Page 32 - Trade

Crude oil imports from Russia plunge in December on payment issues

After rising to an all time record of 2.15 million barrels a day in May, oil imports from Russia fluctuated downwards, experiencing a sharp decline between November and December

California walnut imports witness sharp uptick after India's tariff removal

Chile is currently the top walnut supplier to India

LIVE news: BJP national secretary Anupam Hazra removed from his post

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DPIIT working with 24 sub-sectors to promote manufacturing, cut imports

The department for promotion of industry and internal trade (DPIIT) is working with 24 sub-sectors, including furniture, aluminium, agrochemicals and textiles, to promote domestic manufacturing, boost exports and reduce imports, according to an official statement. The commerce and industry ministry on Tuesday said that since its launch, 'Make in India' has made "significant" achievements and is now focusing on 27 sectors under 'Make in India 2.0'. While the DPIIT is coordinating action plans for 15 manufacturing sectors, the Department of Commerce is coordinating for 12 service sectors. "Now, DPIIT is working closely with 24 sub-sectors which have been chosen keeping in mind the Indian industries strengths and competitive edge, need for import substitution, potential for export and increased employability," the ministry said. It added that these sub-sectors are -- furniture, air-conditioners, leather and footwear, ready to eat, fisheries, agri produce, auto components, aluminium, .

Agriculture exports relying on 5 items make sector volatile: GTRI

India's agri export basket is dependent on just five commodities including rice and sugar and this makes the sector vulnerable to fluctuations in global prices and demand, a report by economic think tank GTRI said. The Global Trade Research Initiative (GTRI) said that these five products -- basmati rice, non-basmati rice, sugar, spices, and oil meals -- account for 51.5 per cent of India's total agriculture exports. Furthermore, India grapples with various domestic challenges, including infrastructural deficits, quality control issues, and non-tariff barriers, all of which impede the growth and competitiveness of the country's agricultural sector, it said. "This makes them (agri exports) vulnerable to fluctuations in global prices and demand," it said, adding these commodities also face frequent export bans in India. At present export of non-basmati rice is banned from India and the country is also fighting at the WTO (World Trade Organisation) to protect subsidies to rice and whea

Maersk prepares to resume shipping via Red Sea under US-led protection

Houthi attacks on merchant ships have caused widespread avoidance of the southern Red Sea by the merchant fleet moving everything from manufactured goods and grains to oil and gas

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Air cargo business flies home as carriers recover after pandemic

Indian airlines have carried more domestic freight in recent months but are losing ground to foreign rivals

13 states, UTs among 'achievers' in logistics performance index: DPIIT

Andhra Pradesh, Karnataka, Tamil Nadu, Chandigarh, and Gujarat are among the 13 states and Union Territories that have again been categorised as "achievers" in the logistics index chart 2023, according to a report released by the Commerce and Industry Ministry on Saturday. The index is an indicator of the efficiency of logistical services necessary for promoting exports and economic growth. As against 15 states and UTs, this year the number has reduced to 13 as Himachal Pradesh and Uttarakhand have slipped into "aspirers" and "fast movers" categories, respectively, this year. Steps taken by Sikkim and Tripura have helped them move up the ladder to the "achievers" category from "fast movers" in 2022. The other states and UTs in the "achievers" category are Delhi, Assam, Haryana, Punjab, Telangana, and Uttar Pradesh. Kerala, Maharashtra, Madhya Pradesh, Rajasthan, Uttarakhand, Arunachal Pradesh, Nagaland, Andaman and Nicobar, Lakshadweep, and Puducherry have been categorised as "fas

India sees 25% fall in vegetable oils import to to 1.1 MT in Nov: SEA

The country's vegetable oils import declined by 25 per cent to 11.60 lakh tonne in November, the first month of the 2023-24 oil year, compared to 15.45 lakh tonne in the year-ago period, industry body SEA said on Friday. Of the total vegetable oil imports, edible oils were 11.48 lakh tonnes and non-edible oils 12,498 tonnes during November 2023. India, the world's leading vegetable oil buyer, imports refined and crude vegetable oils in the edible oil category. Oil year runs from November to October. According to the Solvent Extractors Association of India (SEA), the country's crude vegetable oils declined by 26.34 per cent to 9.77 lakh tonnes in November this year as against 13.26 lakh tonnes in the year-ago period. Similarly, refined vegetable oils import declined by 15.41 per cent to 1,71,069 tonnes in November this year from 2,02,248 tonnes in the year-ago period. Among crude vegetable oils, although the import of RBD palmolein declined in November 2023 to 1.71 lakh tonnes from

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Never been closer to reaching pact on free trade with India: EFTA

The European Free Trade Association is a trade organisation and free trade area consisting of four European states- Iceland, Liechtenstein, Norway and Switzerland

Indian goods worth $3.7 billion entering Oman to get boost by FTA: GTRI

Over 83.5 per cent of Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement, a report said on Tuesday. According to the - India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond - report, prepared by think tank Global trade Reproach Initiative (GTRI), these goods at present face a 5 per cent import duty in Oman. India and Oman are negotiating a comprehensive economic partnership agreement (CEPA), under which the two countries could significantly reduce or eliminate customs duties on the maximum number of goods agreed between them. With the new trade agreement, these products, including major export items like motor gasoline (exports worth USD 1.7 billion), iron and steel products (exports worth USD 235 million), electronics (USD 135 million), machinery (USD 125 million), aluminium oxide (USD 126 million), textiles (USD 110 million), alumina

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Rajasthan trade body eyes business opportunities in the Asean region

ARTIA's chief advisor Kamal Kandoi said that Asean countries are attracting the entire world because of their enormous business possibilities

Govt extends export ban on de-oiled rice bran till March-end 2024

The government has extended the export ban on de-oiled rice bran, a major ingredient in preparation of cattle and poultry feed, till March 31 next year, according to a notification. It was first banned in July this year. "Export prohibition of de-oiled rice bran is extended till March 31, 2024," the directorate general of foreign trade has said in a notification. According to experts, rise of prices of the feed is one of the major reasons for increasing milk prices in the country and putting a ban on the exports can help increase availability of the product in the domestic market, thereby containing rates. However, Solvent Extractors Association of India had earlier asked the government to reconsider its decision on banning the exports as the move is likely to have minimal impact on the prices of cattle feed and milk. As per estimates, in cattle feed, about 25 per cent rice bran extraction is used.

Crucial to identify real beneficiaries of interest subvention scheme: GTRI

It is crucial for the government to identify real beneficiaries of the interest subvention scheme provided to various export sectors, think tank GTRI said on Saturday. The Union Cabinet on Friday approved an additional allocation of Rs 2,500 crore for the continuation of interest equalisation or subsidy scheme on pre- and post-shipment rupee export credit up to June 30 next year. Launched on April 1, 2015, the scheme was initially valid for five years up to March 31, 2020. It has been continued thereafter, with a one-year extension during COVID, and further extensions and fund allocations. "No detailed study of the scheme has been done yet. It is important for the government to identify the actual beneficiaries. Considering the low spending, it is possible that a few large entities, rather than MSMEs, are reaping the most benefits," the Global Trade Research Initiative (GTRI) said. It is also necessary to find out which product groups receive the most credit and the effectiveness

World recognizes India only option for large demand: Piyush Goyal

The Union Commerce Minister emphasized the unprecedented opportunity presented by 1.4 billion people aspiring for a better future

Preventing carbon leakage CBAM's aim: Europe as India threatens retaliation

The European Commission on Friday said the sole aim of CBAM -- a tax the European Union plans to impose on energy-intensive goods from countries like India and China -- is to prevent carbon leakage, a situation where companies decide to shift out their production from a country with stringent policies. European Commissioner Wopke Hoekstra made this statement at a press conference at the UN climate talks here even as India's Commerce and Industry Minister Piyush Goyal threatened retaliatory action at an event in New Delhi. Hoekstra said, "CBAM's sole aim is to prevent carbon leakage." Peter Liese, a German politician and a member of the European Parliament, said the bloc aims to reduce emissions by 55 percent by 2030 and that achieving such a significant reduction without CBAM would not be feasible. Stressing that CBAM is crucial for funding the bloc's climate goals, he cautioned that any attempt to dismantle it would have far-reaching consequences beyond its scope. "Any agenda to .

Union Cabinet approves Rs 2,500 crore for Interest Equalisation Scheme

This would help exporters from identified sectors and all MSME manufacturer exporters to avail of pre and post-shipment Rupee export credit at competitive rates