India's pharma, meditech exports expected to sustain momentum despite global slowdown: Official
India's pharmaceutical and meditech exports continue to grow despite global economic slowdown, with robust double-digit growth. Government-backed drug development initiatives have 16 blockbuster molecules in the pipeline for cancer, diabetes, HIV, and more. The industry is also expanding in imaging devices, body implants, and diagnostics. Key Points
Economic TimesCorporates hail India's export surge: May exports up by 10.25 pc YoY
New Delhi [India], June 14 (ANI): India’s overall exports for May 2024, encompassing both merchandise and services, surged to USD 68.29 billion, reflecting a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on Friday. Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that the […] Key Points
ThePrintChina's exports grow 7.6% in May, beating expectations despite trade tensions
In May, China's exports surged by 7.6% year-on-year to $302.35 billion, surpassing expectations, despite ongoing trade tensions. Imports, however, grew only by 1.8%, missing forecasts of 4% growth. This led to a widened trade surplus of $82.62 billion. The rise in exports is partly due to a low base from last year. Key Points
Economic TimesRiding on car, SUV sales, passenger vehicle exports surge by 21% in FY25
3,35,629 units sold in domestic market in April. An uptick in demand for passenger vehicles in the overseas market propelled the exports in April, even though... Key Points
The Tribune IndiaAlcoholic 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 Times
Micro enterprises' share in total exports rises, drops for SMEs
Micro enterprises' exports grew to 6.63% in January, while small and medium enterprises' shares decreased. Top MSME export sectors are engineering goods, gems, garments, rice, and chemicals. Various factors affect exports, including freight costs and Western world economic challenges. Key Points
Economic TimesCar shipments shifting back to pre-Covid gear; Maruti, Hyundai at the top
According to industry estimates, Indian carmakers are set to ship more than 675,000 vehicles in the fiscal year that ends March 31, recovering from a low of 404,000 reported in the aftermath of the pandemic in FY21. Around 663,000 cars were exported from the country in the last financial year. Vehicle exports were dominated by Maruti Suzuki and Hyundai, which together accounted for two-thirds of all cars shipped out of the country. Key Points
Economic TimesMerchandise & services exports soar, trade deficit shrinks — how India's exports have rebounded
This comes when many global agencies have revised upwards their global growth projections for 2024, which could further boost exports. US India’s top export destination, followed by UAE. Key Points
ThePrintIndia's exports may reach $450 billion this fiscal: New FIEO president
India's merchandise exports are projected to hit USD 450 billion this fiscal, overcoming challenges like the Red Sea crisis. FIEO President Ashwani Kumar emphasized the need for marine insurance, reasonable freight charges, easy credit for MSMEs, and concluded free trade agreements to boost exports. Despite obstacles, exports rose 12% in February. Key Points
Economic Timesexports rise 11.9 pc to USD 41.4 bn in Feb
New Delhi, Mar 15 (PTI) India’s exports rose 11.9 per cent to USD 41.4 billion in February, the highest in the current fiscal, while the trade deficit stood at USD 18.7 billion, according to the data released by the commerce ministry. Imports were valued at USD 60.1 billion, up 12.16 per cent compared to USD […] Key Points
ThePrint
India's diesel exports to Europe see nearly three-fold jump in February
Amid the threat of Houthi attacks on ships, a large share of diesel exports to Europe was diverted to transit via the Cape of Good Hope, avoiding the Red Sea and the shorter Suez Canal. The longer route means higher freight. This combined with weak east-west arbitrage helped attract more Indian diesel cargoes to Asia in January. Key Points
Economic TimesAs geopolitics, economic woes slow petroleum exports to US & EU, India finds new markets in Asia, Africa
Data shows that India’s refined petroleum exports went from $96.57 billion in FY23 to $61.41 billion in FY24. Experts say decline is mainly due to Russia-Ukraine war. Key Points
ThePrintIndia permits 64,400 tonnes of onion exports to UAE, Bangladesh
The Indian government has allowed the export of 64,400 tonnes of onions to the UAE and Bangladesh through the National Cooperative exports Ltd (NCEL), according to notifications from the commerce ministry. While 50,000 tonnes are permitted for Bangladesh, 14,400 tonnes are allowed for the UAE. Although onion exports are generally banned, the government permits specific quantities to friendly nations based on their requests. Key Points
Economic TimesIndia allows export of 30,000 tonnes of non-basmati white rice to Tanzania
The Indian government has permitted exports of 30,000 tonnes of non-basmati white rice to Tanzania and 80,000 tonnes of broken rice to Djibouti and Guinea Bissau. The exports are allowed to meet the food security needs of these countries. Key Points
Economic TimesTrade balance with Europe moves into deficit in FY24
India’s trade with Europe stood at a deficit of $1.24 billion during the April-December 2023 period, with exports at $71.68 billion, up 0.66% annually and imports at $72.91 billion, up 6.5% annually Key Points
mint
A services-led export strategy holds appeal but only up to a certain point
Indian policy can’t afford to focus on service exports at the cost of our current employment-oriented manufacturing thrust. Recent arguments for focusing on high-value services seem far-fetched in their expectation that such exports would act as a growth engine. Key Points
mintScope to add more quality, complexity to India’s exports: FinMin review
The finance ministry's economic review for January states that there is potential to enhance India's exports by adding more quality and complexity. Despite global trends affecting foreign direct investment (FDI) flows to India, the country remains an attractive destination. FDI inflows have increased to 2.5% of GDP in FY15-23 compared to 2.2% in FY05-14. Key Points
Economic TimesRed sea container crisis to hit exports
India Business News: A container crisis in the Red Sea is expected to disrupt India's exports to Africa and Latin America. Shipping freight rates are likely to double, affecting exports of petroleum, automobiles, marine food, and agri commodities. Find out more about the impact and potential solutions. Key Points
Times Of IndiaApple iPhones lift electronics exports; Udaan CFO exits
Apples iPhone led the charge in Indias booming smartphone exports, contributing significantly to a record 22.24% growth in overall electronics exports, which surpassed $20 billion in the first nine months of FY24. Key Points
Economic TimesElectronics exports grow at record 22 per cent in April-December
India's electronics exports experienced a remarkable growth of 22.24%, surpassing the $20 billion mark in the first nine months of FY24. The surge was driven by the booming smartphone shipments, notably Apple's iPhone. According to the India Cellular and Electronics Association (ICEA), mobile phone exports reached $10.5 billion during April to December 2023, constituting 52% of total electronics exports. Key Points
Economic Times
Agriculture exports likely to double to $100 bn by 2030: Commerce Secy
India's current agriculture exports, valued at over USD 50 billion, are projected to double by 2030, reaching USD 100 billion, according to Commerce Secretary Sunil Barthwal. Speaking at the IndusFood Show 2024, Barthwal highlighted the potential for growth in segments like ready-to-eat foods. Key Points
Economic TimesGreen channel based on China model likely to speed up ecommerce shipments
The dedicated ecommerce export hubs will have warehousing facilities for easy storage, customs clearance, returns processing, labelling, testing and repackaging. The move is expected to aid sellers relying on online platforms, including social media such as Instagram, to sell their merchandise. Key Points
Economic TimesBarclays: 12% exports growth target by 2030 more realistic
The biggest policy push is seen in manufacturing exports, where India is slowly yet steadily moving up the value chain, and seeing greater diversification. Still, India's largest goods exports themselves are highly reliant on imports, said Rahul Bajoria, managing director, Barclays. Key Points
Economic TimesEngineering exports dip in first eight months of FY24: EEPC
Excluding iron and steel, engineering exports recorded a marginal 0.79 per cent y-o-y growth during April-November 2023-24, EEPC said in a statement on December 28. Key Points
Economic TimesAgri exports likely to reach USD 53 bn this fiscal despite curbs on key commodities: Official
At present, most of these exports are happening by air route because of lower volumes and different ripening periods. The protocol includes understanding voyage time, scientifically understanding the ripening of these commodities, harvesting at a particular time and training of farmers. These protocols will be different for different fruits and vegetables. Key Points
Economic Times
India’s exports becoming less vulnerable to world demand changes: CEA office
India's exports are displaying increased resilience to shifts in global demand and relative prices, according to the Chief Economic Adviser's office. In a collection of essays released, it highlighted a growing trend in the export of high-value goods and a rise in participation in the manufacturing global value chain (GVC). Key Points
Economic TimesIndia's agri exports likely to reach USD 53 bn this fiscal: Govt official
The government has prohibited exports of wheat and non-basmati white rice and has imposed curbs on sugar exports. He said the government is promoting exports of new products like bananas and value-added millet products to new global destinations. Key Points
Economic TimesIndian trade curbs to cut exports by $4 bln, Red Sea attacks a risk - source
India might face a $4 to $5 billion drop in exports due to restrictions on wheat, rice, and sugar trade, aiming to control local prices. Attacks in the Red Sea might affect basmati rice shipments. To cope, India could use an African route, but ongoing attacks might raise rice prices by 15% to 20% Key Points
Economic TimesPhone orders drive electronics exports
India Business News: India's electronic exports reached $15.5 billion in April-October 2023, with phone exports growing the fastest at around 60%. Tamil Nadu accounted for Key Points
Times Of IndiaUSD 40 billion apparel exports target by 2030 is achievable: Piyush Goyal
AEPC has created an in-house Market Intelligence Cell to keep the track of trends in import demands forecasted for 2030 and the efforts have been taken at various fronts to hand-hold the industry. He added that so far the exports have been primarily concentrated to the EU and the US, AEPC has been taking various steps to help the industry to diversify its focus to new emerging markets such as Australia, UAE and also Latin America and Africa region. Key Points
Economic Times
Warburg Pincus pares 1.3% stake in IDFC FIRST Bank
New Delhi: Warburg Pincus on Thursday divested a 1.3% stake in private lender IDFC FIRST Bank through an open market transaction for Rs 790 crore. Following the Key Points
The Tribune IndiaIndia's exports showcase remarkable resilience, eyes USD 2 trillion goal by 2030: PHD Chamber
New Delhi [India], November 23 (ANI): In a significant revelation, the PHD Chamber of Commerce and Industry’s research report has positioned India’s exports as the most resilient among the top 20 global exporters. The report underscores the impressive growth of exports, with rates reaching 20 per cent and 9.7 per cent in 2021 and 2022, […] Key Points
ThePrintNew 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 TimesIndia developing sea protocols for fresh fruits, vegetables to promote exports through ocean routes
India is developing sea protocols for fresh fruits and vegetables like bananas, mangoes, pomegranates, and jackfruit to promote their exports through ocean routes. The protocols include understanding voyage time, scientific understanding of ripening, harvesting timing, and farmer training. Key Points
Economic TimesRupee depreciation may push up garment, handicraft exports
If the rupee depreciates about 10% and the import content in the product being exported is 20%, the net gain to exports would be 8%, said industry experts. One can also get the benefit while negotiating contracts. If an exporter hasn't hedged, then they would get windfall gains during the period of depreciation, but most of the time, inflation nullifies the benefit given by deprecation, said Ajay Sahai, director general, Federation of Indian Export Organisations. Key Points
Economic Times
Onion 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 TimesIndia’s electronics exports end 31-month growth streak
Electronics exports hit 13-month low, imports surge 13.3% in September. Key Points
mintSept goods exports dip 2.6%, growth seen in H2
India's merchandise exports declined by 2.6% in September, reaching $34.5 billion. However, a 15% decrease in imports helped narrow the trade deficit to a five-month low of $19.4 billion. The government revised the export growth in August to 3.88% from an earlier reported contraction of 6.8%. Despite the decline, officials remain optimistic about positive growth in the coming months. The gems and jewellery sector was hit hard by the Russia-Ukraine conflict and sanctions on Russia, resulting in a 16.03% contraction in exports. Key Points
Economic TimesIndia's Sept diesel flows to Europe reach all-time peak, Oct volumes slowing
India's diesel exports to Europe reached a record high in September, driven by arbitrage profits and a seasonal decline in domestic demand. The surge in exports will help Europe build commercial stockpiles ahead of the winter heating season and limit price gains. However, experts predict that export volumes are unlikely to continue at the same level in October. The east-west arbitrage spread has narrowed in recent weeks, and ongoing refinery turnarounds and peak Diwali festive season demand are expected to impact export volumes. Key Points
Economic TimesFTAs with UAE & Australia boosted engineering exports by 9% in April-August period
Engineering exports from India to the UAE and Australia have increased by 9% in the April-August period of the current financial year, providing a boost to overall engineering exports, which have seen a decline during the same period. Engineering exports to Russia have also surged by 178% during this period. Key Points
Economic Times
Jul-Sept FY24 goods exports seen 4.8% down on year: EXIM Bank
The Export-Import Bank of India predicts a 4.8% decline in merchandise exports for the second quarter of 2023-24 compared to the previous year. This is due to a slowdown in major trading partners and global geopolitical uncertainty. The bank expects India's merchandise exports to reach $105.4 billion in July-September FY24. Non-oil exports are projected to be 0.5% higher than the same period last year. Key Points
Economic TimesGovt to tap districts for enhancing exports: DGFT
Director General of Foreign Trade (DGFT) Santosh Sarangi on Friday said that the government will go to the districts to enhance exports. Seventy districts in the country account for 80 per cent of the country's exports total exports, he told reporters at the Indian Chamber of Commerce. In West Bengal, two districts - Darjeeling and Howrah have been identified for the purpose so far. Darjeeling for tea and Howrah for jewellery and engineering goods. Export plans for them have also been adopted, Sarangi added. Key Points
Economic TimesGokaldas exports share price jumps over 15% to hit 52-week high on Atraco acquisition
Gokaldas exports share price jumped as much as 15.54% to a 52-week high on the BSE on acquisition of Dubai-headquartered Atraco Group. The equity value of the transaction is $55 million and the same will be funded by a mix of debt and internal accruals, the company said. Key Points
mintElectronics exports grew 56% in Q1, at 4th in pecking order
As per experts, at this rate, electronics is likely to emerge as the third largest category of exports in the coming quarters as its gap with the current gems and jewellery segment is narrowing fast. Electronics have overtaken chemicals and drugs and pharmaceuticals to jump from sixth largest exports category to become the fourth largest in Q1 FY24. Key Points
Economic TimesIndia's engineering exports see mixed fortunes in June; trade with Russia surges: EEPC
India's engineering exports declined by 11% YoY to $8.53bn in June 2023, with shipments to the US, the EU, and China leading the drop, according to the Engineering exports Promotion Council of India (EEPC). exports to the US fell to $1.45bn, a 12.5% dip; to the EU slumped by 16.2% to $1.51bn and to China fell by 20% to $184m. However, exports to Russia reached $116.9m in June, with a four-fold surge in YoY exports cumulatively from April to June, totalling $337.4m. EEPC said the global steel demand slowdown was the key reason for the downturn. Key Points
Economic Times
India’s Defence exports At All Time High: Will India Enter Big League Of Arms Exporters? Explained
India’s defence exports clocked an all time high of nearly Rs 16,000 crore in 2022-23. But India is still the world’s largest arms importer and doesn’t feature anywhere in the list of top 25 arms exporters of the world. What is the road ahead for Ind Key Points
Times Of IndiaGlobal trade fairs on cards; sectoral targets for $1 trillion exports by ’30
Officials said investment promotion arm Invest India, which is also drawing up the countrys trade strategy, has identified 100-odd companies across 30 sectors and 30 countries, and around a 100 more being shortlisted as part of the Strategic Investment Targets Initiative. Besides, sectoral targets have been set for $1 trillion goods exports by 2030. Key Points
Economic TimesCommerce ministry asks exporters to focus on potential sectors, key markets to boost exports
The commerce ministry in India has urged exporters to concentrate on key sectors such as food, electronics and engineering, as well as on major markets including the US, UK and Germany, to boost exports. The ministry also suggested focusing on organizing global fairs and exhibitions. Key Points
Economic TimesDeclining exports: Commerce ministry to meet exporters on Monday
The commerce ministry has called a meeting of exporters on Monday to take stock of the situation, as the country's outbound shipments have been contracting for the last four months, an official said. exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to USD 34.98 billion in May, while the trade deficit widened to a five-month high of USD 22.12 billion, according to the ministry data. Key Points
Economic TimesView: India needs to focus on export earnings
Indian merchandise exports have remained stagnant for the past 15 years, accounting for only 1.8% of global trade. Imports, on the other hand, have consistently grown. However, there has been a positive change in the last three years, with an increase in the value and volume of exports, especially in electronics, machinery, equipment, petroleum, and branded drugs. Key Points
Economic Times
Textile and apparel exports slide 12.2% on slack demand
Textiles and apparel exports registered a 12.2% year-on-year decline in May as the industry continued to face low demand in its key overseas markets including the U.S. Key Points
The HinduExim Bank projects merchandise exports to fall to $111.7 billion
India's Exim Bank has forecast that merchandise exports for April-June could fall to $111.7bn due to continued issues such as inflation, geopolitical tensions, and global financial sector stress. The non-oil exports for the quarter ending June are estimated at $86.6bn. The bank developed an Export Leading Index (ELI), generated in-house, to forecast the movement in India's quarterly exports. Key Points
Economic Times55% rise in exports in 2 years has added jobs: Piyush Goyal
Commerce and industry minister Piyush Goyal on Thursday said India's exports have gone from $500 billion to $776 billion, a 55% increase, in only two years and that the additional exports have added to jobs. At the Times Network India Economic Conclave 2023, he also said the government is looking at pro-incumbency after 10 years of being in power. Key Points
Economic TimesIndia’s exports to grow higher than world average: StanChart
The global growth in goods trade will be 5% on an average till 2030 to touch $32.6 trillion while India will be growing at 7.5% annually during that period, the report said. Key Points
FinancialexpressIndia’s 2030 goods exports seen $773 billion, imports from China $212 billion: Standard Chartered
It estimates imports from China at $212 billion in 2030, growing 8% CAGR and exports $49 billion. exports of goods to the US, Mainland China and the UAE will be the highest by volume, according to the report.The value of exports of goods from India was $401 billion in 2021. It estimates the share of metals and minerals in Indias exports in 2030 at 31% and of textile and apparel at 15%. Key Points
Economic Times
Indian sugar mills export entire quota of 6.1 million tonnes
Indian mills have shipped out the entire 6.1 million tonnes of sugar allowed for exports, cashing in on multi-year high prices in the world market and robust demand. Mills were getting more than 50,000 rupees ($604.6) per tonne from the overseas sale against the local price of 36,500 rupees, dealers said. Key Points
Economic TimesIndia’s exports: What worked and how can we achieve the $1 trillion target?
Indias rankings in the World Banks Logistics Performance Index improved significantly over the years, rising from 54 in 2014 to 44 in 2018 and further advancing to 38 in 2023. This attests to the countrys commitment towards improving logistics. Key Points
Economic TimesElectronics exports get a dollar 1-b mobiles boost in April
India's electronics exports in April jumped over 26% to $2.11 billion from the year ago boosted by shipping of mobile phones of $1.08 billion, an over 80% surge on year with US major Apple contributing $750 million, while Korean giant Samsung exported $240 million. Key Points
Economic Timesexports unlikely to be impacted by EU deforestation law
The legislation seeks to prohibit products such as palm oil, coffee, cattle, cocoa, rubber, soya, timber, printing paper and derived products in the EU, that came from land that was deforested after December 31, 2020. The rules cover imports and domestic production. Key Points
Economic TimesExporters see 11-13% growth in FY24
Exporters expect a growth of 11-13% in FY24. Cotton textile and apparel exporters expect 8-10% on-year growth in FY24. India clocked $450 billion exports in FY23. Exporters expect business to resume fully after July, pinning their optimism on recovery in the advanced markets and improved order book. Key Points
Economic Timesexports fell to a six-month low in April; demand outlook gloomy
India’s merchandise exports shrank 12.7% in April to a six-month low of $34.66 billion but imports fell by a sharper 14% to hit $49.90 billion, as per initial estimates from the Commerce Ministry released on Monday. Key Points
The HinduEasy documentation, increasing awareness, role of post offices to help boost e-commerce exports: Report
Indian e-commerce exports should see measures implemented such as raising the 9-month limit on receiving payments, easier documentation and simpler customs procedures to promote exports through e-commerce, a report by Indian industry body FISME suggested. Over 90% of Indian e-commerce exporters are MSMEs, making it important for any e-commerce export strategy to provide a platform to help them sell products to global markets, said FISME. Key Points
Economic TimesGovt support needed in undertaking overseas marketing initiatives to boost exports: FIEO
FIEO President A Sakthivel said that Indian exporters lack in marketing and small exporters hardly have resources to market aggressively overseas. Government support and encouragement for aggressive marketing will push exports and will yield the desired results. We need to set up state-of-the-art exposition centers in important business centers abroad. Many countries have done it successfully, he said. Key Points
Economic TimesIndia's exports likely to touch $900 billion in FY24
Merchandise exports could expand to between $495 billion and $500 billion, while services exports could touch $400 billion in the year ending March 2024, said Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO). Trade Minister Piyush Goyal urged exporters to explore new markets, however, in view of the possible impact of war in Ukraine and a global slowdown. Key Points
Economic Times