Global Trade

Dragged down by a sharp slump in the fourth quarter, world trade volume grew by 2.7 per cent, "a smaller-than-expected increase"

Regional consolidation of trade may leave India out in the cold

India's new foreign trade policy is pragmatic and positive, and has set a stage for exporters to increase the country's share in global trade, industry bodies and experts said. Commerce and Industry Minister Piyush Goyal unveiled a 'dynamic and responsive' Foreign Trade Policy 2023 on Friday with the objective of raising the country's outward shipments to USD 2 trillion by 2030, pushing the rupee trade and incentivising e-commerce exports. Director General of industry chamber CII Chandrajit Banerjee said with many innovative measures, the new FTP will go a long way to help India achieve USD 2 trillion in exports of goods and services and is in line with the many policy announcements to promote exports in the recent past. "At a time when the world is looking for resilient global value chains, FTP 2023 will facilitate the regulatory environment, foster globally competitive firms and make exports more inclusive," he said. Commenting on the policy, Assocham Secretary General Deepak Soo

The expected boost in shipments from China after relaxation of the Covid-19 restrictions has not materialised

The meeting will focus on all the areas barring WTO-related matters that will be taken up at a later stage

Friday marks the one-year anniversary of the Russia-Ukraine war, have a look at how the conflict that nobody believed would last this long changed the world

Global trade "has held up well" in the face of the Russia-Ukraine war, WTO Chief Economist Ralph Ossa said

Even the western countries will find it difficult to absorb the costs of helping Ukraine fight Russia and rebuild its civilian infrastructure and host millions of refugees

Exports will need policy support

The country's merchandise exports have recorded a healthy growth in both value and volume terms in 2022, economic think tank Global Trade Research Initiative (GTRI) said in a report on Thursday. The outbound shipments rose by 14.6 per cent year-on-year to USD 453.3 billion in 2022. "The study found that products where exports increased to cover a value of USD 315.9 billion (69.8 per cent of total merchandise exports). But, products whose export quantities increased over the previous year represent USD 285.6 billion (63 per cent of total exports)," it said. Major product categories which have recorded growth in both value and volume terms include petroleum products, sugar, and basmati rice. "Petroleum products, including diesel, gasoline and naphtha represent an export value of USD 94 billion. The unit price rose between 50-115 per cent in one year. The high unit prices may be primarily due to the high prices of crude oil. Sugar saw a unit value increase of 15 per cent, with exports

The World Trade Organization Director-General Ngozi Okonjo-Iweala on Tuesday said the future of trade is in services and it has to be green, digital and inclusive

India has already been in talks with Russia for a rupee-rouble payment system

While China has previously built out disputed reefs, islands in the area, the West presented images of what they called the first known instances of a nation doing so on the territory

Trade in merchandise goods soared to $25 trillion, an increase of about 10 per cent versus the prior year; trade in services grew 15 per cent year-over-year to nearly $7 trillion

A US-China trade war, a global pandemic, Brexit and Russia's war in Ukraine have rattled the once-entrenched ways that the world's largest economies trade with each other

India's presidency of the G20 will be a 'watershed moment' in its history as the country seeks to play an important role in finding pragmatic global solutions for the well-being of all, India's Permanent Representative to the UN Ambassador Ruchira Kamboj has said. India on Thursday assumed the monthly rotating Presidency of the 15-nation UN Security Council, as well as the year-long presidency of the G20. Kamboj said on Thursday India sees both the presidencies - that of the Security Council for this month and the G20 for the next year, as a new responsibility". "We will try our utmost to show that the hopes and expectations of the global community are met, said the President of the Security Council for December. On India's G20 presidency, Kamboj said it is an honour for the country to lead a group that represents 85 per cent of the world's GDP and 75 per cent of global trade. Kamboj said that as noted by Prime Minister Narendra Modi, India's presidency of the G20 comes at a time

India's balance of trade has worsened with countries with which it has signed free trade agreements

The triggers: Ukraine war, high energy prices, monetary tightening by major economies

The government has decided not to impose anti-dumping duty on Chinese metal cutter wheels as the finance ministry has not accepted the recommendations of the Directorate General of Trade Remedies (DGTR) for imposing the levy. The commerce ministry's investigation arm DGTR had conducted a probe into the alleged dumping of "Resin Bonded Thin Wheels" from China, and in September it recommended the imposition of the duty. The product is used in various sectors ranging from welding, cutting, foundry to primary metal markets for nagging and cutting ferrous and non-ferrous materials. "The central government, after considering the final findings of the designated authority (DGTR), has decided not to accept the ... recommendations," an office memorandum of the Department of Revenue said. While the Directorate General of Trade Remedies (DGTR) recommends the duty, the Department of Revenue takes the final decision to impose it. In international trade parlance, dumping happens when a country

A temporary change in pricing will help them accommodate short-term challenges, an official statement says; minister reviewed sectoral progress in exports with EPCs and Industry bodies