Exports

China's economy grows 5% in 2024, driven by exports, stimulus measures

China's economy expanded at a 5% annual pace in 2024, slower than the year before but in line with Beijing's target of around 5% growth, helped by strong exports and recent stimulus measures. In quarterly terms, the economy grew 5.4% in October-December, the government reported Friday. Exports accelerated as companies and consumers rushed to beat potential tariff hikes incoming President-elect Donald Trump may impose on Chinese goods. The national economy was generally stable with steady progress and new achievements were made in high-quality development, according to the report by the National Bureau of Statistics on Friday. Particularly, with a package of incremental policies being timely rolled out, the social confidence was effectively bolstered and the economy recovered remarkably, it said. Manufacturing was a strong engine for growth last year, with industrial output jumping 5.8% from a year earlier. Total retail sales of consumer goods grew 3.5% at an annual rate. Exports

Centre notifies procedure for export of certified organic products

The government has laid out a procedure for export of certified organic products, requiring mandatory certification under the National Programme for Organic Production (NPOP) for such shipments, according to a public notice. The Directorate General Of Foreign Trade (DGFT) in a public notice said that a product will be allowed to be exported as "organic product" only when accompanied by a Transaction Certificate (TC) issued by a certification body accredited by the National Accreditation Body for such items under the NPOP of the Department of Commerce. India has fixed a target of USD 2 billion exports for organic food products by 2030. It added that exports of these goods shall only be certified as such if produced, processed, packed and labelled as per the standards laid down in the NPOP. "Procedure for export of certified organic products has been notified," it added. The revised edition of the NPOP will come into force with effect from 180 days from January 5. The commerce ...

High rates, declining finance impacting exporters' competitiveness: CII

Indian exporters are grappling with significant liquidity challenges due to high interest rates and a decline in export finance, which are undermining their competitiveness, according to Sanjay Budhia, Chairman of the CII National Committee on EXIM. To address these issues, he said, the government and banks must work together to provide effective solutions. Budhia suggested the government extend the interest equalisation scheme, which ended on December 31, 2024, for three years for all manufacturing exporters, including MSMEs (micro, small and medium enterprises). The longer period extension of the scheme would be a crucial step, as its limited extension leaves Indian manufacturers at a disadvantage, he added. "Exporters are indeed facing significant challenges on the liquidity front, with high interest rates and declining export finance impacting their competitiveness," he told PTI. MSME exporters, who form the backbone of India's export ecosystem, would benefit greatly from ...

Electronics exports soar 28% in Apr-Nov of FY25, led by smartphone surge

Become fastest-growing among India's top-10 exports, take 3rd place

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)