Page 19 - Trade Exports

Chinese exports decline 4.6% after seven years amid economic crisis

Amid the economic crisis, Chinese exports saw a downfall for the first time since 2016 after global demand for Chinese-made goods slowed in 2023

Trade bodies, exporters in Rajasthan demand task force to boost exports

According to available government data, exports from Rajasthan touched Rs 70,000 crore in the 2022-2023. Trade pundits expect it to reach Rs 80,000 crore in 2023-2024

Flying high: Phone exports near FY23's tally in just 9 months of FY24

iPhones have contributed $7 bn to India's total $10.5 bn exports

India to press for social security pact at Trade Policy Forum meet with US

New Delhi will raise issues of visa delay, exports of pharma goods and marine products

Inter-ministerial meeting next week to discuss ongoing Red Sea crisis

The development comes in the backdrop of the Red Sea crisis impacting global trade

India's exports may plunge $30 bn owing to disturbance in Red Sea

Yemen's Iran-backed Houthi militants have targeted vessels transiting through the Red Sea with missiles. The Houthis say they are going after any vessels that have a connection with Isreal

EFTA: Trade deficit, Swiss blanket removal of import duties to hurt India

Large trade deficit with Switzerland and its decision to remove import duties on almost all industrial goods for all countries starting January 1 would limit gains for India under the proposed trade agreement with EFTA bloc, a report said on Monday. The report by economic think tank GTRI said the trade agreement in the current format will not help Indian exports and will result in higher imports and wider trade deficit. India and the European Free Trade Association (EFTA) are negotiating a free trade agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA) with a view to boosting economic ties. FTA (free trade agreement) negotiations were initiated in January 2008. EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. "The Indian side faces challenges in achieving a balanced outcome in the agreement with EFTA. There are concerns due to the large trade deficit in favour of EFTA, Switzerland's new policy of allowing tariff-free entry for all indust

Panasonic eyes double-digit growth in FY25, sees India as export hub

Panasonic expects a "double-digit" growth in the Indian market this fiscal while the company prepares to tap the long-term potential of the country by bringing high-tech products, besides making it an export hub. India is among three important regions for firm headquartered in Osaka, Japan, and it is in the process of building and bringing many more products and high-tech solutions which did not exist in the past in this country, said Chairman of Panasonic Life Solutions India and South Asia Manish Sharma. Panasonic Corporation is "heavily committed" to the Indian market as its "long-term potential is very high" because of a lower penetration of products in the country, providing enough space to grow, he said. The company is working on India-specific innovations for its business verticals such as consumer appliances, electric boxes (wire and wiring devise), supply chain where it provides smart factory solutions, industrial devices and energy business in which it is offering ...

USTR Tai to visit New Delhi next week for US-India trade policy forum meet

US Trade Representative Katherine Tai is scheduled to travel to New Delhi next week and will co-chair the ministerial-level meeting of the United States-India Trade Policy Forum with Commerce and Industry Minister Piyush Goyal. Ambassador Tai will travel to India from January 12-14 and begin her trip with a meeting with Goyal. She is also scheduled to meet Minister of External Affairs S Jaishankar later. On January 13, Tai will meet with civil society representatives, business leaders, and stakeholders to discuss the Biden-Harris Administration's engagement and commitment to fostering closer ties between the two countries. Tai's visit marks the first trip to India in the new year by a senior Biden administration official. Tai and Goyal will co-chair the 14th ministerial-level meeting of the United States-India Trade Policy Forum (TPF). During this year's meeting, Tai and Goyal will discuss a broad set of issues to enhance the resiliency of the trade relationship, including ...

Brewing trouble: Darjeeling tea hits 8-year low in auctions, shows data

A major producer pointed out that auction prices were impacting private sale prices

We will maintain export figures of last year despite global slowdown: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday exuded confidence that during this fiscal, the country will maintain the last year's export figures despite slowdown in global trade. He said that India's exports of goods and services rose to USD 776 billion in 2022-23 from USD 500 billion two years ago. "Globally growth has been negative, international trade is in the negative territory, estimates are that this year international trade may fall, and in that perspective after having grown so rapidly we are looking at a phase of consolidation... "and I expect that the current year, we will maintain our figures of last year and strengthen our processes and our domestic capacities, capabilities to be able to grow at much faster rates in the years to come," Goyal told reporters here. Cumulatively, the country's merchandise exports in April-November 2023-24 contracted by 6.51 per cent to USD 278.8 billion. The estimated value of services export during the eight-month period stood

No damage reported after latest Houthi attack in Red Sea, says US

Multiple commercial ships in the area reported the impact of the missiles in surrounding waters, CENTCOM added

Statsguru: Neighbourhood ties weaken as global economic partnerships evolve

The share of its neighbours in India's trade shows signs of weakening from an already low base amid a review of regional trade agreements

Demand uptick, easing inflation to provide advantage to exports in 2024

Easing inflation in developed countries, softening interest rates, a gradual pick up in global demand and other factors will provide a silver lining for the country's exports and the overall outbound shipments are expected to be more than USD 900 billion in 2024. International trade experts have expressed hope that the services sector would perform better than merchandise and the country's overall outbound shipments may touch over USD 900 billion in 2024 against an estimated USD 764 billion in 2023. A stable rupee against the US dollar, focus on new markets like Latin America and Africa, new items like mobiles and fresh fruits, focus on promoting e-commerce exports, free trade agreements with the UAE and Australia would also help the country register healthy growth in outbound shipments next year. Despite various challenges, including geopolitical tensions and China's subdued post-pandemic recovery, impacting exports this year, India's goods and services exporters have managed to ta

Exports to Australia see upward trend, owing to duty concessions under ECTA

Government officials said that there has been an uptick in exports of products, where duty concessions have been given under the trade deal

'Govt to increase exports of 10-11 sectors from $160 bn to $500 bn by 2030'

The government is working on boosting domestic manufacturing and increasing exports to USD 500 billion by 2030 from 10-11 sectors, including automobiles, pharma, textiles, medical devices and chemicals, a senior official said on Thursday. These issues were discussed during a meeting called by the Commerce and Industry Ministry on Thursday. The meeting was convened by the Department of Promotion of Industry and Internal Trade (DPIIT) in collaboration with Invest India and SCALE (Steering Committee for Advancing Local Value-Add and Exports) Committee to unveil outcomes and recommendations made during the Chintan Shivir for Manufacturing, held on October 12 at Bharat Mandapam here. The 11 sectors are auto components, automobiles (including EVs), capital goods, chemicals, drones, medical devices, aerospace and defence, leather and footwear, textiles, and space. "We are looking at investments in these sectors. We will drill down to each of the areas to see how to promote manufacturing

Govt extends RoDTEP benefits to e-commerce exports through post or couriers

The government on Thursday announced extension of export benefits under RoDTEP scheme to e-commerce exports through post or couriers. 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. The commerce ministry will soon put in place the necessary IT framework and other enablers for extension of the scheme for the exporters. "We are extending RoDTEP benefits for exports through e-commerce," Commerce and Industry Minister Piyush Goyal told reporters here. The step will help SME sectors take advantage of government schemes, further pushing e-commerce exports and boosting overall export growth from the country to achieve the target of USD 1 trillion merchandise exports by 2030. Goyal also released a handbook for MSMEs with focus on e-comm

Refined petroleum products export rise 32% to 5.6 MMT in November: PPAC

Exports in the April-November period also increased, rising 2.7 percent to 40.8 MMT. This was due to a rise in the outbound shipment of vacuum gas oil

After successful trial, India aims at $1 bn banana exports in next 5 yrs

With successfully exporting a trial shipment of fresh bananas to the Netherlands through sea route, India is now aiming to increase exports of this fruit to USD one billion in the next five years, an official said. At present, exports of most of the fruits from India are happening by air route because of lower volumes and different ripening periods. To increase the volumes, India is developing sea protocols for fresh fruits and vegetables like bananas, mangoes, pomegranates and jackfruit to promote their exports through ocean routes. The protocol includes understanding voyage time, scientifically understanding the ripening of these commodities, harvesting at a particular time and training of farmers. These protocols will be different for different fruits and vegetables. The Agricultural and Processed Food Products Export Development Authority (APEDA), along with other stakeholders, has developed these protocols for bananas. APEDA is an arm of the commerce ministry. "With the ...

Current account gap narrows to 1% of GDP at $8.3 bn in Q2FY24: RBI

The lower CAD in Q2FY24 was due to the narrowing of the merchandise trade deficit to $61.0 billion from $78.3 billion in Q2FY23