Page 21 - Trade Exports

Trade deficit falls to three-month low of $19.8 billion in December

Merchandise imports, meanwhile, grew 8.45 per cent to $58.25 billion, boosted by gold imports

India electronics exports to US jump two-fold to $6.6 bn in Jan-Sep 2023

Electronics exports from India to the US jumped over two-fold year-on-year to USD 6.6 billion during January-September 2023, industry body ICEA has said. India Cellular and Electronics Association Chairman Pankaj Mahindroo told PTI that this is an all-time high electronics export from India, while the share of electronics imported from China into the US market has declined. "Recent data highlights a notable surge in India's electronics exports to the US, which increased by approximately 253 per cent to an estimated USD 6.6 billion in the current year (January-September), compared to an estimated USD 2.6 billion in the same period last year," Mohindroo said. According to data shared by ICEA, India's electronics exports to the US increased by more than 300 per cent from an estimated USD 1.3 billion in 2018 to an estimated USD 4.5 billion in 2022. The bilateral electronics trade between India and the US has also seen an impressive rise of 84 per cent, with the current estimate standin

DRDO should emerge as world leader in exporting weapon systems: Ajay Bhatt

The DRDO's knowledge and infrastructure base needs to be tapped by MSMEs and private industries, and DRDO should emerge as the world leader in exporting weapon systems, Minister of State for Defence Ajay Bhatt said on Sunday. Bhatt visited DRDO's Dr APJ Abdul Kalam Missile Complex and the Research Centre Imarat (RCI) here and reviewed the ongoing missile technologies and related programmes, a Defence ministry release said. Director General, Missiles and Strategic Systems, U Raja Babu briefed the minister on various technological developments. "The DRDO's knowledge and infrastructure base needs to be tapped by MSMEs and private industries, which in turn will lead to the establishment of a self-reliant defence industrial ecosystem in our country, he said. The union minister also said that DRDO should emerge as the world leader in exporting weapon systems to the other nations, the release said. He emphasised that defence today is no longer limited to land, sea or skies but encompasse

India asks US to permit domestic labs for fruit irradiation to cut cost

India has asked the US to allow domestic labs also for irradiation of certain fruits like mangoes with a view to helping exporters cut additional trade costs, an official said. At present, exporters have to carry out irradiation at the US ports, which increases cost and uncertainty in case of rejection of the consignment. The issue was raised during the 14th India-US Trade Policy Forum meeting here on January 12. "We have raised the issue of fruit irradiation which they do on their coast. Let it happen here. They can allow Indian labs to do so. It will reduce trade costs in a way," the official said. According to international trade experts, several Indian products may require irradiation at the US ports before entering the US market to comply with the Animal and Plant Health Inspection Service (APHIS) regulations and prevent the introduction of harmful pests and diseases. Think tank GTRI Co-Founder Ajay Srivastava said that a better way is to carry out irradiation in India before

Centre, state, exporters to discuss ways to boost exports on Jan 16

The Centre, state governments and industry representatives will meet on January 16 to discuss ways to boost the country's exports, an official said. Issues which are expected to figure in the meeting include rupee payment challenges, need of global shipping, and challenges being faced by traders on account of the Red Sea crisis, and uncertain global economic situation due to the Russia-Ukraine war and Israel-Hamas conflict. The meeting will be chaired by Commerce and Industry Minister Piyush Goyal. They all are members of the Board of Trade (BoT). "There are over 135 members of BoT. It is meeting on January 16 at Bharat Mandapam," the official said. Headed by the minister, the board includes participants from various states, Union Territories, and senior officials from the public and private sectors. In the meeting, representatives of export promotion councils present their views on the export sector. The board provides an opportunity to have regular discussions and consultations

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