India’s trade relationship with the US is expected to remain strong despite the recent change in US leadership. Bilateral trade between the two nations has shown significant growth, with India’s exports to the US increasing substantially. While experts suggest potential challenges depending on the new administration’s trade policies, both countries continue to benefit from strong […]
India-US trade relations continue to grow irrespective of change in regime
India’s spice industry is eyeing significant growth, aiming for $10 billion in exports by 2030. To achieve this, the industry is exploring new markets in Africa, South America, and Eastern Europe, while also focusing on emerging sectors like health and wellness.
Indian and Kazakh business leaders convened at the India-Kazakhstan Business Conference in Astana to explore partnerships in electronics and engineering. Ambassador Prasad highlighted India’s potential in these sectors, emphasizing opportunities in digital transformation, infrastructure development, and manufacturing. The conference aimed to boost bilateral trade and foster joint ventures between companies from both nations.
The World Trade Organisation reported an increase in trade restrictions by G20 nations between mid-October 2023 and mid-October 2024. The WTO found 91 new trade-restrictive measures and 141 trade-facilitating measures on goods, primarily imports. The trade coverage of these restrictive measures reached USD 828.9 billion, a significant increase from the previous year.
India’s cooking oil imports in 2023-24 are down by 3% as consumption falls due to high prices
2 years ago
India’s edible oil imports dipped by 3% in 2023-24, totaling 15.96 million tonnes due to increased domestic oilseed production and a dip in demand attributed to high prices. The Solvent Extractors’ Association (SEA) anticipates a further 10 lakh tonne import reduction in 2024-25, fueled by a projected bumper oilseed harvest.
India imported more palm oil in October due to festive demand. Palm oil imports reached 845,682 metric tons, a 60% increase from September. Refiners increased purchases to stock up after recent lower imports. Soyoil imports decreased while sunflower oil imports increased. Overall, edible oil imports for the 2023-24 marketing year decreased slightly.
India imported less edible oil in the 2023-24 oil marketing year. The total import was 159.6 lakh tonnes, a 3.09 percent decrease. Higher domestic oilseed production and reduced demand contributed to the decline. Crude palm oil and RBD palmolein imports fell. Soyabean oil imports decreased marginally, while sunflower oil imports rose.
Claiming that India appears to be providing “significant” market price support (MPS) for rice and wheat, both in terms of absolute value and as a percentage of the value of production, the five countries said, “India’s notifications for the years at issue appear to dramatically under-report the value of India’s MPS for rice and wheat.”
India has implemented anti-dumping duties on Epichlorohydrin imports from China, Korea, and Thailand for the next five years. This decision, reached after an investigation by the Directorate General of Trade Remedies, aims to protect domestic industries from being undercut by cheaper imports and will level the playing field for them against foreign competitors.
India’s merchandise exports will grow to $107.5 billion in the third quarter of FY25. Non-oil exports will see a significant rise. The growth is driven by strong economic activity and improving demand from trading partners. Exim Bank predicts this growth to continue in the last quarter. However, global economic uncertainties and geopolitical factors pose risks […]