UK Foreign Secretary David Cameron has acknowledged that while there has been good market access offered by both sides, it is not enough to secure a free trade agreement (FTA). This comes as Indian negotiators are in London to continue discussions with their British counterparts. The recent restructuring of the BBC to create a new […]
Good market access offered on both sides, says UK on India FTA talks
The industry body said the export of soyabean meal revived during the year and reported at 21.33 lakh tonnes in 2023-24 fiscal, compared to 10.22 lakh tonnes in 2022-23 as Indian soybean meal was most competitive in the international market.
India imported 4.65 million metric tons of pulses in the year ended March 31, 2024, the highest since fiscal 2018, and up from 2.53 million tons imported a year ago, according to provisional data shared by a government official who declined to be named.
The trend continued into the fiscal year FY 2023-24 as well, available data from April 2023 to January 2024 painting a grim picture. India’s exports to ASEAN amounted to USD 32,713.01 million during this period.
India’s crude oil import bill decreased by 16% YoY to $132 billion in 2023-24 due to lower oil prices, according to the country’s oil ministry data. Domestic crude oil production remained constant, while refined petroleum product imports fell by 13% to $23 billion. Despite a 17% increase in volumes, imports of LNG fell by 22% […]
India’s oil meal exports in the 2023-24 fiscal year have reached a record high in both quantity and value, according to data from the Solvent Extractors’ Association. Exports have increased to 4,885,437 tons valued at Rs. 15,370 crores, up by 13% in quantity and 35% in value compared to the previous year. The export of […]
India’s crude oil imports declined by 16% in the fiscal year ending March 31 due to lower global rates, but import dependency hit a new high at 87.7%. Despite stable domestic production at 29.4 million tonnes, India spent USD 132.4 billion on crude imports. Fuel consumption surged to a record 233.3 million tonnes.
US Trade Representative Katherine Tai highlighted the benefits of India’s decision to remove retaliatory tariffs on several US products, including chickpeas, lentils, almonds, walnuts, and apples. This move has improved market access for American farmers, particularly in Michigan, Oregon, and Washington. The removal of tariffs was part of the resolution of the final outstanding WTO […]
India has permitted limited onion exports to the United Arab Emirates (UAE) and Sri Lanka, despite ongoing restrictions on outward shipments of the vegetable. The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), announced the allowance of an additional 10,000 metric tons (MT) of onions to both the UAE and […]
India’s oil purchases from Russia jumped after the war as New Delhi purchased discounted crude. The share of Russian oil in India’s total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa.