Despite the 6-month high, trade deficit has widened to a four-month high of $14.62 billion, as imports rose by 14.85 per cent during the month, reports Subhayan Chakraborty.
Tehran plans to lift exports by 500,000 barrels per day
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
A dip in petroleum product exports for the first time in the current fiscal has contributed to a 22 per cent decline in merchandise exports in January, commerce ministry data reveals.
Foreign exchange reserves of the oil producers have increased by $1.1 trillion over the past decade.
Rising export of petroleum products helped Commerce Minister Kamal Nath meet 96 per cent of the targeted $160 billion worth of exports in 2007-08, but it could not contain the country's net oil import bill. The net oil import bill in 2007-08 is likely to rise by around 41 per cent over 2006-07 as the country's refineries consumed 9 per cent more crude oil to meet surging demand even as crude oil prices rose nearly 53 per cent during the year.
Imports too contracted by 28.72 per cent to $31.16 billion. Dip in exports and imports narrowed the trade deficit -- the difference between imports and exports -- in March to $9.76 billion, the lowest in the last 13 months.
Trade deficit during the month narrowed to $17.4 billion as against $12.72 billion in the same month last year
India's merchandise exports shrank nearly a quarter in September from a year ago, government data showed.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
Trinamool Congress is the second highest recipient of political donations through electoral bonds.
Imports too declined by 16.31 per cent to $37.39 billion.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
If the war in the Israel-Gaza region escalates into a larger West Asian conflict, it could pose problems.
Indian Ambassador to the US Harsh Vardhan Shringla said India has stopped importing oil from Iran after the United States refused to extend exemption from sanctions earlier this month.
After contracting for six straight months, India's exports rose 5.99 per cent to $27.58 billion in September on account of growth in shipments of drugs and pharmaceuticals and readymade garments, as per the government data released on Thursday. Exports stood at $26.02 billion in September 2019. The country's imports contracted 19.6 per cent to $30.31 billion in September.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
The government on Monday hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15. In the last fortnightly review, windfall tax on domestically produced crude oil was set at Rs 4,250 per tonne.
The trade deficit marginally narrowed to $12.5 billion last month from $12.8 billion in July.
China consumed roughly 10.50 million barrels per day of oil in June.
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
India is the world's fourth-largest importer of natural gas, accounting for six per cent of the global market.
Imports too declined by 8.83 per cent to $38.61 billion, bringing down the trade deficit to $11.25 billion during the month under review.
The US trade deficit narrowed less than expected in October as lower crude oil prices failed to offset a jump in imports, while an increase in exports suggested the economy was weathering faltering global demand.
China is also providing supertankers and insurance coverage to move Russian Urals crude to PRC ports, as Moscow seeks vessels for exports after a G-7 oil price cap restricted the use of Western cargo services and insurance.
Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September - the second quarter of the current 2023-24 fiscal - was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement. The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.
Imports too dipped by 23.1 per cent to $25.41 billion in the month under review as against $33 billion in April 2015.
Imports increased by 4.5 per cent, the highest growth in the last six months as crude oil and gold shipments shot up in the month.
The government on Friday cut the windfall profit tax on locally produced crude oil in line with a fall in international rates, and reduced the levy on export of diesel and jet fuel (ATF). At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne. The levy on the export of diesel was reduced to Rs 10 per litre from Rs 13.5. Also, the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 5 a litre from Rs 9 with effect from September 17, according to a finance ministry notification issued late Friday night.
Top losers in the Sensex pack included M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent. The broader NSE Nifty settled 79.80 points, or 0.72 per cent, down at 10,996.10.
The government on September 14 further reduced the stock limit on wheat traders, wholesalers and big chain retailers to 2,000 tonnes from 3,000 tonnes with immediate effect to control wheat prices, which are showing an uptick again after being stable for some time. Announcing the move, food secretary Sanjeev Chopra said that retail prices of key essential food items, especially wheat, rice, sugar, and edible oils, were unlikely to see any sharp rise in the upcoming festival season as the country had adequate supply and the government was keeping a close vigil on hoarders.
Iran and Saudi Arabia have agreed to re-establish diplomatic relations and reopen embassies after talks in Beijing between officials from the two rival Middle East powers, Iranian state media reported on Friday.
Exports in February fell to $21.55 billion compared with $25.35 billion a year ago
Escorted by four fighter jets, Russian President Vladimir Putin made a rare one-day lightning tour to the Middle East during which he visited Saudi Arabia after a short trip to the United Arab Emirates.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
Import growth moderated to a four-month low, owing to sharp decline in that of gold.
Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem Soleimani in an airstrike by the US in Baghdad.
India's exports grew marginally by 0.88 per cent.
Out of 30 key export sectors, as many as 22 showed negative growth in September.
India's merchandise exports in February shrank for the 15th straight month on continued weak demand from Europe, the South Asian nation's biggest market.
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