Indias April exports rise 19.77%, gold imports widen trade deficit
The Dollar Business Bureau India's exports surged up almost 20% during April this year, continuing recovery for the eighth straight month, on the back of good performance by petroleum, textiles and engineering sectors. However, the trade deficit also recorded a three-fold rise to $13.2 billion, majorly due to a sharp increase in the imports of gold and crude oil during April. Exports increased by 19.77% to $24.63 billion during the month compared to $20.56 billion during April 2016, as per the data released by the Ministry of Commerce and Industry on Monday. “In continuation with the double-digit growth exhibited by exports during March 2017, exports during April 2017 have shown growth of 19.77% in dollar terms valued at $24.6 billion as compared ...
Iron ore production to touch 185 MT in 2017-21
The Dollar Business Bureau Since the lifting of the mining ban in the three iron-ore rich states of India, Odisha, Karnataka and Goa, India's iron ore production has increased. It is estimated that by 2021 it could touch 185 million tonnes (MT). According to a Fitch Group research company, India’s iron ore production quantity will touch 185 MT in 2021 from 136 MT this year. It should be recollected that mining in all the three states was at its peak between 2000 and 2012, a time when iron-ore powder from Goa was shipped to meet the steel needs of Beijing Olympics in 2008 and India’s iron ore exports to other countries too flourished. It was also during this period that environmental, land-lease and ...
Exports continue to decline, drop 24.33% in September
The Dollar Business Bureau India’s exports shrank in September for the tenth straight month as shipments of several key products including petroleum, iron ore and oil seeds declined by a significant margin. Exports during September fell by 24.33% to $21.84 billion (about 1.45 lakh crore) from about $28.87 billion (Rs.1.76 lakh crore) during September 2014. Overall exports during April-September this year contracted by 17.63% to over 132.9 billion (Rs. 8.53 lakh crore) as against about $161.4 billion (Rs. 9.72 lakh crore) during the same period in 2014-15, said the latest data released by the Commerce Ministry on Thursday. Expressing concern over the continuous decline in shipments, Federation of Indian Export Organisations (FIEO) President S C Ralhan said the downward trend has ...
Export bodies seek govt attention to arrest falling exports
Deepak Kumar | The Dollar Business Expressing concerns over continuous fall in overseas shipments, export bodies have called for immediate intervention from the government to draw a roadmap to boost the international trade. On Monday, the Director General of Foreign Trade (DGFT) is likely to hold a meeting with exporters and discuss measures to revive the sector. “We have a meeting with the DGFT on Monday next week. We have been requesting the government for over two-three months to set up a meeting with all the council chairmen, who will discuss about the major hindrances before the industry,” S C Ralhan, President of the Federation of Indian Export Organisations (FIEO), told the Dollar Business. Ralhan said the government must look into some ...
India's iron ore exports slump by 56.7% in March 2015
The Dollar Business Bureau India’s iron ore exports fell in March to 804,233 tonnes, down by 56.7% when compared with the exports during the same month in 2014. According to Ministry of Commerce, the country had exported 857 million tonnes of iron ore during March last year while, during this year, India exported 804,233 tonnes of iron ore worth $27.22 million. Moreover, the export prices have dipped by 25.8% over the year. The iron ore export prices averaged at $71.4 per tonne in March 2015 as against $96.20 per tonne in March 2014. Japan is the largest destination of Indian iron ore, the country totaled to 289,813 tonnes. China with 287,238 tonnes and Iran 198,159 tonnes are important destinations for Indian ...
Indias iron ore imports to reach a record high in FY2014-15
Sai Nikesh D | The Dollar Business India’s iron ore imports have fluctuated in the recent years ever since the government clampdown on illegal mining in major producing states of Karnataka, Goa and Odisha. However, rising demand and low global prices are expected to result in a surge in iron ore imports in FY2014-15. According to the Ministry of Commerce, India's iron ore imports in the first seven months of FY2014-15 stood at around 4.27 million tonnes, compared to a mere 367,000 tonnes in the full FY2013-14. According to conservative estimates, total iron ore imports by India are expected to grow to over 10 million tonnes in the FY2014-15. However, other estimates, such as the one by Industry ...
One million jobs affected by ban on iron ore mining, exports: ASSOCHAM
Sachin Manawaria | The Dollar Business A ban on one of iron ore mining and exports in the top producing states of Karnataka and Goa has affected around one million jobs, according to a study conducted jointly by Yes Bank and the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Illegal mining, lack of value-addition and shortage of iron ore for the domestic industry have led to several restrictions on the iron ore production and exports since 2010-11, including an export ban in top iron ore producing states of Karnataka and Goa. The government has also imposed an export duty of 30% ad valorem on iron ore with effect from December 30, 2011 and 5% ad valorem on ...
