Page 13 - Trade Exports

US warned China to expect updated export curbs in October: US official

Providing China with a heads up about the rules is part of a broader bid by the Biden administration to stabilize relations with Beijing

India mulling its own carbon tax on exports along the lines of CBAM

A tax on imports and goods coming into India from the EU is also being planned

Navigating the evolving trade landscape

In an era of shifting trade dynamics, India stands at the crossroads of opportunity, but being adaptable will be key

Export of auto parts must hit $100 bn by 2030: SCALE chairman Pawan Goenka

Speaking to Sohini Das, Goenka said that start-ups are playing a huge role in electric vehicle transition

China's urea export curbs may not hit India much, push up global rates

But it could push up global rates

China's exports fall for 4th consecutive month showing pressure on trade

The customs data released on Thursday further showed that imports also slid 7.3% to $216.51 billion

Right policies will help India reach $2-trn exports by 2030: Sanjay Budhia

Right policies and a proactive approach by the government will help India achieve USD 2-trillion exports target of goods and services by 2030, Chairman, CII national committee on EXIM, Sanjay Budhia, said here on Friday. He said the global economy is still going through turmoil due to geopolitical tensions and the trade environment remains challenging. "With the right policies, coupled with fearless and proactive approach and implementation, India can stay on positive growth trajectory to achieve the ambitious export target of USD 2 trillion by 2030," he said at a workshop on export control on dual-use items. He added that despite a turbulent global economy and headwinds, several path-breaking policy initiatives were implemented and put in action by the government and the country. Budhia, the Managing Director of Patton Group, said the new Foreign Trade Policy 2023 could be a game changer to put India at a leadership position on the global exports map. "The policy has focused on .

Comm min to organise workshops on promoting exports via e-commerce

The commerce ministry on Friday said it has decided to organise monthly workshops to raise awareness about ways to promote exports through e-commerce mediums. The Foreign Trade Policy 2023 has mandated to handhold and conduct outreach programmes to promote e-commerce exports. In addition to increasing awareness about e-commerce-related rules and processes, actions for capacity building and skill development for the promotion of exports through online medium is also mandated. "In this regard, monthly workshops on e-commerce exports are proposed by this directorate," according to a trade notice of DGFT (Directorate General of Foreign Trade). The workshops will cover aspects related to cross-border logistics, postal and customs compliances and cross-border payment mechanisms. "The proposed workshops shall be held during the 1st week of each month through Video Conference. In-person workshops shall also be organised where feasible," it said. The DGFT has also invited experienced ...

Amid slowdown, Centre reviews export scenario with promotion councils

The matter was discussed at the Centre's review of sectoral progress in exports with the export promotion councils on Tuesday, people aware of the matter told Business Standard

Swift removal of non-tariff barriers key to trn-dollar exports: GTRI rpt

India needs to act in a fast-track manner for removal of non-trade barriers (NTBs), being faced by domestic exporters in different countries like the US, China and Japan, to achieve one trillion dollar outbound shipment target for goods by 2030, a report by think-tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) has suggested a two-pronged strategy to mitigate the influence of NTBs on exports. It asked for upgrading domestic systems, in cases where Indian products are rejected due to quality issues; and retaliating if unreasonable standards or rules continue to obstruct exports from New Delhi. "Many of India's exports suffer due to time taking prior registration requirements and unreasonable domestic standards/rules in many countries. India must talk to partner countries for reasonable solutions, GTRI Co-founder Ajay Srivastava said. He added that many of India's food and agriculture products face problems due to higher pesticide levels, presence of pests and .

Trade deficit widens to $20.67 bn in July compared to $20.13 bn in June

Merchandise exports in July stood at $32.25 billion, down from $32.87 billion in June and $38.34 billion in July 2022

SEA asks govt to reconsider decision to ban export of de-oiled rice bran

On July 28, the Director General of Foreign Trade (DGFT) issued a notification prohibiting the export of de-oiled rice bran till November

US biggest export destination for Indian smartphones in April-May: Govt

India exported USD 2.43 billion worth of smartphones in April-May this fiscal, driven by a multifold jump in shipments to the US which emerged as the biggest destination for India-made devices, according to the government data. The smartphone exports to the US jumped multiple times to USD 812.49 million during the first two months of this fiscal as against USD 92.2 million in April-May 2022-23, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms. The US was followed by the UAE (USD 484.52 million), the Netherlands (USD 205 million), the UK (USD 151.33 million), Italy (USD 136.57 million), and the Czech Republic (USD 115.5 million). Overall India's export of smartphones in 2022-23 was worth USD 10.95 billion. During April-May 2023-24, smartphone exports soared by 157.82 per cent over April-May 2022-23. Prior to 2022-23, the smartphone exports were non-existent so the data was not captured. After the announcement of the Product Linked ..

Jute goods exports get the sack on global slump; economies taper off buying

Major economies taper off buying despite global push for sustainable packaging material

Exports see sharpest decline in 3 years; trade deficit narrows to $20.1 bn

Outbound shipments drop 22% to $33 bn; imports decline over 17% to $53 bn

India-China trade witnesses first signs of slowdown in years: Report

The India-China trade, which in recent years rose sharply despite bilateral tensions over the border dispute, showed the first signs of a slowdown in years falling by 0.9 per cent in the first half of this year. This came as China's overall foreign trade declined by about five per cent as its economy struggled to recover from COVID blues. China's exports to India in the first half of this year totalled USD 56.53 billion compared to USD 57.51 billion last year registering a decline of 0.9 per cent, according to the data released by Chinese customs on Thursday. India's exports to China during the same period totalled USD 9.49 billion compared to USD 9.57 billion last year. The trade deficit in the first half of 2023 too declined significantly to USD 47.04 compared to USD 67.08 billion last year. Last year was a bumper year for India-China trade as it touched an all-time high of USD 135.98 billion despite the continued chill in the bilateral ties over the military standoff in eastern

Navigating the carbon-tax era in trade

The EU's carbon tax is set to shake up world trade, but through careful preparation, India can turn this to its advantage

Increasing eco ties between India, US to help boost exports: Exporters

Increasing economic ties between India and the US would help boost the country's exports to America, according to exporters. The economic ties have received a push from Prime Minister Narendra Modi's recent visit to the US, Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said in a statement. "India's share in US's ready-made garment import from the world has increased to 5.7 per cent in 2022, which will further improve in future," he said. The apparel export to the US from India in 2022 has also increased to USD 6 billion, registering a growth of 33.7 per cent as compared to 2021, Goenka said. The Federation of Indian Export Organisations (FIEO) too said that the US and India have agreed to enhance the bilateral trade to USD 500 billion by 2030. "Settlement of the six trade disputes bilaterally will create a congenial environment to foster our trade relations. Withdrawal of additional duty on steel & aluminium will push their exports in to US market ," it said.

Easy trade finance system key to achieve $2 trn export target by 2030: DGFT

Traders and the government have to work on the issue of obtaining easy finance both for domestic and cross-border trade

CBIC should clear the air quickly on pre-import issues

It is difficult to understand why the government has not yet come out with a circular prescribing the procedures that the exporters have to follow.