Page 23 - Trade

Govt allows pea import of consignments with bill of lading issued till Oct

Import of yellow peas is allowed after registration under the import monitoring system for all consignments where bill of lading (shipped on board) is issued on or before October 31, according to a commerce ministry notification. The Directorate General of Foreign Trade (DGFT) said the import is permitted without the MIP (Minimum Import Price) and port restriction conditions. "Import of yellow peas...is free without the MIP condition and without port restriction, subject to registration under online Import Monitoring System, with immediate effect for all import consignments where Bill of Lading (shipped on board) is issued on or before October 31, 2024," the DGFT notification said. During April-December this fiscal, the import of yellow peas stood at USD 5.43 million. It was USD 0.14 million in 2022-23.

Govt allows export of 14,000 tn of non-basmati white rice to Mauritius

The government on Monday permitted exports of 14,000 tonnes of non-basmati white rice to Mauritius. The export is permitted through National Cooperative Exports Limited (NCEL), the Directorate General of Foreign Trade (DGFT) said in a notification. Though exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply, exports are allowed on the basis of permission granted by the government to certain countries to meet their food security needs on request. "Export of 14,000 MT of non-basmati white rice to Mauritius has been permitted through NCEL," it said. Earlier, India has allowed exports of the commodity to African nations including Tanzania, Djibouti and Guinea-Bissau. Besides, export of non-basmati white rice was permitted to countries like Nepal, Cameroon, Cote D' Ivore, Guinea, Malaysia, Philippines, and Seychelles. NCEL is a multi-state cooperative society. It is jointly promoted by some of the leading cooperative societies in the country,

India, Australia to speed up trade deal after Lok Sabha elections

India, Australia trade deal may include deeper market access and outcomes in digital trade & goods

Centre imposes 40% duty on export of onions with effect from May 4

The government on Friday imposed a 40 per cent duty on export of onions. It also exempted duty on the import of desi chana till March 31, 2025. Besides, it has extended the duty exemption on imports of yellow peas covered by the bill of entry issued on or before October 31, 2024. In a notification, the finance ministry said the changes would be effective from May 4. Currently, the export of onion is banned. However, the government allows shipments to India's friendly nations. It has permitted a specified quantity of onion exports to UAE and Bangladesh. In August last year, India had imposed a 40 per cent export duty on onions up to December 31, 2023.

India's services exports decline marginally in March to $30 billion

India's services exports declined 1.3 per cent in March to USD 30 billion while imports fell by 2.1 per cent to USD 16.61 billion, showed Reserve Bank data released on Thursday. As per RBI's data on India's international trade in services, the trade surplus during March 2024 was USD 13.4 billion. Both exports and imports of services were in positive zone in the preceding two months. According to the commerce ministry data, the services export during fiscal 2023-24 is estimated at USD 339.62 billion and imports at USD 177.56 billion. The trade surplus or difference between exports and imports works out to be USD 162 billion during the year. Despite persistent global challenges, overall exports (merchandise and services) are estimated to reach USD 776.68 billion in 2023-24 as compared to USD 776.40 billion in 2022-23.

IEX overall trade volume rises 14% to 9,044 million units in April

The Indian Energy Exchange (IEX) posted 14.1 per cent growth in its overall trade volume at 9,044 million units in April as compared to the year-ago period. The exchange achieved 7,928 MU overall trade volume in April 2023, including green market trade of 280 MU, 1.99 lakh RECs (renewable energy certificates equivalent to 199 MU) and 1.23 lakh ESCerts (energy savings certificates equivalent to 123 MU), as per IEX data. RECs at 618 MU increased 211 per cent YoY (year-on-year). At Rs 204 per certificate, the REC market recorded an all-time low price in the trading session held on April 24, 2024, a statement said. REC prices declined 80 per cent YoY. These prices provide an opportunity to obligated consumers to meet their Renewable Purchase Obligations, and voluntary customers to meet their sustainability aspirations. The Market Clearing Price in Day Ahead Market (DAM) during April 2024 at Rs 5.1/unit reduced approximately 6 per cent year-on-year. The sell bids on the exchange (Day

India, New Zealand look to boost collaboration in pharma, digital trade

India and New Zealand are looking to increase collaboration in goods and services sectors like pharmaceuticals, digital trade, and cross-border payment systems to promote bilateral trade. Issues to promote trade through these collaborations were discussed during the recent visit of Commerce Secretary Sunil Barthwal to New Zealand from April 26-27. The commerce ministry said that huge potential is there in both economies to further promote bilateral trade. "The meetings reviewed progress on market access issues, economic cooperation projects and explored opportunities for new initiatives," it said. Both sides discussed the establishment of robust bilateral economic dialogue architecture and the creation of working groups in sectors like Agriculture, Food Processing, Storage and Transportation, Forestry and Pharmaceuticals to facilitate ongoing collaboration on key trade and economic issues. Deliberations also included increasing cooperation in kiwi fruit as well as the dairy ...

India, Maldives hold talks to enhance bilateral trade cooperation

India on Wednesday said it looked forward to strengthening bilateral economic cooperation with the Maldives as its envoy held discussions with a senior minister of the archipelagic nation. Mohamed Saeed, Maldives' Minister of Economic Development and Trade, met with Munu Mahawar, Indian High Commissioner to the archipelago nation on Tuesday. The meeting comes weeks after India allowed the export of certain quantities of essential commodities for the year 2024-25 at the request of the Maldivian government and ahead of the May 10 deadline imposed by President Mohamed Muizzu for the complete repatriation of 88 Indian military personnel from his country. Minister @em_saeed met with Indian High Commissioner to Maldives, H. E. Munu Mahawar, and discussed potential areas for trade & economic cooperation. @HCIMaldives, posted Maldives' Ministry of Economic Development and Trade from its official X handle along with photos of the meeting. Soon after, the Indian High Commission responded: ..

Govt unlikely to impose export curbs on low-grade iron ore, says report

China typically accounts for more than 90% of overall shipments of iron ore from India which is the world's fourth-largest producer of the steel-making ingredient

'India, UAE on track to surpass $100 bn non-oil trade target by 2030'

India and UAE trade has increased 15 per cent since the implementation of the free trade agreement in May 2022 and the two countries are on track to surpass the target of USD 100 billion in non-oil trade by 2030, CEPA Council Director Ahmed Aljneibi said on Wednesday. The UAE-India CEPA Council (UICC) was launched on the sidelines of the Vibrant Gujarat Summit in January. The two countries implemented the Comprehensive Economic Partnership Agreement (CEPA) in May 2022. Aljneibi said the UAE-India trading relationship has grown rapidly since the signing of the Comprehensive Economic Partnership Agreement (CEPA). "The bilateral trade has increased almost 15 per cent since the CEPA entered into force on 1 May 2022. Our two countries are on track to far surpass the goal of achieving USD 100 billion in non-oil trade by 2030," he said. Aljneibi was speaking at a business roundtable meet in Jaipur. Rajasthan-based enterprises from diverse sectors, including pharmaceuticals, gems and ...

Jane Street saga echoes another warning for retail option traders

In India's derivatives market, where the average daily trading volume has surged nearly two-folds to Rs 440 trillion in just a year, algorithmic trades are not new

Agri exports fall 9% during Apr-Feb 2024 due to global, domestic factors

The country's agriculture exports declined by 8.8 per cent to USD 43.7 billion during April-February period of 2023-24 fiscal due to factors like the Red Sea crisis, Russia-Ukraine war, and domestic restrictions imposed on critical items like rice, wheat, sugar and onion. According to the data of the commerce ministry, the exports stood at USD 47.9 billion in April-February 2022-23. India's agricultural GDP also witnessed a significant deceleration, growing by only 0.7 per cent in 2023-24, down from 4.7 per cent in 2022-23. The data also showed that exports of the 719 scheduled agri products in the APEDA basket declined by 6.85 per cent to 22.4 billion during the 11-month period of the last fiscal as against USD 24 billion in April-February 2022-23. The export ban and restrictions on commodities like rice, wheat, sugar and onion have hit agri exports of about USD 5-6 billion in the last fiscal, an official said. However, among 24 principal commodities (in APEDA basket), 17 have ..

Small exporters seek continuation of amnesty scheme till Sep: Industry body

Several small exporters have requested the government to continue the amnesty scheme for one-time settlement of default in export obligation till September, an industry body said on Monday. Ludhiana-based Hand Tools Association President S C Ralhan said the number of small exporters have not been able to avail of benefits of the scheme due to fulfilling their obligations to make make payments to MSMEs within 45 days. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. "Due to this, we diverted our funds to make payments and several of us were not able to apply for the amnesty scheme. We urge the government to continue the scheme till September," Ralhan said. The last date for payment of customs duty plus interest ended on March 31, 2024. In the new fore

India's polished diamond exports decline by 27.5% as key markets falter

The fall in exports forced the world's biggest diamond polisher to reduce imports of rough diamonds by 18% from a year ago to $14.27 billion in the financial year ended March 31

Crude oil import bill drops 16% but import dependency hits new peak

The world's third largest oil importing and consuming nation has been able to add to its domestic production drop, raising its import dependence

After resolving WTO disputes, India opened up mkt for US: Biden admin

"Last June, India and the United States terminated six WTO disputes, and India agreed to remove retaliatory tariffs on several US products," US govt official said

Russia, China trade new copper disguised as scrap to skirt taxes, sanctions

Copper wire rod was shredded in China's remote Xinjiang Uyghur region by an intermediary to make it difficult to distinguish from scrap

Fada commences dealer satisfaction study with finance, insurance firms

Automotive dealers' body FADA on Monday said it has commenced a dealer satisfaction study with a focus on finance and insurance firms. The Federation of Automobile Dealers Associations (FADA) will undertake the study at dealerships in association with Singapore-based PremonAsia. The study will look at key factors and attributes impacting the business relationship of dealerships with finance and insurance organisations, FADA said in a statement. It is expected that the results of the study will help finance and insurance companies to design newer products, services and processes to help dealers and end-consumers, it added. "The study will focus on key aspects of the relationship between dealers and finance and insurance companies and therefore, provide a platform to understand the nuances of this relationship," FADA President Manish Raj Singhania said.

Turkey, Israel engage in trade tit-for-tat as relations deteriorate further

Turkey and Israel announced tit-for-tat trade barriers on Tuesday as relations between them further deteriorated amid the war in Gaza. Turkey, a staunch critic of Israel's military actions in Gaza, first announced that it was restricting exports of 54 types of products to Israel with immediate effect. The products include aluminum, steel, construction products, jet fuel and chemical fertilizers. Responding to the Turkish trade restrictions, Israel said it was preparing a ban on products from Turkey. The move came a day after Turkish Foreign Minister Hakan Fidan said Israel had barred Turkish military cargo planes from joining an operation to airdrop humanitarian aid to Gaza and vowed to respond with a series of measures against Israel until it declares a ceasefire in Gaza and allows aid to flow in without interruptions. There is no excuse for Israel to block our attempt to deliver aid by air to starving people of Gaza, Fidan said, in announcing retaliatory steps against Israel. Th

'Exports to Europe, Latin America register healthy growth in 2023'

Indian exporters made further inroads in European and Latin American nations in 2023, registering healthy growth in countries such as Romania, Montenegro, Austria, and Guatemala, an official said on Friday. India's merchandise export rose 2.1 per cent to the European Union (EU) in 2023 despite headwinds being faced by large developed markets like the EU and the UK due to high cost of living, weak external demand, and monetary tightening, the commerce ministry official said. "India's export trade expansion has been impressive inspite of global challenges in 2023," the official said. India's merchandise exports have recorded healthy growth in European nations like Romania, Czech Republic, Montenegro, Finland, the Netherlands, Portugal, Luxemburg, Iceland, Ireland, and Austria. "The growth points towards India's trade resilience and growth despite prevailing uncertainties and deceleration of the economies in Europe," the official added. Similarly, in Latin American countries, India's