India’s steel imports from China hit record high, latest data shows

India’s finished steel imports from China hit a record high in the first seven months of this fiscal year, reaching 1.7 million metric tons. This surge, a 35.4% year-on-year increase, is impacting smaller Indian steel producers already grappling with falling domestic prices and cheap imports.

At a WTO agriculture committee meeting, India urged expedited negotiations on a special safeguard mechanism for developing nations. This mechanism would allow temporary tariff increases on agricultural imports during price drops or import surges. India also emphasized finding a permanent solution for public stockholding for food security and advocated for text-based negotiations within the WTO […]

Political unrest in Bangladesh has disrupted Indian exports, causing delays in payments for cotton and textiles. Engineering goods, gems, jewelry, and oilmeal exports have declined. Despite challenges, raw cotton and yarn exports continue, as Bangladesh’s textile industry relies heavily on these materials.

Israeli Economy Minister Nir Barkat thanked India for its support after the October 7 terror attacks and promoted investment and technology partnerships. He highlighted Israel’s economic model focused on six key sectors and suggested collaborative pilot projects with India, particularly in AI and quantum technologies, leveraging Israel’s innovation and India’s market scale.

Bob Willen, Kearney’s chairman, discusses Trump’s trade stance, India’s GCC growth, and AI’s impact. He cautions about Trump’s tariff threats but remains optimistic about India’s potential amid a shifting global trade landscape. Willen emphasizes Kearney’s focus on operational strategy and its embrace of AI as a transformative tool.

Smuggling of gold for food staples like sugar and grain surges across the India-Bangladesh border. India’s export curbs created price disparities, incentivizing illegal barter trade and impacting government revenues. Despite efforts to curb smuggling, the practice persists, driven by high food prices in Bangladesh and lucrative arbitrage opportunities for grey market operators.

US President-elect Donald Trump’s decision to impose high tariffs on China, Mexico, and Canada will create significant export opportunities for India, according to Niti Aayog CEO BVR Subrahmanyam. He emphasized that India must prepare to capitalize on these opportunities, especially as trade disruptions in the US could lead to trade diversion.

A NITI Aayog report reveals that India has had limited success in capitalizing on the “China Plus One” strategy, unlike South Asian peers such as Vietnam, Thailand, Cambodia, and Malaysia, which have benefited from factors like cheaper labour, simplified tax laws, and lower tariffs.

India and the UK reviewed their strategic partnership, focusing on finalizing a free trade agreement, enhancing defence cooperation, and counter-terror collaboration. Both nations aimed to identify new areas for collaboration, with discussions covering economic ties, technology, and security initiatives and fostering innovation in emerging technologies, clean energy, and cultural linkages.

In November, India’s edible oil imports hit a four-month high as refiners bought more palm oil, soyoil, and sunflower oil to restock after robust demand during festival seasons. This increase in imports could help reduce inventories in producing countries. However, palm oil imports in December might decline due to the recent price rally making other […]