DGFT, Revenue dept working on dedicated hubs to boost e-commerce exports

India’s e-commerce exports are set to receive a boost with the establishment of designated e-commerce hubs by DGFT and the Department of Revenue to streamline the export process.

India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations.

The CII called for a review of trade ties with China due to the country’s reliance on electronics components imports, posing a risk to domestic manufacturing sustainability.

India’s oil imports from Russia hit a record high of 2.1 million bpd in May as discounts widened due to lower demand from China. Some European nations avoided Russian oil after the Ukraine invasion, making Russian oil cheaper than similar grades from the Middle East.

The Directorate General of Foreign Trade (DGFT) has introduced a new automated system to establish adhoc input-output norms, aimed at facilitating foreign trade procedures. This initiative allows exporters to import duty-free raw materials for manufacturing goods meant for export under advance authorisation. Exporters can now apply for customized adhoc norms through a rule-based, automated process […]

The Indian government has approved the export of 2,000 tonnes of non-basmati white rice to Malawi and Zimbabwe through the National Cooperative Exports Limited, despite a ban on such exports since July 2023 to boost domestic supply. The move aims to meet the food security needs of the two African nations.

The escalating trade tensions between Europe and China over electric vehicles have the potential to ignite a new trade war. As Europe imposes tariffs on Chinese EVs, China retaliates by targeting European farmers, particularly in the pork industry. This tit-for-tat strategy threatens to impact various sectors on both sides.

India’s merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.

India’s seafood exports saw a 3% rise in volume but an 8% decline in value for the fiscal year 2023-24, totaling 1,781,602 MT valued at USD 7.38 billion. Frozen shrimp remained the top item, with the US leading as the largest market, followed by China and the European Union.

EU’s ESPR regulation, criticized by GTRI, may raise costs and impact exports from developing nations due to stringent sustainability standards and Digital Product Passport requirement.