India seeks assurance from the US in the finalized bilateral trade agreement (BTA) to prevent additional tariffs by the Trump administration. India requests stability in tariffs, concessions for labor-intensive sectors, and a mechanism to address potential tariff increases. Both countries aim to finalize the BTA before the deadline, with India emphasizing the need for sustained […]
No new tariffs after Bilateral Trade Agreement: India wants US assurance
India’s May trade gap narrows, exports dip 2.2%
12 months ago
India’s goods exports experienced a slight dip of 2.17% in May, totaling $38.73 billion, while the trade deficit narrowed to $21.88 billion. Despite global uncertainties, exports to the US surged by 16.9%, driven by sectors like electronics and pharmaceuticals.
India’s exports to the US witnessed a significant surge of 16.93% in May, reaching USD 8.83 billion, while imports experienced a dip of 5.76%. Exports to China also saw a substantial increase of 25% in May. Despite US tariffs on steel and aluminum, India anticipates minimal impact unless exemptions favor other nations, potentially affecting Indian […]
Issuance of preferential certificates under FTAs rises, signals higher trade pact use by exporters
12 months ago
Indian exporters are increasingly leveraging free trade agreements, as evidenced by a rise in preferential certificates of origin issued. The number climbed to 7,20,996 in 2024-25, up from 6,84,724 in the previous fiscal year. This indicates greater utilization of trade pacts, boosting competitiveness through duty concessions, with continued growth observed in the initial months of […]
Syama Prasad Mookerjee Port, Kolkata, experienced a significant surge in cargo handling during April-May 2025, marking a 27.56% year-on-year increase despite global geopolitical challenges. The port managed 11.252 MMT of cargo, with both Haldia Dock Complex and Kolkata Dock System contributing substantially to this growth. Increased volumes were seen across various cargo segments, including petroleum […]
Amidst the escalating Israel-Iran conflict, a think tank urges the Indian government to urgently assess energy risks and diversify crude oil sources. The tensions threaten India’s trade routes and commercial interests, particularly through the Strait of Hormuz and the Red Sea. Disruptions could inflate oil prices, increase shipping costs, and impact Indian exports.
The escalating Iran-Israel conflict is poised to disrupt global trade, potentially increasing freight rates and insurance costs, impacting India’s exports to Europe and Russia. Concerns rise over merchant ship movements through the Strait of Hormuz and Red Sea, vital routes for global petroleum and container traffic.
A fire-stricken Singapore-flagged cargo ship, MV Wan Hai 503, has been towed further into the sea, now 40 nautical miles from the Kerala coast, as firefighting efforts continue. The towing operation, initiated with helicopter support, faces challenges due to heavy weather, restricting speed. Several ships are escorting the towing vessels while the search continues for […]
The UK-India Free Trade Agreement (FTA) is poised to give the UK a significant competitive edge in manufacturing, particularly in the automotive and machinery sectors. UK Business and Trade Secretary Jonathan Reynolds highlighted the deal as India’s best offer to date, projecting a substantial increase in bilateral trade.
Sea and air freight costs likely to rise
1 year ago
Global shipping lines had started avoiding the West Asian region after the Israel-Gaza conflict escalation in October 2023. Attacks on commercial vessels in the Red Sea by Iran-backed Houthi militants virtually crippled trade through the Suez Canal. This led to major companies rerouting trade through the Cape of Good Hope.