Page 2 - India Imports

Indian steel firms under pressure from rising imports, drop in exports

Global steel industry is facing a major threat due to surge in steel exports, particularly from China at predatory prices

Coal import rises 41% to 25.23 MT in July, demand to be buoyant: mjunction

India's coal import rose by 40.56 per cent to 25.23 million tonne (MT) in July, according to data compiled by B2B e-commerce platform mjunction services. The country's coal import was 17.95 MT in the corresponding month of previous fiscal. Coal import also rose to 100.48 MT in the April-July period of the ongoing fiscal from 89.11 MT a year ago, it said. mjunction MD & CEO Vinaya Varma said the import demand is likely to be buoyant in coming weeks, ahead of the festive season next month. "Imports of non-coking coal showed an uptrend amid softening of prices in the seaborne market. There, however, was a drop in coking coal volumes due to tepid demand from the steel mills," mjunction services said. Of the total imports in July, non-coking coal's share stood at 16.52 MT, against 10.16 MT imported in the same month a year ago. Coking coal import volume was 4.81 MT against 5.03 MT in July last fiscal. During the April-July period, non-coking coal import was higher at 65.64 MT compared

'India's dependence on Chinese imports for MSME goods has been declining'

India's reliance on imports of MSME goods such as articles of leather, toys, and musical instruments from China is declining steadily, reflecting the country's efforts to diversify import sources and strengthen domestic production capabilities, an official said on Monday. On the other hand, dependency on imports of these goods from China by other countries like Brazil is increasing. Citing data, the official said that the concentration of musical instrument imports from China has decreased from 77.58 per cent in 2013 to 51.51 per cent in 2023. The share of imports of essential oils, cosmetics, and toilet preparations from China has also declined from 16.33 per cent in 2013 to 11.86 per cent in 2023. Similarly, the inbound shipments of toys and games from the neighbouring country have dipped from 76.7 per cent in 2013 to 70.97 per cent in 2023. "India's trend of reducing its reliance on Chinese imports, particularly in categories like articles of leather, ceramic products, toys, an

Chinese import of goods like umbrellas, toys hurting Indian MSMEs: GTRI

Increasing imports of goods such as umbrellas, toys, certain fabrics, and musical instruments are severely hurting MSMEs as many of these products are also made by domestic businesses, according to think tank GTRI. The report said that during January to June 2024, India exported goods worth only USD 8.5 billion, while imports stood at USD 50.4 billion, resulting in a trade deficit of USD 41.9 billion. This low export and high import makes China India's largest trade deficit partner. "China accounts for 29.8 per cent of India's industrial goods imports. India must invest in deep manufacturing to cut dependence on import of critical industrial products from China," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said that these imports from China are "hurting" Indian MSMEs, as many of the imported products are also made by these local businesses. He noted that the cheaper Chinese goods make it tough for MSMEs to compete, leading to struggles for survival. "

India ramped up Russia crude oil imports in June quarter: Govt data

Growth set to build on June qtr's $14.7 bn oil inflows amid competition from UAE, Iraq

Imports from China up 13% to $10.2 bn, exports dip 9.44% to $1.5 bn in July

India's exports to China dipped by 9.44 per cent to USD 1.05 billion, while imports rose by 13.05 per cent to USD 10.28 billion in July, according to the commerce ministry data. Cumulatively, during April-July this fiscal, exports to the neighbouring country also dipped by 4.54 per cent to USD 4.8 billion, while imports grew 9.66 per cent to USD 35.85 billion, leaving a trade deficit of USD 31.31 billion, the data showed. The country's exports also contracted to the UK, Germany, South Africa, Malaysia, France, Italy, Australia, Nepal, Brazil, Belgium, Turkey, and Indonesia during the month. However, the outbound shipments recorded growth in the US, UAE, the Netherlands, Singapore, Saudi Arabia, Bangladesh, and Mexico in July. According to the data, India's exports to the US rose 3.15 per cent to USD 6.55 billion, while imports increased by 1.43 per cent to USD 3.71 billion in July. Cumulatively, during April-July 2024-25, exports to the US increased 9 per cent to USD 27.44 billion

India's exports dip 1.2% to $33.98 bn in July, imports up by 7.45%

India's merchandise exports in July dipped 1.2 per cent to USD 33.98 billion from USD 34.39 billion in the year-ago month, according to government data released on Wednesday. Imports increased by about 7.45 per cent to USD 57.48 billion in July against USD 53.49 billion a year ago. The trade deficit, or the gap between imports and exports, during the month under review stood at USD 23.5 billion. Briefing media on data, Commerce Secretary Sunil Barthwal said that going by the current trend, the country's total exports of goods and services will cross last year's figure. India's merchandise exports rose by 2.56 per cent to USD 35.2 billion in June, even as the trade deficit widened to USD 20.98 billion. Exports during April-July this fiscal increased 4.15 per cent to USD 144.12 billion, and imports grew 7.57 per cent to USD 229.7 billion.

Govt likely to extend import regime for laptops, IT hardware products

The system kicked in on November 1 to promote domestic manufacturing of these goods and reduce dependence, especially on China

Merchandise exports growth may slow to 4.2% in Q2, says Exim Bank

Merchandise exports are projected to increase to $111.7 billion in Q2 against $109.9 billion recorded in Q1

India's imports of pulses likely to decline in FY25 on good monsoon

Eminent agri economist Ashok Gulati says imports likely to double in the next 5 yrs if policies remain unchanged

Govt fast tracks visa approvals for China vendors to step up manufacturing

Move to help firms investing in sectors covered by PLI schemes

India imports 1.8 MT urea, 2.2 MT fertiliser from China in 2023-24

India imported 18.65 lakh tonne urea and 22.58 lakh tonne phosphatic and potassic (P&K) fertilisers from China during 2023-24, the government informed Parliament on Tuesday. In a written reply to the Rajya Sabha, Minister of State for Chemicals & Fertilisers Anupriya Patel said, "Government of India through Department of Fertilizers imports urea (agriculture purpose) on government account to bridge the gap between production and assessed demand." As per the data, the country imported 70.42 lakh tonne urea in 2023-24 for USD 2.6 billion. Of this, India imported 18.65 lakh tonne urea from China valuing USD 730 million. "So far as P&K fertilizers are concerned, these grades of fertilizers are covered under Open General Licence (OGL) under the Nutrient Based Subsidy Scheme (NBS). They are imported by the companies on their commercially viable terms," Patel said. The value of imported P&K fertilizers is not maintained in the department. India imported a total of 106.53 lakh

Govt must take note of CEA's warning on China

Our government is best placed to assess national security considerations and determine the extent of access we should give to Chinese goods and investments

Atmanirbhar shouldn't lead to inefficient import substitution: Ex RBI chief

Owing to supply disruptions caused by the Russian-Ukrainian war, many countries started thinking about being self-sufficient with respect to critical imports' and India needs to ensure that Atmanirbhar should not degenerate into inefficient import substitution', former RBI Governor C Rangarajan said on Saturday. Addressing the 14th Convocation of the ICFAI Foundation For Higher Education, he said India's development strategy should be multidimensional and growth may be stimulated by raising investment rate, emphasizing agriculture, manufacturing and services, absorbing new technologies and promoting a mix of sectors that are employment friendly. Any import substitution must look at cost. Expensive, import substitution is not to the advantage of anybody. What we need to do is efficient import substitution. Atman should not degenerate into the old style import substitution. I think that is contrary to what is good for our country, he said. Jobless growth is certainly a matter of ...

India's duty cut to revive gold demand after weak June quarter: WGC

Higher purchases in the world's second-biggest gold consumer could support global benchmark prices, which are trading near record highs

Govt considering potato imports from Bhutan amid rising prices, lower yield

The Ministry of Agriculture & Farmers' Welfare's first advance estimate indicates that potato production is projected to be around 58.99 million tonnes this year

Non-tariff barriers: Centre readies steps to ease exporters' woes

Sets up panel, identifies challenges, to launch portal soon

US urges India to delay health certificate mandate for food imports by 6 mt

Currently, India mandates that all imported milk and milk products, pork and pork products, and fish and fish products must be accompanied by a health certificate issued by the exporting country

India permits limited imports of corn, vegetable oils at concessional duty

India has set import limits at 150,000 metric tonnes for sunflower or safflower oil, 500,000 tonnes for corn, 10,000 tonnes for milk powder, and 150,000 tonnes for refined rapeseed oil

India expects surge in solar cell output, says will curb imports from China

In a bid to wean itself off Chinese imports, India has levied taxes on some solar components and introduced a so-called approved list of models and manufacturers