Page 14 - Trade Exports

China's Premier Li Qiang to visit Australia this week, says PM Albanese

China is Australia's largest trading partner, with Australian resources and energy exports dominating trade flow

China's exports grow 7.6% in May despite trade tensions with US, Europe

China's exports in May grew at their fastest pace in more than a year despite trade tensions, though imports fell short of analyst expectations, according to customs data released on Friday. Exports jumped 7.6 per cent in May from the same month last year to USD 302.35 billion, rising at the fastest pace since April 2023. Imports rose by 1.8 per cent to USD 219.73 billion, missing estimates of about 4 per cent growth. The uptick in exports is also partly due to a lower base in the same period last year, when exports declined 7.5 per cent. In comparison, exports grew by 1.5 per cent in April compared with the same period last year, while April imports rose by 8.4 per cent. The strong exports caused China's trade surplus to widen to USD 82.62 billion, up from April's USD 72.35 billion. The growth in exports comes as China faces escalated trade tensions with the US and Europe. The US is ramping up tariffs on Chinese-made electric cars while Europe is considering levying similar ...

Adopting global standards to help India improve quality of goods: GTRI

Steps such as adoption of international standards, using risk-based regulations, and modern infrastructure development will help further improve quality of goods manufactured and exported from India, economic think tank GTRI said on Friday. The Global Trade Research Initiative (GTRI) also recommended support to small and medium enterprises, avoiding quality control orders becoming non-tariff barriers, regulatory impact assessment, developing globally acceptable standards and inking mutual recognition pacts with trading partners to strengthen India's quality systems. These suggestions come at a time when India is on the fast track to issue Quality Control Orders (QCOs) and Compulsory Registration Orders (CROs) with a view to curb imports of sub-standard goods from countries like China, boost domestic manufacturing and push exports of high-quality goods from the country. GTRI Founder Ajay Srivastava said that to fully capitalize on these initiatives, it is crucial to comprehensively .

China to reinstate tariffs on 134 items under Taiwan trade deal next month

The suspension of the tariff concessions are due to take place from June 15 and would apply to products imported from Taiwan including base oils, the ministry said

The port company meant to deliver India's strategic objectives abroad

India Ports Global Limited will be operating ports in Iran, Myanmar, and Bangladesh; it will quickly need an equity base

Smartphones become India's fourth largest export item with 42% growth

Smartphones have been a key success story of the government's production-linked incentive (PLI) scheme

Govt continues curbs on import of unregistered IT, electronic goods

Rules referred to 2012 have been replaced with 2021 and there is no change in policy, says senior government official

Trade with Pak key poll issue; will benefit farmers: Amritsar traders

For the traders and industry in Amritsar, resumption of trade with Pakistan through the Attari-Wagah land route is a key poll issue. They say reviving cross-border trade will also benefit farmers, transporters and labourers. The volume of trade between India and Pakistan through the land route used to be around Rs 5,000 crore per annum before the bilateral trade ties were suspended in 2019. Resuming trade with Pakistan will not only boost the economy of Amritsar but it will also create more employment opportunities, the traders said. The local industry has made it clear to the candidates of all major political parties that the revival of trade was necessary for the betterment and development of Amritsar. Amritsar along with 12 other parliamentary constituencies of Punjab will go to polls in the final round of the seven-phase Lok Sabha elections on June 1. "The government must resume trade with Pakistan because in Amritsar there is no manufacturing industry," said Amritsar-based ..

Govt recovers Rs 852 cr under amnesty scheme for exporters: Official

The government has recovered about Rs 852 crore under the amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG authorisations, an official said. The figures are likely to increase further as the exercise is on for the compilation of the data, the official added. The government has fixed March 31 as the last date for payment of customs duty plus interest. "Under the scheme, 6,705 applications were filed and as per the provisional figures, an amount of about Rs 852 crore has been recovered. This figure is further expected to increase," the official said. Meanwhile, several small exporters have requested the government to continue the scheme for a one-time settlement of default in export obligation till September. Ludhiana-based Hand Tools Association President SC Ralhan has said several small exporters have not been able to avail of the benefits of the scheme due to fulfilling their obligations to make payments to MS

Taiwan selling more to US than China in major shift away from Beijing

Whether it's tapioca balls or computer chips, Taiwan is stretching toward the United States and away from China the world's No. 2 economy that threatens to take the democratically ruled island by force if necessary. That has translated to the world's biggest maker of computer chips which power everything from medical equipment to cellphones announcing bigger investments in the U.S. last month after a boost from the Biden administration. Soon afterward, a Taiwanese semiconductor company said it was ending its two-decade-long run in mainland China amid a global race to gain the edge in the high-tech industry. These changes at a time of an intensifying China-U.S. rivalry reflect Taiwan's efforts to reduce its reliance on Beijing and insulate itself from Chinese pressure while forging closer economic and trade ties with the United States, its strongest ally. The shift also is taking place as China's economic growth has been weak and global businesses are looking to diversify following

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 asks int'l committee to set limits on ethylene oxide in spices

The development comes after sales ban on Everest and MDH

India's trade deficit widens to $19.1 billion in April: Commerce ministry

April trade data: India's exports rose to $34.99 billion, imports stood at $54.09 billion

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 in FY24 grew 38% over FY19

"This growth highlights the significant and varied impact of free trade agreements on India's global trade dynamics," GTRI said in a report

India likely to export almost 18 million tonnes of rice in 2024-25: USDA

Supplies increase year to year on record production at 527.6 million tons that more than offsets lower beginning stocks

Evaluation of infra needs for $1 tn exports by Aug-Sep: Official

A study to assess required infrastructure and identify main industry clusters for achieving the USD 1 trillion merchandise exports target by 2030 may be submitted by August-September to the commerce ministry, an official said. The official said that the Asian Development Bank (ADB) is doing that study for the ministry. In 2023-24, India's merchandise exports dipped by over 3 per cent to USD 437 billion. Imports during the last fiscal dipped by 5.7 per cent to USD 675.4 billion. By 2030, the ministry is aiming to more than double the country's outbound shipments of goods. Explaining the rationale behind the exercise, the official said that to take the exports to USD 1 trillion, there will be an import of about USD 1.5 trillion, so to handle USD 2.5 trillion worth of trade "we need" additional infrastructure and logistics capacity at roads, ports, airports and railways. "If exports will increase, imports will also increase. There is a correlation between higher exports and imports.

China's exports and imports return to growth, signalling demand recovery

Shipments from China grew 1.5% year-on-year last month

UAE-India CEPA Council inks MoU with Indian Chamber of Commerce

The UAE-India CEPA Council on Thursday said it has inked an agreement with Indian Chamber of Commerce to promote trade between the two countries. Under the MoU, it said both organisations will collaborate on increasing awareness within the UAE and India regarding the significant potential of the bilateral economic partnership, highlighting opportunities for companies to leverage the free trade agreement. A trade pact between the two nations came into force from May 2022. "They will also engage in dialogue and information sharing, develop avenues for member awareness, explore the hosting of joint events and facilitate member interactions," it added.

Exim Bank expects 12.3% growth in exports during Apr-Jun quarter to $116 bn

The Export-Import Bank of India on Thursday said India's merchandise exports would grow by 12.3 per cent year-on-year to USD 116.7 billion in the April-June quarter this fiscal. "These positive growth rates are expected to be witnessed in continuation of the positive growth witnessed during the last two quarters of the previous financial year," India Exim Bank said in a statement. The positive growth in India's exports could be the result of the country's GDP growth fundamentals and outlook, and sustained momentum in the manufacturing and services sector, it added. "Export-Import Bank of India forecasts India's total merchandise exports to amount to USD 116.7 billion, witnessing a y-o-y growth of 12.3 per cent," it said. It added that the growth in exports is expected to continue to witness a positive momentum in the forthcoming quarters. However, it cautioned that the outlook is subject to risks of uncertain prospects for advanced economies, geopolitical shocks, and the Middle Ea