Page 11 - Trade Exports

Statsguru: Neighbourhood ties weaken as global economic partnerships evolve

The share of its neighbours in India's trade shows signs of weakening from an already low base amid a review of regional trade agreements

Demand uptick, easing inflation to provide advantage to exports in 2024

Easing inflation in developed countries, softening interest rates, a gradual pick up in global demand and other factors will provide a silver lining for the country's exports and the overall outbound shipments are expected to be more than USD 900 billion in 2024. International trade experts have expressed hope that the services sector would perform better than merchandise and the country's overall outbound shipments may touch over USD 900 billion in 2024 against an estimated USD 764 billion in 2023. A stable rupee against the US dollar, focus on new markets like Latin America and Africa, new items like mobiles and fresh fruits, focus on promoting e-commerce exports, free trade agreements with the UAE and Australia would also help the country register healthy growth in outbound shipments next year. Despite various challenges, including geopolitical tensions and China's subdued post-pandemic recovery, impacting exports this year, India's goods and services exporters have managed to ta

Exports to Australia see upward trend, owing to duty concessions under ECTA

Government officials said that there has been an uptick in exports of products, where duty concessions have been given under the trade deal

'Govt to increase exports of 10-11 sectors from $160 bn to $500 bn by 2030'

The government is working on boosting domestic manufacturing and increasing exports to USD 500 billion by 2030 from 10-11 sectors, including automobiles, pharma, textiles, medical devices and chemicals, a senior official said on Thursday. These issues were discussed during a meeting called by the Commerce and Industry Ministry on Thursday. The meeting was convened by the Department of Promotion of Industry and Internal Trade (DPIIT) in collaboration with Invest India and SCALE (Steering Committee for Advancing Local Value-Add and Exports) Committee to unveil outcomes and recommendations made during the Chintan Shivir for Manufacturing, held on October 12 at Bharat Mandapam here. The 11 sectors are auto components, automobiles (including EVs), capital goods, chemicals, drones, medical devices, aerospace and defence, leather and footwear, textiles, and space. "We are looking at investments in these sectors. We will drill down to each of the areas to see how to promote manufacturing

Govt extends RoDTEP benefits to e-commerce exports through post or couriers

The government on Thursday announced extension of export benefits under RoDTEP scheme to e-commerce exports through post or couriers. The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the centre, state, or local level. The commerce ministry will soon put in place the necessary IT framework and other enablers for extension of the scheme for the exporters. "We are extending RoDTEP benefits for exports through e-commerce," Commerce and Industry Minister Piyush Goyal told reporters here. The step will help SME sectors take advantage of government schemes, further pushing e-commerce exports and boosting overall export growth from the country to achieve the target of USD 1 trillion merchandise exports by 2030. Goyal also released a handbook for MSMEs with focus on e-comm

Refined petroleum products export rise 32% to 5.6 MMT in November: PPAC

Exports in the April-November period also increased, rising 2.7 percent to 40.8 MMT. This was due to a rise in the outbound shipment of vacuum gas oil

After successful trial, India aims at $1 bn banana exports in next 5 yrs

With successfully exporting a trial shipment of fresh bananas to the Netherlands through sea route, India is now aiming to increase exports of this fruit to USD one billion in the next five years, an official said. At present, exports of most of the fruits from India are happening by air route because of lower volumes and different ripening periods. To increase the volumes, India is developing sea protocols for fresh fruits and vegetables like bananas, mangoes, pomegranates and jackfruit to promote their exports through ocean routes. The protocol includes understanding voyage time, scientifically understanding the ripening of these commodities, harvesting at a particular time and training of farmers. These protocols will be different for different fruits and vegetables. The Agricultural and Processed Food Products Export Development Authority (APEDA), along with other stakeholders, has developed these protocols for bananas. APEDA is an arm of the commerce ministry. "With the ...

Current account gap narrows to 1% of GDP at $8.3 bn in Q2FY24: RBI

The lower CAD in Q2FY24 was due to the narrowing of the merchandise trade deficit to $61.0 billion from $78.3 billion in Q2FY23

Resurgence of pirates in international waters puts Centre on alert

Geopolitical instability, rising sea robberies pose risks to maritime economy

India's agri exports may stay flat in FY24 due to ban on wheat, rice, sugar

India exported agricultural products worth $53 billion in the previous financial year

Suez, a crisis waiting to happen, forces shippers to be ready any moment

For a start, the balance of global trade has shifted toward Asia, with China, India and Southeast Asia all being important consumption economies in addition to their long-standing role in production

India, New Zealand discuss cutting trade barriers, promoting investments

India and New Zealand have discussed measures to reduce trade barriers and promote a more investor-friendly environment to boost economic ties, an official statement said on Wednesday. The issues were discussed during the meeting of Commerce and Industry Minister Piyush Goyal and his counterpart from New Zealand Todd McClay here on December 19. Both the ministers recognised the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers, and promote a more conducive environment for businesses and investors from both nations, the commerce ministry said. The trade minister of New Zealand appreciated the efforts made by India to sort out the issue related to export of wooden logs to India. "They highlighted the need to deepen engagement in sectors such as agriculture, forestry, pharma, connectivity, education and tourism," it said. To strengthen the trade and economic relationship, ministers expressed the need to increase engagement ..

Five out of top 10 destinations see a rise in April-November exports

This comes even as overall exports from India contracted during the period

Engineering exports register 3% on-year fall in November to $7.85 billion

India's engineering goods exports registered a 3-per cent year-on-year decline in November to USD 7.85 billion, an industry body report said. The dip was primarily attributed to the festive season that disrupted operations in major engineering export belts across the country, particularly in northern and western regions, it said. While acknowledging the recent decline, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about exceeding last year's overall engineering exports. "After experiencing a slump in the first half of 2023, the sector witnessed positive growth from August to October, which instilled hope for a continued positive trajectory," EEPC India Chairman Arun Kumar Garodia said. The industry remains cognizant of the current global challenges, including high inflation and interest rates, particularly in key markets like Europe and the United States, he said. These factors contribute to the ongoing trade slowdown and necessitate continue

Tamil Nadu's electronics export on road to $8 billion, says minister

According to industry experts, major reasons for the rise in exports is the 'China Plus One' strategy of global majors like Apple

Govt working to ensure export sector becomes self-sustaining: Piyush Goyal

India is aiming to achieve the $2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive, Union minister Piyush Goyal said on Saturday. Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), he said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth. GIFT City will play a pivotal role in powering India's exports to $2 trillion by 2030, and then onwards to up to $10 trillion that it envisages to see by 2047, said the Union Commerce and Industry Minister. "During the next 2-3 decades we hope to see sustained, inclusive growth, during which we are confident of offering sustainable and inclusive development for every single person in the country. In that story, our international engagements will play a very important role," he said. He said India's target of crossing a $1 trillion economy

Wheat sowing picks up pace as Central inventories drop to 7-year low

A high-level team of officials on a survey in some of the major wheat-growing areas found that almost 85 per cent of wheat sown so far has been of climate-resistant varieties

As phone makers become 'exports first', they seek a competitive tax regime

The phone industry told govt that 99% of mobile phones sold in India are produced locally. For companies to grow, they need exports

China's exports grow for the first time in six months in November

In the short run, however, the pressure on Chinese manufacturers show little sign of easing off completely

India to soon be ready for $1 trn exports: Vaishnaw on 'Make in India' goal

Union Minister Ashwini Vaishnaw said that exports have reached $762 billion in the last financial year and the reason behind it is 'Make in India'