Weathering the Covid Crisis

India appears to be weathering the covid-19 crisis quite well as the country’s exports increased to US$ 7.71Bn in the first week of June. While exports of gems and jewelry, petroleum products, and engineering goods showed healthy growth, the exports of oilseeds, iron ore and spices recorded negative growth during June 1-7, reveals preliminary data of the Commerce Ministry.

Speaking of exports, the official data suggests exports to China soared by 28% in FY21 in comparison to last year to over US$ 21 Bn, while those to the UAE plunged by 42% to nearly US$ 17 Bn, making this global powerhouse the second largest export destination for India. This change in trend can be attributed to China’s massive infrastructure push prompting it to import iron ore and steel in large volumes from India and the plunge in oil prices forcing UAE to cut back purchases this year. Moreover, China’s customs data showed that trade between India and China soared by more than 70% year-on-year to over US$ 48 Bn in the first five months of 2021. Economists believe this phenomenon may be because of a spur in India’s import of medical goods from China.

Industry experts also claimed that India must build international relations to boost trade. That being said, if all goes well, the impending Free Trade Agreement between India and the European Union could be a game-changer for both parties.

India’s exports rise 52.39% to $7.1 bn in first week of June

India's exports grew by 52.39 per cent to $7.71 billion during the first week of this month on account of healthy growth in shipments in sectors including engineering, gems and jewellery and petroleum products, according to preliminary data of the Commerce Ministry.

'Too early to assess impact of second Covid-19 wave': FM Nirmala Sitharaman

The second wave of the COVID-19 pandemic came as a Tsunami threatening to derail the economic growth, but Union Finance Minister Nirmala Sitharaman expresses confidence that the government has it under control. In an exclusive interview with Group Editorial Director Raj Chengappa and Business Today Editor Rajeev Dubey, she outlines the revival plan.

Trade Talk: China is now second-largest export destination, behind only US

China overtook the UAE to emerge as India’s second-largest export destination in FY21, behind only the US, for the first time in recent memory, despite the onslaught of the Covid-19 pandemic and a deadly border clash.

As exports rise, container prices increase at major Indian ports

As the world economy recovers from COVID-19 disruptions and demand for exports rises, container prices at major ports, such as Chennai, Mundra and Nhava Sheva, remain high.

MSME engineering exporters seek PM's intervention on rising steel prices

Engineering exporters in the MSME segment have sought Prime Minister Narendra Modi's intervention on rising steel prices, stating that the industry needs the alloy and other inputs at affordable rates so that export competitiveness of value-added products is maintained in the global markets.