Page 5 - Exports

Russian exports jump over 25% to $431 billion in January-September

Russian exports jumped by 25.4 per cent year on year to $431 billion in the first nine months of 2022, a senior official has said.

India will achieve $2 trillion export target by 2030: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Sunday expressed confidence that the country will achieve the export target for goods and services to USD 2 trillion by 2030. The minister was speaking at the Exporters Conclave held at Chennai. Goyal emphasised on sustaining the export momentum and said that he is confident that Indian exports will be able to wither the global headwinds and will surpass growth in exports by a big margin. He also said that by 2047, the country will become a USD 30 trillion economy with 25 per cent share in exports. By the year 2030, exports from India will be USD 2 trillion, he said. The industry participants were assured that the government is committed to addressing the issues raised by them. Speaking at the event, A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said that Indian exporters have good opportunities for exports to Russia and the EU despite recessionary trends visible there. He said that there would be about US

Statsguru: Six charts show mounting trade troubles amid uncertain outlook

WTO also revised global growth figures downwards. It now expects the world to register a 2.3 per cent growth, compared to the April estimate of 3.2 per cent for 2023

Rupee fall may or may not help exports, says FM Nirmala Sitharaman

Sitharaman said the central bank has used nearly $75 billion to stop fluctuations and severe volatitlies in rupee-dollar exchange rate

India's Aug crude imports fall 13% on monthly basis on monsoon demand lull

Crude imports last month fell to 17.55 mn tons from July, data from Petroleum Planning and Analysis Cell showed. But, imports in August were up 0.9%, compared with corresponding period last year

Govt permits invoicing, payment and settlement of trade in rupee

The commerce ministry on Friday allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency. In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. To align the Foreign Trade Policy (FTP) with this decision of the RBI, the Directorate General of Foreign Trade (DGFT) added a new paragraph in the FTP. DGFT is an arm of the ministry which deals with export and import related matters. "Para 2.52 (d) is notified to permit invoicing, payment and settlement of exports and imports in INR (Indian rupee) in sync with RBI's ...circular dated July 11, 2022. This shall come into force with immediate effect," DGFT said in a notification. Accordingly, it said, settlement of trade transactions in INR may also take place through special

Expect $470-billion merchandise exports by year-end, says FIEO

Rupee trade mechanism with Russia to start soon, says FIEO

India's rice exports set to fall 25% as levy make shipments expensive

"The duty has made Indian rice expensive. Exports would drop by at least 5 million tonnes," B.V. Krishna Rao, president of The Rice Exporters Association (TREA), told Reuters.

Exports of products from UP under ODOP scheme record significant rise

Government data said that the total value of exports of ODOP products from the state increased from Rs 58,000 crore in FY17-18 to Rs 96,000 crore in FY21-22

Amid global headwinds, Indian exporters hope to tide over slowdown

Say India is better placed even as exports decline

Exports remain flat at $33 bn in August; trade deficit widens to $28.68 bn

India's exports contracted by 1.15 per cent to USD 33 billion and trade deficit more than doubled to 28.68 billion in August, a preliminary data released by the commerce ministry said on Saturday. Trade deficit in August 2021 stood at 11.71 billion. Imports rose by 37 per cent to USD 61.68 billion in August this year. Commerce secretary B V R Subrahmanyam, however, said that the country's overall exports are expected to cross USD 450 billion during the current fiscal. "In goods exports, we will be crossing USD 450 billion this fiscal," Subrahmanyam said. During April-August 2022-23, exports registered a growth of 17.12 per cent to USD 192.59 billion. Imports during the five-month period of this fiscal grew by 45.64 per cent to USD 317.81 billion. Trade deficit widened to 125.22 billion in April-August this fiscal as against USD 53.78 billion in the same period last year. Oil imports in August jumped by 86.44 per cent to USD 17.6 billion. However, gold imports dipped by 47.54 per

Services exports rise 20.2% to $23.26 bn in July, shows RBI data

India's services exports increased by 20.2 per cent year-on-year to USD 23.26 billion in July, according to Reserve Bank data released on Thursday. The July exports were, however, lower than USD 25.29 billion in June this fiscal. As per the monthly data on India's international trade in services for July 2022, the imports rose 22.3 per cent to USD 13.92 billion in July. In June, the imports stood at USD 15.76 billion. The exports during April-July 2022-23 stood at 94.75 billion, and the imports totalled USD 58.94 billion during the period. Monthly data on services are provisional and are likely to undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis, the RBI said.

China demands US to repeal tech export curbs after Nvidia warning

The Chinese government on Thursday called on Washington to repeal its technology export curbs after chip designer Nvidia Corp. said a new product might be delayed and some work might be moved out of China. The latest controls add to mounting US-Chinese tension over technology and security. American officials say they need to limit the spread of technology that can be used to make weapons. Nvidia said it was told Friday it needs a US government license to export any product with performance equal to its A100 graphics processing chips or better to China, Hong Kong or Russia. It said buyers of the A100 and development of the newer H100 might be affected. China's Commerce Ministry accused Washington of abusing export controls to limit semiconductor sales to China. It said trade curbs would disrupt supply chains and global economic recovery. China firmly opposes this, said a ministry spokesperson, Shu Jueting. The US side should immediately stop its erroneous practices, treat companies

TVS Motor's sales rise 15% to 333,787 units in August, exports slip

TVS Motor Company on Thursday reported a 15 per cent growth in total sales at 3,33,787 units for August 2022. The company had sold 2,90,694 units in the same month last year, TVS Motor Co said in a statement. The total two-wheelers sales grew by 15 per cent last month to 3,15,539 units compared to 2,74,313 units in August 2021. Domestic two-wheeler sales were 2,39,325 units against 1,79,999 units in the year-ago month, a growth of 33 per cent. Motorcycle sales grew by 17 per cent to 1,57,118 units compared to 1,33,789 units in August 2021. Scooters sales rose 40 per cent to 1,21,866 units in August 2022 from 87,059 units a year ago. The company said three-wheeler sales last month stood at 18,248 units compared to 16,381 units in the year-ago period, up 11 per cent. The total exports of vehicles slipped to 93,111 units in August 2022 from 1,09,927 units in August 2021. TVS said sales of its electric scooter TVS iQube Electric stood at 4,418 units last month against 649 units in A

India could soon approve sugar exports in two tranches, says report

Exports by India, which has restricted shipments in the current season, could weigh on global prices, and help swell supplies across Asia

Goyal reviews ongoing FTAs; deliberates ways to fast track negotiations

India is currently negotiating trade deals with developed nations such as the United Kingdom (UK), Canada and the European Union (EU).

Looking at duty-free access for ODOP products in FTAs: Piyush Goyal

The minister also called for integration of One District One Product initiative with ONDC

Merchandise exports likely to be around $470-480 bn in FY23: Commerce Secy

India's merchandise exports are likely to be around USD 470-480 billion in the current fiscal against USD 420 billion in 2021-22, Commerce Secretary BVR Subrahmanyam said on Tuesday. The secretary also said the trade deficit, which crossed USD 100 billion in the first four months of the current fiscal, will not cross the "discomfort level". Talking to reporters, Subrahmanyam said the merchandise trade during 2022-23 will be USD 470-480 billion and the services sector is likely to contribute another 280 billion. "We are pretty much on track," he said, adding the exact target for the fiscal may be announced later. India's overall exports (merchandise and services) touched an all-time high of USD 669.65 billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year. On trade deficit, the secretary said it is likely to moderate in the coming months because softening of prices of oil and other commodities in the global market. "I think in totality we are not

Manufacturing sector to be impacted in FY23 as exports take a hit: Report

The Indian manufacturing sector, which received a fillip in FY22 due to export growth, is likely to be hit by a slump in foreign trade activity in FY23, a report said on Thursday.

Asia exports slip into deeper downturn as tech boom goes bust, warn lenders

Asia's export boom is showing signs of slipping into a deeper than expected downturn, HSBC Holdings Plc. and Nomura Holdings Inc. both warned in research notes