India’s oilmeals export up 9 pc to nearly 5.16 lakh tonne in Feb on higher soyameal shipments

Oilmeals export in February rose 9% to 5.16 lakh tonnes, led by soyabean meal. Indian competitiveness faces threat from Argentina’s pricing, affecting export outlook. South Korea and Vietnam imports declined, showing shifting market dynamics.

Amid the threat of Houthi attacks on ships, a large share of diesel exports to Europe was diverted to transit via the Cape of Good Hope, avoiding the Red Sea and the shorter Suez Canal. The longer route means higher freight. This combined with weak east-west arbitrage helped attract more Indian diesel cargoes to Asia […]

To promote e-commerce exports, the commerce ministry’s arm DGFT in partnership with logistics services provider DHL will conduct training sessions and workshops for MSMEs in 76 districts of the country, a statement said on Thursday. The exercise is aimed at preparing MSMEs to tap the growing potential of increasing exports through e-commerce medium, the Directorate […]

​Exports below this MEP value will not be permitted. “Export of natural honey is free. Minimum export price (MEP) of USD 2,000 per metric ton is imposed till December 31, 2024, or until further orders, whichever is earlier,” the Directorate General of Foreign Trade said in a notification.

In its report, done in collaboration with the Foundation for Economic Development, the Aayog has proposed a series of measures including boosting e-commerce exports, creating a comprehensive trade portal, promoting ease of merchandise exports, improving access to export finance and creation of one stop information channel for exporters.

The year-on-year import of vegetable oils in February 2024 is down by 13 %, whereas the overall imports of vegetable oils during the first four months of the oil year from November 2023 to February 2024 are down by 21%, said SEA in a statement.

India’s vegetable oils import fell 13% YoY to 9.75 lakh tonne. Solvent Extractors’ Association of India stated that edible oils and non-edible oils imports decreased. Palm oil availability declined due to diverting it for biodiesel production.

India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers to them.

The Centre exempted gold imported by the Reserve Bank of India from import duty and Agriculture Infrastructure Development Cess. India, the second-biggest consumer of gold, depends on imports. Cumulative gold imports reached $37.85 billion from April-January in FY24, with imports in January alone standing at $1.9 billion.

Both leaders reaffirmed their commitment towards strengthening the bilateral comprehensive strategic partnership, a statement in New Delhi said. A Downing Street readout of the call noted that Sunak and Modi agreed on the importance of securing a “historic and comprehensive deal”.