Page 2 - Trade

Aluminium jumps 8.5% to $2,730 after China cancels export tax rebates

Three-month aluminium on the London Metal Exchange soared as much as 8.5% to $2,730 a metric ton and was up 6.1% at $2,670 in official open-outcry trading

Unilateral trade measures in name of climate action 'discriminatory': India

India on Friday said unilateral trade measures in the name of climate action are "discriminatory, harm multilateral cooperation" and go against the principles of the UN climate change convention. Making an intervention in the presidential consultations on 'unilateral measures' at COP29 in Baku, India said this is a matter of global concern that needs urgent consideration to ensure the development pathways of developing countries are not constricted. Other groups of developing countries, including the G77, the largest bloc representing over 130 nations at the UN climate talks, and Like-Minded Developing Countries also registered their strong opposition on the issue. However, developed countries, particularly the European Union, argued that the United Nations Framework Convention on Climate Change (UNFCCC) is not the right platform to discuss this issue, as it is already being addressed by the World Trade Organization. India said restrictive unilateral measures force developing and .

Imports from UAE surges 70% in October to $7.2 billion, shows data

India's imports from its free trade agreement partner UAE have jumped by 70.37 per cent year-on-year to USD 7.2 billion in October, leaving a trade deficit of about USD 3.5 billion during that month, according to the commerce ministry data. The deficit, the difference between imports and exports, was USD 2.47 billion in September. Cumulatively also, the imports from the UAE during April-October rose by 55.12 per cent to USD 38.64 billion against USD 24.91 billion in the same period previous fiscal, while exports were up by 15.86 per cent year-on-year to USD 20.93 billion compared to USD 18 billion in April-October 2023-24. The trade deficit during the seven-month period has widened to USD 17.71 billion from USD 6.85 billion in the same period a year ago. The FTA between India and the UAE came into effect in May 2022. According to the data, India's imports from UAE rose by 49.22 per cent to USD 5.38 billion in September and 72.7 per cent to USD 6.38 billion in August. Exports, on

Russia keen to strengthen trade cooperation of pulses with India: Govt

Russia, which is mulling diversifying to urad and tur production, is keen to strengthen pulses trade cooperation with India, the government said on Tuesday. A Russian delegation led by Deputy Minister Maxim Titov had on Monday met Consumer Affairs Secretary Nidhi Khare, discussing in details the possibility of enhancing the trade cooperation in the field of pulses. The consumer affairs department, in a statement, said Russia has emerged as a major source of India's import of masur (lentils) and yellow peas from the recent past. Apart from these two pulses, Russia is also contemplating to diversify its pulses production to urad (black matpe) and tur (pigeon pea), it said. India is dependent on pulses imports to meet the domestic shortages of 3-4 million tonne. On pulses availability in the country, the government said there is a significant ease in supply of key pulses like tur, urad and change since July 2024 due to better kharif prospect and continuous imports. "The overall ...

Ocean freight rates increase for first time since July, shows data

Drewry World Container Index up 4% ahead of Christmas, New Year rush

Maruti Suzuki eyes 850,000 export mark after historic high in October

EVs to play a key role in reaching 850,000 units in exports by 2030-31

The End of the Chinese Century? New book critiques BRI's flawed assumptions

The BRI has been compared to the US Marshall Plan launched after the end of the Second World War to enable the recovery of the war-ravaged economies of western Europe

Chhath Puja 2024: CAIT estimates Rs 12,000 cr nationwide trade on festival

The surge in Chhath Puja demand for handmade goods and festive clothing boosts job opportunities and supports cottage industries, energising India's local economies

WTO accepts India request to defer ICT import duty dispute ruling until Apr

The WTO's dispute settlement body on Monday again accepted a request from India and Chinese Taipei not to adopt the ruling against New Delhi's import duties on certain information and technology products till April next year, as both sides are engaged in resolving the matter mutually, an official said. The issue came up during a meeting of the dispute settlement body (DSB) in Geneva. "The DSB agreed to the latest requests from Chinese Taipei and India," the Geneva-based official said. At the October 28 meeting, India and Chinese Taipei once again requested additional time from the DSB to consider the adoption of the panel rulings in the case initiated by Chinese Taipei regarding India's tariffs on certain high-tech goods. The two sides had requested that the DSB further delay consideration of the panel reports until October 28, 2024, to help facilitate the resolution of the disputes. "The parties asked that the DSB further delay consideration of the panel report until 25 April 202

Turkiye's measures on polyester impact exports; India seeks compensation

India has sought compensation from Turkiye as Ankara's decision to extend safeguard measures on polyester staple fibres has impacted the product's exports, an official said. India flagged concerns and impact from these measures during a recent bilateral consultations with Turkiye under the WTO's safeguard agreement. On October 14, India sought consultations with Turkiye under the agreement following Ankara's decision to extend safeguard measures on polyester staple fibres. "We have sought compensation as we have a loss of trade. India has the option to propose retaliatory customs duties equivalent to the value of export loss if the issue will not be resolved through consultations," the official said. India has exported these fibres worth USD 22.18 million during 2023-24. It was USD 23.55 million in 2022-23. In September, Turkiye decided to extend safeguard measures against imports of polyester staple fibres. "As a member having a substantial trade interest in the export of produc

Govt lifts curbs on non-basmati white rice exports, removes floor price

The government on Wednesday removed the minimum export price (MEP) of USD 490 per tonne on overseas shipments of non-basmati white rice, a move aimed at promoting shipments of the commodity. On September 28, the government withdrew a blanket ban on overseas shipments of non-basmati white rice and imposed the floor price. "The requirement of MEP for the export of non-basmati white rice...has been lifted with immediate effect," the Directorate General of Foreign Trade (DGFT) said in a notification. The government had imposed a ban on exports of non-basmati rice exports on July 20, 2023. These measures came at a time when the country has ample stock of rice at government godowns and retail prices are also under control. Earlier, the government scrapped the minimum export price for basmati rice to boost outbound shipments and enhance farmers' income. The country exported non-basmati white rice worth USD 201 million during April-August this fiscal. It was USD 852.52 million in ...

DGFT notifies policy conditions for exports of sesame seeds to US

The government on Wednesday notified the policy conditions for exports of sesame seeds to the US. The new rule will come into effect from November 16 this year. The Directorate General of Foreign Trade (DGFT) in a notification said that the India Oilseeds and Produce Export Promotion Council has been designated as the authority to issue the export certification. "Policy conditions for the export of sesame seeds to the US have been notified," it said. In a separate notice, the DGFT notified the procedure for filing of annual Remission of Duties and Taxes on Exported Products (RoDTEP) return. 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. It said that non-reporting of the ARR (annual RoDTEP return) will lead to denial of benefit

DGTR suggests anti-dumping duty on Chinese drawer sliders to protect MSMEs

The commerce ministry's investigation arm DGTR has recommended an anti-dumping duty of USD 422 per tonne on Chinese drawer sliders with a view to guard MSME units. In its findings, the Directorate General of Trade Remedies (DGTR) has concluded that 'Telescopic Channel Drawer Slider' has been exported to India at a price below the normal value, resulting in dumping. The imports are also undercutting the prices of the domestic industry, the DGTR has said in a notification. "The authority recommends imposition of anti-dumping duty on the imports," it said. The directorate had "suo-motu" initiated the probe against the alleged dumping of this product to guard micro, small & medium enterprise (MSME) units against cheap imports from the neighbouring country. Usually, anti-dumping investigations are initiated based on an application filed by domestic producers, but since the fragmented industries did not have the know-how of the procedures involved in the trade remedy probe, the ...

PCs emerge as promising electronic product for exports during Apr-Aug

After smartphones, exports of personal computers including laptops have emerged as a key electronic item shipments from India during April-August this fiscal, according to the commerce ministry data. The exports of personal computers have recorded healthy growth in five destinations- the UAE, Russia, Bangladesh, the US, and Sri Lanka. The exports of laptops to the top five markets - increased to USD 102.6 million in April-August from just USD 37 million in the same period of the previous year, the data showed. The government's support to personal computer manufacturing through Production Linked Incentive (PLI) and other measures like ease of doing business have supported this growth. The biggest market for laptops, palmtops and handhelds is the United Arab Emirates (UAE) which imported USD 64 million worth of these devices in the first five months of the current fiscal. Last year during the same period exports were USD 29.7 million. The exports to Russia increased to USD 20.4 mill

Cargo volume at 12 major ports rises 5% to 413.74 MMT in Sep: Govt

Cargo volume handled by 12 major ports rose by 5.03 per cent to 413.747 million metric tonnes (MMT) in September, the Ministry of Ports, Shipping and Waterways said on Thursday. In its monthly summary for September 2024, the ministry said the 20th Maritime States Development Council (MSDC) meeting held last month, discussed the implementation of a State Ranking Framework and a Port Ranking System to foster healthy competition and drive performance improvements across India's maritime sector. During the meeting, more than 100 issues from various states were deliberated and successfully resolved. According to the ministry, several new and emerging challenges were also addressed, including the establishment of Places of Refuge (PoR) for ships in distress and the development of Radioactive Detection Equipment (RDE) infrastructure at ports to enhance security. It said the transportation of cargo on National Waterways has reached 56.57 MMT for the April-August 2024 period, registering 4.

Geopolitical situation unlikely to impact Indian carpet fair: CEPC chairman

The current geopolitical situation in the Middle East is not likely to have an impact on the Indian carpet fair and may offer an advantage to Indian exporters, Carpet Export Promotion Council Chairman Kuldeep Raj Wattal has said. The Carpet Export Promotion Council (CEPC), which plays a crucial role in promoting the carpet industry, has been organising biannual fairs that attract domestic as well as international buyers. "The current geopolitical situation in the Middle East will not affect the Indian carpet fairs. Instead, it may offer an advantage to Indian exporters, especially if Iranian production is impacted," CEPC Chairman Kuldeep Raj Wattal told PTI. On the cancellation of the 'Domotex fair' in Germany, a major event for global carpet trading, Wattal said "this presents an opportunity for increased orders at the ongoing 'India Carpet Expo 2024'." The CEPC is targeting an export trade goal of Rs 500 crore to Rs 700 crore during this expo. The 'India Carpet Expo 2024' in Bha

Oilmeals export down 35% in Sep to nearly 214,000 tonnes, shows data

India's oilmeals export declined 35 per cent last month to 2,13,744 tonnes due to lower shipments of soyabean meal, rapeseed meal and castorseed meal, according to industry data. The exports stood at 3,30,567 tonnes in the same month last year. In a statement on Tuesday, the Solvent Extractors' Association of India (SEA) said the total export of oilmeals during April-September 2024 fell 9 per cent to 20,82,533 tonnes compared to 22,76,120 tonnes in the corresponding period of the previous year, mainly due to a reduction in export of rapeseed meal and castorseed meal. In the first half of the current fiscal year, the export of soyabean meal jumped to 9.08 lakh tonnes against 5.86 lakh tonnes a year ago, due to higher imports by the UAE, Iran and France. Bangladesh, South Korea and Thailand are the major importers of rapeseed meal. Industry body SOPA has estimated Kharif soybean production at 125.18 lakh tonnes from last year's estimate of 118.74 lakh tonnes. SOPA has reported an a

Overall Cargo volumes expected grow 9-11% to 3.7 MT in FY25: ICRA

The overall cargo volumes are expected to see a healthy year-on-year growth of 9-11 per cent to 3.6-3.7 million tonnes this fiscal year on the back of estimated higher domestic and international cargo volumes while the outlook on airport infrastructure is stable, Icra said on Monday. Ratings agency Icra expects international cargo volumes to expand 11-13 per cent while the domestic cargo growth is estimated at 4-6 per cent. The international cargo volumes saw a muted year-on-year rise of 1 per cent in the April-September period of FY24, owing to the slowdown in global economy and geo-political conflicts. However, the international cargo volumes surged 18 per cent in the second half of the previous fiscal year, amid the Red Sea crisis, which started in October 2023, Icra said. Consequently, the seaborne cargo traffic was impacted, which in turn benefitted international air cargo traffic, it stated. The overall cargo volumes are expected to see a year-on-year growth of 9-11 per cent

India less export-oriented, US tariff hike won't impact nation: Fitch

India, which is less export-oriented than many other Asian economies, would be relatively unaffected in case the US levies higher tariffs on imports, Fitch Ratings said on Monday. Fitch said higher trade barriers in the wake of the US elections could pose additional challenges for issuers across multiple credit sectors in Asia-Pacific (APAC). Also, weaker growth globally would weigh on macroeconomic prospects in Asia in the event of sharp US tariff increases, especially if China's economic prospects are affected disproportionately. It said that the high share of exports going to the US, coupled with high dependence on exports for growth within the region, means that any hit to exports to the US would have negative repercussions for GDP in many Asian economies, albeit to varying degrees. Fitch views Vietnam as the most vulnerable on this front, but Taiwan, Thailand, Hong Kong, Singapore, Malaysia and South Korea would also have significant exposure. A sharp increase in US tariffs cou

India's coal import rises 11% to 121.1 million tonnes in Apr-Aug period

India's coal import rose 11.4 per cent to 121.1 million tonnes (MT) in the April-August period of the ongoing fiscal year. The country had imported 108.7 MT coal in the corresponding period of the previous year. According to data compiled by B2B e-commerce platform mjunction, "During April-August 2024, total coal and coke imports stood at 121.18 MT, around 11.4 per cent higher than 108.74 MT imported during the same period last year." However, coal import in August rose 5.4 per cent to 20.70 MT over 19.63 MT a year earlier. Of the total import in August 2024, non-coking coal import was at 13.04 MT, against 11.89 MT, while coking coal import was at 4.53 MT, against 4.62 MT a year ago. During April-August, non-coking coal import was at 78.68 MT, higher than 68.58 MT imported during the same period last financial year. Coking coal import was at 24.79 MT, almost flat against 24.85 MT recorded in the year-ago period. "Surplus availability of domestic coal in the system along with dwin