Page 2 - Indian Exports

RMG exports fail to touch pre-Covid level; slowdown concerns remain

In November and December 2022-23, RMG exports saw a rise of 12 per cent and 1 per cent respectively

Indian exports will be impacted by weak global demand in 2023: GTRI

The Indian economy and exports will be moderately impacted in 2023 by weak global demand and recession in large economies and to improve its current account, the country should aim at reducing energy import bill, economic think tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) said that in 2022, India will pay USD 270 billion in imports of crude oil and coal, which is about 40 per cent of total merchandise import bill. India must re-energize exploration of local oil fields and enhance production through coal mines. Any development will cut the energy import bill substantially and improve the current account, it added. It also said the US effort to create alternate supply chains excluding China is gradually leading to restructuring of global supply chains and relocation of few large manufacturing firms shows that India is in a good position to benefit from this trend. India should do so without compromising its strategic autonomy, it said adding that in various

November exports to key markets bounce back after October dip

Exports had recovered in November to grow at 0.59 per cent from a 12 per cent contraction in October

Fiscal deficit touches 59% of full-year target in November at Rs 9.78 trn

The government's fiscal deficit at the end of November touched 59 per cent of the full year budget estimate, according to data released by the Controller General of Accounts (CGA) on Friday. In actual terms, the fiscal deficit -- the difference between expenditure and revenue -- was Rs 9,78,154 crore during the April-November period of 2022-23. In the corresponding period last year, the deficit was 46.2 per cent of the budget estimates of 2021-22. For 2022-23, the fiscal deficit of the government is estimated to be Rs 16.61 lakh crore or 6.4 per cent of the GDP.

India's agri, allied commodities export up 12% in Apr-Oct to $30 billion

India's export of agriculture and allied commodities rose 11.97 per cent to USD 30.21 billion during April-October period of current fiscal year, the agriculture ministry said on Monday. The exports stood at USD 26.98 billion in the same period of 2021-22, it said in a statement. Wheat, basmati rice, raw cotton, castor oil, coffee, and fresh fruits were major commodities exported from India. The overall export of agri and allied commodities rose 20 per cent to USD 50.24 billion in 2021-22, when compared with USD 41.86 billion in the previous year, it added. The ministry said there was improvement in the farm produce logistics with the introduction of 'Kisan Rail' service in July 2020. Till December this year, Kisan rails were operated on 167 routes in the country. Around 1,260 wholesale mandis in 22 states and three union territories have been integrated with the electronic-National Agriculture Market (e-NAM) with 1.72 crore farmers and 2.13 lakh traders registered on the platform

Amid poor world demand, India has opportunities in developing countries

It must push exports of 18 items to developing nations, says report

Tariff walls on exports likely by nations undergoing green transition: FM

Finance Minister Nirmala Sitharaman asked the Indian industry to be prepared against "tariff walls" which are likely to be imposed by nations undertaking green transitions, on Indian exports

Top Headlines: GST Council meet, exports record flat growth, and more

Business Standard brings you the top headlines at this hour

Exports record flat growth at $32 billion in November vs $31.8 bn YoY

India's exports on Thursday recorded a flat growth at USD 31.99 billion in November as against USD 31.8 billion in the same month last year. Imports rose marginally to USD 55.88 billion in November as compared to USD 53.93 billion in the corresponding month a year ago, according to the data released by the government. The country's exports contracted by 16.65 per cent to USD 29.78 billion in October 2022. During April-November 2022, exports stood at USD 295.26 billion as against USD 265.77 billion in the same month last year. Imports stood at USD 493.61 billion during the eight months period of this fiscal. It was USD 381.17 billion during April-November 2021, as per the data.

India's exports to G20 can more than double to $500 bn by 2030, says PHDCCI

India can scale up its merchandise exports to G20 nations to USD 500 billion by 2030 from the current USD 212 billion and significantly reduce trade deficit, industry body PHDCCI said on Tuesday. As the fastest growing economy in the G20 nations, India will play a significant role to convert uncertainties into opportunities, it added. "India's Presidency would be impactful for bringing stability at the most crucial juncture of geo-political conflicts, high inflation and slowing economic growth," said PHDCCI President Saket Dalmia. The prospects for expansion of exports with G20 are immense and merchandise shipments can be scaled up from USD 212 billion in 2021-22 to USD 500 billion by 2030, he said. India's enhanced integration with G20 countries will reduce its trade deficit with the grouping by more than 50 per cent by 2030 from the current level of USD 107 billion. At the 'Amrit Kaal' of India's 100 years of Independence, Dalmia said the industry body has identified 75 products

Statsguru: Story of the home-made handset and India's upward mobility

Analysis of data from the International Trade Centre shows that India registered a compounded annual growth rate of 143 per cent between 2017 and 2022

Indian authorities hold up export of 27,000 Vivo phones in clash with China

The smartphones are being held up at the New Delhi airport by India's revenue intelligence unit over an alleged mis-declaration of the device models and their value

Commerce ministry shares Russia's list of goods for imports with exporters

The commerce ministry has shared with exporters a list of hundreds of goods such as auto parts and textile that Russia has provided to India for imports, an official said. Russia, on which sanctions have been imposed by western countries due to its invasion of Ukraine, has shared a list of hundreds of items from sectors including pharmaceuticals, textiles, auto components, and chemicals. "Russia wants to import these goods from India. The list has been shared by the ministry with the concerned export promotion councils and exporters to look into whether they can ship those products to Russia," the official said. According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to availability of containers for Russia. "Indian exporters may be in a position to supply these materials but currently the availability of ships and containers for Russia is quite depleted. There are very limited agencies which are

Apple to soon overtake Samsung as India's top smartphone exporter: Report

From a minuscule share in India's phone exports a year ago, Apple's share has risen to $2.2 billion during April and October

Why does India continue to have an export problem? Sociology may answer

All kinds of policies have been tried to boost Indian exports, but nothing has worked. Maybe, sociology holds the answers

Chatroom: 'RoDTEP credit doesn't lapse after 1 year from scroll generation'

The ICPO referred to by you does not give you full payment security, as, say, a bank guarantee or irrevocable LC would give

Budget 2023-24: Miners' body seeks withdrawal of export duty on bauxite

Miners' body FIMI has sought withdrawal of export duty on bauxite, stating that the move will lead to optimum utilisation of low-grade mineral resources as it will expedite reopening of closed bauxite mines, create jobs and earn foreign exchange. Bauxite is the principal ore of aluminum and therefore the mineral is the essential raw material for aluminium producers. "The export duty of 15 per cent on bauxite is detrimental to the Indian non- metallurgical bauxite producers and exporters...This Federation therefore request for complete withdrawal of export duty on exports of bauxite," FIMI said in its pre-Budget proposals to the finance ministry. India, it said, is not only self-sufficient in meeting its requirement but has huge potential to be a major player in the international bauxite market. Domestic alumina and aluminum producers have their own captive mines or meet their requirement from mines located in eastern and central parts of the country, which contain plant grade ..

Budget 2023: Exporters urge govt for fiscal incentives, lower customs duty

The meeting took place at a time when external demand is waning as exporters are facing global headwinds of high inflation, currency depreciation and geopolitical tensions

Global uncertainty could have implications on India's exports: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said the ongoing global uncertainty and recessionary trends could have some implications on India's exports. He, however, said that services exports have huge potential for growth. Given the global situation, India is still the bright spot in the world, the minister said. In times of uncertainty and when there is talk about recession at the world level, it is natural that there would have some consequences for India and there is a possibility of some weakness in our exports as well, he said at the Times Now Summit 2022. India's exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to USD 29.78 billion in October, mainly due to global demand slowdown, even as the trade deficit widened to USD 26.91 billion, according to data released by the commerce ministry. Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, ..

Govt asks exporters to utilise and reap benefits of India-Australia FTA

There is a need to go beyond the usual buyer-seller meets and get more aggressive towards their ways to sell products in the Australian market, people aware of the matter told Business Standard