Page 4 - Trade Exports

Exports to top-10 nations grow faster than overall figures in Q1 FY25

After witnessing a 3 per cent contraction in the financial year 2023-24, outbound shipments from India saw positive growth in the three consecutive months

DPIIT's efforts attract over Rs 1,100 cr investment from global tyre makers

Leading global tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over Rs 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on 'New Pneumatic Tyres' were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India. The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company's commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. "This initiative has witnessed investment commitments worth more than Rs 1,100 crore from leading global players like Bridgestone, Michelin and Goodyear for the development/expansion of their tyre manufacturing capacity in India," the official said. Additional applications receive

Statsguru: Six charts explain increasing defence production in India

The rise in exports comes even as India remains among the world's biggest arms importers, with others such as Saudi Arabia and Qatar topping the list between 2018 and 2023

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

Sets up panel, identifies challenges, to launch portal soon

Exports positive in April-June quarter despite challenges: Piyush Goyal

India's exports have recorded healthy growth in May and remained in the positive zone in June and the first quarter of the current fiscal despite global challenges, Commerce and Industry Minister Piyush Goyal has said. He also said that growth in the services sector is helping the country's outbound shipments to register positive growth rates. "In May, exports were positive, the figure for June is also positive. The first quarter is also in the positive territory," Goyal told PTI. India's merchandise exports rose 9.1 per cent to USD 38.13 billion in May. During April-May this fiscal, the outbound shipments grew by 5.1 per cent to USD 73.12 billion. The commerce ministry will officially release the export data for June on July 15. "Despite the ongoing two wars (Russia-Ukraine and Israel-Hamas), the Red Sea crisis, and container shortage issues, our exports are in a positive zone. One more advantage that we have is the fast pace growth in the services exports," the minister said. H

China's exports exceed forecasts, declining imports point to more stimulus

The mixed trade data keeps alive calls for further government stimulus as the $18.6 trillion economy struggles to get back on its feet

Union Budget 2024-25: MSMEs bat for Rs 5,000 crore export booster

India SME Forum suggested setting up an export promotion and development organisation to support MSMEs in market intelligence, trade opportunities, B2B outreach and connections

RBI's draft trade norms envisage more discretion for ADs

ADs will handle the documents of a 'caution listed' exporter only against full advance payment from the buyer or irrevocable letter of credit

Madhya Pradesh's Khargone chillies set to spice up the world markets

Chillies are cultivated in more than 45,000 hectares of area of the district

Xi Jinping greets EU Council president ahead of EV tariffs taking effect

EU trade policy has turned increasingly protective over concerns that China's production-focused development model could see it flooded with cheap goods

RBI moots rationalisation of norms for export, import transactions

According to draft norms, every exporter should furnish a declaration specifying the amount of the full export value of the goods or services

International toy fair to begin on July 6 with over 100 foreign buyers

More than 300 domestic companies and over 100 foreign buyers from the US, Germany and other countries are expected to participate in the four-day international toy fair beginning on July 6 in the national capital, a statement said on Tuesday. More than 250 Indian brands will display their products during the fair, which is being organised at Pragati Maidan here, Toy Association of India senior vice-president Naresh Kumar Gautam said in the statement. Gautam said that the 15th Toy Biz International B2B Expo 2024 is the largest fair in South Asia. "It is a big platform for Indian toy makers to showcase their products and capabilities to the global audience. It helps us attract new customers and partners, expand market reach for our toys and boost exports," he said. In addition, he said, Toy Biz also provides a platform for industry players to network and connect with each other, which can help foster collaborations, partnerships and joint ventures. Gautam, who is also the CEO of ...

EU leaders agree on officials who will be face of European Commission

European Union leaders signed off on a trio of top appointments for their shared political institutions on Thursday, reinstalling German conservative Ursula von der Leyen as president of the European Commission for another five years. At the side of von der Leyen, who heads the EU's executive branch, would be two new faces: Antonio Costa of Portugal as European Council president and Estonia's Kaja Kallas as the top diplomat of the world's largest trading bloc. Mission Accomplished, outgoing EU Council President Charles Michel told reporters after chairing a summit of the bloc's leaders, as von der Leyen and Kallas accompanied him at a joint a news conference. Costa took part via video-link. Von der Leyen expressed her gratitude for a shot at a second term of office, saying: I'm very honored and I'm delighted to share this moment. Kallas, who as the EU's top diplomat will lead the bloc's foreign and security policy with Russia's war on Ukraine in its third year, noted that there is

Piyush Goyal meets exporters; reviews trade scenario, non-tariff barriers

Exporters asked the government to firm up a strategy to deal with the issue of non-tariff barriers imposed by trade partners that ultimately hurts India's exports

Chatroom: EO against AA can be discharged through physical/deemed exports

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

South Korea trade: India did better on manufactured goods, grew at 6.4%

Electronic goods was among the fastest growing segment among major manufactured goods imported from South Korea

When trade barriers are justified

In one rare situation, there is a case for some protectionism against imports from China

Eyeing 2025 polls, Aus aims early completion of trade deal with India

Both nations had signed the interim trade deal, also known as India-Australia Economic Cooperation and Trade Agreement (ECTA) that came into force on December 29, 2022

DGFT implements automated system for adhoc input-output norms fixation

The commerce ministry's arm DGFT on Thursday said it has implemented an automated system for adhoc input-output norms fixation for goods, with a view to promote ease of doing business for exporters. Exporters are allowed to import duty-free raw material or inputs for manufacturing goods for exports purposes only under an advance authorisation scheme. For this scheme, the Directorate General of Foreign Trade (DGFT) has fixed standard input-output norms for almost all categories of products. Depending on these norms, a license is issued for duty-free imports. For example, if 10 Kg steel is required to make a 100 meter long pipe, license will be given under the scheme for duty-free import of 12 kg of steel as there would be some wastages also in the manufacturing process. DGFT provides a sector-wise list of Standard Input-Output Norms (SION), under which exporters may choose to apply for the license. Alternatively, exporters may apply for their own adhoc norms in cases where the SION

Critical minerals, clean energy key focus as Chinese premier visits Aus

Perth is the capital of Western Australia state, which provided 39% of the world's iron ore last year. Iron ore is one of Australia's most lucrative exports