Page 22 - Trade

'Silver imports in 4 months surpass all of 2023 due to solar panel demand'

Increased imports by the world's biggest silver consumer could support global prices, which are trading near their highest level in more than a decade

Trade strains boost cargo freights at pace recalling Covid 'chaos'

Some of the catalysts for the monthlong advance in seaborne freight rates stem more from worry than optimism

Exports of marine products contract 9% to $7.3 bn in 2023-24 on slow demand

Exports of marine products contracted by 8.74 per cent to USD 7.37 billion during 2023-24 due to demand slowdown in key markets of the US and Europe, according to the commerce ministry data. Indian exporters, however, expressed confidence that in 2024-25, marine exports would register a healthy growth as they are getting good orders. The shipments stood at USD 8 billion in 2022-23, the data showed. According to exporters, demand slowdown, high inflation in developed economies and increasing exports of frozen shrimp from Ecuador to America are some of the reasons for dip in India's exports last fiscal. Leading exporters from the sector Yogesh Gupta, Managing Director, Megaa Moda, said that as the US has imposed anti-dumping duty on Ecuador, "our products would now compete and increase exports". He said that the order books are healthy so far. "Now frozen shrimp from India and Ecuador will compete in the US market and we are hopeful to gain. In 2024-25, our exports will register go

Coffee exports rise 12% to $1.28 billion in 2023-24 on higher demand

India's coffee exports rose by 12.22 per cent to USD 1.28 billion in 2023-24 on higher demand for Robusta coffee in the global markets, according to the commerce ministry data. The country exported coffee worth USD 1.14 billion in 2022-23. India is Asia's third-largest producer and exporter of coffee. The country grows Arabica and Robusta varieties. Arabica coffee beans have less caffeine content than the Robusta. Arabica has sweet and smoother taste, while Robusta is generally more bitter and harsher on the taste buds. In volume terms, coffee shipments from India rose 13.35 per cent to 1,25,631 tonnes during the January-March period of 2023-24. The country had exported 1,10,830 tonnes of coffee in the same period in 2023. Italy, Russia, the UAE, Germany and Turkey are major coffee export destinations for India.

Tariff increases on Chinese EVs, batteries, chips to start Aug 1, says US

The United States in 2023 imported nearly $640 million of gloves, masks and syringes from China that will be affected by the new measures

Gold imports could fall by a fifth as record price prompts jewellery swaps

Lower imports by India, the world's second biggest consumer of the precious metal, could cap a rally that carried global prices to a record this week

Paper, paperboard imports up 34% on higher supplies from Asean bloc: IPMA

Imports of paper and paperboard in the country rose by 34 per cent to 19.3 lakh tonnes in 2023-24, driven by higher shipments from ASEAN countries, an industry association said on Wednesday. The Indian Paper Manufacturers Association (IPMA) in a statement said that the increasing imports of these products are hurting the domestic industry. Paper and paperboard imports, as per the commerce ministry data, were 14.3 lakh tonnes in the financial year ended on March 31, 2023, the IPMA said. "ASEAN has come to account for the largest chunk in the paper import pie in the country accounting for 27 per cent share. Paper imports from ASEAN, which enter the country at zero import duty under the ASEAN-India free trade agreement, doubled to 5.1 lakh tonnes during the year from 2.7 lakh tonnes in FY23," the association said citing commerce ministry data. The Association of Southeast Asian Nations (ASEAN) is a 10-member bloc. The members include Singapore, Thailand, Cambodia and Laos. In value .

Hope India-UK FTA not far away, says incoming Ficci UK Council chair

The proposed India-UK free trade agreement is hopefully not far on the horizon as it will offer immense opportunity to be leveraged within the bilateral partnership, said the new chair of a trade council that has played a key role in shaping the ongoing negotiations. UK-based tech professional Priya Guha, who invests in women-led innovation as Venture Partner of Merian Ventures, took over as chair of the Federation of Indian Chambers of Commerce and Industry (FICCI) UK Council from Baroness Usha Prashar at a hand-over ceremony at the High Commission of India in London on Monday evening. The India-UK Free Trade Agreement (FTA) negotiations opened in January 2022 and are aimed at significantly enhancing bilateral trade currently worth around GBP 38.1 billion a year. The negotiations are now in their fourteenth round of talks, and likely to pick up pace following the Indian general election. Guha, the British Indian investor, expressed the hope that the bilateral partnership would ..

India's role in easing fragmentation of global trade amid US-China tensions

Considering India's merchandise exports, the US is still our largest partner. But, it is India's imports that have solidified China as a significant trading partner

'Govt releases rules to prevent EtO contamination in spices for export'

India has come out with detailed guidelines to prevent EtO (ethylene oxide - a carcinogenic chemical) contamination in spices for exports, an official said on Monday. The government has put in place other preventive measures like mandatory testing of spices being exported to Singapore and Hong Kong, the official added. The steps assume significance amid reports on the recall of two Indian spice brands' -- MDH and Everest -- products in Singapore and Hong Kong due to the presence of EtO residue in certain spices. "Mandatory pre-shipment sampling and testing for EtO for Singapore and Hong Kong has been started; and guidelines have been put in place for all exporters to avoid possible contamination of EtO covering all stages (sourcing, packaging, transportation, testing) of supply chain, for all jurisdictions," the official said. The official added that periodic sampling is also being done from exporters by the Spices Board based on which corrective measures are enforced. Explaining

Commerce ministry holds discussions on formulating SOPs to negotiate FTAs

The commerce ministry has held detailed discussions with senior officials of different departments and trade experts on formulating standard operating procedures (SOP) for negotiating free trade agreements (FTAs), an official said. To discuss the various aspects of these agreements, the commerce ministry has organised a two-day 'Chintan Shivir' on FTA strategy and SOPs for trade negotiations on May 16-17. Suggestions that came up during the discussions included comprehensive consultations with public and private sector players and sharing details of the proposed FTAs with the line ministries, the official said. "Consultations should be held at every stage of FTA negotiations. Representatives of certain ministries suggested the commerce ministry to share FTA details with them in a timely manner so that they can prepare their views on those agreements," the official added. The exercise assumes significance as India is engaging with several trade partners to negotiate free trade ...

India, UAE conclude meeting on India Middle East Europe Economic Corridor

The first inter-ministerial delegation from India held meetings from May 15-17 under the Intergovernmental Framework Agreement between the two countries concerning cooperation for the empowerment and operation of the India-Middle East-Europe Economic Corridor (IMEEC).According to the Indian Embassy in Abu Dhabi press release, the IMEEC will provide effective alternate supply routes generating efficiencies and reducing costs. Indian Ambassador to UAE Sunjay Sudhir led the discussions with key entities like DP World UAE, AD Ports Group and UAE's Federal Customs Authority."The Indian delegation comprised of senior officials from Ministry of Shipping, Ports & Waterways, Ministry of Commerce and Industry, Central Board of Excise and Customs and Deendayal Upadhyay Port, Kandla," the press release stated."They visited Khalifa Port, Fujairah Port and Jebel Ali Port where they held detailed discussions with the respective Port authorities for facilitating the movement of goods between ...

Spice export may fall 40% if EtO contamination issue not resolved: FISS

The Federation of Indian Spice Stakeholders (FISS) on Friday said India's spice export may decline nearly 40 per cent in FY25 if the issue of ethylene oxide or EtO contamination in spices meant for exports is not addressed at the earliest. The statement came against the backdrop of Hong Kong and Singapore banning the sale of popular brands MDH and Everest after detecting carcinogenic chemical ethylene oxide in their products, leading to a mandatory recall from shelves. In 2023-24, India's spice exports totalled USD 4.25 billion, accounting for 12 per cent share of global spice exports. "Lot of exporters have orders on their hands and they have been halted to an extent after that episode. As per our estimate, spice exports could be affected by 40 per cent of the volume this year if the issue is not resolved quickly," said Tejas Gandhi, Secretary of FISS, an association of nearly 600 spice traders, exporters and farmers from across the country. Addressing a press conference on the .

Spike in trade with Russia not a 'temporary phenomenon': EAM Jaishankar

"For long, we have looked at Russia from a political or security perspective," Foreign Minister S. Jaishankar said at an industry conference

Bullying tariff hike shows some in US are losing their minds, says China

US President Joe Biden on Tuesday unveiled steep tariff increases on Chinese imports including electric vehicle (EV) batteries, computer chips and medical products

India-UK FTA: Work in progress to resolve issues, says commerce ministry

Senior officials of India and the UK held negotiations last month on the outstanding issues of the proposed free trade agreement (FTA) and the work is in progress to iron out the differences. According to the commerce ministry, the Indian team visited London from April 16-19 for negotiations. "The teams have made good progress and work is in progress in resolving pending issues. Chapter-wise textual negotiations are nearly closed and schedules on goods and services are at an advanced stage of negotiations," the ministry said. The ministry, however, did not disclose further details. So far, 13 rounds of talks have been completed. The 14th round started in January. There are 26 chapters in the agreement, including goods, services, investments, and intellectual property rights. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. On the other h

Palm oil imports jump 34% to 684,000 tonnes in April on lower global prices

India's palm oil imports registered a 34.11 per cent jump on-year in April to 6,84,000 tonnes, buoyed by a fall in global prices, the Solvent Extractors' Association of India (SEA) said on Tuesday. Palm oil accounted for 52 per cent of India's total edible oil imports of 13,04,409 tonnes in April, the trade body said in a statement, adding that sunflower and soybean oils import stood at 6,20,315 tonnes. Including non-edible oils, overall vegetable oil imports rose 26 per cent in April to 13,18,528 tonnes compared to 10,50,189 tonnes a year ago, it said. Bearish global prices encouraged higher imports of refined, bleached and deodorized (RBD) palmolein and crude palm oil (CPO), which declined by nearly USD 100 a tonne last month, SEA said. Soybean oil prices fell USD 40 per tonne globally, while the sunflower oil rate dropped just USD 15 a tonne over the last month, it added. Among palm oils, RBD palmolein imports climbed to 1,24,228 tonnes as against 1,12,248 tonnes in the year-ag

Next round of talks for India-Asean trade agreement review in July

Senior officials of India and the 10-nation bloc of Southeast Asian nations - ASEAN - will hold the next round of talks in July to review the existing free trade agreement in Jakarta, Indonesia, an official statement said on Sunday. The last round of the three-day negotiations concluded on May 9 in Putrajaya, Malaysia. The discussions for review of AITIGA (Asean-India Trade in Goods Agreement) started in May 2023 to make it more trade-facilitative and beneficial for businesses across the region, the commerce ministry said. A joint committee, which is undertaking the review work, has so far met four times. It has finalised its terms of reference and the negotiating structure for the review in its first two meetings and initiated talks for the review from its third meeting, which was held on February 18-19 here. "The fourth Joint Committee meeting for the review of AITIGA was held in Putrajaya, Malaysia from 7-9 May," the statement said. The committee was co-chaired by Rajesh Agraw

Panama Canal in talks with US LNG producers to increase transportation

The canal is typically used by US Gulf Coast exporters to send LNG cargoes to Asia via the Pacific Ocean, but from last year low water levels forced cuts to daily crossings

Decision on resumption of sugar exports months away, says food secy

"It is still early days," Sanjeev Chopra, India's Secretary of Food and Public Distribution, told reporters on the sidelines of the Citi ISO Datagro Sugar Conference in New York