Soaring Export Ties

Netherlands and Brazil move up the Indian export destination list this fiscal year. India’s trade relations with China bolstered by the 34% rise in merchandise trade despite PM Modi’s efforts to reduce dependence on South Asia. Good news for the economy, as the trade deficit is said to narrow down owing to falling commodity prices. India to host The India-US Trade Policy Forum (TPF) in 2023, where outstanding trade issues will be resolved.

EXPORTS

India's export destinations: Netherlands and Brazil leapfrog ahead

Netherlands and Brazil have jumped ahead from their previous positions on India's list of export destinations in the ongoing fiscal, a TOI report showed. Citing commerce department data, the report highlights that the Netherlands is now India's third-largest export destination. Brazil, India's 20th biggest export destination between April and October 2021, is currently in the eighth position.

---

TRADE

Country committed to improve trade facilitation: Nirmala Sitharaman

The Centre is committed to improve trade facilitation for every stakeholder, including Customs Department personnel and those involved in the trading communities, said Union Finance Minister Nirmala Sitharaman here on Sunday. Beyond construction of a new building, these days emphasis is also given on how energy-efficient the buildings would be so that there is no pollution or disturbance to anyone, she said at an event here.

---

POLICY

Indo-US Trade Policy Forum meet likely to be held in early 2023

The India-US Trade Policy Forum (TPF) meet is expected to be held in the US early next year and both the countries are working on achieving a substantial agenda for the same, the commerce ministry said on Friday. "13th ministerial TPF meeting is expected in early 2023 in the US and both sides are working on achieving a substantial agenda for the same," the ministry said.

---

ECONOMY

Lower commodity prices to shrink India's trade deficit, help rupee - analysts

The fall in commodity prices could help narrow India's trade deficit in the coming months, aiding the rupee, analysts said on Friday. India's trade deficit narrowed to $23.9 billion in November from $26.9 billion in the previous month, data released on Thursday showed. It was the lowest trade deficit reading since May.

---

BILATERAL TRADE

India-China trade jumps, thwarting Modi’s self-reliance drive

India’s bilateral trade with China rose by a third in the year to March, throwing a spanner in Prime Minister Narendra Modi’s drive to wean the South Asian nation from relying on its larger neighbour for cheap imports and promote a thriving domestic industry. Total merchandise trade between India and China rose 34 per cent to Rs 9.56 lakh crore in the 12 months to March 2022, according to data from the Commerce Ministry released to parliament last week.

---