India’s Russian oil imports rise to nine-month high in April

India’s Russian oil imports surged to a nine-month peak in April as shipments resumed on non-sanctioned tankers, largely operated by Sovcomflot. Indian refiners imported nearly 1.8 million barrels per day of Russian oil, expanding Russia’s share to 38%. The rise affected overall purchases from Iraq and Saudi Arabia, reducing Middle Eastern oil imports.

India has reinforced restrictions on specific electronics and IT goods imports, according to a recent Commerce Ministry notification dated May 20. The order, active since 2021, prohibits unregistered and non-compliant products. Measures include random sampling and testing of LED products. The government will allow imports meeting safety standards, while non-compliant goods face re-exportation or destruction.

The steps assume significance amid reports on the recall of two Indian spice brands’ — MDH and Everest — products in Singapore and Hong Kong due to the presence of EtO residue in certain spices. “Mandatory pre-shipment sampling and testing for EtO for Singapore and Hong Kong has been started; and guidelines have been put […]

India is set to negotiate a free trade agreement with Russia-led Eurasian Economic Union (EAEU), providing it with access to markets in five resource-rich post-Soviet states. The agreement will benefit Indian exporters in sectors like engineering goods, electronics, and agriculture. The agreement will also benefit India’s management of the Chabahar Port in Iran, providing a […]

India has reached out to the European Union for details regarding its forthcoming regulation, which aims to evaluate exporting nations as either low or high risk based on deforestation levels. The EU’s proposed deforestation-free product regulation carries significant implications for India’s exports of coffee, cocoa, soybeans, wood products, rubber and derivatives, as well as leather […]

The commerce ministry discussed formulating SOPs for negotiating FTAs during a Chintan Shivir, engaging with trade partners like the UK, EU, Peru, Australia, and the Eurasian Economic Union. The discussions included India’s trade strategy, vision 2047, and new disciplines like labour and environment.

The government recovered Rs 852 crore under the amnesty scheme for exporters for one-time settlement of default in export obligation. The scheme, part of the new foreign trade policy, aims to settle default in export obligation by holders of advance and EPCG authorisations. Small exporters in Ludhiana have urged an extension of the scheme.

According to the Solvent Extractors’ Association of India, which has put out the trade data, said the country harvested a record crop of soybean in Kharif season last year and mustard in Rabi season which encouraged higher crushing and increased availability of meals, both for the domestic consumption and exports.

An Indian delegation visited ports in the United Arab Emirates, including the Port of Fujairah, to discuss kickstarting the India-UAE leg of the proposed India-Middle East-Europe Economic Corridor (IMEC) with customs authorities. The visit aimed at preparing the India-UAE leg of the IMEC while awaiting peace in the region for the Israel part.