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17 Oct, 2023 News Image

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

17 Oct, 2023 News Image

Bangladesh: Imported eggs to arrive in country by this week: Commerce minister.

The first consignment of the imported eggs will arrive in the country within the next three to four days, Commerce Minister Tipu Munshi said.

Munshi said this after inaugurating the sale operations of TCB's commodities at subsidised rate among one crore family card holders through programme at the ward councilor's office near to Dhanmondi Lake in the capital on Sunday.

Earlier in two phases, the government gave permission to import some 10 crore pieces of eggs.

Considering the situation, the government has given approval to 15 companies to import 15 crore pieces of eggs and of them, seven companies have already opened up LCs so far, said the minister.

The government on September 14 fixed the prices of potatoes, onions and eggs in the wake of the exorbitant price hike of these daily necessary commodities in the local market.

According to the rate, per kilogram of potato was supposed to be sold at Tk 35 to Tk 36, per piece of egg at Tk 12 respectively. But, even after a month, the government fixed price has not yet been implemented in the market across the country.

Responding to a query whether the potato import will be allowed, he said the government has not yet given any permission to import potatoes though the government fixed price is ignored in the market.

'We have adequate stock of potatoes. We are monitoring the market spontaneously. If the price does not come down, we will take a decision through discussion with the agriculture minister,' he said.

Source: daily-sun.com

17 Oct, 2023 News Image

Indonesian: Agriculture Ministry has issued 200 recommendations for garlic imports.

Indonesia's Ministry of Agriculture disclosed on Sunday that its Directorate General of Horticulture has issued at least 200 recommendations for garlic imports with a total volume of 1.1 million tons.

'Well, it is not just for several importers. I convey that the authority for licensing garlic imports belongs to Trade Ministry,' Director General of Horticulture Prihasto Setyanto said.

After the Agriculture Ministry issued recommendations for importing the horticultural products or RIPH, ?importers then submit Import Approval (PI) applications to the Trade Ministry,' he said in a statement released in Jakarta on Sunday.

Setyanto explained that business people must apply for the RIPH (garlic) online through what is called the balance of commodity national system or SINAS NK.

Applying through the SINAS NK which is integrated with the RIPH System has been mandated by the Minister of Agriculture Regulation Number 39 of 2019. If an application meets all administrative and technical requirements, a RIPH will be issued.

Setyanto further said the RIPH is a technical recommendation stipulating that the horticultural products that will be imported meet requirements for quality assurance and safety for consumption. It also applies the principles of good traceability and safety standards for fresh food of plant origin.

'The RIPH is one of the required conditions that business people meet for importing horticultural products,' he stressed.

As for the 2024 RIPH application, the business actors may apply for the RIPH (garlic) according to their compliance in carrying out the mandatory planting and production of garlic as regulated in the Minister of Agriculture Regulation 39/2019, he said.

If a company has met its obligations, the Ministry of Agriculture cq. Directorate General of Horticulture will issue a payment confirmation letter (SKL).

Thus, for companies that have implemented mandatory planting and production of garlic with the issuance of one SKL and no other planting obligations have been completed, they can apply for RIPH in 2024 for up to 4,000 tons. For those having two SKL, they may apply for 5,000 tons.

To date, there have been more than 100 companies that have implemented the mandatory planting and production of garlic according to existing regulations. The ministry has also prepared various monitoring instruments for compliance in collaboration with the Food Task Force.

Acting Minister of Agriculture Arief Prasetyo Adi has earlier emphasized that his ministry is currently instilling an anti-corruption spirit and a spirit of upholding integrity in its ranks.

The spirit is shown by preparing a quick wins program within the next three months, including very fast initiative steps to reform the bureaucracy, especially those related to eradicating corruption, collusion and nepotism (KKN), including through the issuance of a transparent RIPH according to the rules of the game for all garlic importers.

'I believe that the Ministry of Agriculture after this will be a dignified Ministry of Agriculture, a Ministry of Agriculture that can be proud of and a Ministry of Agriculture that can be an example for other Ministries,' he explained.

Source: en.antaranews.com

17 Oct, 2023 News Image

As rice procurement begins, Govt buys 6% more till Oct 15.

Rice procurement has started with a bang in the first fortnight of the kharif marketing season that began on October 1. Total purchases have registered a 6 per cent growth, which experts have attributed to the early start to harvest this year.

According to official data, rice procurement was 37.58 lakh tonnes (lt) as of October 15, up 5.9 per cent from 35.48 lt a year ago. The government has set a target to procure 521.27 lt from the kharif-grown crop. During 2022-23 (October-September), the total rice procurement was 569.4 lt from kharif and rabi crops.

Procurement in Haryana began from September 25 and in Tamil Nadu from September 1, while it commenced from October 1 in Punjab and west Uttar Pradesh. The purchase in east Uttar Pradesh will start from November 1 as the harvest starts late there.

Good start in UP

Punjab, which is one of the top rice contributors to the Central Pool stock, has purchased 13.2 lt until October 15, which is 4 per cent up from a year ago and Haryana got 22.2 lt, which is 15.6 per cent more. But the purchase in Tamil Nadu has slipped by 44.6 per cent to 1.92 lt as its paddy crop has been affected by lack of irrigation.

Uttar Pradesh has seen a good start as procurement of rice has reached 6,844 tonnes against 488 tonnes in the corresponding period a year ago.

The Centre aims to buy 122 lt from Punjab, 40 lt from Haryana, 44 lt from Uttar Pradesh and 15 lt from Tamil Nadu from kharif season’s rice.

The government has already extended the validity of the 20 per cent export duty on parboiled rice until March 31, 2024, while the ban on white rice continues. The Agriculture Ministry is yet to release the crop estimate of the kharif season, fuelling speculation of a drop in production after the highest rainfall deficit of 36 per cent since 1901 witnessed in August. The paddy acreage this kharif season, however, was 2 per cent higher at 411.96 lakh hectares (lh) against 404.27 lh last year.

Source: www.thehindubusinessline.com

17 Oct, 2023 News Image

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

17 Oct, 2023 News Image

Govt approves 1.34 MT of non-basmati white rice exports to seven Asian & African countries.

The government has approved exports of 1.34 million tonne (MT) of non-basmati white rice to seven countries from Asia and Africa including Philippines, Malaysia, Cameroon, Ivory Coast and Nepal through National Cooperative Export Ltd (NCEL).

The food ministry following a meeting of the inter-ministerial committee on review of prices and availability of essential commodities on Friday recommended exports of white rice to the commerce ministry.

A formal notification by the Directorate General of Foreign Trade is expected shortly.

On July 20, while the government banned shipment of white rice to boost domestic supplies, the exports are allowed to meet the food security needs of the developing countries through a government to government (G2G) route.

The volume of non-basmati rice exports approved to countries – Philippines (0.29 MT), Cameroon (0.19 MT), Malaysia (0.17 MT), Ivory Coast (0.14 MT), republic of Guinea (0.14 MT), Nepal (95,000 tonne) and Seychelles (800 tonne).

Last month, the government approved exports of 75,000 tone of non-basmati rice to the United Arab Emirates through NCEL.

In August, the government approved exports of 0.14 MT of white rice to Bhutan (79,000 tonne), Singapore (50,000 tonne) and Mauritius (14000 tonne) through the NCEL.

Philippine, one of the world’s largest rice importers and usually source grain from neighbouring Vietnam, in July had envisaged interest in sourcing white rice from India.

A senior food ministry official told FE that the government is monitoring the rice harvest for the current kharif season and a decision to ease export relaxation on the varieties of rice would be considered only by next year.

Meanwhile, the government on Friday extended the 20% export duty on parboiled rice till March 31, 2024. The duty on shipment of parboiled rice was initially announced in August.

The extension of export duty on parboiled rice is aimed at improving domestic supplies and discouraging shipment.

In 2022-23, India exported nearly 7.5 MT of parboiled rice mostly to sub-Saharan Africa.

In September 2022, India had banned broken rice exports.

Retail rice prices rose by 11.9% in September, a marginally lower from the previous month. Rice inflation has been rising in double digits since the beginning of the year.

The Food Corporation of India is aiming to sell 2.5 MT of rice by the end of the year from its surplus stock in the open market to cool down the prices. The series of measures to restrict rice exports aimed at improving domestic supplies.

India has been the world’s largest exporter of rice over the last decade with more than 40% share in annual global rice trade of 55 MT.

In FY23, India exported a record 17.78 MT of non-basmati rice worth of $ 6.35 billion.

During the April-August period of the current fiscal, the country has exported 6.45 MT of non-basmati rice, a decline of 15% from the same period previous fiscal.

According to the US department of agriculture forecast in September, India rice exports is projected to decline to 17.5 MT in the current fiscal from a record 22 MT in FY23 mainly because of restriction in exports and lower production prospects.

Source: financialexpress.com

17 Oct, 2023 News Image

Hafed procures four times more millet in Haryana than last year.

Hafed, a government agency has so far procured over four times more bajra produce across the state than last year at commercial rates of Rs 2,200 to Rs 2,250 per quintal while over 22 per cent procured produce is yet to be lifted from various grain markets in the state.

'A total of 3.31 lakh MT bajra (millet) has been purchased from various grain markets across the state till Sunday while a total of 80,382 MT bajra was procured by Hafed in the state in 2022. The figure will increase further in the coming days as the procurement process is still underway,' said Rajnish Sharma, Chief General Manager, Hafed.

Sharma said so far, 78 per cent of the procured bajra had been lifted from the grain markets across the state while the district authorities had been directed to ensure speedy lifting of the remaining produce so that the payment could be released to the farmers in due time.

'The procurement and the lifting is being done regularly in all districts. Even the farmers are getting the payment in due time. Initially, the bajra was procured at Rs 2,200 per quintal, but it is being purchased at Rs 2,250 per quintal since October 5,' said the Chief General Manager.

Bajra is mainly sown in eight districts — Mahendragarh, Rewari, Bhiwani, Charkhi Dadri, Jhajjar, Rohtak, Gurugram and Nuh — of South Haryana. As per information, a total of over 73,000 MT bajra in Mahendragarh, 72,496 MT in Rewari, 34,590 MT in Jhajjar and 6,668 MT bajra has been procured in Rohtak district so far.

Anoop Kumar, District Manager, Hafed, said nearly 27,377 MT bajra in Jhajjar and 6,445 MT in Rohtak had been lifted so far while the remaining produce would also be lifted soon.

Source: tribuneindia.com

17 Oct, 2023 News Image

Agricultural exports continue to grow during April -September 2023: Spices (1.35%), Fruits & Vegetables (10.67%), Cereal preparations & miscellaneous processed items (1.89%), Oil Meals (41.16%), Tobacco (7.6%), Oil seeds (23.47%), Coffee (3.43%), Cashew (0.31%).

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*

		September 2023 (USD Billion)	September 2022 (USD Billion)
Merchandise	Exports	34.47	35.39
Merchandise	Imports	53.84	63.37
Services*	Exports	29.37	29.22
Services*	Imports	14.91	16.27
Overall Trade (Merchandise +Services) *	Exports	63.84	64.61
	Imports	68.75	79.64
	Trade Balance	-4.92	-15.03

* 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
Merchandise	Imports	326.98	372.56
pib.gov.in
pib.gov.in	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
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