to the world's biggest commodities buyer would help Taliban prop up their ailing economy, which United Nations says has 'basically collapsed'

Major port cargo rises 6% in September at 65 million metric tonnes

The previous month saw a near 9 per cent increase in export-import (Exim) cargo and a 1.9 per cent fall in coastal cargo

Trade game: India's exports to 8 of top 10 markets grow in H1 FY25

Netherlands, US, UK see positive growth despite muted global demand

India-Canada diplomatic row unlikely to affect businesses or students much

India and Canada have shared democratic values. The broader geopolitical considerations require India and Canada to co-operate and deepen their engagement

India's steel industry faces challenges as Chinese exports continue to rise

Reports indicate China is on track to export more than 100 mt in 2024 - the most since 2016

China emerges as India's top import source during Apr-Sep of FY24

China has emerged as India's top import source with USD 56.29 billion worth of inbound shipments during the April-September period of this fiscal, according to the commerce ministry data. During the period, the US emerged as the top export destination for the country with outbound shipments increasing by 5.62 per cent to USD 40.38 billion. The imports from China rose by 11.5 per cent during the first half of this fiscal. The imports stood at USD 50.48 billion during April-September 2023. During the period, the top 10 import sources of India were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore, the data showed. Imports from Russia rose to USD 32.18 billion during April-September this fiscal from USD 30.43 billion a year ago. Similarly, the inbound shipments from the UAE rose to USD 31.46 billion from USD 20.70 billion in the first half of the last fiscal. During the period, the top 10 export destinations of the country were the US, t

Showcause notice only a demand notice and not an adjudicating order

Rajagopalan answers readers' SME queries related to GST, export and import matters

China's exports to Russia surge 15.7% in September, fastest in 9 months

"Bilateral trade has maintained a momentum of growth," Chinese state media cited Li as telling Russian Prime Minister Mikhail Mishustin at the time

Govt extends export benefits under Rodtep scheme till September 2025

The government on Monday extended benefits under the RoDTEP scheme for exports made from domestic tariff area (DTA) units for one year till September 30, 2025. The scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the centre, state, or local level. It was launched in January 2021 and was there till September 30. The Directorate General of Foreign Trade (DGFT) said in a notification that for Advance Authorisation (AA) holders, Export Oriented Units (EOUs) and Special Economic Zones (SEZs), the scheme is extended till December 31 this year. "The RoDTEP scheme is being extended for exports made from DTA units till September 30, 2025, and AA/EOU/SEZ units till December 31, 2024," it said. It added that the revised rates under the scheme are also notified for implementation

Smartphones overtake diamonds in India's exports to US, shows data

Nearly 50% of India's FY24 outbound iPhone shipments went to US