Exports

Time to focus on export-led Indian miracle as US leans toward isolationism

It is surprising that India has not followed this path even though there have been plenty of examples of export-led economic miracles from the 1950s closer home

India's electronics exports may dominate trade negotiations with US

India's electronics exports, driving over 62% trade surplus, to dominate US talks

Nations cross $1 trn mark in digitally deliverable services exports in 2023

UNCTAD data show that while digitally deliverable services account for 56 per cent of services exports worldwide, that share is just 20 per cent in least developed countries (LDCs)

China announces ban on Germanium, Gallium exports to US in tit-for-tat move

Gallium, germanium, antimony and superhard materials are no longer allowed to be exported to America as an overall principle, the Ministry of Commerce said in a statement Tuesday

Turkiye's measures on polyester impact exports; India seeks compensation

India has sought compensation from Turkiye as Ankara's decision to extend safeguard measures on polyester staple fibres has impacted the product's exports, an official said. India flagged concerns and impact from these measures during a recent bilateral consultations with Turkiye under the WTO's safeguard agreement. On October 14, India sought consultations with Turkiye under the agreement following Ankara's decision to extend safeguard measures on polyester staple fibres. "We have sought compensation as we have a loss of trade. India has the option to propose retaliatory customs duties equivalent to the value of export loss if the issue will not be resolved through consultations," the official said. India has exported these fibres worth USD 22.18 million during 2023-24. It was USD 23.55 million in 2022-23. In September, Turkiye decided to extend safeguard measures against imports of polyester staple fibres. "As a member having a substantial trade interest in the export of produc

Oilmeals export down 35% in Sep to nearly 214,000 tonnes, shows data

India's oilmeals export declined 35 per cent last month to 2,13,744 tonnes due to lower shipments of soyabean meal, rapeseed meal and castorseed meal, according to industry data. The exports stood at 3,30,567 tonnes in the same month last year. In a statement on Tuesday, the Solvent Extractors' Association of India (SEA) said the total export of oilmeals during April-September 2024 fell 9 per cent to 20,82,533 tonnes compared to 22,76,120 tonnes in the corresponding period of the previous year, mainly due to a reduction in export of rapeseed meal and castorseed meal. In the first half of the current fiscal year, the export of soyabean meal jumped to 9.08 lakh tonnes against 5.86 lakh tonnes a year ago, due to higher imports by the UAE, Iran and France. Bangladesh, South Korea and Thailand are the major importers of rapeseed meal. Industry body SOPA has estimated Kharif soybean production at 125.18 lakh tonnes from last year's estimate of 118.74 lakh tonnes. SOPA has reported an a

Make in India needs a reset. It won't work unless we focus on exports

The trouble is that Indian manufacturers appear less and less interested in becoming export powerhouses

India's exports to China fall at faster clip than to other partners

India's exports to China witnessed 22.44 per cent contraction to $1 billion, while overall exports declined 9 per cent at $34.7 billion in August, commerce department data showed

Centre's support to help attain $1 bn exports of alcoholic beverages: CIABC

Support from the Centre and state governments will help the country to achieve USD 1 billion worth of alcoholic beverages exports in the coming years, the Confederation of Indian Alcoholic Beverage Companies (CIABC) said on Wednesday. CIABC Director General Anant S Iyer also said that promoting ease of doing business for the sector is key at both the Central and state government levels. Easy and timely permissions for bottling and branding; transport permits; and promoting online paperwork are some of the areas which need special attention for the growth of the sector. "We need ease of doing business across the operations, besides easy tax structures and market-determined prices to boost the exports. At present, rules for the sector differ from state to state," Iyer said. He said the USD 1 billion target is "ambitious, but possible". In 2023-24, the exports stood at USD 389 million. He added that the industry should give a try for this target as it needs about 14-15 per cent ...

DBK Brand Rate applications to be filed with Customs at the place of export

Safeguard duty, countervailing duty on subsidized articles and anti-dumping duty are levied under Sections 8B, 9 and 9A respectively of the Customs Tariff Act, 1975

Increasing freight costs, container shortages threaten exports: GTRI

Increasing freight costs, shortage of containers and dependence on major shipping hubs and foreign carriers pose serious challenges to the country's exports, think tank GTRI said on Sunday. To address these challenges, the Global Trade Research Initiative (GTRI) recommended that India implement several strategies to boost domestic container production, enhance the role of local shipping companies, promote use of domestic containers, and strengthen local shipping firms. "India can lower its risk of global supply chain disruptions by boosting domestic container production, encouraging the use of locally made containers, and increasing the use of Indian shipping companies for transporting goods," GTRI Founder Ajay Srivastava said. Between 2022 and 2024, shipping rates for a 40-foot container have fluctuated significantly. It said that in 2022, the average cost was USD 4,942 due to the lingering effects of the covid pandemic, while by 2024, the rate had stabilized around USD 4,775, it

Nayara Energy sees 14.3% rise in domestic fuel sales, exports drop

Nayara Energy, India's largest private fuel retailer, posted a 14.3 per cent rise in fuel sales for the second quarter of the 2024 calendar year, while exports dropped as the firm met rising local demand for fuel. In the April-June quarter, Nayara sold 75 per cent of all diesel it produced at its Vadinar oil refinery in Gujarat in the local Indian market and 60 per cent of its petrol production locally, Nayara said. Over the past few years, Nayara Energy has steadily built its domestic business while expanding its fuel retailing network strategically to underserved markets that uphold the potential to fuel India's growth. Retail diesel sales rose 14 per cent to 2.08 million tonnes in April-June from 1.82 million tonnes a year back, while institutional business' year-on-year growth was 23 per cent, Nayara said. Similarly, retail petrol sales grew 14.7 per cent to 0.916 million tonnes in the second quarter compared to 0.809 million tonnes a year back. Nayara Energy owns the largest

Interest equalisation scheme for exporters extended for another month

The government has extended the interest equalisation scheme on pre- and post-shipment rupee export credit for one more month till September 30 to promote the country's outbound shipments. The scheme, which provides exporters interest benefits, ended on August 31. In June, it was extended for two months. In a trade notice, the Directorate General of Foreign Trade (DGFT) said, "Trade and industry is hereby informed that the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit, which had earlier been extended up to August 31 as a fund limited scheme, has been further extended for one month i.e., up to September 30, 2024." It said, however, this extension is applicable only for MSME manufacturing exporters. On December 8, 2023, the Union Cabinet approved an additional allocation of Rs 2,500 crore for the continuation of the scheme up to June 30. The scheme helps exporters from identified sectors and all MSME manufacturer exporters to avail of rupee export credit

Electronics 5th largest export commodity; growing 23% annually: Meity

Electronics has become the country's fifth largest export commodity, growing by 23 per cent annually, a senior official in the Ministry of Electronics and IT said on Friday. Electronics manufacturing in India has crossed USD 100 billion market in March 2024, which was USD 49 billion in 2017, Bhuvnesh Kumar, Additional Secretary in the Ministry of Electronics and IT, said at the launch of indigenously-built Tyronne AMD servers by Netweb Technologies. "The electronics exports are rapidly growing at rate of 23 per cent annually. Last year we did USD 30 billion of exports from India. "Surprisingly for many, it has become 5th largest commodity being exported from India," Kumar said. He also expressed confidence that the country's net revenue from electronic exports will become positive in coming years with start of local semiconductor production. Kumar said the country's trillion dollar digital economy has a component of USD 400 billion from electronics manufacturing and the rest comes

Engineering exports register 3.6% growth in July amid global challenges

Despite a challenging global environment, India's engineering goods exports continued their upward trajectory in July with a 3.6 per cent year-on-year growth, reflecting the sector's resilience, EEPC said on Friday. The Engineering Export Promotion body EEPC India chairman Arun Kumar Garodia said the engineering goods exports were USD 9.04 billion in July 2024, compared to USD 8.72 billion a year ago month. However, exports to countries like Bangladesh and Russia recorded a decline during the month under review. "The sector's cumulative exports for the April-July period also witnessed a healthy 4.18 per cent increase to USD 36.97 billion," Garodia said. Engineering exports to Bangladesh fell 11.8 per cent year-on-year to USD 153.78 million in July 2024, as against USD 174.35 million in the year-ago month, EEPC said in a statement. The value of engineering exports to Russia declined 26.8 per cent in July this year to USD 90.39 million from USD 123.55 million in the same month last

Airbus faces criminal probe in Britain over potential export control breach

The investigation emerged in footnotes to the company's half-yearly earnings, which said Airbus was fully cooperating with the probe by Britain's Revenue and Customs agency (HMRC)

Exports from Gujarat to Bhutan increase by 52% to $21.98 mn in five years

Upon assuming office as Prime Minister in 2014, Narendra Modi made his first foreign visit to Bhutan in June, marking a pivotal moment in strengthening India-Bhutan relations

India's trade deficit narrows in June; exports fall to 7-month low

Growth in merchandise exports fell to 2.6% amid muted demand overseas

India's car exports grow by 18.6% in Q1; domestic sales remain flat

The auto industry body sought incentives to promote EVs in Budget

DGFT proposes review in export obligation period for certain sectors

The commerce ministry's arm DGFT on Tuesday proposed to amend the export obligation period for certain sectors such as spices, pharmaceuticals and tea, with a view to facilitate outbound shipments. The government has sought comments of all the concerned stakeholders on the proposed amendments within 15 days. The government allows duty free import of inputs used for manufacturing goods only for exports purposes under an advanced authorisation scheme, subject to export obligation period. Under this period, exporters have to ship the goods within a stipulated time period, failing which attracts penalties. To amend the export obligation period, the directorate general of foreign trade (DGFT) has proposed to amend an appendix of foreign trade policy's handbook of procedures 2023. According to the DGFT, there have been a lot of representations from export promotion councils (EPC) and exporters regarding review of the appendix. "This has been requested to facilitate exports and operate