Seafood exporters in troubled waters as shipping freight rates see 5x surge

India’s seafood export industry, valued at $7.26 billion, is facing significant challenges due to a sharp rise in shipping freight rates. The Seafood Exporters Association of India (SEAI) has highlighted a surge of 4-5 times in rates within two months, attributing it to increased container demand in China ahead of US tariffs effective August 1. […]

At their meetings, Modi and Russian President Vladimir Putin discussed optimum use of the Northern Sea Route (NSR) via the Arctic and possible use of nuclear-powered icebreakers of Rosatom in that terrain, ET has learnt.

Minister Piyush Goyal stated a Group of Ministers will judge lifting the non-basmati rice export ban, effective July 20, 2023, based on demand and price. Rejected spice consignments, including MDH and Everest, involving carcinogenic pesticide, are minimal. Managed with FSSAI, ensuring India’s $56 billion food export quality. Indian exporters uphold quality standards.

Commerce and Industry Minister Piyush Goyal announced Wednesday that the European Free Trade Association (EFTA) is eager to invest in India, urging the domestic industry to seize this opportunity. Goyal, set to visit Switzerland on Sunday to advance EFTA commitments, emphasized that the $100 billion commitment is for foreign direct investments, not portfolio investments. EFTA […]

Russian First Deputy Prime Minister Denis Manturov emphasized the strategic importance of the India-Russia partnership, noting a significant boost in trade turnover. The trade between the two nations surged to USD 57 billion in 2023 and continued its upward trajectory in 2024, achieving a 23 percent growth and nearing USD 18 billion by April.

India’s diesel exports to Europe surged fourfold in June to 119,400 barrels per day from 24,500 barrels per day in May, driven by better margins in the continent. Despite this, India’s overall diesel exports fell 4% to 482,400 barrels per day. Europe received a quarter of India’s diesel shipments, while supplies to Asia fell 10%. […]

The government has formed a committee – Rice Federation Consulting Committee – under the commerce ministry to deal with the issue of rice exports.

India and Russia aim to boost their bilateral trade to over USD 100 billion by 2030. The focus is on using national currencies, expanding trade routes, and increasing cooperation in sectors like energy, agriculture, infrastructure, and the digital economy. The agreement, announced at the 22nd Annual Bilateral Summit in Moscow, includes eliminating trade barriers, optimizing […]

India, top rice exporter, might ease export limits before October’s crop. Plans include fixed duties on white rice and removing the 20% tax on parboiled rice to reduce Asian prices, aiding West Africa and Middle East. Monsoon rains boosted sowing recovery, increasing acreage. Data indicate increased sowing for the main rice crop since 2023.

PM Modi’s Russia visit includes meeting Putin to discuss India-China border issues, Kazakhstan summit, arms deals (Su-30MKI, licensed production), trade balance, and energy ties. Talks will also cover Russia’s nuclear threats, US-India relations, murder plot probe, Indian community meetings, and the Ukrainian conflict.