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’s tariff removal on several US products benefiting farmers: Katherine Tai
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.
For the full year, the trade deficit, at $240 billion, was 9.3% lower than the previous year. Exports tumbled 3.1%, as geopolitical tensions continued to plague trade. Imports during this period were down 5.4% from FY23.
The Directorate General of Foreign Trade has imposed port restrictions on exporting essential commodities to the Maldives due to tensions between India and the Maldives. The move, under the Foreign Trade (Development & Regulation) Act, 1992, restricts exports to four designated Customs Stations, including Mundra Sea Port, Tuticorin Sea Port, Nhava Sheva Sea Port (JNPT), […]
India will take a policy decision to mitigate trade impact from Iran-Israel conflict after understanding the consequences. India, a large oil importer, imports significant amount of crude from the Middle East. Oil prices dropped with market downplaying broader regional conflict risk after Iran’s attack on Israel.
Trade deficit narrows to 11-month low of $15.60 billion in March as India cuts overseas purchases
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India’s merchandise trade deficit decreased to $15.60 billion annually in March, according to government data. The yearly deficit narrowed to $240.2 billion in FY24. Economists, surveyed by Reuters, had estimated March’s deficit at $18.55 billion.
Exporters anticipate 10-15% rise in air freight to Europe post Iran’s attack. Red Sea crisis diverts cargo to air, inflating costs. Longer routes cause delays and impact engineering exports. Kolkata exporter expects 30-35% reduction in new project exports.
Indian basmati rice and tea exporters are anxious about the impact of Iran’s attack on Israel. Concerns over outward shipment and rising sunflower oil prices persist amidst the conflict, posing challenges for the industry.
The pace of exports has more than doubled from the 6.18% growth in the same period of FY23, according to estimates by Pharmaceutical Export Promotion Council (Pharmexcil).