• India’s overall exports (Merchandise and Services combined) in August 2023* is estimated to be USD 60.87 Billion, exhibiting a negative growth of (-) 4.17 per cent over August 2022. Overall imports in August 2023* is estimated to be USD 72.50 Billion, exhibiting a negative growth of (-) 5.97 per cent over August 2022.

Table 1: Trade during August 2023*

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

Fig 1: Overall Trade during August 2023*

• India’s overall exports (Merchandise and Services combined) in April-August 2023 is estimated to exhibit a negative growth of (-) 5.22 per cent over April-August 2022. Overall imports in April-August 2023 is estimated to exhibit a negative growth of (-) 10.35 per cent over April-August 2022.

Table 2: Trade during April-August 2023*

		April-August 2023 (USD Billion)	April-August 2022  (USD Billion)
Merchandise	Exports	172.95	196.33
	Imports	271.83	309.19
Services*	Exports	pib.gov.in
	18 Sep, 2023 Impasse over dispute settlement system likely to end: WTO deputy director-general Angela Ellard. World Trade Organization (WTO) deputy director-general Angela Ellard said negotiations are on to resolve the impasse about the dispute settlement system, to make it fully functional and accessible to all by 2024. She also said WTO's dispute settlement mechanism 'created a path' for India and the US to mutually resolve their disputes.   'The resolution of the US-India disputes is a very welcome development. I think the dispute settlement mechanism here in the WTO created a path for that resolution,' she said, adding that these are all examples of how having a dispute settlement system helps members resolve their conflicts.   The US and India have agreed to resolve their seven outstanding disputes at the WTO. These related to poultry imports from the US, countervailing measures on certain hot-rolled carbon steel flat products from India, certain measures related to solar cells and modules, measures related to the renewable energy sector, India's export-related measures, certain measures on steel and aluminium products and additional duties on some products from the US.   On the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), which is an alternative system to resolve WTO disputes, she said: 'It's my observation that members haven't said that we have the MPIA, so we don't need to worry about reforming the system.'   Her statement assumes significance as WTO reform takes centre stage ahead of the 13th ministerial conference next year.   MPIA has 30-odd members at present. Indian officials have said it is the country's principled stand to not go to the MPIA. There is no Appellate Body Division available at present to deal with the appeals due to the ongoing lack of agreement among WTO members on the filling up of vacancies in the body. Hence, all appeals are considered an 'appeal into the void'.   India has suggested 34 operational changes to the WTO, such as putting in place a 12-month cooling-off period before hiring any ambassador to the WTO in any roles in the organisation, resolving old issues before adding new ones, and a time-bound work programme to make dispute settlement more accessible for the developing countries.   'With respect to reform more broadly, it covers a variety of issues. It includes processes and procedures...but in addition to the procedural issues, there is also a big discussion about what the WTO should be doing on some substantive issues that are the most compelling issues of our time,' Ellard said.  Source:  economictimes.indiatimes.com
18 Sep, 2023 Basic customs duties on 8 US products will continue; only retaliatory tax removed. The basic customs duties and other levies will continue on eight products, including apple and walnut from the US as well as other countries, a senior government official said on Friday. Additional Secretary in the Department of Commerce Peeyush Kumar said that India has imposed retaliatory customs duties on 28 American products in 2019 against US measure to imposes duties on certain steel and aluminium products.   He added that India has withdrawn only retaliatory duty on these eight products -- chickpeas, lentils, almonds, walnut, apple, boric acid, diagnostic reagents -- in 2023 and its value of imports into India from the US stood at USD 1.08 billion in 2022-23.   In return, India has gained market access for indefinite period into the US through commitments for granting approval to 70 per cent and 80 per cent of exclusion requests, respectively, for Indian steel and aluminum products.   Total volume approved is 3.36 lakh MT (metric tones) and its total value is USD 1.01 billion, Kumar told reporters here.   'The existing BCD (basic customs duty) rates for all the 8 products along with applicable surcharge, cess, IGST, etc. prevails for these imports from all the countries including the US,' he said.   In addition, he said, Indian apples would be shielded against dumping of low quality and predatory pricing through the Minimum Import Price (MIP) of Rs 50 per kilogramme for imports from all countries except Bhutan.   The retaliatory duties removed are 10 per cent on chickpeas, 20 per cent on lentils, Rs 7-20 per kg on almonds,; and 20 per cent each on walnuts, apple, boric acid, and diagnostic reagents.   The BCD on these goods are 60 per cent on chickpeas, 30 per cent on lentils, Rs 35-100 per kg on almonds, Rs 100 per cent on walnut; 50 per cent each on apples, 7.5 per cent on boric acid, and 10 per cent on diagnostic reagents.    Source:  economictimes.indiatimes.com
18 Sep, 2023 Assam signs MoU with QCI to improve food safety ecosystem. The Assam Government and Quality Council of India (QCI) have signed a Memorandum of Understanding (MoU) to improve the food safety ecosystem in the state.   According to reports, the MoU aims to create quality infrastructure through conformity assessment framework based on training and capacity building of stakeholders.   According to the state officials, the MoU marks an important milestone towards achieving excellence in quality in food safety of food products in the state. The MoU will help in quality certification, accreditation, and training which will ensure quality products and services for the consumers along with development of food safety related infrastructure in the state of Assam.   The QCI in a statement added that it will work with the Assam Government to nurture a quality culture in the state which will help in developing the accreditation system and even advising the state government and other stakeholders on matters related to quality in the food safety ecosystem.  Source:  fnbnews.com
18 Sep, 2023 India exporting wheat, rice to needy countries for their food security. India is exporting wheat and rice to food insecure, vulnerable and neighbouring countries on their request to meet their demands, a senior government official said on Friday. In general, there is a ban on the export of wheat, broken rice and non-basmati white rice.   Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said India has allowed exports of 3 lakh tonnes of wheat to Nepal on July 21 and 14,184 tonnes to Bhutan.   Similarly, the government has permitted the export of broken rice to Senegal (5 lakh tonnes), Gambia (5 lakh tonnes), Indonesia (2 lakh tonnes), Mali (1 lakh tonnes), and Bhutan (48,804 tonnes).   On September 9 last year, the government banned the export of broken rice to check rising retail prices and boost domestic supply.   On July 20, it banned exports of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season.   The wheat export was banned in May.  Source:  economictimes.indiatimes.com
18 Sep, 2023 Govt launches unified portal for agri-statistics to provide credible data on agri sector. The government on Friday launched an unified portal for agri-statistics (UPAg) that will empower stakeholders to access credible and objective data for taking informed decisions. The UPAg, developed by the Ministry of Agriculture, is a crucial component of digital public infrastructure for agriculture.   The portal aims to address the data related governance challenges such as lack of standardised and verified data, which make it difficult for policymakers, researchers, and stakeholders to make informed decisions.   After launching the portal, think tank Niti Aayog member Ramesh Chand said it is a groundbreaking move to address the complex governance challenges facing Indian agriculture.   'This innovative platform, designed to streamline and enhance data management in the agricultural domain, marks a significant step towards a more efficient and responsive agricultural policy framework,' he said in a statement.   He also stated that higher the objectivity of data, lower is the scope of judgment in policy making, which translated into stable, transparent and informed decisions.   Stating that the portal should ensure data credibility, Chand said a research suggests that one US dollar invested in data generated USD 32 impact.   Agriculture Secretary Manoj Ahuja said UPAg Portal was being envisaged as a public good wherein users will benefit by reduced search costs and access to credible, granular and objective data.   The UPAg portal will have key features such as 'data standardisation', 'data analysis', 'granular production estimates', 'commodity profile reports', and 'plug and play'.   The portal will standardise data on prices, production, area, yield, and trade, making it accessible in one location, eliminating the need to compile data from multiple sources.   It will perform advanced analytics, offering insights such as production trends, trade correlations, and consumption patterns, aiding policymakers in making informed decisions.   The portal will generate granular production estimates with increased frequency, enhancing the government's ability to respond to agricultural crises swiftly.   It will also produce commodity profile reports using algorithms, minimizing subjectivity and providing users with comprehensive insights.   That apart, users will have the flexibility to use the portal's data to prepare their own reports, promoting data-driven decision-making, the statement said.   According to the ministry, this initiative aligns with the principles of e-governance, bringing smartness, transparency, and agility to India's agriculture sector.    Source:  economictimes.indiatimes.com
18 Sep, 2023 India-UK FTA talks: Good progress on rules of origin, bilateral investment treaty. The talks on the proposed free trade agreement between India and the UK are moving and there is 'good progress' on issues such as rules of origin and bilateral investment treaty (BIT), a senior official said on Friday.   These were few of the issues where there were differences between the two sides.   'Many things are moving very fast. Like rules of origin and bilateral investment treaty, there is a good progress. Negotiations are happening... Towards the end of the deal, it is the difficult issues which are to be closed and therefore it requires more time and more deliberations,' Commerce Secretary Sunil Barthwal told reporters here.   He said that mobility is also one of the subjects which is being negotiated.   The 'rules of origin' provision prescribe that minimal processing should happen in the FTA country so that the final manufactured product may be referred as goods originating in that country.   Under this provision, a country that has inked an FTA with India cannot dump goods from some third country in the Indian market by just putting a label on it. It has to undertake a prescribed value addition in that product to export to India. Rules of origin norms help contain dumping of goods.   Investment treaty is being negotiated as a separate agreement between India and the UK.   These investment treaties help in promoting and protecting investments in each other's country. The main point of contention involved in this pact is about the mechanism for the settlement of disputes.   So far 12 rounds of talks are completed and the 13th round will start from September 18.   On the India-EU (European Union) trade pact, the ministry said that so far 5 round of talks are concluded and the sixth round will take place during October 16 -20 in Brussels.   The two regions are also discussing EU's carbon tax issue in the Trade and Technology Council (TTC).   On the progress of talks on India-Australia Comprehensive Economic Cooperation Agreement (CECA), an official said that 'significant' progress is there on issues like government procurement, rules of origin, sports, innovation, labour, environment, and traditional knowledge.   The official said that the 6th round of talks are expected to conclude soon and the next round will start from next month.   Further, the ministry said that legal scrubbing is in the process of supply chain resilience agreement under the Indo-Pacific Economic Framework (IPEF).   The process for domestic approval of this agreement is also underway. The Indian team is in Thailand for discussions on clean economy and fair economy agreements of the IPEF.   The secretary also informed that the ministry will be organising a regulatory dialogue in November.   Experts from both domestic and international organisations would participate in that.   The ministry is in touch with Bureau of Indian Standards (BIS) and FSSAI for the meet.   Regulatory bodies from G20 countries will be called for this dialogue. The meeting would assume significance as regulatory issues like standards, certification, inspection of testing labs have implications on exports.  Source:  economictimes.indiatimes.com
15 Sep, 2023 Onions, garlic and more imported from Afghanistan through ICP at Attari-Wagah border. Onions and garlic are being imported this season from Afghanistan through the Integrated Check-Post (ICP) at the Attari-Wagah border after a few years and not only that the import of dry fruits from the war-torn country has doubled but their prices remain higher side as the festival season in the country has started.   Sources at that ICP said that after two to three years, one to two truckloads of onions have been coming for the last three days and each truck is carrying between 20 to 40 tons. Not only that, ten to fifteen trucks of garlic are coming daily.   The import of both onion and garlic to India was restarted because these crops were damaged this season due to untimely rain and hailstorms resulting in a price surge.  Source:  freshplaza.com
15 Sep, 2023 Bangladesh: Traders want to import eggs, meat. They recently applied to the Ministry of Commerce seeking permission to import these products.  Importing companies say if they bring this product, the price will decrease in the market.   As the production of meat and eggs has increased in the country, the prices have also increased accordingly. Farmers and traders demanded that the price of the products be fixed, but it is not working.   According to the application submitted to the ministry, 'The price of beef and protein has increased due to the increase in the price of cow feed and syndicates of dishonest traders. If this situation continues, buying beef will be beyond the reach of the common people of the country.'   Even two years ago, beef was sold at Tk 500 per kg, now the price is Tk 700-800. The country is producing 8.44 million tonnes of meat annually, which is insufficient compared to the demand.   The price of beef is gradually increasing. If this continues, the people of the country will have to buy beef for Tk 1000 per kg. Therefore, to control the market price and keep the product price under control, beef and buffalo meat must be imported, the application reads.   Taking these matters into consideration, Ripa Enterprise, an importing company wants permission to import 2,000 tons of beef and buffalo meat.   The supply of eggs in the country is insufficient compared to the demand. Although the country has a daily demand of 4.5 crore pieces of eggs, now the production is 2 crore pieces, according to another application to the ministry.    As a result, the shortage is 2.5 crore pieces per day, 75 crore pieces per month, and 27,375 crore pieces of eggs per year. Importer Tiger Trading says the production is grossly insufficient to meet the country's overall nutritional needs.   The recent rise in egg prices has put consumers under financial stress and a nutritional crisis. In this situation, Tiger Trading has asked for permission to import 100 million pieces of eggs annually in limited form, the application reads.   Earlier, in November 2022, a total of six importing companies, including Tiger Trading and Ripa Enterprises, applied to the Ministry of Commerce for permission to import 51 crore eggs citing the country's egg shortage and high prices.   Fisheries and Livestock Minister SM Rezaul Karim said in this regard. 'Market management is responsible for increasing the price of beef and eggs. Even after meeting the country's needs, there are still enough surpluses.   For this, the government has planned to export. Various facilities are being provided for farm expansion to increase production in the country. A new Dairy Development Board is being set up. So, there is no situation to import meat and eggs.'   Commerce Secretary Tapan Kanti Ghosh spoke at an event in favour of importing beef from abroad on August 25. However, beef is not being imported to protect domestic producers, he said.   If beef is imported from Brazil-Argentina, consumers will get the beef at Tk 350 to Tk 400 per kg. Now they have to buy this meat for Tk 800, he added.   Experts say marginal farmers will be the most affected. In addition to collapsing the rural economy, public health will be threatened. For this, they demanded to determine the reasonable price of the two products.   In 2015, the Indian government took a strict stance on the entry of cattle from India to Bangladesh. Since then, it has become possible to meet the demand of the country's farmers and farmers for Eid sacrifice with cows.   Farmers are still bearing the burden of losses as there are 24 lakh 94 thousand 521 sacrificing animals that remained unsold in the last Eid-ul-Adha.   According to the data of the Bangladesh Dairy Farmers Association and Department of Livestock (DLS), Bangladesh boasts approximately 1.2 million farms, providing employment opportunities for a staggering 9.4 million individuals.   According to DLS 2023 data, meat production was around 9 lakh tonnes in 2001-02, followed by around 93 lakh tonnes in 2021-22. Meat production has increased by about 156 per cent in 10 years.   An 8.44 million tonnes of meat is being produced against the demand of 7.4 million tonnes. As a result, meat import was imposed last year. Not only that, an initiative has also been taken to export meat from the Ministry of Fisheries and Livestock.   According to the data of Chattogram Custom House, the import of boneless frozen bovine meat was 974 metric tonnes in 2022-23. The import value of these products is Tk 44 crore.   In the previous fiscal year (2021-22), this product was imported at a cost of Tk 577 of 13,206 tonnes. That is, 12232 metric tonnes or 93 per cent less imported frozen boneless bovine meat has been imported in one year.   Mentionable, frozen meat is imported from India, Thailand, Korea, Australia, United Arab Emirates, Vietnam, Malaysia and Japan through Chattogram Sea Port.   Insiders say unable to import raw meat, now processed meat packets are being brought and sold to restaurants. Processed meat from India is regularly cooked in hotels and restaurants in the capital Dhaka.   The country produces 6.38 crore eggs per day while 2,335 million pieces per annum.   This figure encompasses all types of eggs, including poultry quail and pigeon.   The per capita availability of commercially produced eggs is 100-104 pieces. At present, daily about 4-4.5 crore pieces of poultry eggs are produced commercially, according to Bangladesh Poultry Industries Central Council.  Source:  businesspostbd.com
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