India’s seafood exports up in volume terms; dip in value in 2023-24: Commerce min

India’s seafood exports saw a 3% rise in volume but an 8% decline in value for the fiscal year 2023-24, totaling 1,781,602 MT valued at USD 7.38 billion. Frozen shrimp remained the top item, with the US leading as the largest market, followed by China and the European Union.

India’s merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.

India allows duty free import of inputs used for manufacturing for exports subject in advance authorisation to export obligation period in which exporters have to ship the goods within a stipulated time period otherwise they’re penalised. The Directorate General of Foreign Trade (DGFT) has sought comments of all the concerned stakeholders on the proposed amendments […]

India’s central government is unlikely to remove the 40% export duty on onions imposed last month, as domestic onion prices have almost doubled in the last month. The average rate of onions at the benchmark Lasalgaon APMC was Rs 28/kg on Tuesday, up 40% in the last 15 days and double of what it was […]

US agri trade body Cotton Council International (CCI) has called for the removal of the 11% import duty on shorter staple cotton below 32mm length, which came into effect in 2021. The duty affects India’s domestic textile industry, which is projected to grow to $350 billion by 2025. CCI and Supima, a non-profit trade association, […]

India and the European Union failed to reach an agreement at the WTO on concessions related to safeguard measures on steel imports, impacting India’s imports.

New Delhi, India can propose retaliatory customs duties under WTO norms on EU imports due to disagreement over EU safeguard measures on steel products. EU extended safeguard duties on steel imports till 2026, affecting India’s steel exports to the EU.

Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).

Sri Lankan President Ranil Wickremesinghe announced that the feasibility study for a land connectivity proposal with India is nearing completion. This initiative, along with discussions on a potential power grid connection and the sale of excess renewable energy to India, will be on the agenda during External Affairs Minister S Jaishankar’s upcoming visit to Sri […]

At the G7 Summit, the Group of Seven industrialized nations committed to promoting infrastructure projects such as the India-Middle East-Europe Economic Corridor (IMEC), reaffirming a commitment to a “free and open Indo-Pacific.” Prime Minister Narendra Modi attended the summit at the invitation of Italian Prime Minister Giorgia Meloni.