Exports

Russia may pull out of a wartime deal that allows the export of Ukrainian grain to global markets if the West fails to remove obstacles to Russian agricultural exports, Moscow's top diplomat suggested Friday. The deal, which was brokered by the United Nations and Turkiye in July, unblocked shipments that were stuck in Ukraine's blockaded and mined ports, alleviating rising food prices and threat of hunger in some countries. A separate agreement aimed to facilitate the export of Russian fertilisers and grain. Moscow has repeatedly complained that the deal failed to work for Russian agricultural exports, which have had trouble reaching world markets due to Western sanctions. Speaking at a joint news conference with his Turkish counterpart, Russian Foreign Minister Sergey Lavrov told reporters that Russia agreed last month to extend the deal for 60 days - instead of the 120 days set under a previous extension - to send a warning signal to the West. After we extended the deal for 120 .

The country's goods exports touched USD 447 billion till the last count for 2022-23 fiscal year as against USD 422 billion in 2021-22, Commerce and Industry Minister Piyush Goyal said on Tuesday. The final export and import data for 2022-23 would be released by the mid of April. At present, the ministry is in the process of collating the data. The trade data for goods comes with a lag of about 15 days and in the case of services data, it is 45 days. Goyal said that services exports are estimated to cross USD 320 billion in 2022-23. Growth in merchandise goods would be around 6 per cent for the last fiscal, he said, adding that it has grown from "USD 422 billion to USD 447 billion at last count (as the) final numbers are still awaited". He said the country's exports are growing despite global challenges such as rise in raw material prices, restrictions in exports of certain products like wheat and Russia-Ukraine war. "The final numbers (exports of goods and services will be closer

Cases under investigation for fraud, and misdeclaration of capital goods will be excluded from the coverage of the amnesty scheme announced under the new foreign trade policy (FTP), according to the commerce ministry. The government announced the new FTP on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorizations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted. However, no interest is payable on the portion of additional customs duty and special additional customs duty. All those authorization holders who are interested to avail of the scheme will have to register themselves with the DGFT

New policy is in line with government's priority towards moving from an 'incentive-based regime' to a 'remission and entitlement-based regime', thereby making the policy compliant with WTO rules

The achievement will be commendable, given that exports of several high-value items, such as wheat and rice, have been banned during the financial year to control inflation

The ministry has also signed agreements for 29 coal mines auctioned under the sixth round of commercial coal mines auction

Wheat production will not be affected due to recent rains, confident of achieving the output target, he added

Asserts that India's self reliance drive isn't about closing doors but opening them wider, with the aim of letting competitive and comparative advantages determine international trade

The government has extended export benefits under RoDTEP scheme to 18 items related to textiles sector, including saari and lungi, with a view to boost shipments of these goods. Benefits under the duty refund scheme -- Remission of Duties and Taxes on Exported Products (RoDTEP) -- will be given to exports made from March 23, the Directorate General of Foreign Trade (DGFT) has said in a notification. Under the RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. "18 tariff lines...are being added...under RoDTEP for exports made from March 28, 2023," it said. The items include shirting fabrics, casement, and cambric.

The parks, which are coming up in seven states, are expected to fuel investment once the global slowdown is over

"The Black Sea Grain Initiative, signed in Istanbul on 22 July 2022, has been extended," Stephane Dujarric, spokesman for UN Secretary-General Antonio Guterres, said in a statement

The government has an aggressive target for exports of electronics

It is possible to rapidly climb the export competitiveness ladder and our vast labour force with low unit labour cost coupled with current global geopolitical conditions affords us the opportunity

India should keep lid on wheat exports to replenish local stocks, flour millers say

Export of tyres from India is expected to rise by 15 per cent in the ongoing fiscal, Automotive Tyre Manufacturers' Association Chairman Satish Sharma said on Tuesday. Fast integration with global supply chains helped by the globally aligned regulatory environment in the country has led to an increase in the addressable market for Indian manufactured tyres, he said. "Tyre exports from India went up by 50 per cent last year and we are likely to close the ongoing financial year with nearly 15 per cent growth," Automotive Tyre Manufacturers' Association (ATMA) said in a statement quoting Sharma. He was speaking at the ATMA Partners' Summit 2023. ATMA, citing Ministry of Commerce data, said tyre exports from India during the April-December period of FY23 went up by 15 per cent at Rs 17,816 crore as against Rs 15,507 crore in the year-ago period. What has helped the Indian tyre industry maintain growth momentum, both domestically and in the export markets, is the "consistent support by

India's goods and services exports are expected to cross USD 750 billion this fiscal despite the global economic uncertainties, Commerce and Industry Minister Piyush Goyal said on Saturday. In 2021-22, the country's goods and services exports touched an all-time high of USD 422 billion and USD 254 billion respectively, taking the total shipments to USD 676 billion. Last year we crossed a record USD 650 billion of goods and services (exports). This year, we are aiming for an even bigger recordWe have crossed last year's figure alreadyWe will hopefully cross USD 750 billion (this year), he said while speaking at the Raisina Dialogue here. Due to the global demand slowdown, India's exports contracted for the second consecutive month in January, dipping by 6.6 per cent to USD 32.91 billion. During April-January this fiscal, goods shipments rose by 8.5 per cent to USD 369.25 billion, while services exports were estimated at USD 272 billion in the period. The minister said that sectors

The reduction in production amid a drop in inventories to the lowest level in 6 years may force the world's second biggest producer of the grain to allow imports after banning exports last year

The Commerce Department added a number of companies to the so-called Entity List for acquiring and attempting to acquire US-origin items in support of China's military modernization efforts

The manufacturing sector shrank 1.1% in the quarter year-on-year, the second straight contraction reflecting a weakness in exports

The labour intensive apparel sector will contribute significantly in taking the country's merchandise exports to USD one trillion by 2030, AEPC said on Thursday. The Apparel Export Promotion Council (AEPC) said that the incentives in the Budget will help the apparel industry focus on market and product diversification. The council chairman Naren Goenka said that providing an ease-of-doing-export environment would enhance the sector's competitiveness. "The government's key initiatives such as trade agreement with Australia and the UAE and increase in funds will help us to focus on market diversification and product diversification," he said. AEPC promoted global reach of Indian apparel exports to more than 25 export destinations through its export promotion activities in 2022-23. "As we look forward to the 46th year of this council, I can say with confidence that, in the coming years, we will be able to support the government's efforts to make India a USD 2 trillion (USD 1 trillion