Page 25 - Trade

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.

Govt to begin procurement of 500,000 tonnes of rabi onion in 2-3 days

Amid concern over likely fall in mandi prices in view of extension of onion export ban, the government on Tuesday assured farmers that it will start procurement of 5 lakh tonnes of rabi onion in next 2-3 days to protect their interest. Last week, the commerce ministry extended the ban on onion export till further orders. The ban on onion shipment was valid till March 31. "We want to assure farmers that their concern will be taken care of. ...We will begin procurement of 5 lakh tonne of rabi (winter) crop in the next 2-3 days for maintaining a buffer stock," Consumer Affairs Secretary Rohit Kumar Singh told reporters. The onion export ban is affecting traders and not farmers as average mandi (wholesale) prices are ruling currently at around Rs 13-15/kg in Maharasthra, which is almost double from the previous year level, he said. "Even if prices crash, we will protect the interest of farmers," he added. The secretary said the government normally buys onion for the buffer stock at a

'Rice exports at risk as exporters get huge tax demand notice from cutoms'

Exporters don't have the financial muscle to pay the duty difference for nearly two years; instead, they would close the business, said an exporter based in southern state of Andhra Pradesh

US durable goods orders best expectation, biz spending outlook brightens

The rebound in orders reported by the Commerce Department on Tuesday, which was driven by increases in transportation equipment, primary metals and machinery

Govt imposes minimum export price of $2,000 per tonne on honey till Dec

The government on Thursday imposed a minimum export price (MEP) of USD 2,000 per tonne on natural honey till December this year. The notification will be effective immediately. Exports below this MEP value will not be permitted. "Export of natural honey is free. Minimum export price (MEP) of USD 2,000 per metric ton is imposed till December 31, 2024, or until further orders, whichever is earlier," the Directorate General of Foreign Trade said in a notification. During April-January this fiscal, natural honey exports stood at USD 153.21 million. It was USD 203 million in 2022-23. The major exporting destinations include the US and the UAE.

India set to become exporter of forged wheels used in railways: Vaishnaw

Sixty to seventy years after being an importer of forged wheels used in the railways, India is all set to become an exporter of the train component, Union Minister of Railways Ashwini Vaishnaw said here on Thursday. The minister, who also holds the portfolio of Electronics and Information Technology, was here to inaugurate the Chennai Design Centre of US-based semiconductor manufacturer Qualcomm, when he said that construction activities for setting up a plant to produce forged wheels for the railways has commenced in Tamil Nadu. The railways has entered into a joint venture with Ramakrishna Forgings Ltd to set up the manufacturing facility at Gummidipoondi near Chennai, at an outlay of Rs 650 crore in the first phase. "As you are aware, Vande Bharat trains have been very successful. The wheels that are used in Vande Bharat trains are of special quality. They undergo a special manufacturing process. The wheels that we use in the wagons undergo a casting process," he told ...

Reliance's fuel supply to Europe avoids Red Sea to keep clear from Houthis

Globally fuel producers are avoiding the Red Sea and go around Africa to avoid Iran-aligned Houthi attacks despite the Suez canal being the shortest route between Asia and Europe

India remains world's top arms importer, Pakistan ranks 8th: SIPRI report

India remained the world's top arms importer, but its imports declined by 11 per cent between 2013-17 and 2018-22, according to a report released on Monday by Stockholm-based defence think-tank SIPRI. The decline was linked to a complex procurement process, efforts to diversify arms suppliers and attempts to replace imports with local designs, the report said. The Stockholm International Peace Research Institute (SIPRI) said the five largest arms importers in the world during 2018-22 were India, Saudi Arabia, Qatar, Australia and China. The five largest arms exporters were the United States, Russia, France, China and Germany. The imports by Pakistan, the world's eighth-largest arms importer during 2018-22, increased by 14 per cent, with China as its main supplier, the report said. It said France's arms exports increased by 44 per cent between 2013-17 and 2018-22 and most of these exports were to countries in Asia and Oceania and the Middle East. The report said India received 30