US TRADE
Budget 2024: How Sitharaman can steer the trade ship amidst two wars and Red Sea crisis to achieve $2 tn export goal
In the upcoming budget, key priorities for the export sector include boosting e-commerce exports through streamlined policies and infrastructure enhancements. Additionally, there is a push for Production Linked Incentive (PLI) schemes aimed at revitalising sectors such as toys and leather goods, fostering competitiveness and export growth.
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.
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.
India’s trade dependence on China, EU rose in Q1 of 2024, says UNCTAD
The UNCTAD nowcast predicts a stronger positive trend for the second quarter of 2024, projecting an approximate 2% increase for the first half of 2024. This increase is expected to add around $250 billion to goods trade and about $100 billion to services trade in the first half of 2024 compared to the second half of 2023.
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.
Commerce ministry developing platform for registration, resolution of non-trade barriers
"We are making a portal so that we can prioritise all the NTBs. Traders will register their complaints and the ministry will pursue that," the official said. In cases where the barrier is impacting a large volume of goods will be prioritised for their redressal and action-taking.
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US automobile industry threatened by prospects of Chinese EVs entering the country through the Mexican border
The US automobile industry has been threatened by the prospects of low-cost Chinese Electric Vehicles (EVs) reaching the country through the Mexican border. The US-Mexico-Canada trade agreement provides for free movement of goods and services between the three countries. The average price of an EV manufactured in the US has been priced at $55,000 and the Chinese EVs are priced at half this rate.
India imposes anti-dumping duties on three Chinese products
On hydraulic rock breakers, the duty ranged between 4.55 per cent and 162.5 per cent of CIF (cost, insurance, freight) value in US dollars. The duty was also imposed on these goods coming from Korea. These breakers are used in the construction and mining industry for carrying out demolition, excavation, mining and boulder breaking activities.
Exporters seek separate division for non-trade issues, faster customs clearance
Exporters requested the establishment of a distinct division within the Commerce and Industry Ministry to address non-trade barriers, particularly those related to environment and sustainability. During their discussion with Union Minister Piyush Goyal, they also highlighted concerns about Chinese goods entering India via the ASEAN free trade agreement.
Russia exports major consignment via INSTC ahead of PM Modi’s Moscow trip
The consignment will reach Mumbai port via Bandar Abbas port in Iran, ET has learnt. “For the first time, two trains with Kuzbass coal headed to India along the International North-South Transport Corridor. The trains set off from the Kemerovo region. They followed along the eastern branch of the INSTC through Kazakhstan and Turkmenistan to the Iranian port of Bandar Abbas,” Russian Railways said on Monday in a statement.
Rupee trades in narrow range against US dollar in early trade
The rupee traded against the US dollar, influenced by positive domestic equities and the strength of the American currency. Forex traders noted the impact of the strong US dollar and elevated crude oil prices on the local unit.
India's exports grew 1.1%, but trade momentum to continue: CRISIL
India's merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.
US cotton body seeks removal of 11% import duty on short staple cotton
US agri trade body Cotton Council International (CCI) has called for the removal of the 11% import duty on shorter staple cotton below 32mm length, which came into effect in 2021. The duty affects India's domestic textile industry, which is projected to grow to $350 billion by 2025. CCI and Supima, a non-profit trade association, will discuss mutual interest and cooperation with Indian textile companies.
India, EU fail to reach accord on steel at WTO
India and the European Union failed to reach an agreement at the WTO on concessions related to safeguard measures on steel imports, impacting India's imports.
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.
India's trade deficit in May widens to $23.78 billion; exports rise 9%
India's trade deficit widened to $23.78 billion, falling short of economists' $19.5 billion projection, per a Reuters poll. May saw a 9% increase in merchandise exports to $38.13 billion, driven by engineering goods, commercial vehicles, and smartphones. Merchandise imports surged by 7.7% year-on-year to $61.91 billion. Analysts expect exports to rebound, aided by global trade recovery, manufacturing incentives, and domestic inflation easing.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
Stock disclosure rules for yellow peas tightened as importers refuse to sell
Importers of pulses in India have urged the central government to impose an import duty on yellow peas due to the adverse impact of inexpensive imports on domestic market prices. Expressing worry over importers withholding significant quantities of yellow peas imports in domestic markets, the central government recently intensified stock disclosure regulations for the pulses industry and trade. In addition to stakeholders submitting their stock positions, they are now required to report stock in and stock out quantities twice a week.
China's exports grow 7.6% in May, beating expectations despite trade tensions
In May, China's exports surged by 7.6% year-on-year to $302.35 billion, surpassing expectations, despite ongoing trade tensions. Imports, however, grew only by 1.8%, missing forecasts of 4% growth. This led to a widened trade surplus of $82.62 billion. The rise in exports is partly due to a low base from last year.
EU carbon tariff: India preps for a fight at WTO
India is considering challenging the European Union's Carbon Border Adjustment Mechanism (CBAM) at the World Trade Organization, which mandates non-EU steel producers to report emissions, impacting sectors like iron and steel, cement, and more.
India’s $48 bn input subsidy for power and agri raises hackles
WTO members, including the US and UK, have raised questions about India's $48 billion farm input subsidies for 2022-23, which have been attributed to inflation and rising fertilizer costs. India explained that these subsidies are mainly for power, irrigation, and fertilizers and that the information had been duly notified to the WTO. The US claimed that this amount is more than twice the value of all trade-distorting support notified by India in 2021-22.
India in trade deficit with nine of top 10 trading partners in 2023-24
The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23.
India, China have agreed to cooperate in paying in local currency for imports: Maldives
Maldives' Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee.
India’s strong institutional mechanism to prevent potential dumping of Chinese goods: Official
As per a report of economic think-tank GTRI, the escalation of the trade war between the US and China may push Beijing to dump goods in the Indian markets.
Chabahar brings to fore India's hidden infrastructural play
Modi government's infrastructure upgrade includes a vast network of roads, bridges, and high-speed trains. The transformation extends to invisible sectors like ports, with Chabahar Port key to India's geopolitical strategy. The International North-South Transport Corridor will boost trade with Europe and Russia, while ongoing port development supports Modi's vision of a manufacturing powerhouse.
'US-China trade war escalation may lead to dumping of goods in India': GTRI
The US on Tuesday reignited the trade war with China by announcing a series of proposed tariff increases on imports including electric vehicles (EVs), batteries, and various other goods.
Government working to help exporters deal with countervailing duty cases
The government is developing a verification system for exporters under the RODTEP scheme to ensure compliance with countervailing duties. This system will involve a joint mechanism with DGFT, DGTR, and DoR officials to check subsidy allegations on Indian products.
China overtakes US to become India’s top trading partner in FY24
In the fiscal year 2023-24, China has overtaken the US as India's largest trading partner, with a total two-way commerce of $118.4 billion, as per the data from the economic think tank GTRI. India's exports to China rose by 8.7 percent to $16.67 billion, while imports increased by 3.24 percent to $101.7 billion. Conversely, exports to the US dipped slightly to $77.5 billion, and imports decreased by about 20 percent to $40.8 billion.
Indian exports up in 115 nations out of 238 destinations in 2023-24
Despite global economic uncertainties, India's exports increased to 115 countries out of 238 destinations in 2023-24. The merchandise exports slightly declined by 3% to USD 437.1 billion, while services exports rose to USD 341.1 billion. Overall exports (goods and services) reached USD 778.2 billion. India's rank in world merchandise exporters improved from 19th to 17th, with a marginal increase in share from 1.70% in 2014 to 1.82% in 2023.
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