IMPORTER
Rupee inches higher tracking gains in most Asian peers
The Indian rupee reached 83.4625 against the U.S. dollar, aided by a weaker dollar index and gains in yen and yuan. Brent crude prices eased. The U.S. jobs report and bond yields will impact Federal Reserve rate forecasts. Importers' hedging may limit rupee gains. Lloyd Chan of MUFG Bank expects the dollar to weaken as U.S. job market softens.
Horoscope for July: Challenges people with different signs may have to face
July will have a special place in astrology as it will have Neptune retrograde, Leo season, and another Capricorn full moon. Besides, Mercury, Venus, and the Sun take retrograde positions in Aquarius on July 3, July 12, and July 23 respectively.
China's Xi Jinping greets EU Council president ahead of EV tariffs taking effect
China's President Xi Jinping conveyed his congratulations to incoming European Council President Antonio Costa, emphasizing the importance of China-EU relations. This comes ahead of the European Commission's decision to impose tariffs of up to 37.6% on Chinese electric vehicles (EVs), citing state subsidies benefiting Chinese firms. Xi reaffirmed China's commitment to its partnership with the EU, rejecting accusations of unfair subsidies on Chinese EVs. The EU faces internal divisions over supporting these tariffs, with Germany leaning towards opposing them due to significant automotive sales in China, while France supports them firmly.
Tamil Nadu govt launches probe into coal import scam allegedly involving Adani group
Tamil Nadu govt authorizes DVAC probe into multi-crore coal import scam involving Adani group, focusing on irregularities in tender conditions by Tangedco. Investigation initiated due to alleged substantial losses, complaint by Arappor Iyakkam under Section 17A. DVAC acts under Prevention of Corruption Act based on complaint by private body. Clearance granted for inquiry into corruption allegations, sanctions under Prevention of Corruption Act.
India initiates anti-dumping probe into import of Chinese lift guide rails
India has launched an anti-dumping probe into Chinese lift guide rails. The move comes after a complaint from a domestic company, and aims to safeguard local industry from low-cost imports. The investigation, led by the Directorate General of Trade Remedies, targets 'T-Shaped Elevator/Lift Guide Rails and Counterweight Guide Rails.' If proven, anti-dumping duties may be imposed by the finance ministry to protect domestic players in accordance with WTO regulations.
US trade deficit widens in May on weak exports
The U.S. trade deficit widened for a second consecutive month in May, reaching $75.1 billion as exports decreased, potentially impacting economic growth in the second quarter; the goods trade deficit also rose to $100.2 billion, the highest since May 2022, with a 0.9 per cent increase, while services exports saw a boost from travel, helping offset declines in automotive and goods exports.
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Gold’s 13% uptick beats Nifty's H1CY24 gains. Who could hold the edge in second half?
HDFC Bank's shares surged approximately 3% to reach a new 52-week high on Wednesday. Investors reacted positively to news suggesting a potential increase in the bank's weightage in the MSCI Emerging Markets index. Doubling lenders' weightage in the global index can attract FII flows, ranging from $3.2 bn to $4 bn.
EU takes aim at China's Temu and Shein with proposed import duty
The EU considers imposing customs duties on Chinese online retailers like Shein and Temu. The plan involves scrapping the 150 euros duty-free threshold for non-EU online purchases. The high volume of e-commerce parcels prompts the EU to speed up customs reform, impacting companies like AliExpress' parent Alibaba. Shein and Temu are criticized for exploiting US import tax exemptions to sell cheap products.
RBI issues draft norms to rationalise export-import transactions
Banks under new regulations can flag exporters with outstanding amounts, ensuring timely realization of proceeds. Transparency and efficiency are prioritized in export-import transactions, benefiting businesses of all sizes.
Share of Russian oil in imports up at 42% in June, Iraq supplies fall
Indian imports of Russian crude surged in June, outpacing other major suppliers. Refiners find the discounts on Urals grade appealing, with private sector involvement rising.
Global goods trade rises in Q1 after flat 2023: WTO
The World Trade Organization anticipates a 2.6% growth in world merchandise trade volume for April 2024 and a 3.3% increase for the same month in 2025. Trade values declined by 2% year-on-year in the first quarter of 2024, attributed to falling export and import prices.
Put off health stamp for milk, pork, fish imports: US to India
The US requests a six-month delay in India's health certificate requirement for imported food items like milk, pork, and fish to ensure the absence of antibiotics, pesticides, and heavy metal residues.
Goods trade up 1% in first quarter of 2024: WTO
World merchandise trade volume increased by 1% in the first quarter of 2024 compared to the previous quarter, with a 1.4 per cent rise from the same period in 2023, according to the World Trade Organization (WTO). Despite Europe experiencing a decline, most regions contributed to the increase. The WTO predicts a 2.7 per cent growth in trade volume for 2024 if the current expansion pace continues.
India's June palm oil imports rise to 6-month high on lower prices
India's palm oil imports rose in June due to strong demand before festivals. Refiners played a key role, potentially impacting Malaysian palm oil futures. Sunvin Group highlighted palm oil's competitive pricing. The country's edible oil imports increased, with significant purchases from Indonesia, Brazil, Russia, and Ukraine.
RBI proposes rationalising regulations on export, import transactions
As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said.
No new duty concessions for milk, milk products imports: DGFT
India has strictly limited milk and milk product imports under tariff rate quotas (TRQs) in accordance with WTO commitments. Santosh Sarangi, director general of foreign trade, confirmed that no TRQ imports are planned for the current year. TRQ imports have occurred only three times in recent years, managed exclusively by cooperatives and state-owned entities, following guidelines that balance producer and consumer interests.
Top brands bank on 'imported' sales events to boost demand
Back to school sales in India have seen rapid growth over the last five to six years, with the event generating over a fourth of retail laptop sales. This trend is second only to the Diwali festive season's contribution of 30-35%, according to industry estimates. Other 'imported' sales events include small business days, Black Friday, Cyber Monday, Mother's Day, Father's Day, and Valentine's Day.
India steel, trade ministries in talks over rising Chinese imports
India's steel and trade ministries are discussing the increasing imports of steel, especially the influx of cheap Chinese goods, according to a government source. The talks come amid ongoing requests from top producers for higher tariffs. India became a net steel importer in the fiscal year ending in March, with finished steel imports reaching a five-year high in April and May, based on provisional government data.
Pace of coal import growth declines from over 21 pc to below 2.5 pc in last decade: Govt
The annual growth rate of India's coal imports declined to 2.49% in the past decade, down from 21.48% in the previous decade, reflecting progress towards energy self-reliance. The share of imported coal also decreased, with a compound annual growth rate of -2.29%. India aims to optimize its indigenous coal resources and leverage technology.
India gold buyers postpone their purchasing plans, keenly waiting to see if Modi government cuts import duty in Union Budget
BUDGET NEWS: Indian gold demand remains subdued due to high prices, with expectations of an import duty cut in the upcoming budget. Meanwhile, Chinese demand also declined. Domestic gold prices hovered near Rs 71,600 per 10 grams, down from a peak of Rs 74,442 last month. Dealers offered discounts up to $9 per ounce on official prices, including taxes. The market anticipates increased activity closer to the festival season in Q3
India allows imports of corn, vegetable oils at concessional duty
India has decided to permit restricted imports of corn, milk powder, crude sunflower oil, and refined rapeseed oil with concessional duty. As the largest global importer of vegetable oils, India will allow imports totaling 150,000 metric tons each of sunflower oil or safflower oil and refined rapeseed oil in the ongoing marketing year, according to the notification.
Arcelor-Nippon says India's plan for raw material curbs ignores Red Sea crisis
ArcelorMittal's India joint venture warned New Delhi that planned curbs on low ash metallurgical coke imports, crucial for steelmaking, could harm the industry. The Red Sea crisis complicates supply chains, and the proposed 40% quota for European imports could disrupt operations. India's imports of this key steelmaking fuel have doubled in four years.
Domestic demand for steel soars in India, country turns net importer in FY24: CRISIL Report
India has shifted from being a net exporter to a net importer of steel in fiscal 2024, with a trade deficit of 1.1 million tonnes. Surging domestic demand led to increased imports from China, South Korea, Japan, and Vietnam. Despite a rise in exports, India faces challenges from Chinese competition. Strong domestic demand and production growth indicate positive prospects for the Indian steel industry. Strategic adjustments are needed to manage imports and maintain export competitiveness.
Import curbs on certain types of studded gold jewellery not applicable for SEZ units: DGFT
The government clarified that import curbs on certain studded gold jewellery do not apply to units in special economic zones (SEZs), exempting them from restrictions. The decision is aimed at discouraging inbound shipments from countries like Indonesia and Tanzania. A policy circular by the directorate general of foreign trade (DGFT) plays a significant role in the country's export activities and contributed over one-third of total outbound shipments in the previous fiscal year.
Gold, silver import surges 210 pc in 2023-24 from UAE; need duty revision in FTA: GTRI
Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
Oil prices inch down on weaker US consumer demand ahead of China data
Oil prices slipped on weaker U.S. consumer demand. China's economic data indicated deflation, impacting markets in Singapore and other countries.
Importance of debt in an investment portfolio
Singh is assessing equity and debt investments solely on the basis of the returns he has earned in his brief investment history over the past couple of years. He is expecting similar returns from both asset classes. While return levels are crucial in investment decisions, Singh must also consider the benefits of debt in his portfolio.
Gold prices flat ahead of US inflation data
Gold prices steady as investors await U.S. inflation insights. Spot gold at $2,338.04 per ounce, with futures at $2,358.30. Fed survey shows cautious optimism, while India's silver imports surge. BHP Group ends bid for Anglo American, impacting silver prices.
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