Page 23 - Trade Exports

NCDEX suffers major losses as suspension of futures gets extended

The commodities are paddy (non-basmati), wheat, chana, mustard seed and its derivatives, soybean and its derivatives, crude palm oil and moong

India's mango exports witness a 19% jump at $47.98 bn during 2023 season

In the 2023 season, India exported mangoes to 41 countries by exploring new destinations such as Iran, Mauritius, Czech Republic, and Nigeria

Ashok Leyland expects 20% revenue from exports in 5 years: Dheeraj Hinduja

Hinduja group-owned commercial vehicles maker Ashok Leyland expects over one-fifth of its revenue to come from exports in the next five years, according to company's Executive Chairman Dheeraj Hinduja. The thrust is to see Ashok Leyland among the top 10 global original equipment manufacturers (OEM), said Hinduja at Carlton House Terrace, London, UK, during a select media roundtable with the Hinduja family members here. The company, which is investing around Rs 1,000 crore to set up a bus manufacturing facility near Lucknow in Uttar Pradesh, expects the first vehicle to roll out within 15-18 months. Besides, Ashok Leyland has plans to enter Europe with electric buses in 2025, said Hinduja. As per its strategy, the company would focus only on the commercial vehicle segment and has no plans to enter the passenger vehicle segment as of now, he said. There is "room to grow with commercial vehicles" and a "much better growth path" in the segment, said Hinduja. In financial year ended M

Amit Shah to launch logo, website, and brochure of NCEL on Monday

Cooperation Minister Amit Shah will on Monday launch a logo, website and brochure of a newly established National Cooperative for Exports Limited (NCEL) at a national symposium in the national capital. Shah will also distribute membership certificates to NCEL members at the symposium to be organised at the Pusa complex here. "A wide range of issues, including channelising cooperatives for linkages to export markets, the potential of Indian agri-exports and opportunities for cooperatives, among others, will be discussed in the symposium," the ministry said in a statement. NCEL came into existence after Shah put an emphasis on the need to establish a national-level multi-state cooperative society to function as an umbrella organisation for exports by the cooperative sector. NCEL, which was registered under the Multi-State Co-operative Societies Act on January 25 this year, has an authorised share capital of Rs 2,000 crore and those cooperative societies from the level of primary to a

Imported food item for re-export doesn't need clearance, says FSSAI

The FSSAI advisory should also come as a big relief in ease of doing business

Overall trade gains may be limited for India in FTA with UK: GTRI

Negotiations for the FTA are in the final stages, with both countries engaged in weekly discussions

'Prior export proceeds realisation must for refund on export of services'

If you want to re-import the exported goods under the notification 158/95-Cus dated 14th November 1995 that would not be possible as the one year time limit is already over

US warned China to expect updated export curbs in October: US official

Providing China with a heads up about the rules is part of a broader bid by the Biden administration to stabilize relations with Beijing

India mulling its own carbon tax on exports along the lines of CBAM

A tax on imports and goods coming into India from the EU is also being planned

Navigating the evolving trade landscape

In an era of shifting trade dynamics, India stands at the crossroads of opportunity, but being adaptable will be key

Export of auto parts must hit $100 bn by 2030: SCALE chairman Pawan Goenka

Speaking to Sohini Das, Goenka said that start-ups are playing a huge role in electric vehicle transition

China's urea export curbs may not hit India much, push up global rates

But it could push up global rates

China's exports fall for 4th consecutive month showing pressure on trade

The customs data released on Thursday further showed that imports also slid 7.3% to $216.51 billion

Right policies will help India reach $2-trn exports by 2030: Sanjay Budhia

Right policies and a proactive approach by the government will help India achieve USD 2-trillion exports target of goods and services by 2030, Chairman, CII national committee on EXIM, Sanjay Budhia, said here on Friday. He said the global economy is still going through turmoil due to geopolitical tensions and the trade environment remains challenging. "With the right policies, coupled with fearless and proactive approach and implementation, India can stay on positive growth trajectory to achieve the ambitious export target of USD 2 trillion by 2030," he said at a workshop on export control on dual-use items. He added that despite a turbulent global economy and headwinds, several path-breaking policy initiatives were implemented and put in action by the government and the country. Budhia, the Managing Director of Patton Group, said the new Foreign Trade Policy 2023 could be a game changer to put India at a leadership position on the global exports map. "The policy has focused on .

Comm min to organise workshops on promoting exports via e-commerce

The commerce ministry on Friday said it has decided to organise monthly workshops to raise awareness about ways to promote exports through e-commerce mediums. The Foreign Trade Policy 2023 has mandated to handhold and conduct outreach programmes to promote e-commerce exports. In addition to increasing awareness about e-commerce-related rules and processes, actions for capacity building and skill development for the promotion of exports through online medium is also mandated. "In this regard, monthly workshops on e-commerce exports are proposed by this directorate," according to a trade notice of DGFT (Directorate General of Foreign Trade). The workshops will cover aspects related to cross-border logistics, postal and customs compliances and cross-border payment mechanisms. "The proposed workshops shall be held during the 1st week of each month through Video Conference. In-person workshops shall also be organised where feasible," it said. The DGFT has also invited experienced ...

Amid slowdown, Centre reviews export scenario with promotion councils

The matter was discussed at the Centre's review of sectoral progress in exports with the export promotion councils on Tuesday, people aware of the matter told Business Standard

Swift removal of non-tariff barriers key to trn-dollar exports: GTRI rpt

India needs to act in a fast-track manner for removal of non-trade barriers (NTBs), being faced by domestic exporters in different countries like the US, China and Japan, to achieve one trillion dollar outbound shipment target for goods by 2030, a report by think-tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) has suggested a two-pronged strategy to mitigate the influence of NTBs on exports. It asked for upgrading domestic systems, in cases where Indian products are rejected due to quality issues; and retaliating if unreasonable standards or rules continue to obstruct exports from New Delhi. "Many of India's exports suffer due to time taking prior registration requirements and unreasonable domestic standards/rules in many countries. India must talk to partner countries for reasonable solutions, GTRI Co-founder Ajay Srivastava said. He added that many of India's food and agriculture products face problems due to higher pesticide levels, presence of pests and .

Trade deficit widens to $20.67 bn in July compared to $20.13 bn in June

Merchandise exports in July stood at $32.25 billion, down from $32.87 billion in June and $38.34 billion in July 2022

SEA asks govt to reconsider decision to ban export of de-oiled rice bran

On July 28, the Director General of Foreign Trade (DGFT) issued a notification prohibiting the export of de-oiled rice bran till November

US biggest export destination for Indian smartphones in April-May: Govt

India exported USD 2.43 billion worth of smartphones in April-May this fiscal, driven by a multifold jump in shipments to the US which emerged as the biggest destination for India-made devices, according to the government data. The smartphone exports to the US jumped multiple times to USD 812.49 million during the first two months of this fiscal as against USD 92.2 million in April-May 2022-23, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms. The US was followed by the UAE (USD 484.52 million), the Netherlands (USD 205 million), the UK (USD 151.33 million), Italy (USD 136.57 million), and the Czech Republic (USD 115.5 million). Overall India's export of smartphones in 2022-23 was worth USD 10.95 billion. During April-May 2023-24, smartphone exports soared by 157.82 per cent over April-May 2022-23. Prior to 2022-23, the smartphone exports were non-existent so the data was not captured. After the announcement of the Product Linked ..