• India’s overall exports (Merchandise and Services combined) in November 2023* is estimated to be USD 62.58 Billion, exhibiting a positive growth of 1.23 per cent over November 2022. Overall imports in November 2023* is estimated to be USD 67.88 Billion, exhibiting a negative growth of (-) 6.16 per cent over November 2022.

Table 1: Trade during November 2023*

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

Fig 1: Overall Trade during November 2023*

• India’s overall exports (Merchandise and Services combined) in April-November 2023* are estimated to be USD 499.46 Billion, exhibiting a negative growth of (-) 1.39 per cent over April-November 2022. Overall imports in April-November 2023* are estimated to be USD 560.90 Billion, exhibiting a negative growth of (-) 7.58 per cent over April-November 2022.

Table 2: Trade during April-November 2023*

		April-November 2023 (USD Billion)	April-November 2022  (USD Billion)
Merchandise	Exports	278.80	298.21
	Imports	445.15	487.42
pib.gov.in
	18 Dec, 2023 Govt to help exporters maintain documentation to deal with US duty cases. The commerce ministry has started an exercise to help Indian exporters keep proper documentation to deal with US countervailing duty cases on domestic products, an official said. As part of the exercise, teams of the directorate general of foreign trade (DGTR) and directorate general of trade remedies (DGTR) are working on a roadmap to work on the kind of documentation that needs to be maintained by Indian exporters.   Before imposing countervailing or anti-subsidy duty (CVD), a country carries out detailed investigations on products which it believes that its trading partner is subsidising for export purposes. Subsidising exports is a kind of unfair trade practice.   Countervailing duties can only be imposed if the investigating agency of the importing country determines that the imports of the product in question are subsidized and are injuring a domestic industry. Imposition of this duty does not prohibit or restrict imports. World Trade Organisation (WTO) allows its member countries to use these tools to provide a level-playing field to their domestic players. The US has conducted countervailing investigations and submitted final determination on three Indian products -- paper file folders, common alloy aluminum sheet, and forged steel fluid end blocks. The European Commission too has conducted a similar probe on certain graphite electrode systems from India.   The Indian government and the affected exporters have strongly defended the subsidy allegation against various programmes and schemes of the government, both at central and state level, in their written and oral responses during the conduct of investigations, the official said. While imposing CVD, it has been stated that there is a need for a reasonable and effective system to confirm inputs, consumption amount and imposed indirect taxes. The official said that products which the US have investigated involved reimbursement of levies like electricity duty, VAT on fuel or APMC taxes. These levies are reimbursed under the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), a WTO-compliant measure.   'What the US authorities want is a highly technical kind of a report under the investigation. So what we are trying to do is that in association with the DGTR and their team, we are now trying to sensitise exporters about the kind of documentation which they need to maintain to satisfy the US investigating authorities,' the official who did not wish to be named said. The DGFT has recently held a meeting with the DGTR on the issue. 'Now we are working on a roadmap as to what kind of documentation should be maintained by our exporters so that our exporters are able to produce those documents before the investigating authorities. In addition to that, a certain random test check by Indian authorities would also be required. So on both these steps, we have initiated action,' the official added.   RoDTEP scheme has been implemented for exports from January 2021 to refund, currently un-refunded taxes/duties/ levies, which are not being refunded under any other mechanism, at the central, state and local level, but which are incurred in the process of manufacturing and distribution of exported products. The scheme is being implemented by the Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, in an end-to-end IT environment.  Source:  business-standard.com
18 Dec, 2023 Shri Piyush Goyal releases the 'Logistics Ease Across Different State (LEADS) 2023'. Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Sh. Piyush Goyal released the 'Logistics Ease Across Different State (LEADS) 2023' report in New Delhi on 16th December 2023, in the presence of Smt. Sumita Dawra, Special Secretary (Logistics), DPIIT, Mr. Sajiv Puri, President-Designate of Confederation of Indian Industry (CII) & MD ITC, and Mr. Mihir Shah, Partner, Ernst & Young.     Speaking on the occasion, Sh. Piyush Goyal said that LEADS is giving insights to States and UTs for further revolutionary reform in logistics sector, taking us towards our vision of Viksit Bharat. The report serves as a guide for stakeholders in the Logistics Sector by providing strategic insights, he added. He hoped that it will play a pivotal role in instilling healthy competition among States/UTs to enhance logistics performance. It also underscores notable initiatives like planning infrastructure on PM GatiShakti, ‘industry’ status for logistics, multimodal connectivity, digital initiatives in logistics, City Logistics Plans, Multimodal Logistics Parks, etc, he said, adding that States/UTs need to emphasise skill development, capacity building, and the formalization of logistics policies, implementation of monitoring frameworks, and the promotion of green logistics. He said that Logistics sector will be a cornerstone in our endeavour to take India to a 10 fold growth from a USD 3.5 trillion to USD 35 trillion by 2047.   Sh. Rajesh Kumar Singh, Secretary. DPIIT stated that leveraging digitization will lead to significant reduction in logistics cost. In the last nine years, significant interventions in critical areas like logistics received the much-needed focus, thereby leading to the growth in the logistics sector. Secretary highlighted reforms in Ease of Doing Business, reduction in compliance burden and ongoing work on reducing cost of regulation.   Senior officials from the Central and State/UT governments and representatives from the industry were present at the launch to share their insights and engage in constructive dialogues during various sessions in the day.   LEADS was conceived on the lines of Logistics Performance Index of World Bank in 2018 and has evolved over time. While the LPI relies entirely on perception-based surveys, LEADS incorporates both perception as well as objectivity thereby enhancing the robustness and comprehensiveness of this exercise.   The 5th edition of the LEADS annual exercise - LEADS 2023 report, provides insights into improvement of logistics performance at State/UT level. It highlights an enhanced overall stakeholder perception and impact of various reforms, across States and UTs. This report, signalling a positive shift in States’ performance across the key pillars – Logistics Infrastructure, Logistics Services and Operating and Regulatory Environment, empowers the State/UT Governments by providing region specific insights for informed decision making and comprehensive growth.   This report is based on a pan-India primary survey, conducted between May and July 2023, covering over 7,300 responses across 36 States/UTs. Additionally, over 750 stakeholder consultations, facilitated by National, Regional, and State Associations, significantly contributed to this comprehensive evaluation.   Performance Highlights from LEADS 2023:   Coastal Group   Achievers: Andhra Pradesh, Gujarat, Karnataka, Tamil Nadu Fast Movers: Kerala, Maharashtra Aspirers: Goa, Odisha, West Bengal Landlocked Group   Achievers: Haryana, Punjab, Telangana, Uttar Pradesh Fast Movers: Madhya Pradesh, Rajasthan, Uttarakhand Aspirers: Bihar, Chhattisgarh, Himachal Pradesh, Jharkhand North-East Group   Achievers: Assam, Sikkim, Tripura Fast Movers: Arunachal Pradesh, Nagaland Aspirers: Manipur, Meghalaya, Mizoram Union Territories   Achievers: Chandigarh, Delhi Fast Movers: Andaman & Nicobar, Lakshadweep, Puducherry Aspirers: Daman & Diu/ Dadra & Nagar Haveli, Jammu & Kashmir, Ladakh Ms. Sumita Dawra, Special Secretary (Logistics), DPIIT highlighted that the 5th edition of the LEADS report launched today has been developed in a collaborative and consultative manner. It has brought objectivity in assessment of infrastructure development and process-related reforms. 23 States/UTs have also notified their State Logistics Polices to align with the National Logistics Policy. Further, 16 States/UTs have given industry status to logistics. Digital reform such as PM GatiShakti, Logistics Data Bank, Unified Logistics Interface Platform (ULIP), GST are propelling India’s improved ranking at global level.   During the event two sessions were held: (i) Leveraging Data and technologies to Ease Logistics; (ii) Green and sustainable Logistics.   Efficient domestic logistics are pivotal for both national and international trade competitiveness. The integration of objective and perception-based data in LEADS 2023 ensures a holistic framework for evaluating logistics performance. The latest edition builds strengthening objectivity and precision in assessment by considering a wider spectrum of state initiatives, including the adoption of PM GatiShakti National Master Plan for project planning, aligning State Logistics Policies with National Logistics Policy, besides developing City Logistics plans, etc.  Source:  pib.gov.in
15 Dec, 2023 Russia to exempt eggs from import duties as prices climb, stocks dwindle. Russian imports of 1.2 billion eggs will be exempt from duty for the first six months of 2024, the economy ministry said on Wednesday, to help rein in prices as some shops run low on supplies.   Egg prices have risen more than 40% so far this year and empty egg shelves have been seen in some Moscow supermarkets in the past week. Eggs remain widely available online and not all shops have been affected.   'The decision will help in the short term to balance the domestic market of eggs and ensure supply growth,' the ministry said. The measure will apply from Jan. 1 to June 30.   It said imports could be sourced from 'friendly countries', meaning those that have not imposed sanctions on Russia over the conflict in Ukraine. The agriculture ministry said imported supplies would help stabilise prices.   Russia has been grappling with stubbornly high inflation after a double-digit rise in 2022. Prices for eggs have risen 42.4% since the start of the year, according to data from federal statistics service Rosstat.   In the southern city of Belgorod, shoppers queued for eggs at a market where 10 eggs were available for 65 roubles ($0.72) as opposed to the supermarket price of more than 150 roubles ($1.67), a Reuters reporter said.   Natalia Chernovolova, a resident of Valuyki in the Belgorod region, said prices above around 150 roubles were too much for her.   'I have to look for other options, cheaper ones,' she said. 'Because we need eggs not just for New Year, for festive salads, but for our daily diet.'   Some Belgorod residents have been hoarding eggs and selling them on at higher prices, the deputy regional governor Yulia Shcherdina said, seeking to reassure people that supplies are sufficient.   'There is no shortage of supply,' Shcherdina wrote on Telegram earlier this week. 'There is no need to create an artificial frenzy.'   Egg production fell 1.3% year-on-year in October, said Andrei Sizov of the Sovecon agriculture consultancy. Some consumers switching from chicken to eggs as a source of protein in the face of price rises may have compounded the fall in supplies, he said.   Russia's General Prosecutor's Office last week said it had met various federal bodies to discuss egg prices and pledged that unjustified price increases would be curbed.   ($1 = 89.9050 roubles)  Source:  reuters.com
15 Dec, 2023 Onion prices skyrocket in UAE after India's export ban. UAE is witnessing an exponential increase in onion prices after India announced an export ban until March next year to contain local prices. Retail industry executives in the country say they're looking for alternative sources to procure the commodity as prices jumped six times to meet the demand.   Ashok Tulsiani, group FMCG director at Al Safeer, confirmed that there has been an impact on onion exports, resulting in retail prices rising by 'at least six times.'   'Turkey, Iran, and China are potential alternatives, but in terms of quantity, quality, and price, Indian onions are still the best and most of the customers' preference. Any other country does not fully justify the demand for Indian onion,' Tulsiani said in a statement to Khaleej Times.   After onion rates rose to Rs70-80 per kg in New Delhi, India's Directorate General of Foreign Trade (DGFT) amended the export policy of onions 'from free to prohibited till March 31, 2024.'   India is also a major exporter of onions to other neighbouring countries in the Subcontinent and the Gulf countries, resulting in prices in those countries also going up due to the ban by New Delhi.   Kamal Vachani, group director and partner of Al Maya Group, said the Indian government's ban on onions has prompted the exploration of alternative countries to fulfil the onion demand in the UAE.   'UAE has diversified its sourcing channels and has identified several potential countries to serve as alternative sources for onions,' he said, adding that Egypt is being considered as another potential supplier of onions to the UAE market, and Turkey presents itself as an additional option for sourcing onions to cater to the demands of the UAE market.   'We are actively expanding our sourcing networks to guarantee a consistent onion supply for consumers in the UAE. Nevertheless, we are dedicated to maintaining market stability and meeting consumer demands,' he added.  Source:  zawya.com
15 Dec, 2023 India may export 20,000 tonnes of sugar to Kenya despite ban. India may allow the supply of 20,000 tonnes of refined sugar to Kenya, one of its strategic partners in Africa, overriding an export ban on the sweetener.   This will likely be permitted under the advanced authorisation scheme, a government official informed. Under AAS, refineries can import raw sugar and export refined sugar after value addition.   India, which surpassed Brazil in the 2021-22 season to become the world’s largest sugar producer and second-largest exporter, imposed export controls in October last year. This was later extended beyond October 2023 considering an expected decline in production.   'Although India will have sufficient availability for domestic consumption, there may not be any surplus quantity for exports due to anticipated lower production this year than the previous year,' said the official.   'Therefore, it has been suggested that the refineries that import raw sugar and export refined sugar after value addition under AAS, to export the quantity to Kenya.'   The external affairs ministry, the commerce and industries ministry, and the food and public distribution department did not immediately reply to queries on the matter.   AAS is not restricted under the sugar export policy and no separate permission is required from the government. The scheme allows duty-free import of raw materials that are to be incorporated in products meant for exports.    The official quoted earlier said the ministry of external affairs has recommended exporting 20,000 tonnes of sugar via sea, a more cost-effective route, against Kenya’s request for 500,000 tonnes of the sweetener.   India supplies 10,376 tonnes of sugar on average to Kenya each financial year, according to commerce ministry sources. Earlier this month, the government allowed exports of 100,000 tonnes of non-basmati white rice to Kenya and 140,000 tonnes to four other African nations, overriding an existing ban.    India’s sugar production in the 2023-24 season (October-September) is estimated to have dropped to 30-30.5 million tonnes, after diversion for ethanol, against domestic consumption of 27.5-28 mt. The country produced 32.7-32.8 mt of sugar in the year prior.   The lower output is due to the El Nino weather condition compromising monsoon rains in August, top-producing states Maharashtra and Karnataka hard.    El Nino is anticipated to strengthen through 2023-24, which could lead to intensification of dry conditions during the next sugar season. This may lead to a further decline in sugar production during the 2024-25 season.    As India nears the crucial general election in a few months, the government has escalated export curbs to stabilise prices amid a significant jump in food inflation.    It recently asked sugar mills to not use cane juice to make ethanol and to ramp up production of sugar to make up for lower anticipated crop following patchy monsoons. Besides sugar, India has placed curbs on wheat, rice and onion exports.    Food inflation, measured by the consumer food price index, which accounts for nearly half of the overall consumer price basket, rose to 8.70% in November from 6.61% in October and 6.62% in September because of a substantial rise in the prices of vegetables and pulses.  Source:  livemint.com
15 Dec, 2023 Government implements National Programme for Dairy Development scheme. Department of Animal Husbandry and Dairying, Government of India is implementing 'National Programme for Dairy Development (NPDD)' scheme across the country since Feb-2014, with an objective of creating/strengthening of infrastructure for Production of quality milk, Procurement, Processing and Marketing of Milk & Milk Products. The scheme has been restructured/realigned in July 2021, for implementation from 2021-22 to 2025-26 with a total budgetary allocation of Rs1790 crore having two components:   Component 'A' focuses towards creating/strengthening of infrastructure for quality milk testing equipment as well as primary chilling facilities. Component 'B' (Dairying through Cooperatives) aims to increase sales of milk and milk products, upgrading dairy processing facilities and marketing infrastructure and enhancing the capacity of producer-owned institutions.   An amount of Rs 345.93 crore has been allocated (Budgetary Estimate) under both Component 'A' and Component 'B' (Dairying through Cooperatives) of the scheme during 2023-24.   Under Component A of the scheme, 195 projects in 30 States/UTs have been approved with the total outlay of Rs 3311.10 crore (including Central Share Rs 2479.06 crore). A total amount of Rs.1824.60 crore has been released to States for the implementation of these projects against which Rs. 1429.62 crore has been utilised. Under Component B of the scheme, 22 projects in 8 States have been approved with a total outlay of Rs 1130.63 crore.   A total amount of Rs 84.02 crore has been released to National Dairy Development Board for the implementation of the projects. About 16,794 dairy cooperative societies have been organized/revived, 30,066 Automatic Milk Collection Unit have been installed and about 82 dairy plants have been strengthened with creation of 24.00 lakh litres per day additional/new milk processing capacity under the scheme.  Source:  fnbnews.com
15 Dec, 2023 India Temporarily Lifts Yellow Pea Import Restrictions, Duties. The Indian Government has announced that yellow peas (HS code 0713.10.10) will be exempt from import duties until the 31 March 2024. The minimum import price and port restrictions on yellow peas have also been temporarily removed until 31 March 2024, facilitating trade. India is a major producer and consumer of pulses and imports help to meet a portion of its consumption needs. Peas were excluded from the Australia-India Comprehensive Economic Cooperation and Trade Agreement (AI-ECTA) and attract a most-favoured-nation tariff rate of 50% outside of this temporary measure.   Australia is an established exporter of peas, and in 2022 was the fifth largest exporter of peas globally. In 2022-23, Australia exported $77 million worth of dried peas to over 22 different markets around the globe (Figure 1). Australia's main markets were China (52%), Sri Lanka (12%), Bangladesh (12%), and Malaysia (9%).   The Indian Government announces changes to trade through their eGazette website. The gazette announcing the temporary reduction of duties for yellow peas was released on December 7th, 2023, under Gazette ID CG-DL-E-07122023-250479. A second gazette announcing the amended import policy for yellow peas was released on December 8th, 2023, under ID CG-DL-E-08122023-250508.   Austrade has more information about Doing business in India  Source:  miragenews.com
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