Exporters’ logistics costs may jump 20%

India’s exports are anticipated to face increased logistics costs, potentially rising by 15-20%, due to the ongoing Israel-Iran tensions. Closures of air routes over Pakistan and Iran will escalate air cargo expenses, while higher fuel costs impact sea transport. Disruptions are expected in shipping lines via the Red Sea and Suez Canal, creating uncertainties for […]

Global shipping lines had started avoiding the West Asian region after the Israel-Gaza conflict escalation in October 2023. Attacks on commercial vessels in the Red Sea by Iran-backed Houthi militants virtually crippled trade through the Suez Canal. This led to major companies rerouting trade through the Cape of Good Hope.

India has requested IREL to halt rare earth exports to Japan, aiming to secure domestic supplies and lessen reliance on China. This decision follows China’s export restrictions, which have impacted global industries. IREL intends to expand domestic mining and processing capabilities, seeking partnerships for rare earth magnet production, while India plans incentives for local processing […]

China has hinted at potential discussions with India regarding export restrictions on rare earth materials, expressing a willingness to enhance dialogue and cooperation with various nations to ensure stable industrial supply chains. This follows concerns in India about shortages affecting automobile and semiconductor manufacturing.

The minister, on a four-day visit to Switzerland and Sweden, said discussions on 90% of content were complete on India-EU FTA, with services and rules of origin negotiations slated to start from Monday. However, he said, key issue to be addressed is non-tariff barriers to make it easy to do business.

India is open to mutually beneficial arrangements with trusted trading partners regarding quality standards, according to Commerce and Industry Minister Piyush Goyal. India aims to promote the manufacturing of quality goods through Quality Control Orders (QCOs), ensuring equal treatment for both domestic and foreign suppliers.

India’s palm oil imports surged to a six-month peak in May, driven by attractive pricing compared to soyoil and sunflower oil, alongside dwindling inventories. This surge propelled overall vegetable oil imports to 1.19 million tons, the highest since December. Anticipated increased palm oil imports in June, potentially reaching 850,000 tons, are expected due to the […]

Commerce and Industry Minister Piyush Goyal anticipates India’s goods and services exports to surpass USD 900 billion in 2025-26, even amidst global economic uncertainties. Despite challenges like the Russia-Ukraine conflict and the Red Sea crisis, India’s exports reached a record USD 825 billion in 2024-25.

External Affairs Minister S Jaishankar has expressed optimism about the India-EU Free Trade Agreement (FTA) negotiations, stating that significant progress has been made and the year-end timeline for completion seems feasible. He highlighted the broad scope of India-EU relations, encompassing defence, security, and talent mobility.

India and the US are progressing towards a trade agreement. The target is before fall 2025. Piyush Goyal highlights India’s strong position with existing FTAs with various nations. Discussions are ongoing with the US, EU, Peru, Chile, and Oman for further trade agreements. Goyal notes the world recognizes India’s growing economic strength.