Exports rise 3.12 pc in January despite Red Sea crisis; trade gap shrinks to 9-month low

India’s exports rose to USD 36.92 billion in January, with a trade deficit of USD 17.49 billion. Imports grew to USD 54.41 billion. Crude oil imports rose by 4.33% to about USD 16.56 billion. Gold imports jumped by about 174% to USD 1.9 billion. April-January exports dipped by 4.89% to USD 353.92 billion. Imports contracted […]

India rejects EFTA’s demand for ‘data exclusivity’ provision, protecting the generic drug industry. Secretary Barthwal emphasizes India’s support for the industry. Exclusivity is beyond TRIPS agreement. EFTA has 29 FTAs with 40 partner countries, including Canada, Chile, China, Mexico, and Korea.

India’s trade deficit increased to $17.49 billion in January 2023, according to Commerce Secretary Sunil Barthwal. The deficit was $17.03 billion in January 2023 and $19.8 billion in December 2023. Merchandise exports rose by 3.12% to $36.92 billion, while imports increased by 3% to $54.41 billion. Services exports increased by $28 billion in January and […]

AEPC urges govt to suspend order allowing trans-shipment of Bangladesh export cargo through Delhi Air Cargo complex due to Red Sea crisis increasing transportation costs and shifting export shipments from sea to air mode. Excessive increase in air freight rates, delay in handling and processing of export cargo, and severe congestion at Cargo Terminal making […]

India, Bangladesh, Egypt, Indonesia, and South Africa have expressed concerns over a recent World Trade Organization (WTO) draft on dispute settlement reform. The draft proposes changes such as including mediators during consultations and altering the composition and powers of dispute settlement panels. The countries argue that certain proposals, like limiting the possibility of appeal and […]

Ministers from around the world are gathering in Abu Dhabi for a World Trade Organization meeting to address key issues such as reforming the dispute system and cutting fishing subsidies. The WTO’s top court has been inactive for four years due to opposition from the US, leaving billions of dollars worth of trade disputes unresolved. […]

Bharat Mart: During his visit to the UAE, Prime Minister Narendra Modi opened the Bharat Mart, a warehouse to promote Indian exports.

Prime Minister Narendra Modi, during his visit to the UAE, is expected to inaugurate Bharat Mart, a warehousing facility aimed at boosting Indian trade abroad. Similar to China’s Dragon Mart, Bharat Mart will showcase Indian exports in a one-stop facility, reducing shipping time and costs. This move aligns with the deepening economic ties between India […]

The agreement on interlinking of the instant payment platforms — UPI (India) and AANI (UAE) — will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year during PM Modi’s visit to Abu Dhabi. The agreement on inter-linking domestic debit/credit cards — […]

The timing of the report is curious as it comes ahead of the visit of several European Foreign Ministers and EU officials here next week, according to a source who did not wish to be named. Interestingly, European states are purchasing refined Russian crude from India.