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Union Minister of Road Transport Highways, <keyword id="19897455" type="General" weightage="20" keywordseo="nitin-gadkari" source="keywords">Nitin Gadkari</keyword> on Tuesday said that <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> will soon be in a position to export <keyword id="459398" type="General" weightage="20" keywordseo="Lithium-ion-batteries" source="Orion">lithium-ion batteries</keyword>. Speaking at the Society of Indian Automobile Manufacturers (SIAM's) 64th convention in New Delhi, the Union Minister said," I'm confident that we'll be in a position to export <keyword id="1607661" type="General" weightage="20" keywordseo="Lithium-ion" source="Orion">lithium-ion</keyword> batteries to the different parts of the world. At the same time, the research is going on. The aluminium, ironic oil, and different types of chemistry. I feel that it is also a good thing and there is a huge market for that." <keyword id="19934966" type="General" weightage="20" keywordseo="gadkari" source="keywords">Gadkari</keyword> said with government initiatives and incentives many Indian companies are venturing into lithium-ion battery manufacturing. "The good thing is that lithium-ion manufacturing is now <keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword>, <keyword id="19904884" type="General" weightage="20" keywordseo="tata" source="keywords">Tata</keyword>, Maruti, LG, and Samsung. They are all coming in this business. Because...Take the example of semiconductors the government adopted is such a good policy because of that after 2 three years we will be the number one in the manufacturing of the semiconductors in the world," he said. Going further, Gadkari stated that India's EV market is expected to grow to one crore units of annual sales by 2030 and will create five crore jobs. Indian EV market has the potential to become Rs 20 lack crore by 2030. Gadkari asked the industry to focus on quality, better designs, and use the latest technology if they want to compete in the segment and boost exports. Consumers are now conscious of quality. The government is working on establishing a testing agency for better research and testing of vehicle manufacturing. CIIT Training Institute will be established in Pune with a sanctioned cost of Rs 450 crore. "Regarding the Testing Agency for Better Research and Development and Development world-class Testing Agency in CIIT Pune we have decided to start a new venture there with international standards and having all types of the facility which are available in the world and my department has sanctioned 450 Cor or that already DPR is in process and next three months we will try to start this project and that is to be very important for the industry where we will get maximum service and maximum to all the industry," he said. The Union Minister requested the automobile industry to support and cooperate with the government for India's scrappage policy. Gadkari asked the industry to promote and come up with better incentives for the scrappage of old vehicles. The vehicle manufacturers of the USA and Europe have increased their sales by 9 to 12 per cent by promoting scrappage policy. He also thanked the industry for the decision to provide a 3 percent discount for vehicle owners for scrapping their vehicles, adding that the cost of components can be reduced by 20-40 per cent due to the move. Gadkari urged the industry to establish their own scrappage centres. In his remarks, Gadkari said, "The automobile industry plays a pivotal role in realizing the Prime Minister's vision of transforming India into a 5 trillion-dollar economy and elevating it to the third largest economy globally. Our ambition is to extend it as the number one auto manufacturing industry worldwide. As we target a carbon-neutral status by 2070, innovation and sustainable practices in the auto sector are crucial." SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-energy-looks-to-raise-3100-crore-files-ipo-papers-with-sebi/articleshow/113214971.cms">Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a>

India will soon be in a position to export Lithium-ion batteries: Nitin Gadkari

Budget announcements for the <keyword id="22541837" type="General" weightage="20" keywordseo="marine-sector" source="keywords">marine sector</keyword> such as rationalisation of customs duties and financing facilities will help boost the country's India's <keyword id="20765822" type="General" weightage="20" keywordseo="aquaculture" source="keywords">aquaculture</keyword> and <keyword id="20765821" type="General" weightage="100" keywordseo="seafood-exports" source="keywords">seafood exports</keyword>, <keyword id="22541838" type="General" weightage="20" keywordseo="MPEDA" source="keywords">MPEDA</keyword> said on Thursday. The <keyword id="181386" type="General" weightage="20" keywordseo="Marine-Products-Export-Development-Authority" source="Orion">Marine Products Export Development Authority</keyword> (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on <keyword id="22541839" type="General" weightage="20" keywordseo="shrimp-production" source="keywords">shrimp production</keyword> and export. Various inputs used in the manufacture of shrimp and <keyword id="22526510" type="General" weightage="20" keywordseo="fish-feed" source="keywords">fish feed</keyword> will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty. The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5 per cent. Import duty for insect meal and single-cell protein has been cut down to 5 per cent. "These announcements made in the Union Budget 2024-25 are set to significantly enhance aquaculture and seafood export sectors," the authority said. It also said that the government has committed to providing substantial financial support to establish a network of <keyword id="22541840" type="General" weightage="20" keywordseo="Nucleus-Breeding-Centres" source="keywords">Nucleus Breeding Centres</keyword> (NBCs) for shrimp broodstocks. "This initiative is anticipated to drastically reduce India's reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually," it said adding hatchery operators are expected to benefit significantly, with projected savings of 50 per cent on broodstock costs. About one lakh farmers will benefit from a 30 per cent reduction in shrimp seed costs. Further, it said the National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in facilitating financing for <keyword id="20342132" type="General" weightage="20" keywordseo="shrimp-farming" source="keywords">shrimp farming</keyword>, processing, and export. "This intervention is designed to cover 80 per cent of project costs for farmers, accompanied by an interest subvention of up to 3 per cent," MPEDA said. It added that a total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD. DV Swamy, Chairman of MPEDA, said that the proposed measures will substantially lower production costs, elevate quality, and enhance the international competitiveness of Indian marine products. The marine products sector has been a vital contributor to India's export earnings, with seafood exports reaching an all-time high of over Rs 60,000 crore in the last financial year. The authority was established in 1972 under the Ministry of Commerce and it is responsible for the development of the marine products industry with a special focus on exports.

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

<ul class="summary-list"><li>Oil exports from Russia dropped to their lowest level in seven months.</li><li>Crude oil exports peaked in April and have fallen 620,000 barrels a day since.</li></ul>Russian oil exports have dropped to the lowest levels since December.<a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-23/russia-s-oil-exports-fall-further-to-the-lowest-in-more-than-seven-months">Bloomberg reported on Tuesday</a> that exports from Primorsk and Ust-Luga, two of the country's main ports, are down 41% in the last month and are on track to keep falling. The decline comes as Russia moves to comply with cuts agreed to by the OPEC+ oil cartel. The country plans to cut production further in the coming months to make up for producing beyond its OPEC+ quota, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-16/russia-plans-to-make-opec-compensation-oil-cuts-in-warm-seasons">sources told Bloomberg</a>.The Kremlin has generally complied with OPEC's guidance, and during a series of cuts in March, President Vladimir Putin <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-putin-opec-oil-us-output-cuts-competition-market-share-2024-3">backed the OPEC+'s efforts to maintain oil prices</a> but voiced worries over losing market share to the US.So far this year, Russian crude exports have fallen about 30,000 barrels a day from last year's average, and are down 620,000 barrels a day since peaking in April. The drop in exports of Russian crude oil also comes amid recent sanctions from Ukraine against Russian oil supplier Lukoil, which has diverted some oil flows to European countries like Hungary and Slovakia. Pipes to these countries would need to pass through Ukraine, and exports could rise again as the company diverts flows. Meanwhile, the UK recently sanctioned tankers that move oil from Russia, including some that are part of the country's "shadow fleet." Over 60 tankers that carry Russian crude are now sanctioned.Those sanctions are driving refiners in some countries, like <a target="_blank" href="https://markets.businessinsider.com/news/commodities/india-russian-crude-trade-sovcomflot-shipping-sanctioned-tankers-price-cap-2024-3">those in India</a>, to refuse deliveries of Russian oil.Sanctions on Russian energy are part of a larger effort to crimp the revenue needed to keep funding the war in Ukraine, and have escalated since the conflict began in 2022. Russia contributed to about 12% of global crude oil production in 2023, making it the third biggest crude producer in the world, according to <a target="_blank" class="" href="https://www.statista.com/statistics/236605/share-of-global-crude-oil-production-of-the-top-15-oil-producing-countries/">Statista</a>.

Russian oil exports drop to lowest in 7 months amid OPEC cuts and sanctions

Despite geopolitical tensions in <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and the <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> grew by 5.8% to $109.96 billion compared to $103.9 billion in the same period last year, according to a CRISIL report. The report states that the deceleration in the growth momentum of exports in June compared to May was largely due to an 18.2% contraction in oil exports. The growth momentum slowed down in June, with merchandise exports increasing by only 2.6% year-on-year, down from 9.1% in May. Non-oil exports continued to maintain steady growth, rising by 7.7% in June, almost in line with the 7.8% growth recorded in May. Services exports exhibited a strong performance in June, contributing positively to the overall trade scenario. The positive aspect is that merchandise imports grew at a slower pace of 5% year-on-year in June, down from 7.7% in May. However, core imports, excluding oil and gold, surged by 7.1%, increasing from the 0.8% growth in the previous month. This spike in core imports was partially driven by a low base effect from the previous year. Despite the positive growth in exports, the <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> widened to $21 billion in June from $19.2 billion in the same month last year. For the first quarter, cumulative imports rose by 7.7% to $172.4 billion from $160 billion, resulting in a trade deficit of $62.44 billion, up from $56.1 billion. This widening deficit was mainly due to a higher oil trade deficit, while the non-oil trade deficit narrowed. Services exports were a bright spot, increasing by 10.2% year-on-year to $29.76 billion in May. On the other hand, service import growth moderated to 5.4%, down from 19.1% in the previous month. Consequently, the services trade surplus expanded to $13.02 billion, up from $11.1 billion in May last year. Oil exports fell by 18.3% year-on-year and 18.5% month-on-month in June, despite stable international prices. This suggests a reduction in export volumes, with exports falling to $5.5 billion from $6.8 billion in June last year and the previous month. Oil imports increased by 19.6% in June compared to 28% in May, driven by domestic demand and local refineries operating above capacity. Sectors such as drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals, and ready-made garments showed positive growth. However, pharmaceuticals (9.9% vs. 10.5%) and ready-made garments (3.7% vs. 9.8%) saw slower growth compared to May. Gems and jewellery exports continued to decline, marking the seventh consecutive month of negative growth at -1.4% year-on-year. Growth in carpets, handloom products, man-made products, plastics, and linoleum was positive but slower than the previous month. Handmade carpets (-16.6% vs. 20.6%), jute manufacturing (-11.1% vs. -5.2%), and leather products (-2.2% vs -2.1%) recorded contractions. Cashew exports have been declining since 2018, with only sporadic months of positive growth. In June, cashew exports fell by 7.3%, an improvement from the 25.8% decline in May. Coffee (70% vs. 64.2%), fruits and vegetables (7% vs. 20.8%), rice (1% vs. 2.8%), spices (9.8%vs. 20.3%), tea (3.2% vs. 19.6%), and tobacco (37.7% vs. 58.4%) saw slower growth compared to May. Marine products (-7.7% vs. -3.9%) and meat, dairy, and poultry products (-13.9% vs. 22.9%) also experienced a decline. Increases were noted in electronic goods (15.9% vs. 6.7%), fruits and vegetables (22.6% vs. 3%), non-ferrous metals (47.6% vs. 1.1%), project goods (31.4% vs. -44.3%), textiles and yarn fabric made-up articles (23.8% vs. -1.1%), and wood products (16.2% vs. -7.2%). The fiscal year has started positively with steady merchandise export growth in the first quarter. Encouragingly, multilateral organisations have forecasted better year-on-year trade growth. The Indian government's focus on foreign trade agreements (FTAs) is expected to further boost trade. However, the persistent growth in imports surpassing exports is a concern, widening the trade deficit. The recent US tariff hikes on Chinese imports could lead to potential dumping by China in the Asian market, including India, which requires close monitoring. Despite these challenges, the expected moderation in domestic growth may help contain import growth and the trade deficit. The service trade surplus and robust remittance flows are positive indicators that the current account will remain stable.

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

<ul class="summary-list"><li>Russia's oil industry is facing challenges due to intensified Western sanctions.</li><li>Secondary sanctions are spooking global banks, some of which are turning away from doing business with Russia.</li></ul>Russia's oil industry may finally be meeting its reckoning as the West intensifies its sanctions regime.On Friday, Elvira Nabiullina, the governor of the Bank of Russia, said in a statement that the West's tightening of sanctions against the country is hitting its oil export revenue."After the decline at the beginning of the year, exports have been rebounding, driven by the increase in oil prices," said Nabiullina, according to an <a target="_blank" href="https://www.cbr.ru/eng/press/event/?id=18537">official transcript.</a> <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">International crude oil prices</a> are up over 10% so far this year."However, secondary sanctions hinder this process," she added, referring to trade restrictions aimed at preventing third parties outside the US or EU from doing business with Russia.<a target="_blank" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">Russia's economy</a> has remained resilient two years into the war in Ukraine and amid trade sanctions, vexing the West.This is in part because Russia, an energy giant, has managed to keep up with its exports by pivoting to <a target="_blank" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">alternative markets</a> such as India and China.But some <a target="_blank" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">Chinese banking giants</a> have already halted payments from sanctioned Russian financial institutions, local Russian media reported in February.Now, other <a target="_blank" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> that Russia was using to skirt sanctions are also turning away from doing business with the country for fear of reprisals from the West, <a target="_blank" rel="noopener nofollow" href="https://www.wsj.com/finance/banking/russias-backdoor-to-the-global-banking-system-is-slamming-shut-49bf5c53">The Wall Street Journal</a> reported last week.Indian customers are now having a harder time as well.Nabiullina gave a hint of how Russia would be doubling down on busting sanctions."Due to sanctions, there are certainly difficulties with conducting cross-border payments," she said, per <a target="_blank" href="https://tass.com/economy/1764109">TASS state news agency.</a> Russian banks and companies are finding new ways to make payments with countries, she said, adding that they are "quite flexible in changing these methods when difficulties increase."

Russia has finally admitted Western sanctions are hitting its oil exports

Despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword> grew by 9.59 per cent compared to the previous year in May 2024, the Confederation of <keyword id="22064995" type="General" weightage="20" keywordseo="Indian-textile" source="keywords">Indian Textile</keyword> Industry (CITI) said in a report. Simultaneously, <keyword id="22064997" type="General" weightage="20" keywordseo="Indian-apparel-exports" source="keywords">Indian apparel exports</keyword> saw a growth of 9.84 per cent during the same period. The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year. The country's overall exports for May 2024 surged to USD 68.29 billion. This was a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on June 14. The analysis noted that during Apr -May' 24, Indian textile exports registered a growth of 6.04 per cent over the previous year, while apparel exports registered a growth of 4.46 per cent during the same time period. The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34 per cent as compared to the same period last year. The recently released export data revealed that sectors such as electronic goods, drugs and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics &amp; linoleum, cotton yarn/fabs made-ups ( textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products etc. performed well in the exports from the country. Other merchandise products, such as meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals, RMG of all textiles, tea, coffee, rice, tobacco, carpet and handicrafts, oil seeds; and fruits and vegetables, did well too. On Friday, AshwKumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that a positive trajectory was seen in May 2024, driven by robust order bookings. Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France. Considerably, in these markets, the exports registered a double-digit growth rate. Breaking down export data released yesterday, the merchandise exports witnessed a 9.1 per cent rise to USD 38.13 billion, while service exports climbed by 11.7 per cent, reaching USD 30.16 billion. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a><a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a><a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a>

Indian textile exports surge by 9.59% in May despite global economic challenges

<ul class="summary-list"><li>Russia has diverted most of its oil exports from Europe to India and China, a top official said.</li><li>The EU was the largest buyer of Russian crude oil and oil products, accounting for nearly half of the exports.</li></ul>Russia has overcome<a target="_blank" href="https://www.businessinsider.com/russias-economy-putin-ukraine-war-moscow-western-sanctions-eu-2023-8"> Western sanctions</a> against its oil exports by diverting all the shipments east, a top Russian official said on Wednesday.The European Union was the <a target="_blank" href="https://www.reuters.com/world/europe/how-much-oil-does-european-union-import-russia-2022-04-06/">single largest buyer</a> of Russian crude oil and oil products before the invasion of Ukraine, accounting for nearly half of such exports, according to a <a target="_blank" href="https://www.reuters.com/world/europe/how-much-oil-does-european-union-import-russia-2022-04-06/">Reuters</a> compilation of data.However, the trade bloc <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/011123-eu-ban-on-russian-oil-product-exports-will-reconfigure-markets-change-trade-flows-iea">started banning</a> Russian crude oil and oil product imports from December 5 last year, aiming to target Moscow's war chest and divert resources from its invasion of Ukraine.This year, Europe's share of Russian oil and petroleum exports tanked to just 4% to 5%, Alexander Novak, Russia's deputy prime minister, said in an interview with Rossiya-24 television, as translated by <a target="_blank" href="https://tass.com/economy/1726891">TASS state news agency.</a>But Russia has managed to get around the sanctions by trading with other major markets such as <a target="_blank" href="https://tass.com/economy/1726967">India and China,</a> Novak said.In particular, India has become a major new export destination for Russian oil."There were virtually no exports to India before. Over the past two years, the total share of exports to India increased to about 40%," Novak said.By comparison, China's share of Russian oil and oil products accounted for up to 50% of such exports last year, he added.Novak said many other countries, including those in Latin America and Africa, are interested in buying Russian energy.Russia expects its <a target="_blank" href="https://tass.com/economy/1727175">oil and gas revenues</a> to reach 9 trillion rubles, or roughly $100 billion this year — down from 11.6 trillion rubles in 2022. Benchmark oil futures have fallen about 7% so far this year.The Russian official also hit back at <a target="_blank" href="https://tass.com/economy/1727133">Western sanctions,</a> calling them "illegal," per the state-run media service TASS.Novak said Russia's experience in navigating sanctions in the last years proves that it can overcome such trade restrictions.Russia's diversion of its energy trade is contributing to its war chest as its invasion of Ukraine enters its 22nd month.Russia's economy has appeared to be resilient so far with the country reporting 5.5% GDP growth in the third quarter of this year. However, its official economic statistics are nearly impossible to verify and reports suggest that much of the country's growth is due to <a target="_blank" rel="" href="https://www.businessinsider.com/russia-war-economy-government-boom-crash-sanctions-ukraine-invasion-2023-8">massive military and government spending</a>.

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Indian textile exports surge by 9.59% in May despite global economic challenges

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Russia has managed to divert most oil exports from Europe to India and China, getting around sanctions, says a top official

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