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Page 2 - Exports

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

Exports from Gujarat to Bhutan increase by 52% to $21.98 mn in five years
Updated On : 22 Jul 2024 | 11:35 PM IST

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 trade deficit narrows in June; exports fall to 7-month low
Updated On : 15 Jul 2024 | 10:45 PM IST

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

India's car exports grow by 18.6% in Q1; domestic sales remain flat
Updated On : 12 Jul 2024 | 11:49 PM IST

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

DGFT proposes review in export obligation period for certain sectors
Updated On : 19 Jun 2024 | 12:46 AM IST

Here's why EU's ecodesign regulation can hurt export of textiles, footwear

EU's ecodesign regulation mandates rigorous energy performance and environmental sustainability, prohibiting the disposal of unsold textiles and footwear, potentially impacting India's export volumes

Here's why EU's ecodesign regulation can hurt export of textiles, footwear
Updated On : 18 Jun 2024 | 12:15 PM IST

China issues draft rules to expand cross-border e-commerce businesses

National ministries and government departments will smooth financing channels and help cross-border e-commerce companies to "go global", the ministry said

China issues draft rules to expand cross-border e-commerce businesses
Updated On : 11 Jun 2024 | 11:22 PM IST

Exports from special economic zones up 4% to $163.69 bn in 2023-24

Exports from special economic zones (SEZs) rose by over 4 per cent to USD 163.69 billion in 2023-24 even though the country's total shipments dipped by more than 3 per cent in the last fiscal. According to the data of the commerce ministry, exports from these zones stood at USD 157.24 billion in 2022-23 and USD 133 billion in 2021-22. SEZs are key export hubs which contributed over one-third of the country's total outbound shipments in the last fiscal. SEZs are enclosures that are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market. As many as 423 such zones have been approved by the government, out of which 280 are operational as of March 31 this year. As many as 5,711 units are approved in these zones till December 31, 2023. The data also showed that as on December 31, 2023, over Rs 6.92 lakh crore have been invested in these zones and a total of 30.70 lakh people are employed there. The ma

Exports from special economic zones up 4% to $163.69 bn in 2023-24
Updated On : 11 Jun 2024 | 4:21 PM IST

'IT services export from STPI register unit crossed Rs 9 trillion in FY24'

IT services exports from STPI-registered units have crossed Rs 9 lakh crore in the 2024 financial year, a senior official said on Wednesday. While speaking at the 33rd Foundation Day of Software Technology Parks of India, Director General Arvind Gupta announced an initiative towards developing India's sovereign cloud journey under the brand name 'Ananta', which will be a hyperscale cloud made by Indians for Indians. Apart from the conventional Compute Infrastructure Services (IAAS), Ananta will also offer PAAS, SAAS and GPU-based services. "STPI has played a very crucial and important role for nurturing the IT industry so that it could have reached this stage. The exports from STPI registered units have also reached Rs 9.19 lakh crore," Gupta said. The STPI registered units in the first year of its establishment in 1991 reported exports of Rs 17 crore. STPI at the event signed a memorandum of understanding with Sabudh Foundation for creating skill-development initiatives and nurtu

'IT services export from STPI register unit crossed Rs 9 trillion in FY24'
Updated On : 05 Jun 2024 | 11:00 PM IST

Japan's exports rise for 5th time in April on weak yen, biz mood stalls

In volume terms, however, Japanese shipments fell 3.2 per cent year-on-year in April, down for the third straight month

Japan's exports rise for 5th time in April on weak yen, biz mood stalls
Updated On : 22 May 2024 | 10:12 AM IST

Toy exports down at $152 mn in 2023-24, need strategy to push it: GTRI

The country's toy exports declined marginally to USD 152.34 million in 2023-24 from USD 153.89 million in the previous financial year, according to a report by economic think tank GTRI. The Global Trade Research Initiative (GTRI) said that India's toy exports did not benefit much from the mandatory quality control orders. It said that while the domestic measures were primarily aimed at boosting local industry and ensuring safety, they did not significantly enhance India's toy exports. "From FY'2020 to FY'2022, exports increased modestly from USD 129.6 million to USD 177 million. However, by FY'2024, exports decreased to USD 152.3 million," the report said. Imports, however, increased to USD 64.92 million in 2023-24 from USD 62.37 million in 2022-23. GTRI Founder Ajay Srivastava said that the QCO checked substandard imports from China but did not result in higher exports from India. Though India has taken decisive steps since 2020 to curb the inflow of substandard toy imports, ...

Toy exports down at $152 mn in 2023-24, need strategy to push it: GTRI
Updated On : 07 May 2024 | 6:34 PM IST

HMD plans to make India a key manufacturing hub for its phone exports

Nokia was the first mobile brand which was exported out of India from its own manufacturing plant in Tamil Nadu

HMD plans to make India a key manufacturing hub for its phone exports
Updated On : 03 May 2024 | 6:45 PM IST

Increasing global uncertainties may impact demand, India's exports: FIEO

The escalating geopolitical tension may have implications for the country's exports in the first quarter of 2024-25 as it is likely to impact global demand, apex exporters body FIEO said. The global uncertainties caused by continuing war between Russia and Ukraine has impacted India's outbound shipments in 2023-24, which recorded a decline of 3.11 per cent to USD 437 billion. Imports too dipped by over 8 per cent to USD 677.24 billion. "If the global situation continues to be like this, it would impact global demand. In the first quarter numbers, the demand slowdown may be visible," FIEO Director General Ajay Sahai said. He added that despite all the challenges, freight rates are softening and it is giving an indication that demand may be impacted in the times to come. He cautioned that further escalation of the current situation could have serious implications on the world trade. "Besides geopolitical uncertainties, high inflation and high interest rates are also crucial reasons

Increasing global uncertainties may impact demand, India's exports: FIEO
Updated On : 29 Apr 2024 | 2:56 PM IST

Engineering goods exports up 10.7% in March to $11.28 billion: EEPC

Exports have been dented by a slowdown in global demand, the ongoing Russia-Ukraine war and the Red Sea shipping crisis brought on by conflict in the Middle East, exporters said

Engineering goods exports up 10.7% in March to $11.28 billion: EEPC
Updated On : 25 Apr 2024 | 7:29 PM IST

Japan records trade deficit for 3rd fiscal year despite recovering exports

Japan recorded a trade deficit for the third straight fiscal year as the costs of energy and other imports rose and the yen remained weak. The deficit was 5.89 trillion yen (USD 38 billion) for the fiscal year that ended in March, according to Finance Ministry data released on Wednesday. The biggest trade deficits were in the Middle East, mainly Saudi Arabia and the United Arab Emirates, as well as Australia and Indonesia. Japan had a trade surplus with the US and some European countries. Annual exports to China slipped slightly, declining for the first time in four years, although the latest monthly data show exports to China recovering, growing 12 per cent from the previous year. Robert Carnell, regional head of research Asia-Pacific at ING Economics, said strong technology-related exports were behind the jump in exports to China, while noting exports were also growing to other regions. We think exports will be the main engine for growth in the coming months, he said in a ...

Japan records trade deficit for 3rd fiscal year despite recovering exports
Updated On : 17 Apr 2024 | 10:15 AM IST

India's exports shrink 3% in FY24 but tide is turning, says govt

India's trade deficit at 11-month low in March

India's exports shrink 3% in FY24 but tide is turning, says govt
Updated On : 15 Apr 2024 | 11:26 PM IST

Record demand for exports spurs India's services PMI to 61.2 in March

HSBC Bank survey says 'buoyant demand' led to a 'cascade of positivity for the sector'

Record demand for exports spurs India's services PMI to 61.2 in March
Updated On : 04 Apr 2024 | 11:31 PM IST

Govt to begin procurement of 500,000 tonnes of rabi onion in 2-3 days

Amid concern over likely fall in mandi prices in view of extension of onion export ban, the government on Tuesday assured farmers that it will start procurement of 5 lakh tonnes of rabi onion in next 2-3 days to protect their interest. Last week, the commerce ministry extended the ban on onion export till further orders. The ban on onion shipment was valid till March 31. "We want to assure farmers that their concern will be taken care of. ...We will begin procurement of 5 lakh tonne of rabi (winter) crop in the next 2-3 days for maintaining a buffer stock," Consumer Affairs Secretary Rohit Kumar Singh told reporters. The onion export ban is affecting traders and not farmers as average mandi (wholesale) prices are ruling currently at around Rs 13-15/kg in Maharasthra, which is almost double from the previous year level, he said. "Even if prices crash, we will protect the interest of farmers," he added. The secretary said the government normally buys onion for the buffer stock at a

Govt to begin procurement of 500,000 tonnes of rabi onion in 2-3 days
Updated On : 26 Mar 2024 | 11:49 PM IST

Japan's exports rise nearly 8% in Feb on shipments of cars, machinery

Japan's exports rose 7.8 per cent in February from a year earlier on strong shipments of cars and electrical machinery, the government said on Thursday. Exports in February totaled 8.2 trillion yen (USD 55 billion), marking the third straight month of growth, according to preliminary customs data. The report showed the trade deficit sank by more than half on-year to 379 billion yen (USD 2.5 billion), marking the second straight month of a deficit. Exports to China rose just 2.5 per cent and those to all of Asia edged 2.3 per cent higher on-year, suggesting that demand has moderated. Exports to the United States rose 18 per cent and exports to the EU were up almost 16 per cent. The picture for imports was mixed, with China supplying 1.7 trillion yen (USD 236 billion), a nearly 17 per cent annual increase that more than doubled Japan's deficit with its giant neighbour. In all, imports edged up 0.5 per cent, totalling nearly 9 trillion yen (USD 60 billion), as prices for key commodit

Japan's exports rise nearly 8% in Feb on shipments of cars, machinery
Updated On : 21 Mar 2024 | 1:29 PM IST

Sponge iron producers urge govt to impose duties to curb iron ore exports

India, the world's biggest sponge iron producer, has about 336 sponge iron plants spread across the country

Sponge iron producers urge govt to impose duties to curb iron ore exports
Updated On : 20 Mar 2024 | 1:42 PM IST

Exporters body FIEO unanimously elects Ashwani Kumar as new President

Exporters body FIEO on Monday said Ashwani Kumar has been elected as its new President. The Federation of Indian Export Organisations (FIEO) said that Kumar was elected as president unanimously. He has replaced A Sakthivel. Kumar, who is a Jalandhar-based engineering exporter, replaced A Sakthivel. Besides serving as the Regional Chairman (Northern Region) of the organisation, Kumar has also represented various forums of Jalandhar including its Focal Point Industries Association, Effluent Treatment Society, Management Association, Badminton Association, and Integrated Association of SMEs. He is taking over the post at a time when global trade is undergoing a sea change.

Exporters body FIEO unanimously elects Ashwani Kumar as new President
Updated On : 11 Mar 2024 | 6:02 PM IST