Exports grow 8.32%, imports by 33% in May; trade deficit widens
The Dollar Business Bureau India’s exports grew by 8.32% to $24 billion in May, registering an upward growth in the last eight months. However, the trade deficit also surged to $13.84 billion a 30-month high, majorly on account of higher gold imports. The exports growth during the month is mainly propelled by strong performance from marine products (44.58%), rice (27.08%), petroleum products (24.92%), organic & inorganic chemicals (15.34%), electronic goods (8.57%), engineering goods (8.25%), RMG of all textiles (8.06%) and gems & jewellery (6%). In May 2016, the country’s exports were $22.1 billion, according to the Ministry of Commerce data. The cumulative value of exports for the period April-May 2017-18 was $48.6 billion witnessing a growth of 13.83% compared to $42.7 billion over the same ...
Indias exporters could face challenges with continued appreciation of the rupee, Ajay Sahai
The Dollar Business The industry body FIEO forecast challenges for the exporters if the rupee continued appreciating in the future. Global trade is expected to grow at 2.4% in 2017, and there is likelihood of extreme instability in currencies. Though the rupee has gained against the dollar, and since competing currencies of other countries could depreciate further, rupee’s appreciation could hurt India’s competitiveness in its labour intensive business units especially sectors such as agro-products industries, handloom, leather, textiles and marine products. The government should support these sectors based on their forex returns so that those companies handling large imports, which will be benefitted with the appreciation are provided less support than those having little or no support. Speaking at a press meet ...
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 ...
Govt to construct modern fish market at Visakhapatnam Port
The Dollar Business Bureau The government has decided to develop a modern marine fish market at Vizag at a cost of Rs.2.75 crore. The market will be constructed at the Fishing Harbour, near to Visakhapatnam Port and will become operational in early 2017. The Andhra Pradesh government has issued 30 percent of the funds from its special development funds, National Fisheries Development Board (NFDB) has contributed 40 percent and 30 percent funds were contributed by Tata Trust for constructing the fish market. The Visakhapatnam Fishing Harbour has been handling sea food exports of around 1.15 lakh tonnes. However, the current fish market, built decades ago, was not properly developed. It is proposed by the government to reconstruct the complete market with modern amenities in an ...
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 ...
