Page 15 - Trade Exports

Toy exports down at $152 mn in 2023-24, need strategy to push it: GTRI

The country's toy exports declined marginally to USD 152.34 million in 2023-24 from USD 153.89 million in the previous financial year, according to a report by economic think tank GTRI. The Global Trade Research Initiative (GTRI) said that India's toy exports did not benefit much from the mandatory quality control orders. It said that while the domestic measures were primarily aimed at boosting local industry and ensuring safety, they did not significantly enhance India's toy exports. "From FY'2020 to FY'2022, exports increased modestly from USD 129.6 million to USD 177 million. However, by FY'2024, exports decreased to USD 152.3 million," the report said. Imports, however, increased to USD 64.92 million in 2023-24 from USD 62.37 million in 2022-23. GTRI Founder Ajay Srivastava said that the QCO checked substandard imports from China but did not result in higher exports from India. Though India has taken decisive steps since 2020 to curb the inflow of substandard toy imports, ...

Lab grown diamonds export may grow by 7-9% to reach $1,500-1,530 mn in FY25

Exports of lab-grown diamonds are expected to rise by 7-9 per cent to USD 1,500-1,530 million in 2024-25 as demand for naturally mined diamonds remains sluggish, a report by CareEdge Advisory said on Monday. Both domestic consumption and exports of man-made diamonds are expected to increase this fiscal due to their low cost, the report said. "The LGD (lab-grown diamonds) exports are expected to witness a revival with expected growth of 7-9 per cent to reach USD 1,500-1,530 million in FY25. Faced with ongoing geopolitical and economic disruptions globally, the gems and jewellery industry is relying on the rapidly growing LGD market to mitigate the effects of low demand for natural diamonds," CareEdge Analytics and Advisory Director Tanvi Shah said. LGD exports have been declining in recent times, and have seen around 16.5 per cent year-on-year decline in FY24, mainly on account of declining prices even though the volumes grew, the report stated. Nevertheless, the depreciating rupee

April services PMI softens to 60.8 but remains sturdy on robust demand

Favourable market conditions and buoyant demand pushed the new business sub-index to a three-month high, the third-highest in around 14 years

Govt lifts ban on onion exports; imposes min export price of $550 per tonne

The government on Saturday lifted the ban on onion exports but imposed a minimum export price (MEP) of USD 550 per tonne. The decision assumes significance as the commodity is politically sensitive and general elections are going on in the country. "The export policy of onions is amended from prohibited to free subject to MEP of USD 550 per metric ton with immediate effect and until further orders," the directorate general of foreign trade (DGFT) said in a notification. Last night, the government imposed a 40 per cent duty on the export of onions. In August last year, India had imposed a 40 per cent export duty on onions up to December 31, 2023.

India's services exports growth enters slow lane in FY24: RBI data

Falls to 3-year low of 4.9%, but net services exports grow at 13.6%

India's spice exports at potential risk, needs urgent action: GTRI

India needs to address the quality issues with urgency, the think tank said

Chatroom: Duty-free inputs used in export output are not export benefits

When you re-import the goods under notification 45/2017-Cus dated June 30. 2017, you have to pay the GST, DBK and RoDTEP amounts at the time of clearance

Export figures for FY04, FY14, and FY24 show interesting trends

A look at the destination of our exports shows that our shipments to our neighbours in South Asia at 5.8 per cent have stagnated in the past 10 years

Centre approves 99,500 tonnes of onion exports to 6 neighbouring nations

The Centre on Saturday said it has allowed exports of 99,500 tonnes of onions, mainly sourced from Maharashtra, to six neighbouring countries despite the ban on shipments. The Centre has also allowed exports of 2,000 tonnes of white onion cultivated, especially, for export markets in the Middle East and some European countries. On December 8, 2023, the government banned export of onions. In an official statement, the Ministry of Consumer Affairs, Food & Public Distribution said the government has "allowed export of 99,150 tonnes of onion to six neighbouring countries of Bangladesh, UAE, Bhutan, Bahrain, Mauritius and Sri Lanka". The export prohibition has been imposed to ensure adequate domestic availability against the backdrop of estimated lower Kharif and Rabi crops in 2023-24 compared to the previous year. The ban was imposed amid an increase in demand in the international market, it added. The National Cooperative Exports Limited (NCEL), the agency for the export of onion to

Engineering goods exports up 10.7% in March to $11.28 billion: EEPC

Exports have been dented by a slowdown in global demand, the ongoing Russia-Ukraine war and the Red Sea shipping crisis brought on by conflict in the Middle East, exporters said

Govt allows exports of specified quantity of white onion via three ports

Easing export ban, the government on Thursday permitted overseas shipments of a specified quantity of white onion from three ports. The Directorate General of Foreign Trade (DGFT) in a notification said that the exporter shall have to get the certificate from the Horticulture Commissioner, Government of Gujarat, certifying the item and quantity of white onion to be exported. "Exports of up to an aggregate quantity not exceeding 2,000 MT (tonnes) of white onion has been allowed through the specified ports, taken together, with immediate effect," it said. The exports are allowed from Mundra Port, Pipavav Port and Nhava Sheva/JNPT Port. Exports of onion -- a politically sensitive commodity -- are banned in general. However, the government allows specified quantities of shipments to friendly nations on their requests. DGFT is an arm of the commerce ministry, which deals with norms related to imports and exports. On December 8 last year, the government banned exports of onion with a v

Comm min working on infra to achieve $1 tn exports by 2030: Official

The commerce ministry has initiated an exercise to identify required infrastructure needs, potential sectors, and clusters which would help the country achieve the USD 1 trillion merchandise exports target by 2030, a senior government official said on Thursday. Additional Secretary in the Department of Commerce Anant Swarup said that the Asian Development Bank has been requested to conduct a study in this regard. If the country is targeting USD 1 trillion of exports by 2030, there is a likelihood of about USD 1.5 trillion of imports, so "do we have enough capacity" to cater to USD 2.5 trillion of EXIM (export and import) trade, he said. So that is the target on which the department is working, he said. "The ADB is doing a study for us because what is more important is from where the USD 1 trillion of exports is going to come from; which are those sectors and clusters from where this USD 1 trillion of exports is going to come from. That is very critical for us. "Because unless we k

Despite uncertainties, services exports grow 11.4% in 2023: UNCTAD report

India's services exports jumped 11.4 per cent to USD 345 billion in 2023 despite global economic uncertainties, while China's shipments from the sector contracted by 10.1 per cent to USD 381 billion, according to a UNCTAD report. Sectors that contribute to India's services export growth include travel, transport, medical and hospitality. With an 8.9 per cent annual rise in current dollar value terms, the world services exports surpassed USD 7.9 trillion in 2023, a quarterly bulletin of UNCTAD said. The leading exporters among developing economies include India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia, it added. India's services imports, however, dipped marginally by 0.4 per cent to USD 248 billion last year. "The main driver of the YoY (year-on-year) rise of services exports in Q4 2023 was the ample growth of international travel receipts. In the post-COVID-19 recovery, travel receipts increased by 70 per cent in Asia (YoY)," the report said. Commenting on .

LS polls: Tumkur hopes yarn will spin again for its textile industry

The sector is facing multiple challenges like labour shortage, falling exports and bureaucratic delays

SEZ units exempt from IGST on certain services from DTA players: AAR ruling

AAR observed that this clarification was given to a specific SEZ unit and is not a circular but there is no bar in borrowing the rationale of the clarification

On an upswing: Engineering goods exports pick up pace in H2FY24, shows data

The exports of engineering goods - comprising over a fourth of India's export basket - grew 2.1 per cent to $109.3 billion

India exports record 4.8 mn tonnes oilmeal animal feed in FY24: SEA

India exported a record 48.86 tonnes of oilmeal -- used as animal feed -- during the 2023-24 financial year on revival of shipments of soyabean meal, industry body SEA said on Thursday. In value terms also, the country's oilmeal exports were highest at Rs 15,368 crore during 2023-24 fiscal. The previous record was 43.81 lakh tonnes achieved in 2013-14 fiscal, while in value terms shipments stood at Rs 11,500 crore. "This is the highest export of oilmeals since 2013-14 in terms of quantity and value," the Solvent Extractors Association of India (SEA) said in a statement. The overall export of oilmeals during the April-March period of 2023-24 fiscal was highest at 48.86 lakh tonnes, up by 13 per cent from 43.36 lakh tonnes in the previous year. The industry body said the export of soyabean meal revived during the year and reported at 21.33 lakh tonnes in 2023-24 fiscal, compared to 10.22 lakh tonnes in 2022-23 as Indian soybean meal was most competitive in the international ...

Powered by iPhone exports, electronics become India's fifth largest export

Apple's iPhone exports alone now constitute 35% India's entire electronics export goods basket

India's electronics exports increase 23.6% to $29.12 billion in FY24

According to commerce department officials, the top five export market of electronics good are - the US, United Arab Emirates, Netherland, United Kingdom, and Italy

The increasing profitability of apiculture

Interestingly, while India's honey output has increased since 2005-06 by nearly 240 per cent, exports have bounced by over 260 per cent