Page 30 - Trade

Matter of concern, closely watching developments: India on Red Sea crisis

India on Thursday described as a "matter of concern" the unfolding security situation in the Red Sea and said it is closely watching the developments in the critical sea lanes in the region. External Affairs Ministry spokesperson Randhir Jaiswal reaffirmed India's emphasis on the importance to freedom of navigation and commerce in the Red Sea. Amid the Israel-Hamas conflict, the Houthi militants have been targeting commercial vessels in the Red Sea triggering global concerns. A guided missile destroyer of the Indian Navy on Thursday intercepted a cargo vessel with 22 crew members, including nine Indians, over an hour after the Marshall Island-flagged ship came under a drone strike in the Gulf of Aden. The US and the UK have already launched air strikes targeting the Houthi positions in Yemen. "It is a matter of concern to us. We give a lot of importance to freedom of navigation and freedom of commerce in that region. Whatever is happening there not just impacts us, but it impacts

Gem, jewellery exports slip 8.14% to Rs 18,281 crore in December: GJEPC

The overall gems and jewellery exports fell 8.14 per cent year-on-year in December to Rs 18,281.49 crore (USD 2,195.23 million), according to data released by the Gem Jewellery Export Promotion Council (GJEPC). The total exports stood at Rs 19,901.55 crore (USD 2,413.46 million) in the corresponding month of 2022, GJEPC said in a statement. "Sluggish demand across key export markets, geo-political scenario, and India and the USA, among 60 countries, going for elections this year, impacted the exports," GJEPC chairman Vipul Shah told PTI. Meanwhile, the overall exports of cut and diamonds dipped by 31.42 per cent to Rs 7,182.53 crores (USD 862.48 million) in December compared to Rs 10,472.93 crore (USD 1,270.36 million) for the same period of the previous year. However, the gold jewellery exports in December grew by 47.32 per cent to Rs 7,508.05 crore (USD 901.52 million) compared to Rs 5,096.25 crore (USD 618.27 million) for the same period of the previous year.

Waning supplies prop up India rates to 4-month peak, Thai prices rise

Supplies have also dropped, which also contributed to price increases. Traders said new supply is expected to enter the market around next month

Aramco CEO Nasser predicts tighter oil markets, sees Red Sea risks

Container vessels have been pausing or diverting from the Red Sea that leads to the Suez Canal, the fastest route from Asia to Europe, where about 12% of world shipping passes

Shipping industry CEOs see no short-term end to Red Sea disruptions

Among the other leaders watching the renewed threats to supply chains was European Central Bank President Christine Lagarde

Integrate more districts in export initiatives to boost shipments: DGFT

More and more districts need to be integrated with export initiatives to help boost the country's outbound shipments, a senior official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi also said that an increase in exports helps in enhancing per capita income. He said that four states - Gujarat, Maharashtra, Karnataka and Tamil Nadu - account for 65 per cent of India's exports and they also have a high per capita income. The DGFT also noted that only 62 districts out of over 760 in the country contribute about 80 per cent of India's exports. "So there is a need to integrate more and more districts in our export initiatives. Imagine if another 700 districts get involved in export activities, then our export potential will multiply," Sarangi said here while inaugurating the Federation of Indian Export Organisations' (FIEO) 'Sourcex India' exhibition. The three-day show will end on January 19 here. "There is a very positive correlation between export

'Engineering goods exports grow 10.20% in Dec amid global challenges'

Despite various challenges arising out of geopolitical tension and tight financial conditions in major advanced economies, India's engineering goods exports recorded a year-on-year growth of 10.20 per cent to USD 10.04 billion in December 2023. While this represents a strong rebound, the sector still faces uncertainties due to the prevailing global economic conditions, an EEPC official said. "It has been a challenging period for engineering exporters. Tensions in Europe and now in West Asia have posed significant downside risks," Engineering Export Promotion Council of India Chairman Arun Kumar Garodia said. "Projections indicate a potential slowdown in global growth in 2024, and factors such as high interest rates and low consumer spending are expected to continue affecting the sector this year," he said. Considering these factors, EEPC maintains a cautious optimism and hopes that geo-political tension will ease, leading to an improvement in the global macroeconomic situation, ...

Jump in cargo rates to hurt trade, India needs own shipping line: Exporters

Freight rates have skyrocketed by up to 600 per cent due to the Red Sea crisis which would hurt the world trade, say Indian exporters while suggesting the government should start its own shipping line of global repute. The freight hike issue was flagged in the meeting of the Board of Trade (BoT) chaired by Commerce and Industry Minister Piyush Goyal on Tuesday, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. He said "It is a serious issue" and the problem will hurt the global demand for goods besides pushing inflation in different countries. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, encircling Africa, resulting in delays of almost 14-20 days and also higher freight and insurance costs. "At so

Govt extends low tax on edible oil import by another year to cap prices

Traders and processors will benefit from a zero base import tax until the end of March next year, according to a finance ministry notification

Jindal SAW Q3 results: Net profit rises over twofold to Rs 532 crore

The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago

China chip imports suffer steepest decline on record after US restrictions

The value of integrated circuits imported by the world's largest semiconductor market fell 15.4% to $349.4 billion

Red Sea crisis: Attacks on ships around India matter of concern, says EAM

Terming the attacks on ships in the vicinity of India as a matter of "grave concern" to the international community, External Affairs Minister S Jaishankar Monday said that such threats have a direct bearing on India's energy and economic interest as he underlined that this "fraught situation" is not to the benefit of any party. "There have also been recently a perceptible increase in threats to the safety of maritime commercial traffic in this important part of the Indian Ocean," he said in a joint press statement after wide-ranging talks with Iranian counterpart Hossein Amirabdollahian. He stressed that it's important that this issue be "speedily addressed", in an apparent reference to targeting of merchant vessels in the Red Sea - one of the busiest trade routes - by Iranian-backed Yemen's Houthi rebels amid the Israel-Hamas conflict. "We have even seen some attacks in the vicinity of India. This is a matter of great concern to the international community. Obviously, it also has

The Red Sea crisis: Commerce department flags rising import cost

The Red Sea strait is vital for 30 per cent of global container traffic and 12 per cent of global trade

Cost of Indian exports more than doubled due to Houthi attacks in Red Sea

Around 80% of India's goods trade with Europe, estimated at nearly $14 billion a month, normally passes via the Red Sea, according to government estimates

Commerce ministry calls stakeholders' meet on WTO issues on January 20

The commerce ministry has called a meeting of all stakeholders, including government officials and trade sector experts, on January 20 to discuss issues which are likely to figure in the WTO meeting, an official said. The 13th Ministerial Conference (MC) of World Trade Organization (WTO) is scheduled from February 26-29 in Abu Dhabi, the UAE. MC is the highest decision-making body of the 164-member WTO, which monitors global exports and imports besides adjudicating disputes between member countries. India is the member of the organisation since 1995. The issues which would figure in the MC 13 include agriculture, food security, dispute settlement reform, e-commerce moratorium, and fisheries subsidies. "We are meeting all the stakeholders on January 20," the official said. On the food security issue, India has called for finding a permanent solution to the issue of public stockholding for food security in the ministerial-level meeting. It has dismissed arguments for alternative fo

Xi Jinping stays clear of Red Sea battle despite risks to China trade

Chinese container shipping giant China Cosco Shipping Corp. stopped delivering goods into Israel because of the threats and attacks posed by the militants

India, US seek to bolster trade ties, work together on critical minerals

India's trade minister Piyush Goyal and Tai held their annual trade policy talks in New Delhi on Jan. 12. Tai is on a three-day visit to India

No import restrictions on certain IT products like desktop computers: DGFT

The government has clarified that there are no import restrictions on certain IT hardware products such as desktop computers. In a circular to customs authorities and industry, the commerce ministry arm Directorate General of Foreign Trade (DGFT) has said only the import of laptops, tablets, all-in-one personal computers, ultra small form factor computers and servers is restricted and imports of these goods are allowed against a valid import authorisation. "The given import restriction does not apply to any other goods such as desktop computers, etc, under the tariff head 8471," it said. In international trade parlance, every product is categorised under an HSN (Harmonised System of Nomenclature) code, or tariff heads. It helps in systematic classification of goods across the globe. HS Code 8471 includes products related to automatic data processing machines and units. It includes a mouse, printers, scanners, and CD drives. In August 2023, the government imposed restrictions on ..

Red Sea crisis: Commerce ministry calls inter-ministerial meet on Jan 17

The commerce ministry has called a high-level inter-ministerial meeting on January 17 to discuss the way forward on the trade front in the wake of ongoing problems in the Red Sea, a senior official said on Saturday. Senior officials from five ministries -- external affairs, defence, shipping and finance (department of financial services) and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy so that India's response can be quick and decisive. "This Wednesday, we are holding an inter-ministerial consultation. We will be discussing the way forward," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi ...

Govt seeks 'treaty status' from US for visa easing, trade boosting

Discussions on E1, E2 visas aimed at enhancing bilateral trade and investment