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Sugar mills offer record 113-cr litres of ethanol for blending
Dec 14, 2017
Public sector oil marketing companies (OMCs) have accepted bids from sugar mills and ethanol manufacturers to supply 113 crore litres of ethanol worth about Rs.4,500 crore during the 2017-18 (December to November) season.
This was 70 per cent higher than the previous season’s 66 crore litres, said Indian Sugar Mills Association (ISMA) on Thursday.
Though sugar mills and ethanol makers submitted bids for a total quantity of 155 crore litres, the finalised bids were only for 113 crore litres as some oil depots received proposals for more than 10 per cent permitted blending and thus had to accept bids in a proportionate manner, it said.
At 113 crore litres, this year’s proposed supply target is a tad better than the best ever ethanol supplies of 111 crore litres made in 2015-16, the ISMA said.
If India has to blend the total petrol consumed in the country with 10 per cent ethanol, the total biofuel required is 313 crore litres.
The government in September announced an ex-distillery price of Rs.40.85 for every litre of ethanol supplied under the ethanol blending programme.
While sugar companies and ethanol manufacturers in UP would 44.3 crore litres of biofuel, those in Maharashtra have won contracts for 40.3 crore litres.
The apex body of sugar industry, however, hoped that there would soon be a second tender for ethanol supply, helping those with excess capacity and others to participate.
The Hindu Business Line
PM Modi urges India Inc to help MSMEs, start-ups boost business
Dec 14, 2017
Prime Minister, Narendra Modi, Wednesday exhorted corporate India to pledge itself to the creation of a New India - an India that fulfils the aspirations of the poor and needy, gives fillip to domestic industry, big and small, where Micro, Small and Medium Enterprises (MSMEs) are hand-held by large corporates to serve the requirements of the people in every nook and corner of the country.
PM said that FICCI has to play a key role in sectors such as food-processing, artificial intelligence, solar power, healthcare etc.
Addressing captains of trade and industry while inaugurating the 90th Annual General Meeting (AGM) of the Federation of Indian Chambers of Commerce and Industry (FICCI) at Vigyan Bhavan on Wednesday in New Delhi, the Prime Minister said it now devolves on industry leaders to turn their attention to minimising imports to fuel domestic production, which has a direct bearing on creation of jobs and domestic wealth creation.
Narendra Modi said that a lot has been achieved since independence, but several challenges have arisen as well. He said the poor seemed to be struggling against the existing system for things such as bank accounts, gas connections, scholarships, pensions etc. He said the Union Government is working to end this struggle, and to create a system that is transparent and sensitive. He said Jan Dhan Yojana is one example of this, and increasing ease of living has been the focus of the Union Government. He also mentioned the Ujjwala Yojana, construction of toilets under Swachh Bharat Mission and Pradhan Mantri Awas Yojana.
The Prime Minister said that his Government was working to strengthen the banking system, while pointing out that, the issue of NPAs is a legacy received by the current Government from the last government. It was open loot of people’s hard earned money, he added.
He said, rumours are now being spread about the Financial Regulation and Deposit Insurance (FRDI) Bill. He said the Government is working to protect the interests of the account holders, but rumours that are being spread are the exact opposite. He said organizations such as FICCI have a responsibility to generate awareness about such issues. He said, that industry has a big role also now in making GST more effective so that its benefits are passed on to the consumers.
ISMA for lower duty on Indian sugar in Bangladesh, Sri Lanka
Dec 14, 2017
Industry body ISMA today asked the government to seek preferential duty structure from Bangladesh and Sri Lanka for Indian sugar, which is expected to be in surplus on account of higher output estimates for the 2018-19 marketing year.
While Bangladesh levys import duty of USD 150 per tonne on sugar, Sri Lanka imposes USD 100. The two neighbours import about 25-30 lakh tonnes of sweetener annually, ISMA said.
India's sugar production may exceed in 2018-19 marketing year than 251 lakh tonnes estimated for the current year. So we may have surplus sugar for exports in 2018-19, Indian Sugar Mills Association Director General Abinash Verma said at ISMA's 83rd annual general meeting.
Therefore, we are requesting the government to seek preferential import duty from Bangladesh and Sri Lanka for Indian sugar, he said.
Sugar marketing year runs from October to September.
ISMA President Saritha Reddy said preferential tariff treatment for Indian sugar is needed as global prices may not be viable for such exports, especially when domestic sugarcane prices are highest in the world.
The Economic Times
India's growth to recover to 7% in next few quarters: Report
Dec 14, 2017
India's economic growth has bottomed out and the GDP growth will recover further to 7 per cent over the next few quarters but it is likely to take few years to return to 7.5 per cent above levels, Standard Chartered said.
In a research report on Economic Outlook in 2018, it said the worst is over for India's GDP growth, while forecasting a growth rate of 6.5 per cent for the current fiscal and 7.2 per cent in the year thereafter.
We expect growth to normalise gradually over the next four to six quarters as the disruptive impact of major policy changes fades, it said.
Economic growth has bottomed out after slowing to a 13- quarter low of 5.7 per cent in April-June. We see growth recovering further to 7 per cent over the next few quarters (6.3 per cent in July-September 2017) supported by several factors, Standard Chartered said.
These factors include economy's increasing alignment to policy changes, temporary GST exemptions facilitating a smooth transition to the new framework, bank recapitalisation addressing the 'twin balance sheet' issues and improving farm incomes as agriculture prices recover from demonetisation and supply shocks.
The government, it said, has implemented bold reforms in recent years, including the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC).
The Economic Times
WTO meet ends head-to-head, ministers also look at issues of MSMEs
Dec 14, 2017
The World Trade Organisation (WTO) Ministerial Conference (MC) ended on Wednesday in Buenos Aires. Although it ended without a Ministerial Declaration or any substantive outcome, the unanimous view was that it was extremely well-conducted with complete openness and transparency and the process afforded everyone ample opportunity to express their views, said Minstry of Commerce in New Delhi on Wednesday.
In the run-up to MC11, decisions were expected on a permanent solution on food security and other agriculture issues. Unfortunately, the strong position of one member against agricultural reform based on current WTO mandates and rules, led to a deadlock without any outcome on agriculture or even a work programme for the next two years, said release.
However, the existing mandates and decisions ensure that work will go forward and members will continue to work on issues such as the permanent solution on public stockholding for food security purposes, agricultural Special Safeguard Mechanism and agricultural domestic support.
Some of the other decisions that were taken included a Work Programme on disciplines on Fisheries Subsidies with a view to arriving at a decision by MC12. It was also decided to continue with the non-negotiating mandate of the existing Work Programme on E-commerce.
Ministerial Decisions on new issues like Investment Facilitation, MSMEs, gender and trade, which lacked a mandate or consensus, were not taken forward.
Due to divergences among members, and a few members not supporting acknowledgment and reiteration of key underlying principles guiding the WTO and various agreed mandates, Ministers could not arrive at an agreed Ministerial Declaration.
The Chairperson in her remarks mentioned the widely expressed support for the multilateral trading system and the commitment to move forward on various areas of work in the WTO.
During MC11 India stood firm on its stand on the fundamental principles of the WTO, including multilateralism, rule-based consensual decision-making, an independent and credible dispute resolution and appellate process, the centrality of development, which underlies the DDA, and special and differential treatment for all developing countries, it added.
India looks to set up more land ports to tap potential: Kiren Rijiju
Dec 14, 2017
India is looking to set up a few more land ports, buoyed by the success of such integrated check posts in Agartala and other places, Minister of State for Home Affairs Kiren Rijiju said.
We are thinking of identifying a few more (land ports). Beyond that, we have border huts, Customs stations and there are many things, Rijiju said while addressing a function yesterday to commemorate 50 years of ASEAN and 25 years of India-ASEAN Partnership.
He talked about the success and brisk business being done at land ports in Agartala and elsewhere in India, saying it is not easy to set up a land port because you have to have an outlet.
Elaborating, he said, These borders along the eastern coast and the North-East must be hugely explored... otherwise, people think they are far away from Delhi... The heart of the country may be Delhi. But shape and size of the country is defined by its border. The country does not begin with the capital, but it begins from the border. So, borders are important.
He also suggested that the obsession with western education and issues with Pakistan must be done away with.
The home ministry has started opening various channels on the borders to improve ties with neighbours, particularly in Eastern and North-Eastern Region (NER).
The Economic Times
Export Summary-Algeria buys wheat; Tunisia buys wheat, barley
Dec 14, 2017
The following is a snapshot of global export markets for grains, oilseeds and edible oils as reported by government and private sources as of the close of business on Friday:
WHEAT SALE: Algeria's state grains agency OAIC bought 210,000 tonnes of optional-origin milling wheat in a tender that closed on Thursday, traders said on Friday..
WHEAT, BARLEY SALE: Tunisia's state grains agency purchased about 100,000 tonnes of soft milling wheat, 100,000 tonnes of durum wheat and 75,000 tonnes of feed barley in an international tender which closed on Friday, European traders said.
BARLEY TENDER: Turkey's state grain board TMO has issued international tenders to purchase a total 96,000 tonnes of feed barley, European traders said. The tenders close on Nov. 21.
WHEAT TENDER: Iraq's state grain buyer is seeking 50,000 tonnes of wheat in an international tender, Baghdad-based traders said. The deadline for offers is Nov. 5 and offers must remain valid until Nov. 12, the sources said. Iraq is looking to buy wheat of U.S., Australian or Canadian origin.
SOFT WHEAT, DURUM TENDER: Morocco issued a tender to buy 30,000 tonnes of U.S. soft wheat and 327,273 tonnes of U.S durum wheat for arrival by Dec. 31 under an annual preferential-tariff quota. Deadline for bids is Nov. 10.
WHEAT TENDER: Turkey's state grain board TMO has issued a series of international tenders to purchase a total of about 230,000 tonnes of European milling wheat, traders said. The tenders close on Nov. 17.
WHEAT TENDER: The Ethiopian government raised the volume sought in an international tender buy wheat to be held on Nov. 28 to 400,000 tonnes from 200,000 tonnes previously, European traders said.
SOYMEAL TENDER: Iranian state-owned animal feed importer SLAL issued an international tender to purchase around 120,000 tonnes of soymeal from Argentina or Brazil. Offers in the tender must be submitted on Nov. 29.
RICE TENDER: Iran's state grains buyer GTC issued an international tender to buy 30,000 tonnes of rice to be sourced from India, European traders said on Wednesday.
Times of India
November vegetable oil imports rise 6.2 per cent to 1.248 million tonnes: Trade body
Dec 14, 2017
India's cooking oil imports rose by 6.23 per cent to 12.48 lakh tonnes in November this year on higher shipment of crude sunflower and soyabean oil, industry body Solvent Extractors Association (SEA) said today.
Cooking (vegetable) oil imports had stood at 11.75 lakh tonnes in the year-ago period. The share of palm oil is more than 60 per cent in total imports.
Last month, the government raised import duty on edible oils to 15 per cent across the board to protect domestic growers.
Among edible oils, crude oil imports rose to 5,59,584 tonnes in November 2017 as against 5,57,364 tonnes in the same period last year, the SEA data showed.
Soyabean oil imports increased substantially to 2,73,928 tonnes from 1,64,286 tonnes, while that of sunflower oil shipments rose to 1,93,810 tonnes from 1,58,071 tonnes in the said period.
Similarly, import of RBD palmolein remained lower at 1,47,362 tonnes in November this year compared to 2,40,948 tonnes in the year-ago.
The Economic Times
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