India’s July oil imports slip on monsoon lull, lower Russian inflows

India’s crude oil imports fell for the second straight month in July in line with lower consumption due to monsoon rains and lower shipments from Russia and Saudi Arabia as prices rose following recent supply cuts from the two oil producers.

A report by the Global Trade Research Initiative (GTRI) has urged the Indian government and exporters to take immediate action to deal with the European Union’s carbon tax. The report suggests a nine-step action plan and taking urgent steps like monitoring emissions data and providing incentives for adopting greener technologies.

India’s crude oil imports from Russia declined in July for the first time in nine months, while imports from Saudi Arabia dropped to their lowest in 2-1/2 years due to OPEC+ cuts. Both China and India reduced imports from Russia and Saudi Arabia as prices increased and the producers reduced output. India’s overall oil imports […]

The Indian government has denied reports claiming it is considering imposing an export tax on parboiled rice variety. India’s inflation has surged to a 15-month high, building urgency for the government to take measures to contain spiraling food prices. Currently, there are no restrictions on the exports of parboiled rice, which constitutes nearly a third […]

India’s exports and imports of goods and services declined 2.5% on-year in January-June 2023 at $800.9 billion, think tank Global Trade Research Initiative (GTRI) said Monday. Exports of goods and services rose 1.5% to $385.4 billion in the first six months of the calendar year as against $379.5 billion in the corresponding period a year […]

Overall, the EU is aiming to deepen ties with India and working to that end with negotiations on three ambitious agreements: a Free Trade Agreement, an Investment Protection Agreement and a Geographical Indications Agreement. Closer EU-India cooperation is symbolised through the parallel engagement in the Trade and Technology Council, according to a readout by EU.

India and the 10-nation bloc Asean on Monday said they have directed their officials to intensify their efforts to conclude the review of the existing free trade agreement in goods between the two regions by 2025. The issue was discussed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting, held at Semarang, Indonesia.

The exporters whose rice shipments were stuck at ports following export bans may get some relief. The centre has directed Indian customs to allow shipments of non-basmati rice for export where the shipment has commenced where shipping bills were filed and where vessels arrived and anchored in Indian ports before ban notification.

The move is part of the Reserve Bank of India’s broader aim of promoting settlement in local currencies with countries with which India has a trade deficit, with the knock-on effect of boosting the rupee’s global reach, three banking sources said.

India has asked for the review of the agreement with an aim to eliminate barriers and misuse of the ASEAN India Trade in Goods Agreement, which came into effect on January 1, 2010. Members of the Asean include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.