• India’s overall exports (Merchandise and Services combined) in September 2023* is estimated to be USD 63.84 Billion, exhibiting a negative growth of (-) 1.20 per cent over September 2022. Overall imports in September 2023* is estimated to be USD 68.75 Billion, exhibiting a negative growth of (-) 13.67 per cent over September 2022.

Table 1: Trade during September 2023*

* Note: The latest data for services sector released by RBI is for August 2023. The data for September 2023 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-September 2022 and April-June 2023 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during September 2023*

• India’s overall exports (Merchandise and Services combined) in April-September 2023 is estimated to exhibit a negative growth of (-) 2.97per cent over April-September 2022. Overall imports in April-September 2023 is estimated to exhibit a negative growth of (-) 10.14 per cent over April-September 2022.

Table 2: Trade during April-September 2023*

		April-September 2023 (USD Billion)	April-September 2022  (USD Billion)
Merchandise	Exports	211.40	231.73
	Imports	326.98	372.56
pib.gov.in
	17 Oct, 2023 India's high quality labour-intensive goods to get benefit from FTA with UK; though overall gains limited: GTRI. India's high quality labour-intensive goods such as apparel, footwear, carpets and cars will benefit from the removal of import duties by the UK, under the proposed free trade agreement between the two countries, according to think tank GTRI. However, the overall gains for India will be limited because most of the goods from here are already entering the UK at low or zero tariffs (import or customs duties), the Global Trade Research Initiative (GTRI) said.   In 2022-23, India's merchandise exports to the UK were valued at USD 11.41 billion and out of this, USD 6 billion worth of goods such as petroleum products, medicines, diamonds, machine parts, airplanes, and wooden furniture entered Britain at zero levy, it said.   'The FTA is expected to have a limited impact on increasing these exports because over half of Indian products already enter the UK with low or no tariffs. The average duty on goods imported from India into the UK is 4.2 per cent,' GTRI Co-Founder Ajay Srivastava said.   However, there will be gains from reducing duties for Indian exports worth USD 5 billion and those items include textiles, apparel (shirts, trousers, women's dresses, bed linen), footwear, carpets, cars, marine products, grapes, and mangoes.   'These products face relatively low to moderate tariffs in the UK,' he said.   Citing examples, the think tank said that duties on yarn and fabric are 4 per cent, while tariffs on shirts, trousers, women's dresses, and bed linen range from 10 per cent to 12 per cent.   Similarly, handbags and trunk cases attract 8 per cent tariffs, levies on footwear vary from 4 per cent to 16 per cent.   These products will benefit from the FTA's tariff reductions by the UK.   Chief negotiators of both the countries are negotiating the pact in the national capital and talks are at a crucial stage, as the negotiations are expected to close by end of this month.   GTRI added that while the duty elimination in the UK can help Indian exports, significant growth requires improvements in product quality and signing an FTA alone may not lead to a substantial increase in India's labour-intensive goods exports.   For instance, India's textiles and apparel exports to Japan did not see significant gains from the free trade agreement, Srivastava said.   From 2007-09 to 2019-21, India's exports to Japan grew from USD 257.7 million to USD 368.6 million, a cumulative growth of 43.1 per cent, while India's global exports grew by about 67.9 per cent during the same period.   Therefore, the modest increase in exports to Japan may be attributed to natural growth factors rather than the FTA, he added.   Further, UK exporters would gain immediately after India eliminates high tariffs on most British products, it said.   India's merchandise imports from the UK were USD 8.96 billion in 2022-23. Out of this, it said, 91 per cent of total merchandise imports from the UK enter India on payment of average to high tariffs duties.   For example, the tariff on cars is 100 per cent and on Scotch whisky and wines are 150 per cent.   The simple average tariff in India on goods imported from the UK is 14.6 per cent, it added.   According to GTRI, British products which will gain from the FTA (free trade agreement)-led tariff reductions include precious metals (silver, unwrought platinum and gold, diamonds); metal scrap (aluminium, copper waste); petroleum products; scotch and other alcohol; machinery (turbojet, taps, valves); medicine; and make up items.   The UK exported USD 2.7 billion worth of precious metals; and USD 374 million worth of Scotch and other alcohol into India during 2022-23.   On automobiles, it said: 'for luxury cars like those from JLR, Bentley, Rolls-Royce, and Aston Martin, the UK might want zero tariffs, but India could reduce them from 100 per cent to 50 per cent. India might also consider allowing a few thousand units at a 25 per cent tariff'.   It added that India could reduce tariffs from 150 per cent to 50 per cent over a few years, similar to what it did for Australian wines.   These sectors in India have had high tariff protection, even more than agricultural products. Significant tariff cuts, especially for wines, will help the Indian market grow.   On Rules of Origin, an important issue in the agreement, GTRI said India tends to prefer more conservative rules compared to most developed countries, leading to extended discussions and negotiations in its FTA talks, including with the UK.   'However, India may need to be more flexible in its Rules of Origin framework, especially as its firms in sectors like chemicals, electronics, and synthetic textiles are increasingly using imported inputs,' it said.   Rules of Origin ensure that products from third countries do not receive FTA benefits unless they undergo significant transformation in the exporting country.  Source:  economictimes.indiatimes.com
17 Oct, 2023 India s goods exports rise in signs of trade recovery. India’s merchandise export growth turned positive for the first time in the current financial year with a 3.86% year-on-year rise in August at $38.45 billion, commerce secretary Sunil Barthwal said on Friday, citing revised figures that broke a monthly contraction sequence which started in February 2023 due to global headwinds.   Initial data released on September 15 reported a 6.86% y-o-y dip in merchandise exports in August to $34.48 billion. Officials said revisions of export figures are normal as some consignments that miss the customs radar are updated later.   According to the official data released on Friday, Indian merchandise exports year-on-year dipped by 2.6% to $34.47 billion in September 2023, while imports also fell by 15% to $53.84 billion, the 10th monthly decline in a row. This led to narrowing of the merchandise trade deficit to $19.37 billion in September, the lowest in five months.   Merchandise exports contracted by 8.77% to $211.4 billion in the first six months of current financial year (April-September 2023), the data showed. Imports also fell by 12.23% to $326.98 billion during this period with a trade deficit of $115.58 billion.   Commenting on the overall (merchandise and services combined) trade performance, Barthwal said 'green shoots' are visible on the export front, despite global headwinds and adverse geopolitical developments. According to the latest data, the fall in overall exports (merchandise and services combined) in April-September 2023 has narrowed to 2.97% on an annualised basis. Overall imports during the period are estimated to contract 10.14% over April-September 2022, it said. As actual services data comes with a lag, figures for services in September are an extrapolation of the previous month’s data.   Barthwal said 'there is optimism' for the coming months since the services sector is doing well, and the fall in merchandise exports has tapered. 'Weekly trend is also positive in October (2023),' he said, adding that India’s exports may see a positive growth in FY24. The World Trade Organisation (WTO) has, however, downwardly revised its global trade forecast from 1.7% in April to 0.8% in October.   The optimism comes at a time when India is making efforts to explore new markets and import substitution through ?1.97 lakh crore production-linked incentive (PLI) scheme. India has been supplying office equipment to Turkey; and has found takers for pharmaceuticals and drug formulations in Finland, Malta and Philippines.   'India’s merchandise trade deficit compressed considerably to $19.4 billion in September 2023 from $28.0 billion in the year-ago month, with a sharp contraction in imports reflecting the impact of lower commodity prices,' Aditi Nayar, chief economist and head (research and outreach), ICRA Ltd, said.   'The narrower-than-expected merchandise trade deficit print augurs well for the current account deficit for Q2 FY2024, although it is expected to enlarge vis-à-vis the Q1 levels. Crude oil price volatility amidst geopolitical tensions remains a risk to the CAD outlook for H2 FY2024,' she added.   Federation of Indian Export Organisations (FIEO) president A Sakthivel said in order to boost the economy there is a need to provide further momentum through easy and low cost of credit to MSMEs, marketing support to promoting overall exports, and GST exemption on freight on exports.   'Also, the interest equalisation support across all sectors of export and providing further extension to the Emergency Credit Line Guarantee Scheme by one more year till March 31, 2024, will provide much-needed cushion during these challenging times. The trade and industry would like to see important FTAs with UK and EU, to see the light of the day to further provide much needed boost to the sector,' he said.  Source:  hindustantimes.com
16 Oct, 2023 BRICS antitrust regulators focus on fostering fair trade rules and consumer welfare. Antitrust watchdogs of the BRICS grouping deliberated on the need for well-calibrated regulatory frameworks that strike a balance between fostering competition and safeguarding consumer welfare at a conference in the national capital, Competition Commission of India chairperson Ravneet Kaur said on Friday.   The joint statement formally ratified by the heads of BRICS competition authorities 'underscores the strategic alignment towards fostering competition-driven growth and socio economic progress in our regions', Kaur said.   The eighth edition of the BRICS International Competition Conference, a biannual event, was held from October 11 to 13, with India playing the host after a gap of 10 years. The BRICS grouping comprises Brazil, Russia, India, China and South Africa.   The next conference of the BRICS competition authorities will be hosted by South Africa in 2025.   The conference in New Delhi allowed the regulators to scrutinise the dynamic interplay between technological advancements, market structures and competition dynamics, paving the way for a more comprehensive understanding of the challenges and opportunities that lie ahead of the authorities, Kaur said.   'The knowledge and perspectives exchanged during this conference possess the potential to exert a profound influence shaping the future trajectory of competition policy and regulatory frameworks,' she said.   During the course of the conference, the BRICS competition regulators deliberated on a number of subjects, encompassing the implications of digitalization on the competitive landscape, the role of competition policy, nurturing innovation and its vital contribution to sustaining robust economic growth, Kaur said.   The BRICS ICC was last held virtually in China in 2021 due to the Covid-19 outbreak. India had hosted it once—in 2013—since 2009 when the heads of the BRICS grouping endorsed the need for such a meeting in Yekaterinburg, Russia.   Apart from Kaur, Maxim Shaskolsky (Federal Anti-Monopoly Service, Russia), Gan Lin (State Administration for Market Regulation, China), Doris Tshepe (CCSA, South Africa) and Victor Oliveira Fernandes (Administrative Council for Economic Defence, Brazil) deliberated on the key issues around antitrust regulations at the conference.  Source:  economictimes.indiatimes.com
16 Oct, 2023 Export duty on parboiled rice extended upto March 31, 2024. The government of India on Friday extended the export duty on parboiled rice till March 31 next year.   The government in August had imposed a 20 per cent duty on the export of parboiled rice, a move aimed at maintaining adequate local stock and keep domestic prices under check.   With these curbs, India imposed restrictions on all varieties on non-basmati rice. Non-basmati white rice constitutes about 25 per cent of the total rice exported from the country.   Earlier, the government banned exports of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season. In September last year, exports of broken rice were prohibited.   In the April-June period of this fiscal, about 15.54 lakh tonnes of non-basmati white rice was exported against only 11.55 lakh tonnes in the year-ago period.   The ban on exports of non-basmati white rice was imposed due to the rise in prices of the foodgrain and higher exports.   India's retail inflation eased to 5.02 per cent in September on an annual basis as against 6.83 per cent in August, showed data released by the ministry of statistics on Thursday.   India's rice production is estimated to have risen to 135.54 million tonnes in the 2022-23 crop year (July-June) from 129.47 million tonnes in the previous year, according to the agriculture ministry data.  Source:  economictimes.indiatimes.com
16 Oct, 2023 Memorandum of Understanding signed between ICAR Indian Agricultural Research Institute and Indian Institute of Technology, Kanpur to support incubators and start-ups. A Memorandum of Understanding (MoU) was signed today between Pusa Krishi, ICAR- Indian Agricultural Research Institute here and Start-up Incubation & Innovation Centre (SIIC), IIT Kanpur.   The MoU was signed virtually by Dr. Viswanathan Chinnusamy, Joint Director (Research) IARI and Professor Ankush Sharma, Department of Electrical Engineering, SIIC IIT Kanpur.   Through this MoU, both the sides will provide vital support to incubators and start-ups, fostering their growth and success. The joint efforts will offer a conducive environment for start-ups to thrive and make meaningful contributions to the agriculture sector. Pusa Krishi and SIIC IIT also expressed their commitment to explore and establish further collaborations to drive advancements and innovations in agriculture.   Prof. Ankush Sharma expressed that the partnership will promote innovative activities in the farming sector through collaborative efforts, leveraging the expertise and resources of both the organizations.   Dr. Viswanathan Chinnusamy said, 'In research, we need collaborations which further help our start-ups as well as incubators. I am glad today we signed a MoU with SIIC IIT.'   Concluding the virtual ceremony, Dr Akriti Sharma said, 'If we want our start-ups to reach newer heights, make more profits, then we need support from tech-innovators like IIT Kanpur. This is just the beginning, in future, we will come up with such more collaborations with IIT Kanpur for overall development of agriculture sector.'  Source:  pib.gov.in
16 Oct, 2023 India, Brazil target over 3-fold rise in bilateral trade to USD 50 bn by 2030: Commerce Secretary. India and Brazil are looking at an 'aspirational' target of increasing the two-way trade by over three-fold to USD 50 billion by 2030, Commerce Secretary Sunil Barthwal said on Friday. He was in Brasilia from October 1 to 4 to discuss ways to promote trade between the two countries. He chaired the sixth meeting of the India-Brazil Trade Monitoring Mechanism (TMM).   At present, the bilateral trade stood at USD 15.2 billion.   'We are looking at USD 30 billion in the next 3-4 years and by 2030, we are looking at an aspirational target of USD 50 billion. There is a huge potential for trade growth,' he told reporters here.   He added that during his visit, the two sides also discussed market access issues as well as new areas of cooperation.   Two working groups have been formed - market access issues and sectors of cooperation.   'Biofuels and renewables are important sectors which we will be looking at...Ethanol and biofuel blending is another area of cooperation,' he said.   Brazil has advanced technologies available for ethanol mixing with petrol and diesel.   'So that will help us in reducing our dependence on crude oil imports,' he said.   Further the two countries agreed to expand the existing preferential trade agreement between India and Mercosur, which is a trading bloc in Latin America, comprising Brazil, Argentina, Uruguay and Paraguay.   'At present, there are 452 tariff lines (broad product categories) and now both the sides agreed that we should expand it to all the tariff lines where trade occurs,' Barthwal said.   Speaking at the media briefing, Director General Foreign Trade (DGFT) Santosh Kumar Sarangi said that the sixth round of talks for India-EU free trade agreement is scheduled to be held from October 16-20 in Brussels.   On Indo-Pacific Economic Framework for Prosperity (IPEF), Additional Secretary in the commerce ministry Rajesh Agrawal said that the sixth round will be held in Kuala Lumpur, Malaysia from October 15-24.   'In-depth text based negotiations will be held in Pillar-III (clean economy) and Pillar-IV (fair economy),' he said adding 'most probably' talks on these two pillars will also be closed by October 25 and 'we look forward to agreeing to a substantial closure in the ministerial meeting which is scheduled to be held on 13-14 November at San Francisco'.   IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 last year in Tokyo.   The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy (issues like tax and anti-corruption). India has joined all the pillars except the trade one.   Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US and Vietnam are members of the bloc.    Source:  economictimes.indiatimes.com
16 Oct, 2023 16th Agricultural Science Congress Concludes. 16th Agricultural Science Congress (ASC) organised by the National Academy of Agricultural Sciences (NAAS) concluded today at Kochi. Secretary to the Department of Agricultural Research and Education and Director General of Indian Council of Agricultural Research (ICAR), Dr Himanshu Pathak delivered concluding remarks. He said that India’s agriculture has bright future with more youngsters coming to the sector with great fervour.   Prizes distributed for the winners of the elocution contest held for university students on the occasion.   The Congress discussed 10 thematic areas, including all issues related to agriculture and allied areas and sustainability issues on land and water, agricultural production systems, products, agricultural machinery, climate action, economics, renewable or alternative energy, precision farming, alternative farming systems, coastal agriculture, next-generation technologies, etc. As many as 114 papers were presented at the Congress.   With a comprehensive agenda, the 16th ASC featured six plenary lectures by prominent figures in the field of agriculture and allied sectors. The Congress also hosted three panel discussions and four symposiums covering an array of topics.   The Congress witnessed the convergence of over 1500 delegates from India and abroad. An Agri Expo held on the side-line of the event showcased innovative agricultural technologies of public and private sector research institutes, universities, agro-industries, extension agencies and NGOs.  Source:  pib.gov.in
16 Oct, 2023 India may sell 1 mt of rice to help key partner Indonesia. India may sign a memorandum of understanding (MoU) with its key diplomatic partner Indonesia to sell up to 1 million tonnes (mt) of white rice annually, two government officials said.   India’s 20 July ban on non-basmati white rice exports comes even as Indonesia plans to safeguard food security against disruptions caused by the El Nino weather pattern and difficulties with supplies from Vietnam, the current major supplier.   Although Indonesia is self-sufficient in rice production, it procures rice through MoUs when there is uncertainty in meeting its domestic demand. Currently, Indonesia has MoUs for the supply of white rice with Myanmar, Pakistan, Thailand, Cambodia and Vietnam.   'Indonesia is now facing difficulties as Vietnam, the current major supplier to the nation, aims to cut its rice exports significantly amid a drought forecast due to El Nino effects. To ensure meeting domestic demand, Indonesia is looking at India as an alternative supplier, and accordingly, the country has proposed an MoU for procuring up to 1 mt of white rice annually from India which is subject to availability.' one of the officials said.   Although white rice export from India is currently under the prohibited category, exports permission can be granted by the government to meet the food security needs of other countries at the request of their governments. India earlier approved exports of limited quantities of rice to Bhutan, Mauritius, UAE, and Singapore. The UN’s World Food Programme also requested India to supply 200,000 tonnes after the ban.   'The proposed MoU doesn’t impose any kind of binding commitment on India to supply rice if domestic production is not favourable. The purchase is subject to production in both countries. Also, the proposed MoU clearly lays down that it does not create any obligation on either party under international law. It also includes termination of the MoU at any time by either party with a 6-month notice period,' the official explained.   According to the commerce ministry, Indian exports of white rice to Indonesia in 2022-23 (April-March) was worth $1.05 million and $6.51 million till June in the current financial year. India’s share in Indonesia’s white rice import was 9.61% in 2020, 17.51% in 2021, and 7.06% in 2022.   Therefore, 'the MoU may push India’s rice export to Indonesia when export conditions are favourable. It will also help increase India’s exports to Indonesia, diversify the trade basket and reduce the wide trade deficit,' the other official said.   'Further, the MoU will work in favour of India to get a foothold in the Indonesian market and emerge as an alternate supplier to Indonesia in place of Vietnam, Thailand and Pakistan, leading exporters after India. This will also help India to enhance its reliability among other Asean (Association of Southeast Asian Nations) rice buyers such as the Philippines and Malaysia,' the official said.   Indonesia is India’s largest trading partner in the Asean region, with trade standing at $38.84 billion and accounting for a little over 29% in 2022-23 of India’s trade with Asean. With large palm oil imports from Indonesia, the trade deficit in the last financial year was $18.8 billion, according to commerce ministry data. 'The matter is still in an early stage, and will be taken to the authorities concerned before seeking approval from the cabinet committee,' the first official said.   Queries sent to the spokespeople of the Indonesian embassy in New Delhi, commerce and food & public distribution ministries on Friday remained unanswered at press time.  Source:  livemint.com
16 Oct, 2023 Centre considering review of Free on Board (FOB) value for issue of Registration cum Allocation Certificate (RCAC) for basmati rice by APEDA. The Government has taken a series of measures in order to check the domestic prices of rice and ensure adequate availability for domestic consumers.  One of the measures being that contracts for Basmati rice exports with the value of USD 1200 per MT and above only may be registered for issue of Registration – cum – Allocation Certificate (RCAC) effective from 25th August 2023. This measure was necessitated as the Government had received credible field reports regarding misclassification and illegal export of non-basmati white rice, exports of which have been prohibited with effect from 20th July 2023. It had been reported that non-basmati white rice was being exported under the HS code of Basmati rice.   Now, the new crop of Basmati has started arriving and there is generally a decline in prices when the new crop starts arriving.  Based on the representations received from the Rice Exporter Associations that the high FOB value is adversely affecting the export of basmati rice from the country, Hon’ble Minister, Consumer Affairs, Food and Public Distribution had attended a consultative meet with the basmati rice exporters. Based on the discussions in this meeting, review of FOB price of contract for issue of RCAC by APEDA for export of basmati rice is under active consideration of the Government. The present arrangement will continue until an appropriate decision is taken by the Government.  Source:  pib.gov.in
Back to First Prev … 295 296 297 298 299 300 301 302 303 304 … Next Go to Last