Merchandise Imports

India's merchandise imports are estimated to grow by about 16 per cent to USD 710 billion in this fiscal due to a jump in inbound shipments of crude oil, coal, diamonds, chemicals and electronics, a report by economic think tank GTRI said on Wednesday. The Global Trade Research Initiative (GTRI) also said that the Indian economy will be moderately impacted by weak global demand and recession in large economies. Six product categories - petroleum, crude oil; coal, coke; diamond, precious metals; chemicals, pharma, rubber, plastics; electronics; and machinery - account for 82 per cent of India's total merchandise imports. India's merchandise imports for the fiscal year ending March 2023 are estimated to touch USD 710 billion, up from USD 613 billion in FY'2022, an increase of over 15.8 per cent over last year, GTRI co-founder Ajay Srivastava said. It said that the estimated value of petroleum imports is USD 210 billion and this includes crude oil, LNG and LPG. Crude imports grew by

Merchandise exports witnessed annual contraction in 16 of the 30 key sectors last month

Amid rising risks to external demand, the government is concerned about widening trade deficit, bringing the focus back on curbing non-essential imports

India's merchandise exports contracted 3.5% to $33.6 bn in September

The trade deficit in September was at $22.94 billion as gold imports jumped nearly 750 per cent to $5.11 billion

Merchandise imports continued to widen at $47.09 billion in August

You may remit the amount against the import of services separately and ask the buyer abroad to remit the full payment against your export bill

Total merchandise imports fell by 40.06% to $148.69 billion during April-August while exports were down 21.43% from the year-ago period to $125.06 billion, the data showed

Cabinet note being prepared by Commerce Ministry on joining TIR Convention