India extends duty-free import of yellow peas by four months
New Delhi [India], May 5 (ANI): India has extended the timeline for duty-free imports of yellow peas by four more months until October 2024, according to an official notification. In early December, the central government allowed duty-free imports of yellow peas until March 2024, later to be extended till April and then June. It was […] Key Points
ThePrintGold imports surge 26.7% to $35.95 billion in Apr-Dec
Gold imports to India surged 26.7% to $35.95 billion from April to December, compared to the same period a year earlier, driven by robust demand. In December alone, imports of the precious metal soared by 156.5% to $3 billion. Switzerland remains the largest source of gold imports, accounting for about 41% share, followed by the UAE (about 13%) and South Africa (about 10%). Despite the rise in gold imports, India's trade deficit narrowed to $188.02 billion in the first three-quarters of this fiscal year. Key Points
Economic TimesIndia's sunoil imports to falter as Red Sea attacks lift freight costs
India's sunflower oil imports are set to decline as prices rally due to increased freight rates. Buyers are shifting to rival vegetable oils available at a discount. Recent Houthi attacks have compelled shipping companies to reroute trade, increasing time and costs. The elevated freight rates have lifted the landed cost of sunflower oil above that of soyoil in India for the first time in nearly a year. Key Points
Economic TimesHigh import duties; resisting pressure to open agri sector imp to ensure India's food security: GTRI
India needs to cut its reliance on imported vegetable oils to promote better health outcomes and reduce the import bill, according to a report by the Global Trade Research Initiative (GTRI). India is the world's largest importer of vegetable oils, with imports estimated to double to USD 20.8 billion in 2023-24. The US and EU currently support agriculture by using the latest technology, high tariffs, and massive subsidies to push exports. Key Points
Economic TimesIndia's coal imports drop over 4% to 148MT in April-October period
India Business News: India's coal imports dropped 4.2 per cent to 148.13 Million Tonnes (MT) in the April-October period of the ongoing financial year. The country's coal Key Points
Times Of India
Goods exports see green shoots, rise 6.2% in October
The gap between exports and imports widened to $31.46 billion on the back of a jump in gold imports, official data released Wednesday showed. It was at $19.37 billion in September and $26.3 billion in October last year. Gold imports rose 95% to $7.23 billion last month. Key Points
Economic TimesRestrictions, PLI, mandatory quality norms help cut import of certain non-essential goods
Various steps such as inbound shipments of certain goods, production-linked incentive scheme and mandatory quality norms have helped in reducing import of non-essential products. To cut imports, the government has increased customs duty on gold, imposed curbs on inbound shipments of television, levied minimum import price on some goods, introduced National Food Security Mission (Oilseeds and Oil Palm) Scheme, and blending of ethanol in oil. Key Points
Economic TimesAvocados to buckwheat: India is shipping in more fitness and less binge
In the first five months of FY24, imports in value terms were up 70% for avocado from a year earlier, while more than doubling in case of shelled almonds, and growing 80% and 62% for pistachio and olives, respectively. imports of cereals such as buckwheat and millets have also grown sharply, albeit on a smaller base. Key Points
Economic TimesIndia criticises safeguard measures on import of certain steel products by EU, UK in WTO meet
Several countries, including India, Switzerland, Russia, and Japan, have criticized the EU and the UK for their safeguard measures on steel imports, stating that they are inconsistent with global trade rules. The countries, speaking at the World Trade Organisation's Safeguards Committee meeting, argued that the measures violated WTO rules. Key Points
Economic TimesIndia launching new 'authorisation' system for import of laptops, tablets and personal computers
According to govt officials, the aim is to monitor shipments of such hardware without hurting market supply. The new system takes effect from 1 November. Key Points
ThePrint
India won't impose restrictions on laptop imports: Sunil Barthwal
Trade Secretary Sunil Barthwal on Friday said that India will not impose restrictions on laptop imports. He said the government only wants importers to be on close watch. The remarks from Barthwal came while he was addressing a press conference. Key Points
Economic TimesOil PSUs buy more Russian crude despite G7 price cap
Russia supplied 1.57 million barrels per day (mbd) in September, up from 1.44 mbd in August, and increased its share in Indian crude imports to 38% from 33% a month earlier, according to energy cargo tracker Vortexa. This is, however, lower than the 1.9 mbd that Russia supplied in July, which gave it a 42% share in Indian imports. Key Points
Economic TimesIndia's July palm oil imports hit 7-month high as refiners boost purchases
India's palm oil imports in July jumped 59% from the previous month to 1.08 million metric tons, the highest in seven months, as refiners took advantage of lower prices to increase purchases, a trade body said on Monday. Key Points
ReutersNo proposal to put import restrictions on more electronic goods at present: Commerce Secy
There is no proposal at present to impose import restrictions on more electronic goods. The government decided to impose import curbs on laptops, personal computers and certain more electronic devices from November 1 on security grounds to reduce imports from nations like China and boost domestic manufacturing. Key Points
Economic TimesIndia's imports from China surge across 25 key commodity groups in fiscal 2023
Imports of electronics instruments from China grew 14% year-on-year in 2023, while imports of organic chemicals imports and iron and steel products rose 9% and 12.3%, respectively. Key Points
ThePrint
India's imports from China across at least 25 major commodity groups rise on year
India's imports from China in at least 25 major commodity groups increased in fiscal 2023, including consumer electronics, auto components, and iron and steel products. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi's efforts to reduce its trade deficit with China since border tensions flared in 2020. Key Points
Economic TimesWhy India wants to push homemade laptops
Restrictions in imports of laptops and computers are aimed at reducing dependence on China. However, India has no competitive advantage in this field, and it will be a challenge to replicate the success seen with mobile phones. Key Points
mintNo ban on imports, companies can import laptops, tablets, etc: Senior official
There is no ban on imports. Companies and traders can import IT hardware, laptops, tablets, etc. said a senior official at the IT ministry, a day after the ministry notified import curbs Key Points
mintIndia imposes curbs on import of some laptops, tablets and computers
The Indian Directorate General of Foreign Trade (DGFT) has restricted imports of certain laptops and computers, along with tablets and all-in-one personal computers, with immediate effect. Such items can only be imported with a license for restricted imports, except where Baggage rules apply, or for research and development, testing, benchmarking and repair purposes, or where they are considered an essential part of Capital Good . Key Points
Economic TimesGovt restricts imports of some gold jewellery, articles
The government on Wednesday imposed restrictions on imports of certain gold jewellery and articles. In a notification, the directorate general of foreign trade (DGFT) amended the import policy for unstudded jewellery made of gold, and other articles made of gold to “restricted” from “free”. Key Points
Economic Times
imports of low ash Met Coke under Safeguard duty probe scanner
The Directorate General of Trade Remedies (DGTR) has initiated a Safeguard duty (Quantitative Restrictions) investigation concerning imports of low ash metallurgical coke (Met Coke) into India. Met coke is used as a primary fuel in furnaces of steel, chemical, Ferro alloy, and pig iron plants. DGTR will be investigating imports of the commodity from April 2022 to March 2023. Key Points
Economic TimesIndia's merchandise import jump in May signals stable local economy: Economists
The recovery in imports points to domestic demand resilience, said Madhavi Arora, lead economist at Emkay Global. Arora also pointed to a seasonal trend, citing a typical increase in imports in May after a slump in the previous month. Key Points
Economic TimesGold imports dip 24 per cent to US Dollar 35 billion in 2022-23
Silver imports, however, rose 6.12 per cent to USD 5.29 billion during the last fiscal. Key Points
FinancialexpressIndia initiates anti-dumping probe into import of sodium cyanide from China, EU, Japan, Korea
If it is established that the dumping has caused material injury to domestic players, DGTR would recommend the imposition of anti-dumping duty on these imports. The finance ministry takes the final decision to impose duties. Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. Key Points
Economic TimesIndia scraps 2023/24 duty-free import quota on sunflower oil
The move could lead to higher imports of palm oil, which was earlier attracting taxes even as imports of sunflower oil and soyoil were allowed without any taxes under the quota. New Delhi in May 2022 allowed duty free imports of 2 million tonnes of sunflower oil in 2022/23 and had initially planned to repeat that in 2023/24. Key Points
Economic Times
India’s trade deficit hits record high in October, largest share of imports from China
Indian commerce ministry data shows imports in October stood at $65.03 billion, exports were $33.57 billion. At $60 billion for April-October 2023, Chinese imports double that of Russia’s. Key Points
ThePrintIndia's oil imports from Russia seen peaking in May amid China competition
Russia remained the leading crude supplier to India in April, increasing its market share to 36%, up from 33.8% in March. However, Russia's increase in crude oil imports in recent months has slowed significantly, rising by just 4% in March. Analysts suggest that competition from China for Urals crude, a deeply discounted oil, could limit the future upside of Russias imports. Key Points
Economic TimesGold imports rise 26.7 pc to USD 35.95 bn in Apr-Dec FY24
New Delhi, Jan 29 (PTI) India’s gold imports, which have a bearing on the country’s current account deficit (CAD), increased 26.7 per cent to USD 35.95 billion during the April-December of this fiscal due to healthy demand, according to government data. The imports stood at USD 28.4 billion during the same period a year ago. […] Key Points
ThePrintIndia's oil imports from Russia hit new high in June but growth slows
India took nearly 2 million barrels per day (bpd) of Russian crude in June, a marginal growth from the previous month, the data showed. Prior to the Ukraine war, India rarely bought oil from Russia due to high freight costs. Key Points
Firstpost'Extend implementation of quality control norms by 12 months for footwear; industry not ready yet'
Footwear in India is mainly imported from China, Vietnam, Indonesia, and Bangladesh. China is the largest supplier, with a 38.2 per cent share in India's imports. imports from Vietnam rose fast, from USD 76.6 million in 2017 to USD 267.3 million in 2022. Key Points
Economic Times
GST collections jump 12%, cess at record high
India Business News: Goods and services tax (GST) collections rose 12.4% to Rs 1,49,577 crore in February despite a slowdown in the mop-up from imported goods. Key Points
Times Of IndiaDecember trade gap narrows to three-month low as exports grow
India's trade deficit narrowed to $19.8 billion in December, a three-month low, as global demand for India's electronics and engineering goods rose while falling commodity prices eased imports. Goods exports rose 0.96% on-year, reaching $38.45 billion, while imports shrank 4.8% to $58.25 billion. The country's exports are performing well in volume terms, but the impact of the Red Sea crisis on value terms remains uncertain. Key Points
Economic TimesRisks of recession may reappear in 2024: India's Finance Ministry
India's Finance Ministry has said a recession may appear in 2024 due to uncertainties related to higher food and energy prices and geopolitical tensions. India's trade deficit reached a record high in October due to higher-value imports and lower exports. Rural demand has sustained momentum in Q2, driven by stable foodgrain production incomes and moderate inflation. Key Points
Economic TimesImport curbs on laptops, PCs to also cover FTA partners
This will ensure there is no circumvention of the restrictions kicking in on November 1 through the treaty route. India said on Thursday that imports of these electronic goods that have been free until October 31 will require a licence. Officials said FTA provisions wont be violated as such non-tariff barriers are not negotiated in FTAs and India has cited security reasons for the latest measure. The country has not raised tariffs or imposed a ban but only said imports will require licences. Key Points
Economic TimesGovt defers implementation of restrictions on imports of laptops, PCs and tablets to Nov 1
India's Directorate General of Foreign Trade (DGFT) has announced that from November 1, 2023, it will restrict the import of laptops, computers, and their components without a license. After this set date, these electronics can only be imported with a valid license meant for restricted imports. India's electronics imports, including laptops and personal computers, accounted for $19.7 billion between April and June 2023. Key Points
Economic Times
UK removes countervailing tariff on steel bar, rod imports from India
Stainless Steel bars and rods are used across various industries, including the automotive, aerospace and food processing industries. The bars and rods can either be used as a specific component in a larger product, for example as a propeller shaft, or they can be further worked into other stainless-steel products, for example, precision components. Key Points
Economic TimesIndia expects $50 billion exports to UAE by FY27
India is targeting $50bn in exports to the UAE by 2026-27 from $31.3bn in 2022-23, according to Indian Commerce Secretary Sunil Barthwal. The UAE is already second only to Asean in benefiting from India's trade deal with CEPA, demonstrated by the 54,144 certificates of origin issued between May 2022 and March 2023. Trade between India and the UAE is outpacing normal growth rates. India's exports of certain items such as essential oils, mineral oils and perfumery and cosmetic preparations are benefiting, although iron and steel exports dropped 36% YoY in 2022-23. Key Points
Economic TimesIndia's July palm oil, soyoil imports surge on lower prices, dealers say
India's palm and soybean oil imports reached their highest levels in a year in July, with palm oil imports rising 39% to 1.09 million metric tons, the highest since August 2023. This increase is expected to help reduce inventories in top producers Indonesia and Malaysia and support benchmark prices. Key Points
Economic TimesIndia mulls quota-based duty cuts on gold imports to Switzerland under EFTA
Switzerland had sought duty concessions on inbound shipments of gold, which accounts for about 80% of Indias total imports from Switzerland. Quota based concessions to Switzerland are crucial as India has already extended 1% duty concession to gold importers under tariff rate quota in its trade pact with the UAE. Key Points
Economic TimesIndia extends duty-free import of yellow peas by one month
India has extended the timeline for duty-free imports of yellow peas by a month until April 2024 to cool down pulse prices. The duty on yellow peas was first implemented in November 2017 at 50%. India largely imports yellow peas from Canada and Russia. Additionally, the government has extended stock limits on tur and urad dal to prevent hoarding and ensure affordable prices. Key Points
Economic Times
Industry body urges FM to check rising gold, silver import from UAE
Amid surge in imports of gold and silver from the UAE under the Comprehensive Economic Partnership Agreement (CEPA), All India Jewellers & Goldsmith... Key Points
The Tribune IndiaIndia Oil Imports: Saudi gain is Moscow's loss
Russia supplied a record 1.64 million barrels per day (mbd) of crude to Indian refiners in March, higher than 1.58 mbd in February, Vortexa estimates. This was the slowest pace of growth in the past four months, with Russian oil's share in Indian imports shrinking marginally from 34.5% in February to 34% in March. Key Points
Economic TimesAuto industry to invest $7 bn in 5 years to deepen parts localisation
The Indian auto industry is set to invest up to $7 billion by FY28 to deepen localisation of advanced components, including electric motors and automatic transmissions, to reduce imports and capitalize on multinationals' 'China Plus One' sourcing strategy. The Automotive Component Manufacturers Association (ACMA) reports that automakers and suppliers are likely to make this investment between FY24 and FY28. Key Points
Economic TimesIndian crude imports from Russia dip in June
India's imports of crude oil from Russia fell by 6.5% in June but imports from Iraq, Saudi Arabia, and the US increased, according to energy cargo tracker Vortexa. Despite the decline, Russia's share still accounted for nearly 40% of India's overall imports, with uncertainty surrounding Russia's production cuts. India's overall crude imports increased by 2% in June, with state-run refiners importing twice the volume private refiners did. Key Points
Economic TimesIndia's bilateral FTA with Singapore and as part of Asean needs to be studied together: GTRI
The think-tank GTRI (Global Trade Research Institute) has recommended that the government undertake a thorough examination of the bilateral free trade agreement with Singapore. This suggestion comes in the context of an ongoing review of India's trade pact with the 10-nation ASEAN bloc. Key Points
Economic Times
Top buyer India's Oct palm oil, soyoil imports hit multi-month lows
India's edible oil imports in October plummeted to their lowest level in 16 months, primarily due to increased stock levels, which prompted refiners to reduce their purchases of palm oil, soyoil, and sunflower oil. This drop in imports, by the world's largest vegetable oil buyer, may lead to surplus palm oil stocks in key producer countries like Indonesia and Malaysia, potentially impacting benchmark futures. Key Points
Economic TimesDuty-free imports of yellow peas may be allowed beyond April
India may extend duty-free yellow peas imports beyond April to curb pulse inflation caused by reduced chana yield. Efforts include controlling food inflation pre-election. Concerns over Madhya Pradesh's yield and high yellow peas imports are highlighted. Key Points
Economic TimesDeadline to levy additional duty on unblended diesel deferred
The Indian government has extended the deadline for implementing an additional ₹2 per litre tax on unblended diesel to April 1, 2025. The tax, aimed at promoting biofuels and reducing crude imports, was initially announced in the FY23 budget. The move aligns with India's commitment to enhance domestic crude production, increase ethanol blending, and focus on renewables to cut crude imports by 10% to 67% by 2025. Key Points
Economic TimesIndia's December palm oil imports jump to 4-month high
India's palm oil imports reached their highest in four months in December, driven by increased purchases of refined palmolein due to competitive prices. This could help lower palm oil stocks in Indonesia and Malaysia and support benchmark futures. The SEA reported a 2.8% rise in December palm oil imports, with refined palm oil imports soaring by 47% to 251,667 tons. Key Points
Economic TimesIT import curbs: Licence Raj or Make in India?
In a surprise move, the government last week reintroduced licensing and ended free imports of IT hardware. Many reasons have been cited for this step. Mint explains the possible rationale and the potential impact of the measure going forward: Key Points
mint
Apple, Samsung stop India laptop imports after sudden curbs: Report
Apple Inc., Samsung Electronics Co. and HP Inc. are among the biggest names freezing new imports of laptops and tablets to India after the country abruptly banned inbound shipments without a license. Laptop makers had been bracing for some government measures aimed at reducing reliance on imports and boosting local production, but the sudden licensing imposition caught the industry off-guard Key Points
Economic TimesIndia’s coal imports rise 32 per cent to 149 MT in April-February: Report
India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel. Key Points
FinancialexpressWhy China is running short of baby chicks amid global bird flu outbreak
Bird Flu Outbreak: Baby chicks from Shandong Yisheng Livestock and Poultry Breeding Co., the top chicken breeder in China, were quoted at around 6 yuan ($0.86) per chick this week, three times the price at the start of the year. | World News Key Points
Hindustan Times