Terming May as an “excellent” month for exports, commerce secretary Sunil Barthwal said that the situation was looking more optimistic for trade this year, with even sectors such as textiles recording healthy growth after months of sluggishness.
India’s May outbound shipments at 3-month high; trade gap at 7-month record
On the sidelines of the G7 Summit, Ukrainian President Volodymyr Zelenskyy met with Prime Minister Narendra Modi in Italy. “The President spoke about the functioning of the Black Sea transport corridor, which makes it possible to increase exports of sunflower oil to India and turnover of other categories of goods,” the Ukrainian president’s website read.
The data showed that the inbound shipments from China during the month were 2.82 per cent higher at USD 8.48 billion. Among the top 20 import source nations of India, imports from Saudi Arabia, Switzerland, Japan, Germany, Hong Kong, Australia and Malaysia recorded negative growth in May.
The India-UK Free Trade Agreement (FTA) is set to be signed after the UK’s elections on July 4. So far, 13 negotiation rounds have been completed, focusing on reducing tariffs and addressing regulatory concerns. Both sides aim to finalize the FTA to enhance bilateral trade, currently valued at GBP 38.1 billion annually.
India’s trade department said on Friday that the country’s car market is “well-protected” through high tariffs on the import of electric vehicles, at a time when other major economies like the European Union have slapped tariffs on Chinese EVs.
The Indian ship recycling industry is expected to grow by 15% this fiscal, supported by increased availability of ageing vessels. Crisil ratings mentioned that Indian ship recyclers are more competitive than rivals in Bangladesh and Pakistan.
Tensions in the Red Sea region prompt US and Europe-bound exporters to shift to air transport via Gulf nations. Major companies like Zara use freighters, while others utilize cargo space in passenger aircraft. As sea routes become less favorable, exporters opt for quicker options to meet demand. Collaborative efforts are crucial for efficient cargo transport […]
India’s palm oil imports surged 74% to 7,63,300 tonnes in May from 4,39,173 tonnes as the world’s largest vegetable oil buyer stocked up to meet rising domestic demand, according to Solvent Extractors Association.
India’s palm oil imports surged by 11.6% in May compared to the previous month, reaching the highest level in four months, driven by its competitive pricing relative to rival oils, according to a statement by the Solvent Extractors’ Association of India (SEA). The increased palm oil purchases by India, the world’s largest importer of vegetable […]
Sarbananda Sonowal gets into a huddle with officials, sets target for 100 days for MoPSW
2 years ago
Sonowal also reviewed the Targets set & offered every support to transform them into reality. The meeting was also attended by the Secretary of MoPSW, TK Ramachandran, among others including Joint Secretaries, Directors, young professionals to Assistant Section Officers.