Page 32 - Trade

India exports 8,606 tonnes of raw cane sugar to US under TRQ scheme

Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports

Russian oil imports drop on pricing, not due to payment woes: Hardeep Puri

"There is no payment problem ... It is a pure function of the price at which our refineries will buy," Puri told a press conference

Adani Ports reports 42% growth in cargo handling in December 2023

Adani Ports and Special Economic Zone (APSEZ) on Tuesday said its cargo volumes rose 42 per cent in December 2023 to 35.65 MMT (million metric tonne). According to a APSEZ statement, 10 ports in the APSEZ portfolio delivered their highest-ever cargo volumes, recording new operating milestones. The billionaire Gautam Adani's firm handled 311 MMT of cargo during the nine months of FY24, which is 23 per cent higher year-on-year. Mundra Port alone managed around 5.5 MTEUs in initial nine months, it added. For the quarter ended December, APSEZ handled around 109 MMT of overall cargo, the statement said. APSEZ CEO and whole-time director Karan Adani said, "APSEZ crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year". Adani said the company is now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year.

Bilateral trade between India, Bangladesh down during pre-election season

The India-Bangladesh bilateral trade, already strained by economic headwinds during the year, has dampened in some land ports due to the upcoming general elections in the neighbouring country, exporters said on Tuesday. Bangladesh is set to hold its 12th general election on January 7 and the pre-election atmosphere has cast a shadow on the cross-border trade. Indian exports to Bangladesh between April and October 2023 declined by 13.32 per cent, while imports saw a marginally smaller 2.3 per cent dip, according to data from the Department of Commerce. "Trade activity has been affected for some time now due to Bangladesh's forex shortages and liquidity crunch. The election-related slowdown is expected to be temporary, but stricter rules like the 110 per cent margin on letters of credit compared to the earlier 10 per cent have been a major concern for traders," a commodity exporter told PTI on condition of anonymity. Stakeholders point to the general slowdown in trade activity during

India turns to Saudi as purchases of Russian crude oil fall in December

Indian Oil Corp, which was set to get the Sokol oil, had to withdraw from its inventory and buy from the Middle East to make up the shortfall, sources told Reuters last month

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

LIVE: Priyanka Gandhi replaced as UP in-charge in Congress reshuffle

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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

LIVE: Delhi police produce four accused before court seeking 15-day custody

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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

LIVE: New COP28 draft text does not mention phase out of fossil fuels

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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