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India Exports
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
Increasing exports to markets such as Brazil, South Africa and Saudi Arabia are boosting the growth of the country's outbound shipments, FIEO said on Tuesday. Federation of Indian Export Organisations (FIEO) President A Sakthivel said the Economic Survey has rightly highlighted India's growing and diversifying merchandise trade. "The new diversified markets, including those of Brazil, South Africa and Saudi Arabia, have led to the increase in exports by up to 2 times," he said. The ongoing trade negotiations with the UK, EU, Canada, and Israel will also add further impetus to our exports, he added. "Reducing the cost of logistics in the country, which now to the tune of 14-15 per cent, comparable to the global benchmark, will help in making our exports more competitive worldwide," Sakthivel said. Yogesh Gupta, Regional Chairman, FIEO (Eastern Region), said the exporter fraternity is expecting fiscal support and affordable credit, from the upcoming budget. "A need of the hour is t
India exported 46.56 lakh tonne of wheat worth USD 1.5 billion during April-October this fiscal year as against USD 2.12 billion in 2021-22, Parliament was informed on Friday. Exports of basmati rice during the first seven months of 2022-23 stood at USD 2.54 billion (24.10 lakh tonne), according to data provided by Minister of State for Commerce and Industry Anupriya Patel in a written reply to the Rajya Sabha. Though the government banned wheat exports in May, some shipments are allowed to meet food security needs of the countries that request for it. In a separate reply, the minister said 186 exporters have been given permission to export wheat in accordance with provisions of transitional arrangements under the Foreign Trade Policy, 2015-2020. As there was a sudden spike in global prices of wheat, the government on May 13 prohibited the exports in order to provide for overall food security of the country and to support the needs of the neighbouring and other vulnerable countrie
India has exported 5.62 lakh tonne of sugar so far in the current 2022-23 marketing year that began in October, trade body AISTA said on Tuesday. In November, the government allowed the export of 60 lakh tonne of sugar in the current (2022-23) marketing year (October-September). According to the All India Sugar Trade Association (AISTA), the dispatches for exports from sugar mills were at 12.19 lakh tonne, out of which physical shipment completed stood at 5.62 lakh tonne till December 9 of the current marketing year. A maximum of sugar has been exported to the UAE, followed by Bangladesh, Indonesia, Somalia and others in the said period, it said in a statement. About 5.22 lakh tonne of sugar is under loading or waiting for loading, it added. India exported a record 111 lakh tonnes of sugar in the 2021-22 marketing year.
The Department for Promotion of Industry and Internal Trade (DPIIT) is working closely with 24 sectors, including electronics, textiles and auto components, to boost domestic manufacturing, increase exports and cut down imports, an official statement said on Friday. The DPIIT said efforts are on to boost the growth of these sectors in a holistic and coordinated manner. "Now, DPIIT is working closely with 24 sub-sectors which have been chosen keeping in mind the Indian industries strengths and competitive edge, need for import substitution, potential for export and increased employability," it said. These sectors include furniture, air-conditioners, footwear, auto components, aluminium, electronics, agrochemicals, steel, textiles, EV components and integrated circuits, ethanol, ceramics, set top boxes, robotics, televisions, close circuit cameras, toys, drones, sporting goods and gym equipment. It added that the second phase of the Make in India campaign is focusing on 27 sectors. T