Page 20 - Trade Exports

Resurgence of pirates in international waters puts Centre on alert

Geopolitical instability, rising sea robberies pose risks to maritime economy

India's agri exports may stay flat in FY24 due to ban on wheat, rice, sugar

India exported agricultural products worth $53 billion in the previous financial year

Suez, a crisis waiting to happen, forces shippers to be ready any moment

For a start, the balance of global trade has shifted toward Asia, with China, India and Southeast Asia all being important consumption economies in addition to their long-standing role in production

India, New Zealand discuss cutting trade barriers, promoting investments

India and New Zealand have discussed measures to reduce trade barriers and promote a more investor-friendly environment to boost economic ties, an official statement said on Wednesday. The issues were discussed during the meeting of Commerce and Industry Minister Piyush Goyal and his counterpart from New Zealand Todd McClay here on December 19. Both the ministers recognised the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers, and promote a more conducive environment for businesses and investors from both nations, the commerce ministry said. The trade minister of New Zealand appreciated the efforts made by India to sort out the issue related to export of wooden logs to India. "They highlighted the need to deepen engagement in sectors such as agriculture, forestry, pharma, connectivity, education and tourism," it said. To strengthen the trade and economic relationship, ministers expressed the need to increase engagement ..

Five out of top 10 destinations see a rise in April-November exports

This comes even as overall exports from India contracted during the period

Engineering exports register 3% on-year fall in November to $7.85 billion

India's engineering goods exports registered a 3-per cent year-on-year decline in November to USD 7.85 billion, an industry body report said. The dip was primarily attributed to the festive season that disrupted operations in major engineering export belts across the country, particularly in northern and western regions, it said. While acknowledging the recent decline, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about exceeding last year's overall engineering exports. "After experiencing a slump in the first half of 2023, the sector witnessed positive growth from August to October, which instilled hope for a continued positive trajectory," EEPC India Chairman Arun Kumar Garodia said. The industry remains cognizant of the current global challenges, including high inflation and interest rates, particularly in key markets like Europe and the United States, he said. These factors contribute to the ongoing trade slowdown and necessitate continue

Tamil Nadu's electronics export on road to $8 billion, says minister

According to industry experts, major reasons for the rise in exports is the 'China Plus One' strategy of global majors like Apple

Govt working to ensure export sector becomes self-sustaining: Piyush Goyal

India is aiming to achieve the $2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive, Union minister Piyush Goyal said on Saturday. Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), he said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth. GIFT City will play a pivotal role in powering India's exports to $2 trillion by 2030, and then onwards to up to $10 trillion that it envisages to see by 2047, said the Union Commerce and Industry Minister. "During the next 2-3 decades we hope to see sustained, inclusive growth, during which we are confident of offering sustainable and inclusive development for every single person in the country. In that story, our international engagements will play a very important role," he said. He said India's target of crossing a $1 trillion economy

Wheat sowing picks up pace as Central inventories drop to 7-year low

A high-level team of officials on a survey in some of the major wheat-growing areas found that almost 85 per cent of wheat sown so far has been of climate-resistant varieties

As phone makers become 'exports first', they seek a competitive tax regime

The phone industry told govt that 99% of mobile phones sold in India are produced locally. For companies to grow, they need exports

China's exports grow for the first time in six months in November

In the short run, however, the pressure on Chinese manufacturers show little sign of easing off completely

India to soon be ready for $1 trn exports: Vaishnaw on 'Make in India' goal

Union Minister Ashwini Vaishnaw said that exports have reached $762 billion in the last financial year and the reason behind it is 'Make in India'

Trade strategy on table to achieve exports target of $2 trillion by 2030

Last month, the Federation of Indian Export Organisations (FIEO), as part of its recommendation for the services sector, urged the government to introduce measures to empower small businesses

Govt concerned about Chinese firms' low share in smartphone exports

Companies like Xiaomi, Oppo, Vivo, and Realme together account for a dominating 74% share of the Indian mobile phone market in terms of volumes. However, their share of exports stands at only 14%

Limits to supply chain diversification

Emerging trends demonstrate intensification of indirect supply chain integration with China

'Work in progress to remove trade barriers in sub-Saharan African nations'

The commerce ministry is working to address issues related to non-tariff barriers and market access for domestic products in sub-Saharan African countries like Nigeria, Ethiopia, Ghana and Gulf nations to boost India's exports, an official said. The official said meetings have been held with Indian missions of the sub-Saharan African countries with which India has significant bilateral trade. The major trading partners of India in that region in 2022-23 were South Africa (total trade USD 18.9 billion, exports USD 8.5 billion); Nigeria (USD 11.85 billion, exports USD 5.15 billion); Togo (USD 6.6 billion, exports USD 6 billion), and Tanzania (USD 6.5 billion, exports USD 3.93 billion). The other countries were Mozambique (USD 5 billion, exports USD 2.5 billion); Angola (USD 4.22 billion, exports USD 621 million); and Kenya (USD 3.4 billion, exports USD 3.2 billion). "A virtual meeting with Indian Mission of top 10 countries (bilateral trade-wise) in sub-Saharan African region was hel

Insurance should not be misused for unfair gains

The National Commission observed that Aryan Exports' recovery of US $59,180 exceeded the consignment's value and concluded that further claims would amount to unjust enrichment

Netherlands to Saudi Arabia: India's key export hubs witness high growth

These countries have displayed high growth with India defying global slowdown

Exports up 6.21% to $33.57 bn in Oct; trade deficit high at $31.36 bn

India's exports rose by 6.21 per cent to USD 33.57 billion in October this year, as against USD 31.6 billion a year-ago, government data showed on Wednesday. Imports also increased to USD 65.03 billion in the month under consideration, as against USD 57.91 billion recorded in October 2022. The country's trade deficit in October stood at USD 31.46 billion. During the April-October period of this fiscal year, exports contracted by 7 per cent to USD 244.89 billion. Imports during the seven-month period fell by 8.95 per cent to USD 391.96 billion. Commerce Secretary Sunil Barthwal said the trade numbers in October reflect 'green shoots'.

New launches, exports gain captured in Eicher Motors' valuations

Aided by a 10 per cent increase in volumes and 5 per cent increase in realisations