Non-basmati white rice accounts for nearly 25-30 per cent of total rice exported from the country.
Apple was a fringe player in all key categories like smartphones, notebooks, and tablets till recently. But with the last quarter's record-breaking performance, the brand has established itself in the country's price-sensitive consumer electronics market.
United States President Joe Biden on Wednesday said that based on what he saw, it appears that the deadly explosion at the Gaza hospital was done by 'the other team' and not the Israeli military, accepting the Israeli version of the story pinning the blame for the blast on the Palestinian militant group Islamic Jihad.
The decline in exports is mainly on account of poor demand in India's key destinations -- the Europe and the US -- and it may take some more months for the situation to improve. The demand scenario is "not looking very good as far as Europe is concerned, and the US also we have seen a decline in demand. "For the next 2-3 months, I think the demand scenario does not look very optimistic," DGFT (Director General of Foreign Trade) Santosh Kumar Sarangi told reporters.
Sun Pharmaceutical Industries Ltd on Thursday said its Halol facility in Gujarat has been listed under import alert by the USFDA with products manufactured at the unit now are subject to refusal of admission in the US market. The development follows an inspection of the facility by the US Food and Drug Administration (USFDA) from April 26 to May 9, 2022. "We now wish to inform you that the company has received a communication from the USFDA stating that the facility has been listed under Import Alert," Sun Pharma said in a regulatory filing.
India's merchandise exports in November rose by 26.49 per cent to $29.88 billion on account of healthy growth in sectors such as engineering, petroleum, chemicals and marine products, according to provisional data released by the government on Wednesday. The exports stood at $23.62 billion in November 2020. Imports in November were at $53.15 billion, an increase of 57.18 per cent over $33.81 billion in the same month of 2020, leaving a trade deficit of $23.27 billion.
Automobile exports from India recovered in the first quarter with all vehicle segments, including passenger vehicles and two-wheelers, witnessing growth following an improvement in the pandemic situation across various international markets. As per the latest SIAM data, total vehicle exports during the April-June quarter this fiscal stood at 14,19,430 units as compared with 436,500 units in the same period of 2020-21 which saw massive disruptions due to the COVID lockdowns across the country, hampering sales as well overseas shipments. SIAM director general Rajesh Menon told PTI that while two-wheeler shipments were better than previous three years, passenger vehicles, three-wheelers and commercial vehicles export numbers were yet to catch up with numbers in the first quarter of 2018-19 fiscal.
India's merchandise exports jumped 27.16 per cent to $30.04 billion in November on the back of good performance by sectors like petroleum products, engineering goods and electronic items, official data showed on Tuesday. The exports stood at $23.62 billion in November 2020. Imports in November were at $52.94 billion, showing an increase of 56.58 per cent over inbound shipments of $33.81 billion in the year-ago month.
India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. "The export policy of wheat ... is prohibited with immediate effect...," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
Import bill for September rises to $3.5-4 billion as traders and retailers stock up the precious metal.
For Q4CY20, PC shipments grew by 27 per cent year-on-year, said data from the IDC.
India's import of discounted crude oil from the Russian Federation hit an all-time high in May, with state-run refiner IOC becoming the biggest importer of Russian oil, relegating Reliance Industries to the second place, trade and shipping data show. Indian imports of Russian oil, accounting for over 46 per cent of its total crude oil imports in May, have grown after strong backing by New Delhi, with state-run refiners powering imports of discounted crude. Discounts on Russian oil average around $10 a barrel, said an official from a state-run refiner. IOC's May purchases rose by 64 per cent on the month, and accounted for half of its total crude imports last month, ship tracking data show.
The importance of China as India's top trading partner cannot be understated.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
Contracting for the third month in a row, India's exports declined by 8.8 per cent to $33.88 billion in February due to slowdown in global demand, even as the trade deficit touched about a year low of $17.43 billion during the month, according to official data released on Wednesday. Imports also declined by 8.21 per cent to $51.31 billion as against $55.9 billion recorded in the corresponding month last year. Cumulatively, however during April-February this fiscal, the country's overall merchandise exports rose by 7.5 per cent to $405.94 billion.
India's merchandise exports in June rose by 16.78 per cent year-on-year to $37.94 billion while the trade deficit ballooned to a record $25.63 billion on account of a steep increase in gold and crude oil imports, according to the government's preliminary data released on Monday. The export growth in June moderated from 20.55 per cent in May and 48.34 per cent in June 2021. During the month under review, exports of engineering, pharmaceutical and plastic products recorded negative growth.
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022.
According to research firm IDC, a slowdown in smartphone shipments began showing up as early as late February, though companies insist that the March quarter was fine, albeit on a low base.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
Exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to $34.98 billion in May, while the trade deficit widened to a five-month high of $22.12 billion. According to the data released by the commerce ministry on Thursday, key export sectors recording negative growth include petroleum products, gems and jewellery, engineering goods, ready-made garments of all textiles and chemicals. Imports also declined 6.6 per cent, six-month in a row, to $57.1 billion against $61.13 billion in the same month last year, the data showed.
Daniels has said she had a sexual encounter with Trump at a Lake Tahoe hotel in 2006 - the year after he married his current wife Melania.
Maruti Suzuki India (MSI) and Hyundai posted single-digit growth in domestic sales in June, even as the overall passenger vehicle segment crossed the 20 lakh units sales mark for the first time-ever in the first half this year. Toyota Kirloskar Motor reported a double-digit growth in dispatches to dealers, while Kia saw a dip in wholesales last month. MG Motor India also reported a double-digit increase in retail sales in June 2023 compared to the same month last year.
Apple will next week open its first retail store in India, in signs of importance the iPhone manufacturer attaches to the world's fastest growing smartphones market. The company will open its first official store in Mumbai on April 18 and the second in Delhi on April 20. The company at present sells its products in India through exclusive Apple Premium Reseller (APR) stores, large format retail chains like Reliance Digital, Croma etc, mutli-brand retail stores and through e-commerce platforms.
Novelis' results for the January-March quarter of the 2022-23 financial year (Q4FY23) disappointed investors and as a result, the share price of Hindalco (Novelis is a 100 per cent subsidiary of Hindalco) has slid. The non-ferrous metals major is suffering from the impact of a down-cycle in aluminium and copper, as well as the slowdown imposed in Europe by the Russia-Ukraine war. Prospects for the firm look gloomy, at least for the first half (H1) of FY24.
Pakistan on Wednesday said it has formally informed India about its decision to allow the transportation of an Indian humanitarian shipment of 50,000 metric tonnes of wheat and life saving drugs to neighbouring Afghanistan through its territory on an 'exceptional basis for humanitarian purposes.'
India's exports in January dipped by 6.58 per cent to $32.91 billion, as against $35.23 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Trade deficit in January stood at $17.75 billion.
Logistics services provider Delhivery posted a mixed set of results during the March quarter of the previous financial year (Q4 of FY23). While its operating profit was marginally in the green, its net losses widened as compared to the year-ago quarter. Overall revenues, which were in line with estimates, fell 10 per cent year-on-year (YoY).
India's import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the US, industry data showed. India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa. Russia now makes up for nearly 42 per cent of all crude oil India imported in May.
Overseas shipments at auto firms expanded at a brisk pace year-on-year (YoY) in March, bumping up the overall annual exports for FY22 and taking it to a record level for some like Maruti Suzuki India and Bajaj Auto. Amid a semiconductor shortage, a depreciating rupee and a strong demand in various export destinations, passenger vehicle makers diverted capacity meant for the local market in favour of the more-lucrative export market. Among the passenger vehicle makers, market leader Maruti Suzuki led the rally with its overseas shipments touching a record level of 238,376 units in FY22 - the highest for the company in any financial year.
India imported goods worth $4.23 billion in June from sanctions-hit Russia, up 6.8 times as compared to last year, as demand for shipments of crude oil grew at the fastest pace during the month. Crude oil worth $3.02 billion was imported in June, which translates into a share of 71 per cent of the total imports from Russia, commerce and industry ministry data showed. Similarly, during the April-June quarter, India's imports from Russia were valued at $9.27 billion, up 369 per cent on year.
With intermittent disruptions in the supply chain of raw materials from China, the Indian pharma industry has braced itself with bigger inventory. Even smaller drug makers are now carrying a month of buffer stock of key raw materials, said industry insiders. The lockdown in various Chinese provinces, including Shanghai, is likely to delay shipments by two weeks to a month, said domestic players. Shipments are critical for the Indian drug industry, which imports 70 per cent of its raw material from China.
The government on Wednesday scrapped a week-old tax on the export of petrol and cut windfall taxes on overseas shipment of diesel and ATF as well as the one imposed on domestically produced crude oil after global oil prices fell. While the Rs 6 a litre export duty on petrol was scrapped, the tax on the export of diesel and jet fuel (ATF) was cut by Rs 2 per litre each to Rs 11 and Rs 4 respectively, government notifications showed. The tax on domestically produced crude was also cut to Rs 17,000 per tonne from Rs 23,250, a move that will benefit producers like ONGC and Vedanta Ltd.
Isha's stab at the bottom of the laptop pyramid shows she is a true Ambani.
Shipments from Russia rose nearly 33 per cent to $1.1 billion in March from $831.17 million in the previous month, which was when the country mounted aggression on Ukraine and faced sanctions from Western nations, the data accessed by Business Standard shows. Growth in imports was largely on account of oil, people aware of the matter said. The Department of Commerce is learnt to have written to the Ministry of Petroleum and Natural Gas (MoPNG), seeking details of imports, including the payment mechanism, which India has not made public.
Russia has defaulted on the supply of at least 5 cargoes or shiploads of LNG to India after its retaliatory sanctions hit one of the companies that supply gas to India, sources said. India's largest gas firm GAIL has a long-term deal to import 2.85 million tonnes of liquefied natural gas (LNG) per annum from a Singapore-based unit of Russian gas producer Gazprom. The company has since June defaulted on the supply of 5 cargoes of LNG under that contract citing difficulty in sourcing gas due to sanctions, two sources briefed on the matter said.
The country's exports rose by about 6 per cent to a "record" $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country's imports also grew by 16.5 per cent to $714 billion in 2022-23 as against $613 billion in 2021-22. He said that the exports of goods and services together scaled "new heights" and has increased by 14 per cent to $770 billion in 2022-23 as against 676 billion in 2021-22.
On the back of rising crude oil purchases, India's bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India's crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India's total inbound shipments from Russia. Other major imported items during the month included coal, soybean and sunflower oil, fertilisers, and non-industrial diamonds. That month, Russia was also the fourth-largest crude petroleum supplier to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
US-based retail giant Walmart is looking to source toys, shoes and bicycles from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. The company also wants to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles, a company spokesperson told PTI. Officials from the Bentonville-headquartered firm recently held a virtual meeting with several domestic toy manufacturers in India.
