India and South Korea have initiated electronic transfer of the bill of lading between their customs, enhancing ease of doing business. This digital move eliminates the need for physical record submissions, expected to be fully adopted in 1-1.5 years. UNCITRAL is spearheading this global shift towards electronic trade documentation.
India, S Korea start sharing bill of lading electronically to promote trade: DGFT
India’s Petroleum Minister Hardeep Singh Puri announced that the US is now India’s sixth-largest energy trade partner, with bilateral trade potentially reaching USD 500 billion. The hydrocarbon trade has nearly doubled since 2018-19. Puri discussed sustainable energy initiatives and investment opportunities with US stakeholders at the Gastech 2024 conference in Houston.
India’s ready-made garment exports surged by 12% in August to USD 1.26 billion, despite global challenges. From April to August 2024-25, exports grew by 7.12% to USD 6.39 billion. AEPC Chairman Sudhir Sekhri credits the growth to product quality and compliance, with hopes for continued momentum through policy support and strategic realignment.
Six countries, including the US, UK, and Japan, have asked India about its plans to lift or ease the ban on non-basmati white rice exports. At the WTO, Japan also inquired about India’s electricity subsidy for farmers. Over 40 questions have been posed to India regarding its export restriction measures since 2022.
The government is considering lifting the ban on exporting certain non-basmati rice varieties, according to Food Secretary Sanjeev Chopra. The export ban on non-basmati white rice has been in place since July 20, 2023, to boost domestic supply. Chopra noted that there is ample stock and retail prices are under control.
India has allowed the import of fresh green areca nut from Bhutan without a minimum import price condition through additional land customs stations in Odisha and Assam. This follows the government’s 2022 decision to permit the annual import of 17,000 tonnes of green areca nut from Bhutan, bypassing the earlier price restriction.
Commerce and Industry Minister Piyush Goyal announced that India’s exports of goods and services are expected to surpass $825 billion despite global challenges. The ministry is addressing container shortages and high freight rates. Plans include opening offices abroad to facilitate foreign investment and trade, making it easier to do business in India.
India’s diamond sector is in crisis with a sharp decline in imports and exports over the past three years, leading to defaults, factory closures, and job losses. A significant inventory of unprocessed rough diamonds is piling up due to reduced orders and competition from lab-grown diamonds, exacerbating the situation.
Freight rates at Indian ports have surged nearly 70% year-on-year in August, driven by global shipping disruptions and sustained demand. This increase, after a two-year gap, is likely to impact the cost burden of Indian companies with international exposure. Rates have fluctuated since 2020 due to various geopolitical issues and supply chain disruptions.
India’s trade gap surged to a 10-month high of $29.65 billion in August due to declining exports and record gold imports. Commerce Secretary Sunil Barthwal cited global economic challenges but emphasized strong domestic consumption and growth in non-petroleum sectors, indicating that the high trade deficit is not currently a major concern.