Page 17 - Trade Exports

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

Next round of talks on proposed India-Peru trade agreement likely in Jun

The chief negotiators of India and South American nation Peru are likely to hold the next rounds of talks for a proposed free trade agreement in June, an official statement said on Thursday. So far, seven rounds of talks have been completed. "The next round, expected in June 2024, will be preceded by intersessional negotiations over VC (video conference) to ensure that outstanding issues are resolved before the two parties meet again," the commerce ministry said. The seventh round of talks involved understanding priorities and mutual concerns and ensuring that the negotiations are rooted in mutual respect and benefit, it added. Commerce Secretary Sunil Barthwal said the basic principle of negotiations should be understanding strengths and respecting sensitivities of each other. The modalities of negotiation may emerge from appropriate stakeholder consultations, and feedback from the industry and the negotiating teams should engage in a gainful and explorative approach, he said. R

Citroën becomes the first multinational carmaker to export EVs from India

Citroën despatched 500 units of the Made-in-India ë-C3 to Indonesia from the Kamarajar Port

Needed an Apple encore

India can do better in electronics exports

Majority of commodities exported to China record positive growth in 2023

As many as 90 principal commodities like iron ore, telecom instruments and electronic components exported to China have recorded a positive growth in 2023 out of the total 161 such goods shipped to the neighbouring country, according to commerce ministry data. These 90 commodities account for 67.7 per cent of India's export basket to China, while 71 products that have registered a negative export growth in 2023 constitute 32.3 per cent, the data showed. There are four commodities level where India has improved its export to China by more than USD 100 million in 2023. They are iron ore (216.8 per cent to USD 3.33 billion in 2023), cotton yarn (542.6 per cent to USD 611.17 million in 2023), spices (19.4 per cent to USD 132.26 million in 2023), and processed minerals (174.19 per cent to USD 129 million in 2023). For another fifteen products, the improvement in exports is in the bracket of USD 10 -100 billion. These goods include marine products, iron and steel, telecom instruments, ..

Global merchandise trade growth in volume terms may dip 1.2% in 2024: GTRI

The growth in the global merchandise trade is likely to decline by 1.2 per cent, in value terms, due to the ongoing geopolitical uncertainties, economic think tank Global Trade Research Initiative (GTRI) said on Thursday. The US dollar value of world merchandise trade fell 5 per cent in 2023 to USD 24.01 trillion, but this decline was mostly offset by a strong increase in commercial services trade, which rose 9 per cent to USD 7.54 trillion, it said. This allowed world goods and commercial services exports on a balance of payments basis to slip 2 per cent in 2023 to USD 30.8 trillion. "Despite the World Trade Organization (WTO) expecting a 2.6 per cent rise in trade volume for 2024, the value of world merchandise trade is still seen to decline by 1.2 per cent in 2024 from 2023, continuing the trend of trade values falling behind the trade volumes," the think tank said. The WTO has projected that the world merchandise trade volume will grow by 2.6 per cent in 2024 and 3.3 per cent i

Plastic exports grow 14.3% to $997 mn in February: Plexconcil report

India's plastic exports grew 14.3 per cent year-on-year to USD 997 million in February due to a rise in demand in various product categories, an apex industry body said on Friday. The overall plastic exports stood at USD 872 million in February 2023, Plastic Export Promotion Council Plexconcil said in a statement. According to Plexconcil data, there was significant export growth in February 2024 across the majority of the product panels like plastic raw materials, plastic films and sheets, woven sacks, and floor coverings, among others. However, panels like writing instruments and stationery, consumer and houseware products, human hair and related products, and miscellaneous products and items faced challenges in achieving growth during the same period, it added. "Amidst fluctuating trends, India's plastic exports grew in February, reaching USD 997 million, a 14.3 per cent rise from the previous year. Initiatives like PLEXCONNECT 2024 aim to fortify global connections. Scheduled fo