India’s gems and jewellery exports decline by 10.29% in Dec 2024 amid economic uncertainty

India’s gems and jewellery exports saw a 10.29% decline in December 2024 compared to the previous year due to economic uncertainties and a shift towards gold as a safe-haven investment. The export of Cut & Polished diamonds and gold jewellery also declined, though a ceasefire between Israel and Hamas may boost trade activities soon.

The US ambassador to India emphasized the need for India to reduce high tariffs to attract investment and compete with Southeast Asia amidst escalating US-China trade tensions. Despite some progress, India still struggles with a challenging business environment and faces competition from Vietnam.

The depreciating rupee will elevate India’s import bill due to higher costs for vital commodities and machinery. Despite conventional wisdom suggesting a weaker currency boosts exports, India’s decade-long data reveals significant export growth in high-import sectors like electronics, while low-import, labour-intensive sectors like textiles decline.

India’s oil meal exports decline by 25% in December 2024 due to a fall in rapeseed and castor seed meal exports. Overall, exports from April to December 2024 decrease by 10% compared to the previous year. Increased competition and production issues contribute to uncertainty in future soybean meal exports.

Commerce and Industry Minister Piyush Goyal is set to visit Brussels to discuss India-EU trade and progress in the Free Trade Agreement with new EU Trade Commissioner Valdis Dombrovskis. The negotiations, after multiple rounds, require political direction to address sensitivities and aim to significantly enhance bilateral trade and investment.

India’s trade deficit widened to $21.94 billion in December, with a contraction in exports for the second consecutive month. Imports rose to $59.95 billion. Gold imports saw significant revisions, affecting deficit calculations. Key export sectors faced declines while electronics and garments reported growth. Multiple FTAs are under negotiation.

India’s diesel exports to Europe have dropped significantly, leading suppliers to shift focus to Africa and Asia. Increased refinery outputs in Europe and the US contributed to the decline. Africa now accounts for the largest share of Indian diesel exports, while overall refined product exports to Europe have decreased, with Asia and the Middle East […]

India’s first e-commerce export hub is set to become operational by March, aiming to boost exports to USD 100 billion by 2030. The pilot launch includes companies like Shiprocket and DHL, with features such as self-sealing and easy reimport policies. Additionally, a new Diamond Imprest Authorisation scheme will start from April 1, promoting duty-free import […]

The U.S. Bureau of Industry & Security has removed three Indian entities, Indian Rare Earths, IGCAR, and BARC, from its restrictive list. This move aims to boost joint research and collaboration in science and technology, particularly in the energy sector, strengthening bilateral ties and energy security.

India’s electronics exports saw a significant increase of 35.11 per cent to USD 3.58 billion in December 2024, the highest in 24 months, highlighting the country’s growing electronics manufacturing sector. This growth is fueled by favourable government policies, rising global demand, and expanding domestic production.