Foreign Trade

Steel major ArcelorMittal Nippon gets import exemption for key raw material despite curbs

The JV unit of the world's largest steelmaker had earlier sought relief against the rejection of 168,300 mt of met coke import orders from Indonesia and Poland.

Pilot for China-like less-than-a-minute nod to e-commerce exports soon to take off: DGFT

Government partnering with Shoprocket, DHL and Cargo Service Centre to start the pilot for less than a minute clearance of e-commerce exports

International trade in rupee currency soon: Piyush Goyal

The central bank, he said, is in discussion with its counterparts in different nations on this.

India's foreign trade set to cross US$ 1.6 trillion mark this fiscal: Report

The Global Trade Research Initiative (GTRI) said the USD 1.6 trillion would be about 48 per cent of India’s nominal GDP of USD 3.4 trillion for the fiscal year ending March 2023.

Foreign trade to be a defining feature in making India a $30 trillion economy: Piyush Goyal

"We have reached that inflection point, we are at the cusp, where we are going to take off. If we have the ambition to be at least ten times in the next 25 years...we are looking to cross the USD 30 trillion economy with a per capita GDP of 15,000 dollar," Goyal said.

No proposal to extend Foreign Trade Policy again, new one in the works: Minister in Parliament

India’s Foreign Trade Policy 2015-20, which was announced for a period for five years, has been extended several times due to impact of Covid-19 and global supply chain uncertainties in the wake of conflict between Russia and Ukraine.

Exclusive | Industry seeks lower import duty on raw materials in a dozen sectors: Sources

While imports are set to get costlier, the cascading effect of a fast-depreciating currency is set to result in higher prices of gems and jewellery, fertilisers and capital goods, Ind-Ra has said.

India’s trading partners—US, China account for a fifth of merchandise trade

India’s trade deficit with China was the largest in FY22. It was equivalent to 40 percent of the trade deficit for the year

Go West — India’s trade winds change course

US emerging as the biggest trading partner underscores India’s conscious effort to align with Western nations to establish its position in the Asia-Pacific region

US surpasses China as India's biggest trading partner in FY22 at $119.42 billion

New Delhi, May 29 The US surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two co..

India achieves highest ever goods export target of $400 billion

India achieved its highest ever goods export target of $400 billion nine days ahead of schedule

Govt yet to notify product standards for key imports 2 years after announcement

In January 2020, an inter-ministerial committee had decided to bring in comprehensive product standards to disincentivise the import of a large category of goods but the Bureau of Indian Standards has struggled to establish norms for the same

DGFT notifies norms for import of calcined, raw pet coke for 2022-23

All eligible entities which wants to avail the quota should apply for import license along with state pollution control board certificate, DGFT said.

Exports cross $300 billion in the first 9 months of 2021-22

India will launch trade negotiations with Canada and Israel soon, commerce Minister Piyush Goyal said

India goes in for twin-track approach on foreign trade

WTO’s soft stance on vexed issues prompts developing nations to look at bilateral deals and other means to safeguard their own interests

Going beyond policy announcements to raise MSMEs' contribution to India’s exports

The ‘Implementation-to-intent’ ratio must be raised through India’s new Foreign Trade Policy 2021-26 slated for release in the next couple of months

Interview | Exporters remain flush with global orders as major markets reopen: FIEO DG Ajay Sahai

India's exports are set to go up, supported by a continuous rise in commodity prices and opening of key markets in the United States and United Kingdom. But as profitability shrinks and pending refunds mount, the fortunes of the sector remain tied to how long the current wave of the pandemic continues in India.

Current Foreign Trade Policy gets second extension, to run till September 30

The yet-unfinished work of finalising tax refund rates for exports under the new Remission of Duties and Taxes on Exported Products scheme has derailed the government's plan to unveil a new FTP. The lack of a clear consensus on whether to continue with export incentives for services exporters have also contributed to the latest decision.

Exclusive | One year on, government yet to notify product standards for key imports

Back in January, 2020, an interministerial committee had decided to bring in comprehensive product standards to disincentivise the import of a large category of goods. But the Bureau of Indian Standards has struggled to establish norms for the same.

Exports drop 0.25% in February after rising for two months, preliminary data show

However, inbound trade has continued to rise, pushed up by a surge in gold imports. As a result, the trade deficit also climbed up by more than 25 percent to $12.8 billion in February.

Foreign trade -- Budget should get down to brass tacks

More than a policy push, follow-up measures are required to boost exports if growth has to pick up

COVID-19 impact: RBI announces measures to support foreign trade

RBI said deepening of the contraction in global activity and trade, accentuated by the outbreak of COVID-19 and its rapid spread, has crippled external demand. This has impacted India’s exports and imports both of which have contracted sharply in recent months