According to the Solvent Extractors’ Association of India, which has put out the trade data, said the country harvested a record crop of soybean in Kharif season last year and mustard in Rabi season which encouraged higher crushing and increased availability of meals, both for the domestic consumption and exports.
Not ignoring business with China, but need to be alert: Jaishankar
Speaking at a panel discussion at CII Annual Business Summit, Jaishankar said that as far as national security goes, it is more complex with China.
FIEO pegs FY25 goods exports at $500-510 billion
The apex exporters body also hasn’t ruled out dumping of Chinese goods in the wake of the US imposing high duties on goods such as EVs, batteries and high end technology products.
Top Countries to Import Goods From in 2024
In 2024, several countries will stand out as key sources for importing goods due to their robust manufacturing capabilities, technological advancements, and diverse product offerings. Here are some of top countries to import goods from in 2024: Vietnam
Exports up 1% in April, yet trade gap widens
India’s goods exports grew 1.06% to $34.99 billion in April, with a trade deficit of $19.1 billion fueled by increased gold imports. Switzerland replaced Russia as a key import source. Challenges include rising petroleum imports and ongoing FTA discussions with the UK.
Chabahar Port Deal: India faces US sanctions threat after India-Iran pact
India and Iran signed a 10-year agreement to manage the Chabahar Port, enhancing regional connectivity and providing an alternative to China’s Belt and Road Initiative. The US warned of potential sanctions for dealing with Tehran, but stated it would let India address its foreign policy objectives. The deal strengthens bilateral relations and facilitates trade with Afghanistan and Central Asia, with plans to integrate the port into the International North South Transport Corridor. India’s investment in Chabahar’s infrastructure aims to improve trade routes and access to Central Asian markets.
Import Export Business Finance: Options and Strategies
Import Export business finance is essential for facilitating international trade transactions and ensuring the smooth operation of import export businesses. Various options and strategies are available to finance these ventures, allowing businesses to manage cash flow, mitigate risks, and expand operations. Here’s a brief overview: By understanding and utilizing these finance options and strategies, import export businesses can effectively manage their financial needs, mitigate risks, and capitalize on growth opportunities in the global marketplace.
Next round of India-Asean trade pact review talks in July
The discussions for review of the ASEAN-India Trade in Goods Agreement (AITIGA), to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023. The Joint Committee undertaking the review work has met four times so far and has finalised its terms of reference and the negotiating structure for the review negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its third meeting held from February 18-19, 2024 in New Delhi.
India Exim Bank sees 12.3% year-on-year goods exports growth in Q1 FY25
The World Trade Organization (WTO) has predicted global goods trade to slowly recover in 2024 following a contraction last year. The volume of world merchandise trade is projected to increase by 2.6% in 2024 and 3.3% in 2025 after falling 1.2% in 2023, the WTO said last month but cautioned that regional conflicts, geopolitical tensions and economic policy uncertainties pose substantial downside risks to the forecast.
The Impact of Tariffs and Trade Agreements on Import-Export Business
Tariffs and trade agreements play a pivotal role in shaping the landscape of import export business, exerting significant influence on market dynamics, profitability, and strategic decision-making. The impact of tariffs and trade agreements on these businesses is multifaceted and can be both beneficial and challenging. Tariffs, essentially taxes imposed on imported goods, directly affect the cost of imported products, thereby influencing pricing strategies and market competitiveness. Higher tariffs increase the cost of imports, making foreign goods less attractive to domestic consumers and potentially reducing demand. Conversely, lower tariffs can stimulate imports, offering import-export businesses access to a wider range of affordable goods for distribution or resale. Trade agreements, on the other hand, establish frameworks for economic cooperation between nations, often aiming to reduce barriers to trade such as tariffs and quotas. Participation in trade agreements can open up new markets for import export business by facilitating smoother cross-border transactions and fostering trade relationships. Additionally, trade agreements may harmonize regulatory standards, simplifying compliance processes for businesses engaged in international trade. However, the impact of tariffs and trade agreements is not universally positive. Sudden changes in tariff rates or the renegotiation of trade agreements can disrupt established supply chains, leading to increased uncertainty and operational challenges for import export business. Tariffs imposed as retaliatory measures in trade disputes can escalate costs and erode profit margins, particularly for businesses heavily reliant on specific imports or exports. Furthermore, the complexity of navigating varying tariff schedules and compliance requirements across different markets can pose administrative burdens and increase operational costs for import export business, especially for smaller enterprises with limited resources. In conclusion, tariffs and trade agreements wield significant influence over import export business, shaping market conditions, influencing pricing strategies, and impacting operational efficiency. While trade agreements can offer opportunities for market expansion and efficiency gains, the volatility and uncertainties associated with tariffs underscore the importance of strategic adaptation and risk management in the import-export sector.