India’s rice export curbs puts contracts for 2 mln tons at risk – trade

Around 200,000 tons of rice is being loaded at various Indian ports, and this quantity would be allowed to move out, said B.V. Krishna Rao, president of the Rice Exporters Association. But the government should also allow exporters with valid LCs to ship out their cargoes, Rao said.

Russia is not ruling out introducing quotas on the export of oil products to stabilise gasoline prices, Russian Deputy Prime Minister Alexander Novak said. He added that some refineries had postponed planned maintenance to a later date to meet rising demand.

Britain began free trade talks with India in January last year as it looks to establish its credentials as an independent trading nation after leaving the European Union and is seeking an Indo-Pacific tilt to its foreign policy.

India and Germany are looking to strengthen bilateral cooperation and increase investments and collaboration, according to Robert Habeck, Germany’s Vice Chancellor and Minister of Economic Affairs and Climate Action. While China remains Germany’s biggest trading partner, there is concern about being too reliant on a single market, and Habeck said de-risking and diversification is important. […]

The Centre has prohibited the export of non-basmati rice to curb price rise in the domestic market, the food department said in a statement. Retail prices of non-basmati rice have increased 3% in the past one month and 11.5% in the past year despite the imposition of 20% export duty since September 2022 to lower […]

Oilmeal exports from India fell by 35% in June to 280,001 tonnes due to decreased demand for rapeseed meals from overseas. However, exports of oilmeals increased by 19% to 1,210,045 tonnes from April to June compared to the same period last year. Soybean meal exports rose significantly to 364,611 tonnes in Q1 2023-24, while rapeseed […]

“India said that the strongest evidence supporting the necessity of public stockholding was in its own actions during the pandemic, when it mobilised its food stocks and provided food to 80 million people in 18 months’ span,” said a Geneva-based official.

With the increasing global economic uncertainties, the commerce ministry is looking at fixing this fiscal year’s export target in a range instead of a single figure, an official said. To set the target range, a detailed study on 200 countries and 31 commodity groups is in the process, the official said.

India and the US have informed the World Trade Organization (WTO) on the mutual resolution all the six trade disputes, in line with the commitment they made last month. In five separate notifications to the WTO on Tuesday, they asked the multilateral trade watchdog to terminate these disputes. The US and India had initiated three […]

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