Buoyed by increased shipments of engineering goods, electronic items and pharmaceutical products, India recorded the highest goods exports in a month in this financial year so far in February, even as the merchandise trade deficit widened, showed data released on Friday.

 

A turnaround in February shipments to key export destinations such as the US, United Arab Emirates (UAE), Singapore and South Africa led to double-digit export growth from India touching a 20-month high.

After growth in merchandise exports remained in negative territory for most of 2023, outbound shipments have turned positive for three consecutive months since December last year despite the continuing global economic turmoil.

National Cooperative Export Ltd (NCEL), the government's export agency, will buy 1,650 tonnes of onions at Rs.29/kg from private traders for exports to Bangladesh, said industry people.

This will be the first official export of the key kitchen staple from India in more than three months since the country banned its export from December 8 to March 31. In March first week, the Centre allowed export of 64,400 tonnes of onions to countries from which it had received requests through diplomatic channels, government officials said at the time.

India has extended restrictions on exports of deoiled rice bran until July 31, the government said in an order on Friday.

India is a leading exporter of deoiled rice bran, which is used in the cattle feed industry.

 

Oilmeals export rose 9 per cent year-on-year in February to nearly 5.16 lakh tonnes on higher outward shipments of soyabean meal, according to trade data. In a statement on Friday, Solvent Extraction of India (SEA) said the export of oilmeals in February stood at 515,704 tonne as compared to 4,71,770 tonne in the year-ago period.

 

India may allow duty-free imports of yellow peas, which are used in place of chana, beyond April to keep the pulses inflation under control as the yield of chana is expected to be low on account of a decline in acreage and lower productivity, said an official.

 

Indian grapes have proved to be a success in the European markets with the produce fetching premium rates there. Vilas Shinde, chairman and managing director of the Nashik-based Sahyadri Farms — the largest grapes exporters of the country — said the present rates are 20 per cent higher than the last season.

 

Prime Minister Narendra Modi is likely to visit Bhutan on March 19, though it is yet to be confirmed. On Thursday. Modi met visiting Bhutanese Prime Minister Tshering Tobgay in New Delhi.

 

'I’m glad to meet my friend, the Prime Minister of Bhutan Tshering Tobgay, on the first overseas visit of his term. We had productive discussions covering various aspects of our unique and special partnership. I convey heartfelt thanks to His Majesty the King of Bhutan for inviting me to visit Bhutan next week,' Modi stated.

Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal .joined U.S. Secretary of Commerce Gina Raimondo, Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-Nukara, along with the ministers from the other IPEF partners, in their first Ministerial meeting this year.

 

During the virtual ministerial meeting on Pillars II-IV, IPEF partners welcomed the significant progress made since the substantial conclusion of the negotiations for the proposed IPEF Clean Economy Agreement (Pillar III), the IPEF Fair Economy Agreement (Pillar IV), and Agreement on IPEF in November 2023. The IPEF partners also discussed the ongoing cooperative work ahead across the three proposed agreements.