ENGINEERING SHIPMENTS
India's May outbound shipments at 3-month high; trade gap at 7-month record
Terming May as an “excellent” month for exports, commerce secretary Sunil Barthwal said that the situation was looking more optimistic for trade this year, with even sectors such as textiles recording healthy growth after months of sluggishness.
EEPC India cautiously optimistic on engineering export in FY'25
"We remain cautiously optimistic with the upturn in shipments which reflects improvement in the demand scenario in key markets. The global economic outlook is expected to improve in the ongoing fiscal and exporting community remains optimistic," EEPC India chairman Arun Kr Garodia said.
Japan's Toyota hit by testing scandal; automaker apologises
The transport ministry told the companies to stop delivering certain models within Japan after they reported failures to follow standardised steps to certify vehicles for shipment.
Lower shipments of iron & steel dragged down engineering exports in April by 3.2%
Engineering exports are expected to rise on the back of global trade pick-up in coming months, says EEPC India Chairman.
Crashed ship that took down Baltimore bridge refloated, towed from channel
The removal of the Dali marked a significant step in the Port of Baltimore's recovery from the boat's March 26 collision with one of the bridge's support pillars. The bridge's collapse killed six road workers and hindered traffic through the busiest port for car shipments in the U.S.
Export orders rise 10% in six months on demand from US, EU
Export orders up 10% in EU, West Asia, US driven by leather goods, footwear, apparel demand in India. Challenges for engineering goods due to geopolitical tensions. Increase in apparel orders from UK and demand for non-leather footwear. Positive impact of trade pacts with Australia and Mauritius. Market recalibration after inventory decline, logistics issues, and geopolitical tensions.
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Industry asked to name items from areas where India can be self-reliant
The fact that India's exports between April and January of FY24 were $3.7 billion and its imports, primarily from Russia's crude oil imports, were $51.7 billion, is what worries New Delhi. Additionally, the bloc has free trade agreements with Iran, China, Vietnam, and Serbia; these agreements may have an effect on the competitiveness of Indian industry in any of the EAEU markets.
India's services exports grow 11.4% in 2023: UNCTAD report
Despite global economic uncertainties, India's services exports surged by 11.4% to $345 billion in 2023, outpacing China, whose shipments from the sector shrank by 10.1% to $381 billion, as per a UNCTAD report. Key sectors driving India's growth include travel, transport, medical, and hospitality services. The world's services exports, exceeding $7.9 trillion in 2023 with an 8.9% annual increase in current dollar value terms, were led by developing economies like India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia. However, India's services imports dipped marginally by 0.4% to $248 billion last year.
Surge in shipments to WANA, CIS countries push engineering exports in FY24
Increase in value-added exports and more FTAs with important trade partners especially in Latin America key for trade diversification: EEPC India Chairman
India's engineering exports edge up to USD 109 bn in FY24 despite geo-political tensions
India's engineering exports edged up to USD 109 billion in 2023-24 despite a slowdown in some of the major global markets amid geo-political tensions, EEPC said on Monday. India's engineering exports are competitive globally and expected to gain further market share in the coming years, with the country entering into more FTAs, it added.
Engineering exports to Russia doubled till February in FY'24: EEPC
India's engineering exports to Russia doubled to USD 1.22 billion in the 2023-24 fiscal, according to the Engineering Export Promotion Council (EEPC). Exports to the US fell by 7% to USD 15.95 billion, while China's shipments saw a marginal decline to USD 2.38 billion. Exports to the UAE and Australia, with which India signed an FTA, remained positive.
Engineering exports to Russia double to $1.22 billion in FY24 up to February, shipments to US dips
Engineering shipments to UAE and Australia with which India signed a free trade agreement (FTA) remained positive in FY24 up to February.
Exports rise 11.9% to 11-month high in February
India's Feb goods exports hit $41.40 billion, 11.9% up, with a $18.71 billion trade deficit. Merchandise exports increased 11.9% year-on-year to an 11-month high of $41.40 billion in February, while imports increased 12.2% a four-month high of $60.11 billion, led by gold imports which went up 133% to $6.15 billion.
Iran sends Russia hundreds of ballistic missiles, sources say
Iran has provided Russia with a large number of powerful surface-to-surface ballistic missiles, including the Fateh-110 family of short-range ballistic weapons, such as the Zolfaghar. The shipments began in early January after a deal was finalized. Russia is an ally of convenience for Iran.
Toyota suspends shipments of 10 models on testing irregularities
Toyota has halted shipments of 10 models that use engines linked to testing irregularities at its affiliate, Toyota Industries. The affiliate failed to conduct proper horsepower output testing for the certification of three diesel engine models. Affected models include the Land Cruiser 300 and HiAce. Toyota Industries admitted adjusting fuel injection amounts to manipulate data.
Electronics, engineering goods among six focus sectors for $1 trillion exports target
India has identified electronics, engineering goods, textiles, marine & agriculture, toys, pharmaceuticals, and ecommerce as the sectors that could help achieve its $1-trillion goods export target by FY30. The commerce and industry ministry study predicts that these sectors could generate around $670 billion of exports by 2029-30.
Global PC market sees 14% shipment decline in 2023: report
The global PC market ended the fourth quarter (Q4) of 2023 with a 0.2% (year-over-year) shipment decline. This was the eighth consecutive quarter of a year-over-year shipment decline, according to Counterpoint Research.
US military seizes Iranian missile parts bound for Houthi rebels in raid where 2 SEALs went missing
The raid marks the latest seizure by the US Navy and its allies of weapon shipments bound for the rebels, who have launched a series of attacks now threatening global trade in the Red Sea and Gulf of Aden over Israel's war on Hamas in the Gaza Strip. The seized missile components included types likely used in those attacks.
Engineering exports dip in first eight months of FY24: EEPC
Excluding iron and steel, engineering exports recorded a marginal 0.79 per cent y-o-y growth during April-November 2023-24, EEPC said in a statement on December 28.
India’s November trade gap narrows to $20.58 billion, exports slip 2.8%
Indian exports: India's trade deficit narrowed to $20.58 billion in November from $31.46 billion in October. Economists, surveyed by Reuters, anticipated it to be $20.50 billion. Exports decreased by 2.8% to $33.90 billion, while imports reduced to $54.48 billion compared to $55.8 billion in November 2022.
Engineering exports to WANA, N-E Asia, CIS countries rise, shipments to major markets US and EU down
High-interest rates, weak industrial output, volatility in commodity prices, and increase in trade-restrictive measures are affecting global trade and, in turn, India’s engineering exports, says Arun Kumar Garodia, EEPC India Chairman.
Indian engineering exports to 18 key markets record positive growth in October
Indian engineering exports to 18 key markets, including the UK, US, and UAE, saw positive growth in October, according to the Engineering Exports Promotion Council (EEPC). However, China, Italy, Singapore, and Indonesia experienced declines in engineering shipments. The US saw a 2.2% increase in engineering exports, while Germany saw a 20% increase.
Sept goods exports dip 2.6%, growth seen in H2
India's merchandise exports declined by 2.6% in September, reaching $34.5 billion. However, a 15% decrease in imports helped narrow the trade deficit to a five-month low of $19.4 billion. The government revised the export growth in August to 3.88% from an earlier reported contraction of 6.8%. Despite the decline, officials remain optimistic about positive growth in the coming months. The gems and jewellery sector was hit hard by the Russia-Ukraine conflict and sanctions on Russia, resulting in a 16.03% contraction in exports.
UAE, Australia FTAs boost engineering exports, shipments up 9% in April-August period of FY24
India's total engineering exports in April-August period of FY24 fell to $44.62 billion compared to $46.74 billion in April-August period of the previous fiscal.
Indian exporters fear Canada row could disrupt shipments
The diplomatic row between India and Canada has raised concerns among engineering and apparel exporters, who fear disruptions to their shipments to the growing market. Negotiations for a Free Trade Agreement have been paused, adding to the exporters' worries. India's merchandise exports have already fallen in recent months.
Engineering exports to US and China witness continued downtrend in July, shipments to Russia more than double
Overall, India's engineering exports dropped by 6.62% to US$ 8.75 billion in July 2023 from US$ 9.37 billion in July 2022.
Shipments from India to Russia more than doubled in July
Amid slackening demand for engineering goods from major markets such as the US and China, shipments to Russia continued their uptrend and more than doubled to US$ 123.65 million in July 2023 from US$ 55.65 million in July 2022, a rise of 122.03 per cent, according to a media release issued by EEPC India on Wednesday.
Engineering goods exports to US up 6.8% in FY23, and shipments to China down 52.4%
In FY23, the US was the leading destination for India's engineering goods exports with total shipments value registering nearly 7 per cent year-on-year growth.
Engineering exports to 17 out of 25 key markets fall in February
India's exports to China continued the downward trajectory, falling 33.3% year-on-year .
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