Onion prices fall by 15% due to lack of export demand
India lifted export ban on onions, impacting domestic and international markets. Exporters face limited demand with Indian onions more expensive than Pakistani onions due to $550 per tonne minimum export price. Overseas buyers stocked Pakistani onions, leading to a crash in prices. Key Points
Economic TimesGovt: No basmati export below $1,200/tonne
Govt: No basmati export below... Key Points
The Tribune IndiaCentral regulator to now give NOC for export of new, unapproved medicines after safety concerns
India’s exports of pharmaceuticals during 2022-23 was valued at $25.4 billion with a growth of almost 3.25 percent over the previous financial year, according to Pharmexcil. Key Points
ThePrintGovt: No basmati export below $1,200/tonne
Govt: No basmati export below... Key Points
The Tribune IndiaIndia extends ban on onion exports until further orders
New Delhi [India], March 23 (ANI): The government has extended the ban on the export of onions until further orders, according to the Ministry of Commerce and Industry. Earlier, the export of onions was prohibited till March 31, 2024. Show Full Article The Directorate General of Foreign Trade (DGFT), a branch of the ministry responsible […] Key Points
ThePrint
India extends onion export ban till further orders
India exported onions worth $431.78 million in April-January FY24 with $187.5 million shipped to Bangladesh and $48.12 million to Sri Lanka. In December last year, the government prohibited the export of onions till March 31, 2024 but allowed their shipments based on permission granted by the central government to other countries on the request of other countries. Key Points
Economic TimesGovt to buy 1,650 tonnes of onions from traders for Bangladesh
This will be the first official export of the key kitchen staple from India in more than three months since the country banned its export from December 8 to March 31. In March first week, the Centre allowed export of 64,400 tonnes of onions to countries from which it had received requests through diplomatic channels, government officials said at the time. Key Points
Economic TimesOnion exporters seek ‘fair and equitable’ distribution of export quota
Exporters have requested fair distribution of the onion export quota amid confusion caused by conflicting statements from political leaders and senior government officials. The ban on exports remains, but a limited quota has been allowed to Bhutan, Bahrain, Bangladesh, and Mauritius. Key Points
Economic TimesAhead of Eid, India relaxes ban to export 50,000 tonnes of onions to Bangladesh
India imposed a ban on onion exports last December amid concerns over domestic production shortfall caused by irregular rainfall, pushing prices up. The ban is in place until the end of the ongoing financial year. Key Points
mintGovt: No basmati export below $1,200/tonne
Govt: No basmati export below... Key Points
The Tribune India
Exports from Kolkata port may be hit due to soaring freight rate, rice ban, geopolitical turmoil
Exports from Kolkata port, a key gateway to eastern India, are facing challenges such as geopolitical tensions, a government-imposed rice export ban, and soaring ocean freight costs. Key export items like engineering goods, shrimp, and rice have been impacted. Freight charges, especially for West Coast destinations, have surged by 30-50% since December 2023 due to the conflict in the Red Sea, leading to rerouting of vessels. Key Points
Economic TimesAgri-commodities exports decline to 17.93 lakh tonnes in Sept: APEDA
The export of agri-commodities, including basmati rice, decreased to 17.93 lakh tonnes in September compared to 27.94 lakh tonnes in August, according to APEDA. Exports of farm items fell to nearly 18 lakh tonnes due to restrictions on rice varieties. The total export of agri-commodities in April-September was 172.27 lakh tonnes. Key Points
Economic TimesNew FTAs, lower cost of power and logistics to help boost exports: PHDCCI report
The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports, it said. Key Points
Economic TimesComm min expects to issue 20,000 status holder certificates to exporters this year: DGFT
The DGFT Regional Offices are supposed to issue the certificate in three days. Under the new arrangement, no applications are invited from exporters, and the certification is granted every year in August based on annual export figures available with the partner government agency - DGCIS. Key Points
Economic TimesNvidia may be forced to shift out of some countries after new US export curbs
Nvidia (NVDA.O) said it may be forced to move some business operations out of countries that are in the purview of U.S. export curbs after the Biden administration on Tuesday expanded its restrictions on export of certain high-end technology. Key Points
Reuters
Exporter status certificates to be issued based on available electronic data: Commerce Ministry
These certificates provide certain privileges, including simplified procedures under foreign trade policy (FTP) and priority custom clearances on a self-declaration basis, exemption from compulsory negotiation of documents through banks, and exemption from filing bank guarantees for FTP schemes. Upon achieving prescribed export performance, status recognition as one, two, three, four and five-star export houses is accorded to the eligible applicants as per their export performance. Key Points
Economic TimesCentre increases windfall tax on crude to Rs 4250 per tonne
It has also increased duty on export of diesel to Rs one per litre from Nil. The new rates will be effective August 1. export duty on petrol and export duty for Aviation Turbine Fuel (ATF). will continue to be nil. Key Points
Economic Times‘Harmful globally’: IMF encourages India to remove export ban on non-basmati rice
The IMF has urged India to lift export restrictions on non-basmati rice, warning that such measures could increase food price volatility globally. The Indian government recently banned the export of non-basmati white rice. Key Points
mintTamil Nadu tops NITI Aayog's export Preparedness Index 2022
Haryana (63.65) topped the chart among the landlocked regions. It was followed by Telangana, Uttar Pradesh, Punjab, Madhya Pradesh and Rajasthan Key Points
mintSamunnati facilitates farm gate procurement to direct export of 275 MT of seedless grapes to Netherlands
Agricultural enterprise Samunnati has facilitated farm gate procurement to direct export of 275 MT of Thomson seedless grapes to Netherlands for the grapes season 2023. To ensure a seamless value chain, Samunnati facilitated farm gate procurement, end-to-end primary processing, cold storage, packaging, and certification, all the way up to the export stage. Key Points
Economic Times
Chinese technicians, engineers may get faster visas for work
There are some sectors which require technicians to come to set up plants here and that's a good idea as it will benefit our manufacturing and exports. We will raise it with the external affairs ministry, said an official, who did not wish to be identified. Exporters have raised the issue of delay in visas to Chinese technicians, which is affecting companies such as those making non-leather footwear and sports shoes in commencing their operations. Key Points
Economic Timesexport Invoice Under GST: What is export invoice, documents needed, how to create it, more; see details
GST export Invoice Online: In the case of the export of goods, the invoice is to be raised at the time of removal of goods for delivery or before that. In the case of service exports, the invoice can be issued before or after the services have been offered. Key Points
FinancialexpressIndia, US discuss export control on dual use items
Ahead of the first meeting of the US-India Strategic Trade Dialogue (USISTD) next month, India and the US on Friday discussed export control issues related to items of dual use. Dual-use goods can be used for both civilian military applications. Key Points
Economic TimesCases under probe for fraud, misdeclaration of material not to be covered under FTP's amnesty scheme
The government announced the new FTP on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG authorisations. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorizations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted. Key Points
Economic TimesIndian MSMEs’ bottomlines hit by volatile commodity prices, exports face headwinds: CRISIL
The profitability of Indian MSMEs was impacted by volatile commodity prices in the previous financial year that ended March 31, leading to credit rating downgrades, rating agency CRISIL said. Raising concerns for the export-oriented sectors, CRISIL said it expects this year's export to grow at around 2-4% compared to its estimation of 5-7% growth last year. Key Points
Economic Times
Government to identify 100 districts to develop as export hubs: DGFT
Our idea is to involve more youngsters at the district level (like collectors) so that they see the initiative to boost export as a core function, and not a peripheral function, Sarangi said. The phase one of the plan will cover 75-100 districts, which could go up in the next leg. Key Points
Economic TimesIndia ready to trade in INR with countries facing currency crises, says Commerce Secy Sunil Barthwal
Barthwal said that the government is focusing on strengthening the rupee payment system. The commerce ministry has made changes in the FTP to allow international trade settlement in Indian Rupee with a view to making INR a global currency. Key Points
Economic TimesMultilateral tools key for semi conductor export controls, say US think tanks
In March, India and the US launched a “strategic trade dialogue” to address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries. The two also inked a Memorandum of Understanding to establish a semiconductor supply chain and an innovation partnership. Key Points
Economic TimesCentre slashes windfall tax on crude oil production to Rs 3,500 per tonne
It also marginally increased export duty on diesel to Rs one per litre from Rs 0.50 while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21. Key Points
Economic TimesWindfall tax hiked marginally to Rs 4400, export duty on ATF scrapped
Exports of petrol will continue to attract nil duly. The new rates will be applicable from March 4. India imposed windfall profit taxes on July 1, 2022, by imposing export duties of ₹6 per litre on petrol and ATF and ₹13 a litre on diesel. Key Points
Economic Times
India slashes windfall tax on crude oil production to Rs 3,500 per tonne
It also marginally increased export duty on diesel to Rs one per litre from Rs 0.50 while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21. Key Points
Economic TimesIndia should target $350 billion exports through e-commerce by 2030: GTRI
GTRI has identified 21 action points for accelerating the country's exports through online medium. India's current e-commerce export numbers remain far below their potential. Currently, e-commerce exports account for only USD 2 billion, less than 0.5 per cent of the country's total goods export basket. Key Points
FinancialexpressGovt relaxes export norms for dual-use telecom equipment, information security software
The government has issued a new policy for the export of certain telecom and information security-related items. Under this policy, one-time bulk licenses will be granted for these items under the SCOMET category. Exporters will need to apply for a license through the online SCOMET portal and follow the prescribed format. The policy aims to simplify and liberalize the export process for these items, with licenses valid for three years. Key Points
Economic TimesGovt exempts rice exports to some European nations from inspection certificate for 6 more months
India deferred the mandatory requirement of a certificate of inspection by export inspection agencies for shipping both basmati and non-basmati rice to certain European countries by six more months. EIC is the official export certification body of India which ensures quality and safety of products exported from India. Key Points
Economic TimesRice exports to certain European nations exempted from inspection certificate for another 6 months
New Delhi, Dec 12 (PTI) India on Tuesday deferred the mandatory requirement of a certificate of inspection by export inspection agencies for shipping both basmati and non-basmati rice to certain European countries by six more months. Earlier on May 29, 2023, the Directorate General of Foreign Trade (DGFT) has announced the move for six months. […] Key Points
ThePrint
Traders flag slow labour-intensive exports' growth
Exporters in India have expressed concerns about the slow growth of labour-intensive exports such as garments, gems and jewellery, marine products, and plastics compared to countries like Bangladesh, China, and Vietnam. The Federation of Indian export Organisations (FIEO) analyzed the sector-wise export performance over the past five years and found that India's market share in labour-intensive sectors has been declining. However, technology-driven sectors like machinery, auto components, electrical and electronics goods have seen a significant surge in global demand. Key Points
Economic TimesCentre imposes minimum export price of $800 per tonne on onions till December 31
The DGFT notification indicates that the export poicy change will go into effect starting Sunday, October 29. The notification also laid out exceptions to the new regulation, stating that onions designated for export and already handed over to Customs are exempt as well shipments for which export duty has been paid before the notification was sent out. Key Points
Economic TimesAlcoholic beverages, jam among 12 items to get export push
In 2022-23, processed food exports from India amounted to $10.6 billion, increasing at 22.4% compound annual growth rate in five years while the overall agricultural and food exports were around $53 billion, growing 6% year-on-year. India aims to increase agricultural exports to $100 billion by 2029-30 from around $53 billion now. Key Points
Economic TimesMaruti Suzuki gets set to triple overseas sales in 7 years
Maruti Suzuki, India's largest carmaker, plans to triple its overseas sales by 2030 and aims to become a global manufacturing hub for automobiles. The company intends to increase its share of new energy vehicles in its export basket and is optimistic about surpassing previous year's export volumes. Key Points
Economic TimesNear-extinct Kashmiri rugs find new lease of life
Kashmir’s centuries-old “namda” (wollen felt rug) craft is back from the brink of extinction. Powering the revival of the once dying art are more than 2,200 artisans from the Valley, mainly girls, who this week dispatched the first batch of an export consignment worth $1.5 lakh rec Key Points
The Tribune India
export credit access may become easier amid geopolitical tensions
The government is evaluating ways to enhance export competitiveness by examining the export credit landscape. Seeking insights from exporters, it aims to address challenges and improve access to financial resources crucial for international trade. With a focus on reducing the cost of export credit, officials are studying best practices from other countries. This initiative comes as India's goods exports declined in FY24, prompting exporters to seek longer-term funding amid global uncertainty. Key Points
Economic TimesOnion traders seek floor price for export duty
The onion trade has requested the government to introduce a floor price for calculating export duty on onions in order to ensure fairness among all stakeholders. Bans and restrictions on wheat, rice, and onion exports are causing revenue losses and inventory pileups for businesses. The government has imposed a 40% export duty on onions to control rising prices, but there is concern that certain ports and stakeholders may have an advantage. Key Points
Economic TimesOnion prices in India may stay high for at least a month
Onion prices are likely to stay high for around a month due to limited supplies, while exports remain strong after the removal of a 40% export duty, making overseas shipments more profitable amid global demand. The government introduced a minimum export price (MEP) to discourage exports, imposing $800 per tonne until December 31. Key Points
Economic TimesGerman drug regulator considering export ban on Ozempic
The head of German drug regulator BfArM is considering an export ban on Novo Nordisk's (NOVOb.CO) diabetes drug Ozempic, which is in high demand for its weight-loss benefits, to prevent a worsened supply shortage. Key Points
ReutersIndia permits white rice exports to Singapore, Bhutan, Mauritius
India has allowed the export of non-basmati white rice to Bhutan, Mauritius, and Singapore. The Directorate General of Foreign Trade has allocated export quotas for these countries, with 79,000 metric tons to Bhutan, 50,000 tons to Singapore, and 14,000 tons to Mauritius. Key Points
Economic Times
Commerce ministry authorises EPCMD to issue registration-cum-membership certificates for exporters
The Commerce Ministry has authorized the newly-established export Promotion Council for Medical Devices (EPCMD) to issue registration-cum-membership certificates for exporters of specific medical items. These items include bandages, first-aid boxes, hot water bottles, ice bags, gloves, surgical garments, syringes, and stethoscopes. A Registration-cum-Membership Certificate (RCMC) is required for exporters to avail benefits under the foreign trade policy, as well as customs and excise benefits. Key Points
Economic TimesIndia and US launch strategic trade dialogue
During the meeting, the two sides reviewed the relevant bilateral export control regulations with the objective of building and diversifying resilient supply chains for these strategic technologies. They reviewed ongoing cooperation in multilateral export control regimes and agreed to share the best practices. Key Points
Economic TimesPeeling off layer by layer: Regulating onion prices & its crash
Onion prices in the retail trade have fluctuated from ?90 per kg to ?20/kg during the last six months, while the wholesale prices have seen a high of Rs 55/kg and lows of Rs 5/kg during the same period. Shortage in India's last year's rabi crop, followed by erratic monsoon affecting the kharif crop and a robust export demand have been among the top causes for India's onion ongoing problem. During the last few days, the country saw onion prices increase by Rs 5/kg on reports that the central government had decided to lift the export ban, but have again fallen after consumer affairs secretary Rohit Kumar Singh issued a statement that the export ban would continue. Key Points
Economic TimesGovt extends 20% export tax on parboiled rice until further order
The Indian government has decided to extend the 20% export tax on parboiled rice beyond March 31, aiming to ensure sufficient local stock and stabilize domestic prices. This measure, initially imposed in August last year and later extended until March 31, 2024, will now continue indefinitely. Additionally, the duty-free import of yellow peas has also been prolonged, provided that the bill of landing is issued on or before April 30, 2024. Key Points
Economic TimesStartups find meat in millets, gear up to meet global demand
A 37.68% increase in exports to $57.14 million in five years to 2022-23, buckwheat, ragi, jawar, bajra, amaranth and canary seeds have found favour across the world. In the first six months of 2023-24, millet exports touched almost $30 million. In 2021, India was the top millet producer in the world with a 20% share of global production, followed by the US and Nigeria. Key Points
Economic Times
Commerce ministry panel reviewing guidelines for elections of EPCs, FIEO to submit report by month end
The commerce ministry's committee which is reviewing eligibility criteria for election of office bearers of export promotion councils (EPCs) and apex exporters body FIEO is likely to submit its report by the end of November. The committee is expected to submit its report by the end of this month. Exporters have urged the ministry for early release of the report so elections can be conducted in the councils and FIEO as per new criteria. Key Points
Economic TimesChip stocks smacked as U.S. mulls fresh curbs on AI access to China
Shares of U.S. chipmakers fell in premarket trading on Wednesday following a report that the Biden administration is planning new curbs on export of computing chips for artificial intelligence to China as early as July. Key Points
ReutersAs China-US trade war escalates with fresh export curbs, India & rest of the world caught in middle
China has announced export controls on graphite days after US instituted curbs on semiconductor chips. Countries like India, in process of transitioning to green energies, to be affected. Key Points
ThePrint