India’s merchandise exports grew marginally in September after two months of decline, driven by engineering, chemical, and electronic goods. Despite global uncertainties, exports increased, with a slight rise in goods imports and a marginally widened trade deficit. Discussions for FTAs with the UK and EU continue.
India’s trade deficit for September narrows to $20.78 bn
China emerges as India’s top import source during April-September 2024: Commerce ministry data
1 year ago
China is now India’s top import source with USD 56.29 billion in shipments from April to September this fiscal. The US is the leading export destination, with goods worth USD 40.38 billion. Imports from Russia, the UAE, and other countries also increased. The US remains India’s largest trading partner, followed by China.
India is expediting FTA talks with Australia, aiming for a comprehensive economic cooperation agreement before Australia’s 2024 elections. Current bilateral trade is around USD 24 billion. India is also pushing for a balanced review of its FTA with ASEAN, addressing tariff asymmetries by 2025.
State ports plan a sea change in capacity, submit Rs 2 lakh cr expansion proposals to Centre
1 year ago
State government-controlled ports in India plan to invest over Rs 2 lakh crore to expand cargo handling capacity to 10,000 million tonnes annually by 2047. Gujarat aims to develop integrated port cities with Rs 1.5 lakh crore, while Andhra Pradesh plans Rs 50,000 crore investment by 2050, enhancing their existing and new port infrastructure.
India is set to offer nearly $2 billion in incentives to replace diesel-powered inland vessels with cleaner alternatives. The plan aims to cut emissions by one million tons annually, targeting half the fleet to be eco-friendly by 2030, with a full transition by 2045.
India doesn’t anticipate an immediate impact on trade relations with Canada despite ongoing diplomatic tensions. Bilateral trade remains stable, with no new trade restrictions implemented. Efforts may focus on diversifying imports of pulses and fertilizers from other countries.
India has urged the UAE to address concerns over a significant rise in exports of silver, platinum alloy, and dry dates, following the 2022 Comprehensive Economic Partnership Agreement. The UAE has agreed to investigate the compliance with the rules of origin norms to prevent circumvention.
UK Business and Trade Secretary Jonathan Reynolds emphasizes the priority of a trade deal with India at the International Investment Summit in London. The UK is negotiating a Free Trade Agreement with India, aiming to enhance the GBP 38-billion annual bilateral trade partnership while fostering significant economic growth and job creation across the country.
Indian authorities are scrutinizing imports of dates from the UAE due to concerns that third countries, especially Pakistan, might be exploiting the India-UAE CEPA to avoid high import duties. The investigation focuses on ensuring compliance with rules of origin to prevent transshipment abuses.
India’s export of oil meals dropped by 35% in September to 213,744 tonnes, with an overall 9% decline during April-September FY24. Soybean meal exports rose due to higher imports by UAE, Iran, and France, while rapeseed and castor seed meal exports decreased.