Page 16 - Trade Exports

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

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