Search Result for : Trade Deficit

The Dollar Business Bureau In the wake of increasing trade measures of the US against India and its decision to review eligibility of India for certain products for duty benefits, Commerce and Industry Minister Suresh Prabhu said on Tuesday that in order to resolve all trade issues, Indian government is actively working with the US and is also following Word Trade Organisation (WTO) rules to protect the interests. “I can assure you, the only guiding principle for engagement with the US is to protect India’s commercial interest in its entirety,” Prabhu said while speaking at the launch of a platform - ‘FIEO GlobalLinker’ for micro, small and medium scale exporters (MSME) for digitising their businesses.  On April 13, the US announced that ...

The Dollar Business Bureau Though India’s trade deficit may reach around $150 billion annually and the level of imports is much higher over exports, the country doesn’t have much flexing power, it the world witnesses an escalation in trade war, said the industry body Associated Chambers of Commerce of India (ASSOCHAM). “We cannot flex too much of our importing muscle, even if our exports face consequences of trade war and are subjected to tariff barriers,” ASSOCHAM in a statement on Sunday. The industry body pointed out that the best course in this situation would be to continue our engagement with the key trading partners, without aligning ourselves too much into a single bloc. “Wherever, our exports are affected, we must engage bilaterally and use ...

The Dollar Business Bureau India’s exports witnessed a growth of 9% in January this year, supported by a positive growth in the outbound shipments of petroleum, chemicals and engineering goods, even as the trade deficit shot up to a three-year high. The trade deficit widened to $16.3 billion in January due to 26.1% growth in imports on account of increased inbound shipments of crude oil, according to the data released by the Ministry of Commerce. The trade deficit, gap between imports over exports, had reached $16.86 billion in the month of November 2014. In January 2017, the country’s trade deficit was $9.9 billion. “Exports during January 2018 have exhibited positive growth of 9.07% in dollar terms vis-à-vis January 2017. Exports have been on a ...

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 ...

The Dollar Business Bureau India’s exports has witnessed a sharp jump of 30% year-on-year in the month of November, on the back of good growth in the outward shipments of engineering goods, petroleum products, gems & jewellery and organic & inorganic chemicals. “Exports during November 2017 have exhibited high positive growth of 30.55% in dollar terms, vis-à-vis November 2016. This is on the pattern of positive growth in exports in last thirteen months with a dip of 1.12% in October 2017 vis-à-vis same period last year,” the Commerce Ministry said in a statement on Friday. “During November, exports are valued at $26.19 billion as compared to $20.06 billion in the same month last year. In rupee terms, exports registered an increase of 25.21% ...

The Dollar Business Bureau India’s merchandise exports, during October this year, declined for the first time in the last 14 months as exporters were facing a liquidity crunch due to delay in refunds under the regime of Goods and Services Tax (GST). On the other hand, imports during the month were increased by 7.6%, leading to the highest trade deficit in the past 35 months. Exports declined by 1.12% in October 2017 to $23.1 billion as compared to $23.36 billion during the same month last year, according to the data released by the Ministry of Commerce. “However, during April-October 2017-18 period, the exports have exhibited a positive growth of 9.62%,” it added. The cumulative value of exports during the seven-month period of the current fiscal ...

The Dollar Business Bureau India’s gold import more than doubled to $16.95 billion during the first six months of the current financial year, as per the data by Ministry of Commerce. The imports of the precious metal were around $6.88 billion during the period April- September last fiscal, the data said. However, the import of gold dropped by 5% to $1.71 billion in the month of September this year as compared to $1.80 billion in the same month a year ago. The decline in the precious metal import in September helped in narrowing down of country's trade deficit to $8.98 billion, a seven month low. However, the import of gold is likely to increase due to festival season, which has begun this month. Due to increase in ...

The Dollar Business Bureau US and South Korean officials failed to reach an agreement on renegotiating their free trade  pact, which was termed by the US President as a ‘horrible deal’ – a Seoul official revealed to the media today. The Trump administration has been seeking to revise the FTA that was inked under the former President, Barrack Obama, which Trump labelled as a ‘job killer’. "For many, many years, the United States has suffered through massive trade deficits... we'll be changing that," Trump said during a June 30 summit with new South Korean President Moon Jae-In. South Korea, which is US’s seventh largest trading partner, on its part has maintained that there is no clear link between the pact and US trade deficit. ...