India’s exports to China fell by 22.44% to USD 1 billion in August, while imports rose by 15.55% to USD 10.8 billion, resulting in a trade deficit. Exports to other countries like the US and UAE also declined, while imports from several nations increased.
India’s imports from China up 15.55 pc; exports dip 22.44 pc in Aug
The commerce ministry has introduced several measures to support MSME exporters facing global challenges. These include the launch of the ‘Trade Connect e-Platform’ and an e-commerce export hub, enhanced insurance cover, and reduced compliance burdens. The initiatives aim to boost India’s share in the global e-commerce market and improve access to key international markets.
India’s exports contracted by 9.3 per cent in August due to Red Sea disruptions and logistical challenges, with petroleum product exports dropping 37.56 per cent. The trade gap widened to USD 29.65 billion. Exporters face issues like lack of shipping space and irregular schedules. Measures like extending the RoDTEP Scheme are suggested to support exporters.
India and the UK are set to resume talks in October for a proposed free trade agreement, aiming to resolve pending issues. Both nations seek market access for goods and services, with India focusing on skilled professionals and the UK on reducing import duties. Bilateral trade has seen recent growth.
The Great Eastern Shipping Company, India’s largest private ocean carrier, is considering entering the container shipping sector. This move could help mitigate risks associated with oil trade as the world shifts towards green energy. The company prefers to invest countercyclically and may enter the market when it is weaker.
Tuticorin Intl container terminal dedicated to nation; to reduce logistics costs, save forex
2 years ago
The Tuticorin International Container Terminal was inaugurated by Union Minister Sarbananda Sonowal, enhancing VOC Port’s capacity. Prime Minister Modi highlighted its deep draft and significant berth length. The terminal aims to reduce logistics costs, save foreign exchange, and promote gender diversity with 40% female employees. Multiple development projects were also launched.
India faces challenges in exports due to rising freight costs, container shortages, and reliance on foreign carriers. GTRI suggests boosting domestic container production and enhancing local shipping companies to mitigate risks and costs. The report highlights the need for significant investments and policy support to strengthen India’s shipping industry.
India needs to boost container production, promote domestic use, strengthen shipping firms, and enhance port infrastructure. High freight costs, container shortages, and reliance on foreign carriers challenge exports. Domestic shipping handles only 5-10% of trade volume, with heavy dependence on Chinese containers making India vulnerable to supply disruptions.
The government has removed the minimum export price of $950 per tonne for basmati rice, leading to increased global enquiries. This move is expected to stabilize the falling prices of basmati rice, which may rise from Rs 55 per kg to Rs 65 per kg initially. India holds an 80% share in the global aromatic […]
India plans to establish two operational Mega shipbuilding parks by 2030, aiming for a share of the $100 billion global market. The parks will be located on both the East and West coasts, with basic infrastructure provided by the government and critical equipment by private players. This initiative will enhance domestic shipbuilding capabilities and create […]