In December, India shifted crude imports from Russia, the US, Venezuela, and Brazil to Iraq, the UAE, Kuwait, Angola, and Nigeria due to reduced exports from the former group. Russia’s monthly share dropped to 33.4% as higher domestic refining needs limited exports. India secured alternative supplies primarily from Iraq and the UAE.
Russia, US curtail crude exports to India on increased demand at home
The government has established a committee to create a consistent mechanism for publishing export-import data amid technical glitches. This follows steep downward revisions in gold and silver imports for April-November FY25 due to calculation errors. The revisions include revised electronics imports for April to November downgraded by $2.7 billion.
Commerce ministry revision showing changes in gold, silver, electronics import data: GTRI
10 months ago
India’s commerce ministry’s arm DGCIS revised import data for gold, silver, and electronics from April to November 2024. The revisions showed significant drops in reported imports. GTRI highlighted the importance of accurate trade documentation. Ensuring more accurate and timely data collection will improve trade policy, revenue calculations, and economic planning and avoid future corrections.
India organic products’ exports have potential to reach Rs 20,000 cr in 3 years: Piyush Goyal
10 months ago
India aims to increase organic product exports to Rs 20,000 crore in the next three years. Commerce Minister Piyush Goyal announced this while releasing the revised National Programme for Organic Production. New regulations will enhance clarity and transparency in organic product standards. The initiative seeks to boost India’s organic export sector, targeting USD 2 billion […]
Gold and silver import figures for April-November FY25 were revised significantly, with gold imports adjusted downward by $5 billion to $9.84 billion for November. This reduced the trade deficit and eased pressure on the rupee. The corrected gold import total for the period is $37.38 billion, down from the earlier $49.08 billion estimate.
Commerce ministry, Indian mission officials of 20 nations discuss ways to boost exports
10 months ago
Senior commerce ministry officials and Indian Mission representatives from 20 countries concluded a three-day meeting to boost exports. They focused on country-specific opportunities, trade challenges, and strategies for six key sectors in leading markets, including the US and EU. Services exports reached an all-time high of USD 34.31 billion.
India corrected its November gold import estimates, cutting them by $5 billion due to calculation errors. The revised imports stand at $9.84 billion, reducing the previously calculated trade deficit. Despite the correction, overall gold imports in 2024 have already surpassed those in 2023. India remains a key gold consumer, relying heavily on imports.
The government has launched a Rs 47,000 crore plan to develop shipbuilding facilities and expand Gujarat’s Kandla Port by 135 MTPA. The initiative includes building and repairing ships, creating a new modern port, and shifting and upgrading cargo handling to increase capacity and efficiency, improving the port’s overall productivity.
Exporters and freight agencies expressed concerns over high terminal handling charges at ports and low usage of dry ports, which contribute to logistics costs. They discussed these issues with commerce and industry minister Piyush Goyal. India is aiming for $800 billion in goods and services exports by fiscal 2025, up from $778 billion in the […]
India and Malaysia committed to enhancing cooperation in counter-terrorism, cyber security, defence, and maritime security. They agreed to institutionalise annual security dialogues, building on discussions initiated during Malaysian Prime Minister Ibrahim’s visit to India in August 2024, which elevated bilateral ties to a Comprehensive Strategic Partnership.