Imports News

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.

India valves out to the new markets for import of edible oils An opportunity has also arisen for industrialists in terms of tapping those markets for exports from India

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.

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.

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.

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.

US President Donald Trump escalated threats of a trade war, saying he would slap a new tax on European cars if the EU retaliated against his proposed steel and aluminium tariffs, the media reported.

India's exports grew by 27.6 per cent to USD 29.23 billion in March on account of robust performance by sectors like petroleum, textiles, engineering goods and gems and jewellery.  

Coal imports are likley to decline this month as well due to note ban and soaring oil prices in international market. The imports have already dropped by 16 per cent to 14 million tonnes (MT) in November.

Exports continued to grow for the second month in a row, expanding by 9.59 percent to USD 23.51 billion in October on healthy growth in shipments of jewellery and engineering products.

Gold imports dipped by about 55 percent to USD 7.88 billion during the first half of 2016-17, which is expected to keep a lid on the current account deficit.

New Delhi:Government is unlikely to further extend the minimum import price (MIP) on certain steel products beyond October 4 as these items could be covered under anti-dumping duty, an official today said.

Keeping the ‘Make in India’ initiative in the backdrop, The Dollar Business has organised the Power Series Conclave 2016-17 on “Make in India and Make for the World” on August 24.

Imports will become easier from the next year as the CBEC is planning to go paperless and move towards a completely integrated Customs system for facilitating documentation and fast-tracking clearances of consignments.

Exporters have been relieved from submitting the landing certificate of goods to avail benefits under the Merchandise Exports India Scheme (MEIS), a move aimed at facilitating ease of doing business.

Exports of over half of the 30 sectors closely monitored by the Commerce Ministry were in the negative zone in March due to a fall in global commodity prices amid tepid demand.

India's exports shrank 16 percent in 2015-16, and going ahead, it is unlikely to improve in a hurry due to its close correlation with global imports, a DBS report says.

Concerned over procedural delays in exports and imports, the government has decided to initiate a joint exercise by officials from the ministries of finance and shipping for expediting the clearance process.

India needs to import 65 lakh tonnes of pulses this year to meet the domestic shortfall, Food Minister Ram Vilas Paswan said today and assured that the government will not allow prices to rise in any circumstances.