Foreign Trade
FIEO pegs FY25 goods exports at $500-510 billion
The apex exporters body also hasn’t ruled out dumping of Chinese goods in the wake of the US imposing high duties on goods such as EVs, batteries and high end technology products.
Exports may rise 12-15 pc to cross USD 500 bn this fiscal: FIEO
In New Delhi, on Thursday, FIEO President Ashwini Kumar projects India's merchandise exports to reach USD 500-510 billion by 2024-25, with services exports expected to be around USD 390-400 billion this fiscal, driven by traditional markets like the US and Europe.
Exports up 1% in April, yet trade gap widens
India's goods exports grew 1.06% to $34.99 billion in April, with a trade deficit of $19.1 billion fueled by increased gold imports. Switzerland replaced Russia as a key import source. Challenges include rising petroleum imports and ongoing FTA discussions with the UK.
US ignoring its own sanctions waiver extended to India on Chabahar Port
The US warns of potential sanctions on dealings with Iran after India signs a 10-year contract on Chabahar Port. External Affairs Minister S Jaishankar stresses the project's regional benefits, citing past US acknowledgment.
Increasing FTAs key strategy for enhancing financial services exports: DFS Secy
Financial Services Secretary Vivek Joshi emphasized the importance of increasing Free Trade Agreements (FTAs) to boost India's financial services exports during a workshop on financial services in FTAs. The event, jointly organized by the Department of Financial Services (DFS) and Exim Bank, aimed to explore the role of financial services in FTAs and their impact on global trade and economic development.
Plan to put in place SOP for negotiations on trade pacts
India plans to establish an SOP for negotiating FTAs, addressing labor, environment, gender, and indigenous peoples. The Chintan Shivir will discuss strategies for FTAs, including the Carbon Border Adjustment Mechanism and critical minerals.
Several steps taken to prevent EtO contamination in spices exported from India: Official
India has implemented measures to prevent the contamination of spices exported from the country with EtO (ethylene oxide), a carcinogenic chemical, following reports of recall of products from Indian spice brands in Singapore and Hong Kong. The Spices Board has mandated testing of spice consignments destined for these regions and conducted a root cause analysis, including inspections of processing facilities and sample collection for testing in accredited labs. Mandatory sampling and testing for EtO residues have been enforced for all spice shipments to Singapore and Hong Kong since May 7, 2024, along with reiterated guidelines for EtO treatment for exporters.
India’s strong institutional mechanism to prevent potential dumping of Chinese goods: Official
As per a report of economic think-tank GTRI, the escalation of the trade war between the US and China may push Beijing to dump goods in the Indian markets.
Chabahar brings to fore India's hidden infrastructural play
Modi government's infrastructure upgrade includes a vast network of roads, bridges, and high-speed trains. The transformation extends to invisible sectors like ports, with Chabahar Port key to India's geopolitical strategy. The International North-South Transport Corridor will boost trade with Europe and Russia, while ongoing port development supports Modi's vision of a manufacturing powerhouse.
Higher gold imports, low exports weigh as India's trade deficit widens to $19.1 billion
India's merchandise trade deficit widened to $19.1 billion in April, surpassing a Reuters poll estimate of $17.23 billion. March saw a deficit narrowing to an 11-month low of $15.6 billion. Exports marginally rose by 1.06% to $34.99 billion, while imports surged 10.3% to $54.09 billion. Oil imports amounted to $16.46 billion. Gold imports doubled to $3.11 billion.
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India's April palm oil imports jump 34 pc on lower global prices
India's palm oil imports rose 34.11% to 6,84,000 tonnes in April, led by lower global prices. Vegetable oil imports, including RBD palmolein and CPO, surged. Soybean and sunflower oil prices also fell, driving higher imports.
Export orders rise 10% in six months on demand from US, EU
Export orders up 10% in EU, West Asia, US driven by leather goods, footwear, apparel demand in India. Challenges for engineering goods due to geopolitical tensions. Increase in apparel orders from UK and demand for non-leather footwear. Positive impact of trade pacts with Australia and Mauritius. Market recalibration after inventory decline, logistics issues, and geopolitical tensions.
'US-China trade war escalation may lead to dumping of goods in India': GTRI
The US on Tuesday reignited the trade war with China by announcing a series of proposed tariff increases on imports including electric vehicles (EVs), batteries, and various other goods.
Chabahar Port development to help India expand trade routes; need to ensure necessary infra: GTRI
India has signed a 10-year contract to operate the strategic Iranian port of Chabahar, which will help India enhance its logistical capabilities and expand its trade routes to Central Asia. The port, which is Iran's only ocean port, is strategically located about 170 km west of Pakistan's Gwadar Port and offers an alternative maritime route to the congested Strait of Hormuz. The port is an integral component of the International North-South Transport Corridor (INSTC), a 7,200-km multi-modal transportation route connecting India with Iran, Azerbaijan, Russia, Central Asia, and Europe.
Chabahar Port Deal: India faces US sanctions threat after India-Iran pact
India and Iran signed a 10-year agreement to manage the Chabahar Port, enhancing regional connectivity and providing an alternative to China's Belt and Road Initiative. The US warned of potential sanctions for dealing with Tehran, but stated it would let India address its foreign policy objectives. The deal strengthens bilateral relations and facilitates trade with Afghanistan and Central Asia, with plans to integrate the port into the International North South Transport Corridor. India's investment in Chabahar's infrastructure aims to improve trade routes and access to Central Asian markets.
India's diesel shipments to Europe slip 20% as US, Gulf supplies rise
India's diesel exports to Europe dropped to 210,000 bpd in April due to US and Gulf competition. Vortexa tracked weakened margins. Asian exports grew. Ukrainian conflict spurred Russian diesel replacement.
