INDIA TRADE DEFICIT
Decreased oil exports, because of lower crude prices increasing India's trade deficit: CRISIL
India's oil exports have been impacted by falling crude oil prices, leading to a contraction in overall exports in August. CRISIL reports that container shortages and US tariff hikes on Chinese goods are contributing factors. Despite these challenges, strong remittance inflows and a services trade surplus offer some stability.
Exports may cross $825 billion this fiscal, says Commerce Minister Piyush Goyal
Commerce and Industry Minister Piyush Goyal announced that India's exports of goods and services are expected to surpass $825 billion despite global challenges. The ministry is addressing container shortages and high freight rates. Plans include opening offices abroad to facilitate foreign investment and trade, making it easier to do business in India.
Trade gap hits 10-month high in August; Exports shrink by 9.3%
India's trade gap surged to a 10-month high of $29.65 billion in August due to declining exports and record gold imports. Commerce Secretary Sunil Barthwal cited global economic challenges but emphasized strong domestic consumption and growth in non-petroleum sectors, indicating that the high trade deficit is not currently a major concern.
India's imports from China up 15.55 pc; exports dip 22.44 pc in Aug
India's exports to China fell by 22.44% to USD 1 billion in August, while imports rose by 15.55% to USD 10.8 billion, resulting in a trade deficit. Exports to other countries like the US and UAE also declined, while imports from several nations increased.
India's August trade deficit widens to $29.65 bn after imports hit all-time high of $64.36 bn
In August, India's trade deficit widened to $29.65 billion from $24.2 billion a year earlier, surpassing July's deficit of $23.50 billion. Merchandise exports fell to $34.71 billion from $38.28 billion last August, while imports hit a record $64.36 billion, up from $62.30 billion a year ago. Economists had forecast a $23 billion deficit for August.
India set to review trade pact with Malaysia as deficit grows
India is reviewing its trade agreement with Malaysia due to a rising trade deficit, which has doubled since 2011. The review will focus on rules of origin and non-tariff barriers. Major exports include petroleum products and aluminium, while key imports are vegetable oils and electronics. Consultations with industry sectors are planned.
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World Bank's suggestion for India to reconsider joining RCEP based on flawed outdated projections: GTRI
Think tank GTRI has criticized the World Bank's suggestion for India to reconsider joining the RCEP, calling it based on flawed assumptions and outdated projections. GTRI argues that India's decision to stay out of RCEP was strategically sound, emphasizing the need for data-based analysis tailored to developing countries' specific challenges.
View: Invest in India and invest in Russia
India has made significant progress in Ease of Doing Business rankings and is actively promoting investment opportunities. A recent forum in Moscow highlighted sectors like railways, ports, and chemicals. India and Russia are strengthening ties in energy, nuclear power, and other industries. Bilateral trade reached a record high, with new targets set for future growth.
ET World Leaders Forum: India’s China dilemma goes beyond global concerns, says Jaishankar
India's External Affairs Minister, S. Jaishankar, highlighted India's distinct challenges with China, beyond global concerns, focusing on border tensions and trade deficits. Speaking at the ET World Leaders Forum, Jaishankar emphasized the importance of scrutinizing Chinese investments given their unique bilateral issues and the broader global geopolitical risks.
India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024, says GTRI
India achieved a trade surplus with 151 countries, such as the US and Netherlands, while experiencing a trade deficit with 75 nations, including China and Russia, during the first half of this year, according to GTRI. The think tank advises reducing industrial goods imports from China to preserve India's economic sovereignty and enhance domestic production.
Government notifies 160 tons of gold import from UAE at concessional rate this fiscal under trade pact
The Indian government has allowed the import of up to 160 tonnes of gold from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, known as CEPA. This follows a surge in gold imports from the UAE, prompting calls for a review of the agreement. India's gold imports dropped by 4.23 per cent to USD 12.64 billion in April-July 2024-25 due to global economic uncertainties.
US India's top trade partner in first half of the year; max deficit with China
The United States emerged as India's leading trading partner in early 2024, although the country experienced a record trade deficit of $41.6 billion with China. India's merchandise exports increased by 5.41%, led by sectors such as iron ore and pharmaceuticals, while services exports grew by 6.9% to $178.2 billion, says GTRI.
Forbidden no more: India begins OKing Chinese proposals
An inter-ministerial panel has approved investment proposals in the electronics manufacturing sector, including some from Chinese companies, amidst border tensions. Prominent approvals include Luxshare, a vendor for Apple, and a JV between Bhagwati Products (Micromax) and Huaqin Technology. The move follows pressure from the industry to diversify supply chains. The panel is cautiously opening up to Chinese investment, ensuring local value addition and strict safeguards.
CAD to be higher in FY'25 on higher domestic demand and global prices
India's economy has been growing at an average of 8 percent for the last three years at a time when major advanced economies are seeing a slowdown in growth. Though not the entire growth over the period is consumption driven, of late consumption demand is seen picking up and a sizable portion of this demand is met through imports either through import of the product or raw materials.
Electronic goods exports surge 37 pc; dairy and poultry products by 56 pc in July 24 (YoY)
India's electronic goods exports surged by 37.31 per cent in July, reaching USD 2.8 billion, reflecting growing global demand. From April to July 2024, electronic goods exports totaled USD 11.24 billion. Meat, dairy, and poultry exports also saw a substantial increase of 56.18 per cent. India's total exports in July were USD 62.42 billion, up 2.81% from last year. The government aims to achieve a full-year export target of USD 800 billion.
Exports contract in July; trade deficit widens
India's export growth for July fell to an eight-month low due to decreased global demand and declining prices of crude, commodities, and metals. Goods exports contracted by 1.47% to $33.98 billion, mainly due to lower petroleum product exports. Imports increased by 7.45% to $57.48 billion, widening the trade deficit to $23.5 billion. This was driven by higher imports of crude oil, silver, and electronic goods. Engineering, electronics, textiles, and pharmaceuticals were sectors that saw a rise in exports.
India's imports from China up 13%; exports dip 9.44% in July
India's exports to China dropped by 9.44% in July, while imports surged by 13.05%, amplifying a trade deficit. Cumulative data from April-July 2024-25 revealed a deficit of USD 31.31 billion. However, exports to the US and several other nations showed growth, according to commerce ministry data.
India's trade deficit widens YoY to $23.5 bn in July; exports down 1.4%
India's trade deficit expanded to $23.50 billion in July, up from $19 billion a year earlier, according to Commerce Ministry data. Merchandise exports declined by 1.4% year-on-year to $33.98 billion, while imports increased by 5% to $56.18 billion. In June, exports had risen by 2.6% to $35.2 billion.
India has highest trade deficit with China but gap narrowing: Goyal
India's trade deficit with China grew at a slower pace from 2014-15 to 2023-24 compared to the previous decade, highlighting government efforts to control excessive imports. Exports to China stood at $16.65 billion, with imports at $101.75 billion. Minister Piyush Goyal noted improved electronic components and mobile phone import reduction due to government's initiatives.
Economic Survey: PLI, FTAs to aid India’s trade deficit decline; protectionism, lower demand risk export growth
The Economic Survey 2023-24 highlights risks to India's export prospects, including reduced demand from major trading partners like the US, escalating trade costs, protectionist measures, commodity price volatility, and shifts in trade policies by key nations or geopolitical developments.
India flags trade gap with China at WTO
India raises concerns over its significant trade deficit with China and the lack of transparency in Chinese subsidies. China's export numbers fluctuate as global partners express worries over its industrial policies. India and EU highlight issues such as import substitution and intellectual property rights. Calls for China to reconsider its developing country status and trade treatment.
Trade policy review meet of China in WTO: India flags trade deficit, non-transparent subsidies
India has raised concerns over China's high trade deficit and non-transparent subsidies, affecting domestic industry. India's bilateral trade with China recorded the largest trade deficit in 2023-24, with exports ending at USD 16.65 billion and imports at USD 101.75 billion. The EU also raised concerns over China's distortive industrial policies and import substitution.
$100 bln Indo-Russia bilateral trade achievable by 2030, trade gap no worry: GTRI
India aims for $100 billion trade with Russia by 2030 via exports, local currency trading, and Eurasian FTA. FY24 trade reached $65.7 billion, with $4.3 billion exports and 88% oil imports; import surge 8300% and 59% export growth due to discounted oil. Export strategy and currency exchange are crucial. INSTC reduces costs. Ajay Srivastava notes US bans SWIFT.
Increasing exports, trade in local currency, FTA to boost India-Russia commerce: GTRI report
Steps recommended by the think tank GTRI to boost trade between India and Russia include increasing exports, implementing local currency trading, and pursuing a free trade agreement with the Eurasian Economic Union. Despite a growing trade deficit, India benefits from favorable crude oil deals with Russia. The impact of the Ukraine war and US sanctions has reshaped the trade relationship, prompting a push for a bilateral trade target of USD 100 billion by 2030.
Crisil alerts government to watch imports amid US tariff hikes on Chinese goods
Crisil warns of potential import surges following US tariff hikes on Chinese goods, affecting India's trade dynamics. Despite strong service trade and remittances, the widening trade deficit prompts vigilance. Focus on foreign-trade agreements to boost exports amid robust growth in core sectors like pharmaceuticals and engineering goods underscores economic resilience.
Next round of India-Korea FTA review meeting from July 17 in Seoul
India and Korea are set to hold the next round of negotiations to upgrade their existing Comprehensive Economic Partnership Agreement (CEPA) from July 17-19. The talks aim to strengthen economic cooperation between the two countries by addressing issues related to implementation, rules of origin, customs procedures, and data sharing. India has also raised concerns about the growing trade deficit between the two countries, with exports to Korea dropping to USD 6.41 billion in 2023-24 and imports standing at USD 21.13 billion in the last fiscal year.
Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official
India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations.
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.
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