Page 18 - Trade

Overall Cargo volumes expected grow 9-11% to 3.7 MT in FY25: ICRA

The overall cargo volumes are expected to see a healthy year-on-year growth of 9-11 per cent to 3.6-3.7 million tonnes this fiscal year on the back of estimated higher domestic and international cargo volumes while the outlook on airport infrastructure is stable, Icra said on Monday. Ratings agency Icra expects international cargo volumes to expand 11-13 per cent while the domestic cargo growth is estimated at 4-6 per cent. The international cargo volumes saw a muted year-on-year rise of 1 per cent in the April-September period of FY24, owing to the slowdown in global economy and geo-political conflicts. However, the international cargo volumes surged 18 per cent in the second half of the previous fiscal year, amid the Red Sea crisis, which started in October 2023, Icra said. Consequently, the seaborne cargo traffic was impacted, which in turn benefitted international air cargo traffic, it stated. The overall cargo volumes are expected to see a year-on-year growth of 9-11 per cent

India less export-oriented, US tariff hike won't impact nation: Fitch

India, which is less export-oriented than many other Asian economies, would be relatively unaffected in case the US levies higher tariffs on imports, Fitch Ratings said on Monday. Fitch said higher trade barriers in the wake of the US elections could pose additional challenges for issuers across multiple credit sectors in Asia-Pacific (APAC). Also, weaker growth globally would weigh on macroeconomic prospects in Asia in the event of sharp US tariff increases, especially if China's economic prospects are affected disproportionately. It said that the high share of exports going to the US, coupled with high dependence on exports for growth within the region, means that any hit to exports to the US would have negative repercussions for GDP in many Asian economies, albeit to varying degrees. Fitch views Vietnam as the most vulnerable on this front, but Taiwan, Thailand, Hong Kong, Singapore, Malaysia and South Korea would also have significant exposure. A sharp increase in US tariffs cou

India's coal import rises 11% to 121.1 million tonnes in Apr-Aug period

India's coal import rose 11.4 per cent to 121.1 million tonnes (MT) in the April-August period of the ongoing fiscal year. The country had imported 108.7 MT coal in the corresponding period of the previous year. According to data compiled by B2B e-commerce platform mjunction, "During April-August 2024, total coal and coke imports stood at 121.18 MT, around 11.4 per cent higher than 108.74 MT imported during the same period last year." However, coal import in August rose 5.4 per cent to 20.70 MT over 19.63 MT a year earlier. Of the total import in August 2024, non-coking coal import was at 13.04 MT, against 11.89 MT, while coking coal import was at 4.53 MT, against 4.62 MT a year ago. During April-August, non-coking coal import was at 78.68 MT, higher than 68.58 MT imported during the same period last financial year. Coking coal import was at 24.79 MT, almost flat against 24.85 MT recorded in the year-ago period. "Surplus availability of domestic coal in the system along with dwin

Reshaping the debate: Is capitalism the cause of global inequality?

Western observers rarely pay more than lip service to the roughly 85 per cent of the world's population living in the Global South

Turkey imposes anti-dumping duties on steel imports from China, India

Duties imposed on imports from China range from around 15% to 43%, and tariffs imposed on imports from Russia, India and Japan go from 6% to 9%, according to the decision

WTO slightly raises 2024 goods trade forecast but wary of possible setbacks

The World Trade Organisation raised its outlook for global goods trade this year slightly, but cautioned Thursday that increasing geopolitical tensions and uncertainty over economy policy pose substantial risks to its forecast. The Geneva-based WTO projected that global goods trade will increase by 2.7 per cent this year, compared with the 2.6 per cent it forecast in April. But it predicted growth of 3 per cent next year, down from the 3.3 per cent it forecast previously. Last year, the volume of world merchandise trade was down 1.1 per cent, pushed lower by high inflation and rising interest rates. The global trade body cautioned that rising geopolitical tensions and increased economic policy uncertainty continue to pose substantial downside risks to the forecast. Still, it pointed to a 2.3 per cent year-on-year increase in global merchandise trade in this year's first six months and noted that inflation had fallen far enough by mid-year for central banks to start cutting interest

Ukraine grain exports reach 11.2 MT so far this year, says Kyiv

The volume included 6.5 million tons of wheat, almost 3 million tons of corn and more than 1.4 million tons of barley

Escalation in US-China trade war may help India to increase exports: GTRI

The escalation in the US-China trade war is expected to help India increase its exports and attract investments from American companies, think tank GTRI said on Friday. He said that last month, the US Senate introduced two bills that could intensify the trade war and have major global economic impacts if passed. The 'Neither Permanent Nor Normal Trade Relations Act' (PNTR Act) and the 'Axing Non-Market Tariff Evasion Act' (ANTE Act) aim to counter China's trade practices by raising tariffs and imposing new trade barriers. The PNTR Act seeks to phase out China's favourable trade status, while the ANTE Act targets non-market economies like China and Russia with tougher measures, the Global Trade Research Initiative (GTRI) said. "While these bills aim to protect US industries, they also create opportunities for countries like India to grow their manufacturing sectors. "As US companies look for alternatives to China, India could see increased investment in electronics, textiles, and .

DGTR initiates dumping investigation on six products imported from China

India has initiated a probe into alleged dumping of as many as six products, including certain chemicals, and cold rolled electrical steel and black toner powder cartridge, imported from China following separate complaints from domestic players. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the dumping of 1,1,1,2-Tetrafluoroethane or R-134a; Acrylonitrile Butadiene Rubber; certain Antioxidants; polytetrafluoroethylene; black toner powder cartridge; and colled rolled non-oriented electrical steel from China. According to six separate notifications, the applicants have alleged that material injury is being caused to the domestic industry due to the dumped imports of these products originating in or exported from China into India. They have requested for imposition of anti-dumping duty on these imports with a view to guard them from cheap imports. SRF Ltd has filed an application for initiation of an anti-dumping investigation on the

DBK Brand Rate applications to be filed with Customs at the place of export

Safeguard duty, countervailing duty on subsidized articles and anti-dumping duty are levied under Sections 8B, 9 and 9A respectively of the Customs Tariff Act, 1975

MSC Claude Girardet reaches Kerala's Vizhinjam international seaport

MSC Claude Girardet, the largest cargo ship ever to have docked in India, has arrived at the Vizhinjam International Seaport here on Friday. Kerala Chief Minister Pinarayi Vijayan on Friday said the berthing of the giant vessels showcases the readiness of the state to become a key player in global cargo shipping. The ship that sailed from Malaysia will return after container handling at Vizhinjam international seaport. "MSC Claude Girardet, the largest cargo ship ever to be berthed in India, has anchored at @PortOfVizhinjam, marking a pivotal moment in Kerala's growth. With a capacity of 24,116 containers, this giant vessel showcases our readiness to become a key player in global cargo shipping," Vijayan posted on X. The ship is 399.99 metres long, 61.5 metres in width and 16.6 metres in depth. The CM noted that it was the largest ship to have arrived in South Asia. The arrival of one of the biggest cargo vessel shows that the mother port of Vizhinjam can easliy handle internatio

Efficient logistics, paperless system to boost int'l trade: Comm secy

Efficient logistics and paperless system are critical to boost international trade, and strong connectivity is key to foster trade and economic development, Commerce Secretary Sunil Barthwal has said. However, while making such efforts to bolster connectivity projects, it is essential to build trust as well as transparency in the cooperative efforts, he said addressing meeting of Ministers of Shanghai Cooperation Organization (SCO) on Thursday. The secretary noted that it is of utmost importance that "we uphold the principles of SCO Charter including respect for sovereignty and territorial integrity of the member states." "Barthwal focused on the importance of efficient logistics for international trade, in which, paperless trading is a critical step towards streamlining cross-border transactions," the commerce ministry said in a statement. He congratulated Pakistan for its Presidency of the Heads of Government of the SCO and welcomed Belarus on becoming the new member of the ...

India backs Rules of Origin in auto sector under India, UK trade pact

India is insisting on strict adherence to the Rules of Origin' during free trade agreement (FTA) negotiations with the UK in the automobile sector, Commerce Secretary Sunil Barthwal on Tuesday said. He said that the 'Rules of Origin' have to be such that they do not impact the Indian automobile sector negatively. "FTA with the UK is in the pipeline...we are negotiating. We are also very keen to see that not only do we open up the automobile market, but we also see that we do not unduly lose the level playing field vis-a-vis the UK. "And we looked at their Rules of Origin very, very closely. We negotiated with them (the UK), and we told them that Rules of Origin have to be such that they do not impact negatively our automobile sector market," Barthwal said here while addressing leaders of the auto industry. The 'Rules of Origin' provision prescribes minimal processing that should happen in the FTA country, the UK in this case, so that the final manufactured product may be called ...

New liner service to connect Jeddah Port to India's Mundra, Nhava Sheva

A leading maritime services company announced on Sunday the launch of a new liner service connecting the Red Sea's Jeddah Islamic Port to India's Mundra and Nhava Sheva, two of the largest commercial ports in the country. Folk Maritime Services Company, a Public Investment Fund and one of the region's emerging leaders in providing regional liner and feeder services, said the 10-day facility with two vessels will commence in September. According to a company statement, the services will strengthen trade ties by facilitating the movement of consumer cargo from India and products from Saudi Arabia, including petrochemicals. In addition to deploying its vessel, Folk Maritime has also signed a Vessel Sharing Agreement (VSA) with Oman's Asayd, which will also deploy a vessel for the new route, the statement revealed. Announcing the new India Redsea Service (IRS), Poul Hestbaek, Chief Executive Officer of Folk Maritime, said the new route would further "enhance bilateral trade between the

JNPA records highest ever monthly container traffic in Aug as exports surge

The port surpassed the previous highest of 603,217 TEUs handled in July 2024

Electronics 5th largest export commodity; growing 23% annually: Meity

Electronics has become the country's fifth largest export commodity, growing by 23 per cent annually, a senior official in the Ministry of Electronics and IT said on Friday. Electronics manufacturing in India has crossed USD 100 billion market in March 2024, which was USD 49 billion in 2017, Bhuvnesh Kumar, Additional Secretary in the Ministry of Electronics and IT, said at the launch of indigenously-built Tyronne AMD servers by Netweb Technologies. "The electronics exports are rapidly growing at rate of 23 per cent annually. Last year we did USD 30 billion of exports from India. "Surprisingly for many, it has become 5th largest commodity being exported from India," Kumar said. He also expressed confidence that the country's net revenue from electronic exports will become positive in coming years with start of local semiconductor production. Kumar said the country's trillion dollar digital economy has a component of USD 400 billion from electronics manufacturing and the rest comes

Ecom export hubs expected to create up to 2.75 lakh additional jobs: Report

The expansion plan is poised to transform the logistics sector, which is currently experiencing a 12 per cent annual growth rate, said the study

Rajasthan's industry body urges state govt for continuation of RIPS

RIPS is being introduced continuously. It was first announced in the year 2019, then it was introduced in 2022, and now a plan is being made for 2024

Best of BS Opinion: Simplifying GST, trade imbalance, defending status quo

Here is the best of Business Standard's opinion pieces for today

Simplistic to think Chinese investments will improve India's trade balance

Five important points worth further reflection with respect to the Economic Survey suggestion to promote FDI from China