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.

China overtakes US to become India’s top trading partner in FY24

China has emerged as India's largest trading partner in the FY 2023-24 with $118.4 billion two-way commerce, narrowly edging past the US, according to the data of economic think tank GTRI. The bilateral trade between India and the US stood at $118.3 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23.

As services surge, FY23 exports rise 14%; imports up 17%

India’s overall exports (including merchandise and services) are estimated to have increased by 13.84 per cent to a record $770.18 billion in 2022-23, while overall imports are expected to have surged 17.38 per cent to $892.18 billion over the previous year, data released by the Ministry of Commerce and Industry on Thursday showed. Read More

Govt said to raise import taxes on vegetable oils to help farmers

India is considering raising import taxes on vegetable oils to help protect farmers facing lower oilseed prices. The decision, likely to be announced in the coming weeks, may reduce demand for palm oil, soyoil, and sunflower oil imports. The finance ministry's Department of Revenue will make the final determination.Read More

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. his follows a surge in gold imports from the UAE prompting calls for a review of the agreement.Read More

India-Oman free trade pact talks at advanced stage: Official India-Oman free trade pact talks at advanced stage: Official

India and Oman are close to finalizing a Comprehensive Economic Partnership Agreement (CEPA) to increase bilateral trade and investments. The agreement would benefit Indian exports, including textiles and pharmaceuticals, by eliminating duties. Improved direct shipping links were also discussed toRead More

Finance Minister meets Singapore President & PM to accelerate bilateral pact

Nirmala Sitharaman met Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to strengthen bilateral ties. Accompanied by other Indian ministers, they discussed enhancing cooperation in digitalisation, skill development, sustainability, and other areas, ahead of Prime Minister Narendra Modi's expected visit next month. Read More

SEA urges govt to reconsider decision to extend de-oiled rice bran exports ban

The Solvent Extractors Association of India has asked the government to revisit its ban on de-oiled rice bran exports, pointing to severe underutilisation of processing plants in eastern India. The association cited the challenges faced by processors in West Bengal and raised concerns about quality control and adulteration in rice bran oil.
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