The sequential decline in August export numbers underlines the need for quick support measures to keep India’s trade boat steady
Last week, US President Donald Trump announced an additional 25 percent tariff on Indian goods, citing New Delhi’s links with Russia. While the measure is expected to hit 55 percent of India’s exports, the heaviest blow will likely fall on MSMEs in sectors such as gems and jewellery, textiles, and apparel. The move raises pressing questions: can India’s small and medium exporters weather the tariff shock, and are there viable opportunities to redirect trade to alternative markets?
Trump’s latest tariffs push levies imposed on China this year to as high as 104%, along with import taxes on roughly 60 trading partners that run trade surpluses with the US
An opportunity for finance minister Nirmala Sitharaman to rationalise tariff structure and give a boost to manufacturing
Amid the concerns reflected in November trade statistics, services exports offer comfort and confidence
WTO report cites rising Indian exports to Europe as evidence of New Delhi’s emerging clout in global supply chains
Goyal said that the global situation is serious as war is still ongoing between Ukraine-Russia and Israel-Hamas, and the Red sea crisis.
The value of exports from India in 2030 is forecast to be the highest among Asian counterparts namely Vietnam, Malaysia, Thailand and Indonesia
The volatility in global commodity prices, especially of petroleum products, present substantial multi-frontal challenges. Nonetheless, the expectation is that the macro-economic buffers will help the Indian economy navigate these challenges, FinMin noted.
In FY24, while India’s merchandise exports dropped by 3.1 percent year-on-year (YoY), developing Asia's merchandise exports fell 6.8 percent YoY.
On April 13, Iran fired over 300 drones and missiles at Israel, calling the attack a retaliation to a strike on its consulate in Syria, allegedly by Israel, earlier in the month.
India, a leading exporter of rice, sugar and onions, has imposed various curbs on exports of these food commodities to keep a lid on local prices ahead of general election.
In July, the government banned export of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season.
With world trade in a slow lane as indicated by the latest WTO update, India needs to integrate with global value chains quickly
The recent slowdown in the top export markets of Indian gems and jewellery, like the US, European Union and Hong Kong, has prompted New Delhi to scout for fresh markets, an official said
At a time when outbound shipments are slowing, the Export Preparedness Index 2022 provides empirical data to fix some of the things that are going wrong
According to the data, imports to the UAE also declined by 34.08 per cent to USD 3.15 billion in April.
Rising demand, and high prices and diminished presence of Chinese variety in global markets one reason. At 47,329 tonnes in April to January 2022-23, garlic export has surpassed the peak of 46,980 tonnes in 2017-18.
Future targets should take note of the contrasting pattern in goods exports in FY23
India with its waves of engineering and accountancy graduates each year may be able to provide these services to ageing US and European countries for the foreseeable future.
In 2021-22, the country's goods and services exports touched an all-time high of $422 billion and $254 billion, respectively, taking the total shipments to $676 billion
India's merchandise and services exports in the current financial year ending March will be close to USD 760-770 billion, she noted.
Federation of Indian Export Organisations (FIEO) President A Sakthivel said that the coming months are going to be little challenging unless both global economic growth and geopolitical situation improve drastically.
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The cumulative engineering exports from April-November 2022-23 declined by 1.8% year-on-year to US$ 70.72 billion.