Indias exports surge 12.36% in Dec; trade deficit widens to $14.88 bn
The Dollar Business Bureau India’s merchandise exports during December last year recorded a positive growth of 12.36% year-on-year, on the back of a sharper increase in the shipments of engineering goods and petroleum products. Over the last 17 months, exports from the country have been on a positive trajectory, with a decline of just 1.1% in October 2017. However, imports recorded a sharp increase of 21.12% to $41.91 billion during the month on the back of rise in inward shipments of gold, silver, precious stones, petroleum and electronic goods. Due to this, the trade deficit has widened to $14.88 billion in the month of December, as compared to $10.54 billion over a year ago. Industry is hopeful that exports are expected to reach the ...
Gold imports surge 3-fold to $3.85 bn in April
The Dollar Business Bureau India’s gold imports surged to $3.85 billion during April 2017, witnessing a three-fold rise, mainly due to increased demand on Akshaya Tritiya. In April 2016, the country’s gold imports were $1.23 billion, according to official data released on Monday. Imports of the yellow metal were on a downward trend between February-September 2016. The imports rose in the months of October and November but declined in December and January. In February and March this year, the imports of the precious metal recorded a high rate of growth. In March 2017, imports of gold had surged to $4.17 billion compared to $974 million in the same month in 2016. The rise in gold imports had led to a widening of trade deficit in April 2017 to $13.2 billion ...
Indias gold imports up 23% in November
The Dollar Business Bureau India’s gold imports grew 23.24% to $4.36 billion in November compared to $3.54 billion in November last year. According to the official data, imports of yellow metal grew for the second consecutive month in November by 23.24% to $4.36 billion due to a decrease in prices. The industry is also guessing other reasons for the decline in the import of the precious metal; among others were Prime Minister Narendra Modi’s decision to demonitise Rs.500 and Rs.1000 rupee notes and the ongoing wedding season. There were reports after the November 8 announcements that there was a sudden spike in gold demand in the domestic market, as consumers were using their old currency to buy gold. The imports of gold have been on a ...
Govt amends Export against Supply by Nominated Agencies scheme
The Dollar Business Bureau In the case of import of gold, silver or platinum under the scheme for ‘Export against Supply by Nominated Agencies’scheme, the importer is now required to execute a bond within a period of 90 days from the date of issue of articles to the exporters, the government revealed in a notification (No. 56 /2016 – Customs) issued on 3rd Oct. Earlier, the importer was required to execute a bond within a period of 120 days, or such extended period as the Assistant Commissioner or Deputy Commissioner of Customs specified, from the date of issue of articles to the exporters, as per the notification No.57/2000-Customs, dated 8th May, 2000. The recent notification reads, “ Provided further that in the case ...
Indias silver jewellery exports jump 4-fold
The Dollar Business Bureau In the current scenario, where the luxury products market across the world is struggling, India’s exports of silver jewellery have risen steeply in the last five years. Since 2010-11, exports of silver jewellery from India have increased fourfold. The data from the Gems and Jewellery Export Promotion Council (GJEPC) revealed, that India’s silver jewellery exports stood at $2959 million (about Rs.19,407 crores) in the fiscal year 2015-16 as compared to $566 million in 2010-11. The fourfold jump in silver jewellery exports is due to a shift in customer preferences towards light weight, contemporary and modern designs of stone-studded ornaments. The shift also enabled surge in export of silver ornaments of 44 percent in 2015-16, compared to the ...
Indian government lowers import tariff value for gold, silver, vegetable oils
The Dollar Business Bureau | @TheDollarBiz The Indian government has reduced the tariffs for several imported items, including gold, silver, brass scrap, poppy seeds, and various vegetable oils. However, the tariff value for areca nuts and poppy seeds remain unchanged. In a notification dated September 30, 2014, the Ministry of Finance announced the following changes: As per the announcement, import tariff value on gold is down about 5.7% from previous month, on silver it is down 10.8% and on veg oils it is down by 0.2% – 5.8%. After declining almost 34% Y-o-Y to 670 tonnes in FY2013-14, India’s demand for gold is expected to increase this year with the arrival of the festive season and ...
