Exports News

This is a big jump from last year, when only about half of these phones were sent to the U.S. Before, Indian-made iPhones were also shipped to countries like the Netherlands, the Czech Republic, and Britain, but now Apple is sending nearly all of them to America to get around the high tariffs the U.S. has put on Chinese goods.  

The trade deficit stood at USD 9.60 billion in June 2021. Cumulative exports in April-June 2022-23 rose by about 24.51 per cent to USD 118.96 billion. Imports increased 49.47 per cent to USD 189.76 billion during the period.

The duty on coke and semi-coke has been slashed from 5 per cent to 'nil'. The tax on the export of iron ores and concentrates has been hiked to 50 per cent. On iron pellets, a 45 per cent duty has been imposed.

The wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments, the govt notification read.

Merchandise exports were worth USD 292 billion in FY2020-21. India's merchandise exports had breached the targeted USD 400 billion mark on March 23 this year.

The average exports for a day is $1 billion, while the average for a month stands at $33 billion. India set an ambitious target of $400 billion of goods exports, said Modi.

The Holi festival sales registered around a 30% increase in the business on the occasion of Holi compared to last year. According to an estimate on Holi, business worth about Rs. 20,000 crore happened in the country. In Delhi alone, there were more than 3,000 such Holi get-togethers held.

In terms of imports, India continued to reduce its trade deficit with China in FY21. In FY21, out of the USD 65 billion of imports from China, around USD 39.5 billion were commodities and goods where PLI scheme has been announced. The report said it estimated the import dependence of each product on China by checking the share of Chinese imports in India's overall imports of these categories.

It is giving thrust on ensuring digitization of land records and formalization of tenancy for the farmers, which helps in boosting exports, the ministry added. It also said that as of date, there are 417 registered GI (geographical indication) products and out of that 150 are from the agricultural and food sector.

Sri Lanka is struggling with its worst financial crisis in years with reserves hitting $3.1 billion in December. The country has to repay about $4 billion in debt repayments this year.

Restrictions were imposed last year in the wake of the COVID-19 pandemic. On September 9, 2021, the government had announced releasing Rs 56,027 crore against pending tax refunds of exporters under various export incentive schemes.

Imports in January grew by 23.74 per cent to USD 52.01 billion, the data, released on Tuesday, showed. Trade deficit widened to USD 17.94 billion during the month as against USD 14.49 billion in the same month last year.

In December 2021, the exports grew 28 per cent to USD 720.51 million. It said the five-top export destinations include the US, China, Japan, Vietnam and Thailand. Other major items include Frozen Fish (7 per cent) and Frozen Squid (5 per cent).

Top 5 export destinations in April-November 2021 are USA, UAE, China, Netherlands and Germany. The overall exports of electronics goods was $11.11 billion in the last financial year. The sector is set to break all-time record highs, far exceeding the previous high of $11.7 Bn recorded in FY2019-20.

He informed that during the current month till January 15, exports have touched USD 16 billion. He said this while chairing a review meeting of all major export promotion councils (EPCs) here. The minister also assured the industry representatives to pursue their demands during the various free trade agreement (FTA) negotiations.

He said, "The United Arab Emirates will become a gateway for Indian trade to the Middle East and Africa." "We may set up a huge India mart to tap that market," he added. Goyal made the following comments on Saturday.

He said India is on course to achieve $400 billion of exports in FY22. He had come to inaugurate the India International Trade Fair (IITF). IITF started on November 14, 2021.

The minister said that more than 45,000 exporters will benefit from the clearance of dues. The amount of Rs 56,027 crore of arrears is for different export promotion and remission schemes. Goyal noted that there was a concern about large amounts due to exporters under various schemes.

Oil imports soared by 97.45 per cent to USD 12.89 billion. Exports during April-July 2021-22 rose by 74.5 per cent year-on-year to USD 130.82 billion, as against USD 75 billion in the same period last year. Imports during the first four months of the fiscal increased by 94 per cent to USD 172.5 billion.

In the same period last year, merchandise exports stood at USD 22.03 billion. "Exports during the April-June period are the highest ever merchandise exports in a quarter in history of India," Piyush Goyal. Oil imports in June 2021 surged to USD 10.68 billion, as compared to USD 4.97 billion in June 2020.