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This will be the decisive month for sealing the trade pact so contracts can be secured for the first half of 2026, local exporters said
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While the Export Promotion Mission addresses short- to medium-term challenges, structural and strategic issues need attention
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Representatives from sectors, including apparel, leather, gems and jewellery, handicrafts, engineering, and seafood participated in the meeting
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Commerce and Industry Minister Piyush Goyal also reaffirmed the government's commitment to safeguarding the interests of Indian exporters amid the evolving global trade scenario.
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Trump imposed 25 percent tariffs on goods from Japan and South Korea, while 12 other nations received letters revealing the duties they will have to pay
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Replacing Indian APIs will be tough for Pakistan as these cost a fraction of the cost of Western suppliers and replacing Indian drugs will take months of testing and registering new sources before it can be greenlit for use.
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The World Bank says that while geopolitics has increased the opportunities for India’s growth, India’s trade policies need to change to be able to seize those opportunities
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Higher compliance costs could eat into the price advantage Indian exporters currently enjoy. However, there are still two years to understand the broad contours and adapt to the new norms.
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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.
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As per RBI's data on India's international trade in services, the trade surplus during March 2024 was USD 13.4 billion.
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The brokerage's analysts noted that imports fell 12 percent YoY
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A FIEO survey revealed that cotton yarn exporters are facing a 50-600 percent increase in costs for their shipments to Bangladesh, Europe, and Egypt. The full impact of the crisis is likely to be visible in India’s export figures February onwards.
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When it comes to agricultural items like Basmati rice, coir, cereals that have high cargo volume but lower value, the impact is very high since their container costs could be as much as 30-40 percent of the whole consignment, said Israr Ahmed, FIEO President (officiate).
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The attacks on commercial vessels in the Red Sea have forced freight companies to take the longer route around Africa to reach the west or wait at nearby ports to ensure safe passage through the Suez Canal. Whether the attacks will escalate or not is anybody's guess, but India is betting on its recent resilient track record to beat the pessimistic global trends.
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"It has been a challenging period for engineering exporters. Tensions in Europe and now in West Asia have posed significant downside risks," Engineering Export Promotion Council of India Chairman Arun Kumar Garodia said.
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The initial assessment, conducted by the Research and Information System for Developing Countries, a New Delhi-based thinktank, would mean a 6.7% drop in Indian exports, based on last fiscal year’s $451 billion total.
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India is worried that the attacks on cargo ships passing through the Red Sea route could particularly impact its agricultural exports to Europe.
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As against the exports of USD 325 million in 2022-23, the outbound shipments from the sector touched USD 230 million during April-October this fiscal, Additional Secretary in the commerce ministry Rajesh Agrawal told reporters here.
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After peaking in 2014-15, when meat worth $4.8 billion was exported, buffalo meat exports plummeted 35 percent to $3.1 billion in FY23. Currently, India is the fourth largest exporter of buffalo meat in the world.
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What constrains our current exports is an infrastructure deficiency along with a tedious logistics cost, which make India’s exports uncompetitive to global market, thereby preventing other countries from choosing Indian goods, says Abhijit Das
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Small enterprises have healthy orders on hand, a fact backed by PMI data that rose to a 31-month high, but key exports such as textiles are struggling due to waning demand from the US and EU.
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The growth in exports of manufacturing goods has ridden on the back of India’s increasing specialisation and competitiveness
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India’s gems and jewellery exports have contracted by 30 percent on year as per April trade data. However, a revival in Chinese economy, demand growth in US could change the scenario for the sector, notes Executive Director of Gems and Jewellery Export Promotion Council (GJEPC) in conversation with Moneycontrol.
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Entrepreneurial abilities in the country with innovation, new ideas, new ways of marketing and branding products can unleash the true potential of the country, the Commerce and Industry Minister said.
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Recessionary trends and high inventory in importing countries, particularly in the US, have dragged down Indian exports. However, Synthite Ltd, the biggest exporter, which accounts for 30% the global share, sees bright prospects ahead and is going ahead with expansion plans. So does Plant Lipids.
