The country's trade deficit — the difference between imports and exports — had touched the figure of USD 16.86 billion in November 2014.
The previous record was in 1981 when exports had reached 241.25 million kilograms. As compared to 2016, exports in the following year was 8.20 per cent higher by 18.23 million kilograms, Tea Board said, adding that the value of exports was Rs 4731.66 crore, which was an increase of 5.90 per cent over the previous year.
"The exportable quantity will be best understood around July 2018," Verma said at the Dubai Sugar Conference.
FIEO Director General Ajay Sahai said duty drawback by and large has been enhanced in most of the items except for chemical items where there is some reduction.
Lower exports from India will help major growers like the United States, Argentina and Brazil increase sales of the animal feed to Asian buyers like Bangladesh, Vietnam and Japan.
December exports rose 10.9 percent from a year earlier, beating analysts' forecast of a 9.1 percent increase, but cooling from a robust 12.3 percent gain in November, official data showed on Friday.
The boost in shipments from the world's top exporter of the grain is set to extend into 2018 as Bangladesh and Sri Lanka continue to buy aggressively amid depleting inventories in No.2 exporter Thailand, the officials said.
During January to October, total exports of Indian tea touched 189.68 million kg as against 178 million kg during the same period in 2016.
"The stellar performance of exports during November, 2017 comes on the back of smart recovery in the US economy along with several other key European nations. We only have to ensure that the momentum is kept by providing an enabling environment to exporters and removing hurdles like large overdues of the Goods and Services Tax refunds, EEPC India Chairman T S Bhasin said in a statement.
"German companies alone have invested a total of 9.7 billion Euros in India since 2000. If we compare this number to Indian investments in Germany one conclusion becomes quite clear. There is still some potential the other way round," Ney said while addressing an event yesterday.
November exports jumped 12.3 percent from a year earlier, beating analysts' forecast of a 5.0 percent increase, and compared to 6.9 percent growth in October, the General Administration of Customs said on Friday.
Italy, Germany and Russia were the major export destinations for Indian coffee during the period. India ships both robusta and Arabica varieties, besides instant coffee. Robusta coffee exports rose by 10.80 per cent to 2,11,442 tonnes in January-November 2017 from 1,90,828 tonnes in the year-ago, the board dats showed.
Onions, an essential part of the diets of millions of Asians, are likely to remain expensive and scarce for at least two months until India lifts curbs on exports, traders said.
Iran bought 20.98 million kg tea during the period, up from 18.67 million kg a year ago, the Board said.
"The corrective and preventive action plan (CAPA) submitted by us has been accepted by the regulator. Consequently, the regulator has permitted production to start again from this facility for the EU market," Dr Reddy's Laboratories said in a regulatory filing.
The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) rose to 53.8 in November on a seasonally adjusted basis from a final reading of 52.8 in October.
The state currently exports Rs 5,000 crore worth apparel in domestic as well as international market.
Traders cannot export onions below $850 per tonne until the end of 2017, the order said.
Lower exports from the world's biggest producer will help its rivals like the U.S., Brazil and Australia to raise their exports to Asian buyers like Pakistan, China and Bangladesh.
"Opening of exports of all types of pulses will help the farmers dispose of their products at remunerative prices and encourage them to expand the area of sowing," IT and Law Minister Ravi Shankar Prasad said, who briefed the media after the Cabinet meet chaired by Prime Minister Narendra Modi here.
In September 2016, India had exported services worth USD 13.77 billion. The import grew 1.7 per cent from USD 8.30 billion last year.
U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.
"Two factors contributed for higher shipments in 2016-17. Firstly, there was enough domestic supply to meet the export demand as the domestic output was record in 2015-16. Also, global prices were better," a senior Board official told PTI.
"Therefore, we are putting in place all the policy frameworks. We are studying sector by sector and we are finding out wherever there is a scope for improvement," he told reporters here on the sidelines of the World Economic Forum's (WEF) India Economic Summit.
The company had sold 46,130 units in the same month last year, the company said in a statement.