Page 24 - Trade

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

Opec+ ministerial panel unlikely to change output policy at April 3 meeting

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) to support the market

India, EEU bloc officials hold talks to formally start negotiation for FTA

Senior officials of India and the five-nation Eurasian Economic Union (EEU) bloc held detailed discussions last month to formally start negotiations for a free trade agreement to boost economic ties, an official said. The five members of the EEU are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The official said two feasibility studies have already been conducted on the proposed agreement. In such agreements, two or more trading partners either eliminate or significantly reduce customs duties on the maximum number of goods traded between them. These agreements provide greater market access to Indian goods and services. "Senior officers of both sides have met on March 28 here and have discussed formally starting talks for the FTA," the official said. An industry expert said domestic exporters from sectors like engineering goods, electronics and agriculture can get an edge from the agreement. Russia is the top trading partner of India in the bloc, with bilateral trade worth

Sunflower oil imports hit second-highest level as palm oil retreats

Lower palm oil purchases by India, the world's biggest importer of vegetable oils, could cap the rally in benchmark Malaysian palm oil futures that are trading near their highest in a year

DGFT notifies policy for general authorisation for export of SCOMET goods

The commerce ministry on Wednesday notified a policy for general authorisation for the export of certain telecommunication-related and information security-related items under a SCOMET category to grant one-time bulk licences. A detailed procedure for these authorisations has also been notified by the Directorate General of Foreign Trade (DGFT). Special chemicals, organisms, materials, equipment and technologies (SCOMET) items are dual-use goods. "The policy for general authorisation for export of telecommunication-related items under SCOMET category...and export of information security items under SCOMET category...to grant one-time bulk licences for these items has been notified," the DGFT said in a notification. The applicant exporter will have to submit an application for getting a one-time license through the online SCOMET portal and attach the information in the prescribed format.