I'...additional concessions, such as opening government procurement, reducing agricultural subsidies, weakening patent protections, and allowing unrestricted data flows -- demands India has resisted for decades.'
September import growth was the second lowest this fiscal year, after the April growth figures of 4.6 per cent, bringing the trade deficit down to $13.98 billion
In value terms, India's exports to that country grew 37.3 per cent in 2011-12, to $34.7 billion, according to data released recently.
After dipping by as much as 17 per cent in April, readymade garment (RMG) exports of all textile categories in India are showing signs of recovery in May. Exporters in Tiruppur are indicating a rise in rupee terms during the month, while it may take at least a month for volumes to be back in positive terrain. Among the global majors that are placing orders in the textile hub include Walmart, H&M (Hennes & Mauritz AB), Tommy Hilfiger and Target.
India's exports rose by 43 per cent to $35.65 billion in October while trade deficit widened to $19.73 billion during the month, according to the official data released on Monday. Imports soared by 62.51 per cent to $55.37 billion, widening the trade deficit. Export sectors which recorded positive growth during October include petroleum, coffee, engineering goods, cotton yarn/fabs./made-ups, gems and jewellery, chemicals plastic and linoleum and marine products, the data showed.
Of Trump's reciprocal tariffs and trade deals
'Obviously, MSP hike raises chances of a reduction in exports. Even without an MSP hike, India's exports of a number of agri-commodities, like sugar, were unviable in the overseas markets.'
The country's exports for the first time crossed the $400 billion mark in a fiscal on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals, according to the commerce ministry's data released on Wednesday. The merchandise exports rose by by 37 per cent to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21. Previously, the outbound shipments had touched a record of $330.07 billion in 2018-19.
Indian exporters are keeping their fingers crossed on account of rising Covid infections in China and other countries as it could again disrupt supply chains and affect demand for goods. Federation of Indian Export Organisations (FIEO) director general Ajay Sahai said that if the cases continue to increase in the coming days, it may have implications on imports. "We are keeping our fingers crossed," he said.
India's exports rose by 2.14 per cent to $36.27 billion in July while the trade deficit almost tripled to $30 billion during the month due to over 70 per cent rise in crude oil imports, according to official data released on Friday. Imports shot up by 43.61 per cent to $66.27 billion in the month compared to July 2021, the data showed. The trade deficit was $10.63 billion in July 2021.
A fresh US executive order (EO) which seeks to bring down prices of prescription drugs in the country by up to 90 per cent -- on par with other developed nations -- will affect innovator companies, while sparing the Indian generic drug makers in the short term. US President Donald Trump signed the EO on Monday, directing the US Trade Representative and the Secretary of Commerce to act against foreign countries that "purposefully and unfairly undercut market prices", driving price hikes in the US.
With Donald Trump all set to become US president, Indian exporters may face high customs duties for goods like automobiles, textiles and pharmaceuticals if the new US administration decides to pursue the 'America First' agenda, opined trade experts. Experts also said that Trump could also tighten H-1B visa rules, impacting costs and growth for Indian IT firms. Over 80 per cent of India's IT export earnings come from the US, making it vulnerable to changes in visa policies.
The country's exports contracted for the 11th straight month in August by 19.7 per cent, as demand for merchandise goods saw a sharp erosion in the developed countries which mainly feed India's external trade. The shipments in August were valued at $14.3 billion, down from $17.8 billion in the same month last year, commerce secretary Rahul Khullar said on Thursday.
After the first quarter was washed out, exporters are now keeping their fingers crossed over a turnaround in outbound shipments to at least North America from September onwards. This comes even as other key destinations such as Europe may take longer to revive in FY24. Slowdown in key economies, as well as geopolitical tensions resulted in sluggish demand for Indian goods.
Ban on US-EU import of meat & poultry products could, if we get active, allow us to access a $128-billion market.
India's exports in January rose 25.28 per cent to $34.50 billion on account of healthy performance by mainly engineering, petroleum and gems and jewellery sectors, even as trade deficit widened to 17.43 billion, according to data released by the commerce ministry on Tuesday. Imports grew by 23.54 per cent to $51.93 billion during the month under review. Trade deficit, difference between imports and exports, stood at $14.50 bn in January 2021.
India's trade deficit with Russia continued to widen for the second consecutive year to $57 billion in the financial year 2023-24 (FY24), with Moscow becoming New Delhi's largest source of crude oil imports. All eyes will now be on Prime Minister Narendra Modi's visit to Russia during July 8-9, where he is set to meet President Vladimir Putin. This will be Modi's first visit to the Kremlin since the Russia-Ukraine conflict began over two years ago.
According to Ajai Sahai, director-general and CEO of Federation of Indian Export Organisations, rising cases are a cause for concern as it adds to the uncertainty and may impact exports.
The country's exports rose by 23.69 per cent to $34.06 billion in January on healthy performance by engineering, petroleum and gems and jewellery segments even as trade deficit widened to $17.94 billion during the month, according to provisional data of the commerce ministry. Imports in January grew by 23.74 per cent to $52.01 billion, the data, released on Tuesday, showed. Trade deficit widened to $17.94 billion during the month as against $14.49 billion in the same month last year.
After recording positive growth for two months in a row, India's exports dipped marginally by 0.25 per cent to $27.67 billion in February and trade deficit widened to $12.88 billion, according to preliminary data released by the government on Tuesday. Imports grew 6.98 per cent to $40.55 billion during the month, the data showed. The trade deficit stood at $10.16 billion in February 2020. Exports during April-February 2020-21 were $255.92 billion, compared with $291.87 billion during the same period of last year, exhibiting a negative growth of 12.32 per cent.
During 2013-14, total value of exports stood at $465.90 billion.
India's exports jumped 45.76 per cent to $33.28 billion in August on account of healthy growth in segments like engineering, petroleum products, gems and jewellery and chemicals, even as the trade deficit widened to a four-month high of $13.81 billion.
Rising cost of credit and infrastructure bottlenecks are hurting the export sector, says Rafeeque Ahmed, President, Federation of Indian Export Organisations.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
Exporters body FIEO said the slide in rupee, which closed at all-time low of 60.72 against the dollar, was a "serious" matter and asked traders to use derivatives to hedge the currency risk.
The country's exports rose by 48.34 per cent to $32.5 billion on account of healthy growth in shipments of petroleum products, gems and jewellery, and chemicals, leather and marine goods, according to the data released by the Commerce Ministry on Thursday. Imports in June too rose by 98.31 per cent to $41.87 billion, leaving a trade deficit of $9.37 billion as against a trade surplus of $0.79 billion in the same month last year. During April-June 2021, the exports increased by 85.88 per cent to $95.39 billion.
India's exports are estimated to have remained at around $312 billion in 2013, while the final figures for 2014 could be around this figure only.
The Union government will soon make amendments to the foreign trade policy (FTP) to enable exporters to claim export benefits for settling trade in rupees. These benefits are, so far, available for export payments received in foreign currencies. After the Reserve Bank of India (RBI) unveiled a mechanism to settle international trade transactions in the local currency on Monday, exporters have been demanding that the Ministry of Commerce and Industry come up with a clarification on the matter.
Imports during October also rose by 17.62 per cent to $44.11 billion, leading to widening of trade deficit to $17.13 billion.
India's exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 per cent.
Uncertainty looms over India's export outlook, with the new Covid-19 variant Omicron spreading rapidly across the country's key shipment destinations. With the US and parts of Europe witnessing more than 100,000 Covid-19 cases a day, exporters expect some disruption. However, there may not be an immediate decline in exports from India because the order books remain strong at least for the next few weeks, they said.
After contracting for six months in a row, the country's exports grew by 5.27 per cent to $27.4 billion in September, Commerce and Industry Minister Piyush Goyal said on Thursday.
The Federation of Indian Export Organisations said that banks are charging as high as 9.75-10.50 per cent interest from exporters.
The country's exports dipped 8.74 per cent to $23.52 billion in November on account of contraction in shipments of key sectors like petroleum, engineering, chemicals and gems and jewellery, official data showed on Tuesday. Trade deficit during the month narrowed to $9.87 billion as imports too declined by 13.32 per cent to $33.39 billion.
The exports in the opening month of the current fiscal expanded by 95 per cent. In April 2009, the shipments were valued at $1.31 billion.
India's merchandise exports rose by 22.63 per cent year-on-year to $33.79 billion in September on better performance by key sectors like engineering goods and petroleum products, according to official data released on Thursday.
Demand will boom in the US and China, but exporters say it will be difficult for India to tap these markets.
India's exports rose marginally to $27.15 billion in December 2020, while imports surged 7.56 per cent to $42.59 billion, official data showed on Friday. The merchandise exports were valued at $27.11 billion in December 2019 while imports had totalled $39.59 billion.
Domestic exporters may soon start shipments of mangoes, such as 'Dasheri' and 'Langda', to the US as America will start accepting testing certificates of specified agencies of India, a senior government official said on Tuesday. India has not exported mangoes to the US for the last two years. The set protocol involves the arrival of the US phytosanitary inspector, who monitors the process, which is called pre-clearance operations before exports. They have not visited India during the summer of 2020 and 2021.
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