The trend continued into the fiscal year FY 2023-24 as well, available data from April 2023 to January 2024 painting a grim picture. India’s exports to ASEAN amounted to USD 32,713.01 million during this period.
India’s trade deficit with ASEAN expands since FTA of 2010
India imported 4.65 million metric tons of pulses in the year ended March 31, 2024, the highest since fiscal 2018, and up from 2.53 million tons imported a year ago, according to provisional data shared by a government official who declined to be named.
In a circular dated April 10, 2024, the Directorate General of Shipping (Mumbai) advised ship managers, ship masters and seafarers to enhance the mechanism for reporting and tracking maritime activities to safeguard the interest of merchant ships and their crews.
Government asks shipping companies to enhance reporting, tracking mechanism on West Asian routes
2 years ago
Government issues ship security advisories for West Asian routes. Vessels required to enhance reporting, tracking protocols in sensitive zones like Persian Gulf, Strait of Hormuz, Gulf Of Oman, Arabian Sea, and more. Contact Indian Navy in security incidents.
India’s crude oil imports declined by 16% in the fiscal year ending March 31 due to lower global rates, but import dependency hit a new high at 87.7%. Despite stable domestic production at 29.4 million tonnes, India spent USD 132.4 billion on crude imports. Fuel consumption surged to a record 233.3 million tonnes.
India’s oil meal exports in the 2023-24 fiscal year have reached a record high in both quantity and value, according to data from the Solvent Extractors’ Association. Exports have increased to 4,885,437 tons valued at Rs. 15,370 crores, up by 13% in quantity and 35% in value compared to the previous year. The export of […]
US Trade Representative Katherine Tai highlighted the benefits of India’s decision to remove retaliatory tariffs on several US products, including chickpeas, lentils, almonds, walnuts, and apples. This move has improved market access for American farmers, particularly in Michigan, Oregon, and Washington. The removal of tariffs was part of the resolution of the final outstanding WTO […]
India has permitted limited onion exports to the United Arab Emirates (UAE) and Sri Lanka, despite ongoing restrictions on outward shipments of the vegetable. The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), announced the allowance of an additional 10,000 metric tons (MT) of onions to both the UAE and […]
Iran-Israel conflict: Shipping industry set for tougher times ahead due to West Asia tensions, say experts
2 years ago
Iran’s escalated tensions with Israel through a drone and missile attack have raised concerns in the global maritime industry, causing supply chain disruptions and potential shipping route blockages. The possibility of a Persian Gulf shutdown looms, impacting shipping costs and trade dynamics. Efforts are underway to defuse tensions and maintain supply chains amidst the crisis.
India’s oil purchases from Russia jumped after the war as New Delhi purchased discounted crude. The share of Russian oil in India’s total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa.