Page 12 - Trade Exports

Trade strategy on table to achieve exports target of $2 trillion by 2030

Last month, the Federation of Indian Export Organisations (FIEO), as part of its recommendation for the services sector, urged the government to introduce measures to empower small businesses

Govt concerned about Chinese firms' low share in smartphone exports

Companies like Xiaomi, Oppo, Vivo, and Realme together account for a dominating 74% share of the Indian mobile phone market in terms of volumes. However, their share of exports stands at only 14%

Limits to supply chain diversification

Emerging trends demonstrate intensification of indirect supply chain integration with China

'Work in progress to remove trade barriers in sub-Saharan African nations'

The commerce ministry is working to address issues related to non-tariff barriers and market access for domestic products in sub-Saharan African countries like Nigeria, Ethiopia, Ghana and Gulf nations to boost India's exports, an official said. The official said meetings have been held with Indian missions of the sub-Saharan African countries with which India has significant bilateral trade. The major trading partners of India in that region in 2022-23 were South Africa (total trade USD 18.9 billion, exports USD 8.5 billion); Nigeria (USD 11.85 billion, exports USD 5.15 billion); Togo (USD 6.6 billion, exports USD 6 billion), and Tanzania (USD 6.5 billion, exports USD 3.93 billion). The other countries were Mozambique (USD 5 billion, exports USD 2.5 billion); Angola (USD 4.22 billion, exports USD 621 million); and Kenya (USD 3.4 billion, exports USD 3.2 billion). "A virtual meeting with Indian Mission of top 10 countries (bilateral trade-wise) in sub-Saharan African region was hel

Insurance should not be misused for unfair gains

The National Commission observed that Aryan Exports' recovery of US $59,180 exceeded the consignment's value and concluded that further claims would amount to unjust enrichment

Netherlands to Saudi Arabia: India's key export hubs witness high growth

These countries have displayed high growth with India defying global slowdown

Exports up 6.21% to $33.57 bn in Oct; trade deficit high at $31.36 bn

India's exports rose by 6.21 per cent to USD 33.57 billion in October this year, as against USD 31.6 billion a year-ago, government data showed on Wednesday. Imports also increased to USD 65.03 billion in the month under consideration, as against USD 57.91 billion recorded in October 2022. The country's trade deficit in October stood at USD 31.46 billion. During the April-October period of this fiscal year, exports contracted by 7 per cent to USD 244.89 billion. Imports during the seven-month period fell by 8.95 per cent to USD 391.96 billion. Commerce Secretary Sunil Barthwal said the trade numbers in October reflect 'green shoots'.

New launches, exports gain captured in Eicher Motors' valuations

Aided by a 10 per cent increase in volumes and 5 per cent increase in realisations

CHATROOM: Merchanting trade transactions must be completed within 9 months

TNC Rajagopalan answers SME queries related to GST, export and import matters

Pilot launch of revamped eRBC system for exporters from November 15

The commerce ministry on November 15 will do a soft launch of the revamped electronic bank realisation certificate for self-certification by exporters to promote ease of doing business for traders. An electronic Bank Realisation Certificate (eBRC) is an important document for exporters and is issued by a bank as a confirmation that the exporter has received the payment from a foreign buyer against the export of goods or services. This certificate validates repatriation of export proceeds to the country and ensure compliance with provisions of foreign exchange rules. eBRCs can be generated for outbound shipments of goods, services and deemed exports. According to a trade notice of the Directorate General of Foreign Trade (DGFT), the upgraded system is based on electronic inward remittance messages to be transmitted directly by banks to the DGFT. Based on the messages received, the exporters would self-certify their eBRCs. "The enhanced eBRC system shall enable exporters to reduce

Dark underbelly of carbon trade

World leaders need to learn from the mistakes of the voluntary carbon market so that this new market mechanism does not repeat them

Soymeal exports likely to pick up soon as global prices rally: Report

US soymeal futures jumped 20% in five weeks as erratic weather has caused problems in the world's No. 1 exporter Brazil

India's services trade surplus bounces back in Sept quarter of FY24

In the September quarter, services exports hit $83.4 billion while services imports eased to $43.4 billion, leading to a services trade surplus of $40 billion

NCDEX suffers major losses as suspension of futures gets extended

The commodities are paddy (non-basmati), wheat, chana, mustard seed and its derivatives, soybean and its derivatives, crude palm oil and moong

India's mango exports witness a 19% jump at $47.98 bn during 2023 season

In the 2023 season, India exported mangoes to 41 countries by exploring new destinations such as Iran, Mauritius, Czech Republic, and Nigeria

Ashok Leyland expects 20% revenue from exports in 5 years: Dheeraj Hinduja

Hinduja group-owned commercial vehicles maker Ashok Leyland expects over one-fifth of its revenue to come from exports in the next five years, according to company's Executive Chairman Dheeraj Hinduja. The thrust is to see Ashok Leyland among the top 10 global original equipment manufacturers (OEM), said Hinduja at Carlton House Terrace, London, UK, during a select media roundtable with the Hinduja family members here. The company, which is investing around Rs 1,000 crore to set up a bus manufacturing facility near Lucknow in Uttar Pradesh, expects the first vehicle to roll out within 15-18 months. Besides, Ashok Leyland has plans to enter Europe with electric buses in 2025, said Hinduja. As per its strategy, the company would focus only on the commercial vehicle segment and has no plans to enter the passenger vehicle segment as of now, he said. There is "room to grow with commercial vehicles" and a "much better growth path" in the segment, said Hinduja. In financial year ended M

Amit Shah to launch logo, website, and brochure of NCEL on Monday

Cooperation Minister Amit Shah will on Monday launch a logo, website and brochure of a newly established National Cooperative for Exports Limited (NCEL) at a national symposium in the national capital. Shah will also distribute membership certificates to NCEL members at the symposium to be organised at the Pusa complex here. "A wide range of issues, including channelising cooperatives for linkages to export markets, the potential of Indian agri-exports and opportunities for cooperatives, among others, will be discussed in the symposium," the ministry said in a statement. NCEL came into existence after Shah put an emphasis on the need to establish a national-level multi-state cooperative society to function as an umbrella organisation for exports by the cooperative sector. NCEL, which was registered under the Multi-State Co-operative Societies Act on January 25 this year, has an authorised share capital of Rs 2,000 crore and those cooperative societies from the level of primary to a

Imported food item for re-export doesn't need clearance, says FSSAI

The FSSAI advisory should also come as a big relief in ease of doing business

Overall trade gains may be limited for India in FTA with UK: GTRI

Negotiations for the FTA are in the final stages, with both countries engaged in weekly discussions

'Prior export proceeds realisation must for refund on export of services'

If you want to re-import the exported goods under the notification 158/95-Cus dated 14th November 1995 that would not be possible as the one year time limit is already over