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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

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

Mumbai, The current account deficit (<keyword id="19962125" type="General" weightage="20" keywordseo="cad" source="keywords">CAD</keyword>) is likely to widen to 1.2 per cent or USD 11 billion of the GDP in October-December FY24 as compared to 1 per cent in the previous quarter, <keyword id="19955912" type="General" weightage="20" keywordseo="india-ratings" source="keywords">India Ratings</keyword> said in a report. In the year-ago period, CAD was 2 per cent of the GDP. A current account deficit occurs when a country's expenditure in imports is more than its income from exports of goods and services. The report further said the CAD percentage may narrow in Q4 as it sees some nascent signs of a pick-up in global economic activity which will lead to better export numbers. The global manufacturing purchasing managers index expanded for the first time in 17 months in February to 50.3. The expansion was stronger in the US and emerging economies, barring the European region, according to the report. The agency expects merchandise exports to increase to around USD 117 billion in Q4, up 2 per cent on-year, which will be a seven-quarter high. Likewise, merchandise imports are expected to touch a six-quarter high of around USD 180 billion in Q4, up 8 per cent on-year. Trade deficit will be USD 64 billion in the quarter. On the other hand, services demand has remained healthy despite global headwinds and the trend continues to be strong with the latest high frequency indicators. The global services PMI touched a seven-month high of 52.4 in February helped by both the developed as well as emerging markets. Thus, it hopes services trade surplus to sustain the record-breaking run and stand at a fresh high of USD 47 billion in Q4. Merchandise exports grew 1.1 per cent on-year in Q3 and a favourable base effect and a pick-up in demand from the US, UAE and the Netherlands helped goods exports grow after a year. However, sequentially, goods exports were down to USD 105.7 billion in Q3 from USD 107.4 billion in Q2. The top 10 items which pushed goods exports in Q3 were gold and other precious metal jewelleries, iron ore, drug formulations, biologicals, telecom instruments, aircraft, <keyword id="20931842" type="General" weightage="20" keywordseo="spacecraft-parts" source="keywords">spacecraft &amp; parts</keyword>, cotton yarn, <keyword id="19962751" type="General" weightage="20" keywordseo="basmati-rice" source="keywords">basmati rice</keyword>, buffalo meat, electric <keyword id="20931843" type="General" weightage="20" keywordseo="machinery-equipment" source="keywords">machinery &amp; equipment</keyword>, and copper and related products. Volume growth in these items ranged between a negative 38.3 per cent to 368.2 per cent and was weaker than the value growth which stood in the range of 10.2-535 per cent in Q3. On the other hand, merchandise imports rose to a year's high of USD 176.2 billion in Q3 led by imports of intermediate and consumer durables which were at a record high of USD 40.23 billion and a five-quarter high of USD 39.58 billion, respectively. However, goods imports were up by only 0.1 per cent in Q3 as primary goods contracted by 11.2 per cent.

Current account deficit in Q3 may widen to 1.2%, improvement likely in March qtr: India Ratings

<ul class="summary-list"><li>India, the world's top rice exporter, has imposed a 20% tax on shipments of some rice grades.</li><li>It has also banned the exports of 100% broken rice, which is mostly used for animal feed.</li></ul>India — the world's top rice exporter — has slapped a 20% tax on shipments of some rice grades in a move that could worsen the <a href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">food crisis.</a>The new export tax that affects some rice grades will take effect Friday, according to an <a href="https://egazette.nic.in/WriteReadData/2022/238667.pdf">announcement</a> from India's finance ministry on Thursday. India also banned the exports of 100% broken rice, which is mostly used for animal feed, <a href="https://www.bloomberg.com/news/articles/2022-09-08/india-imposes-20-tax-on-some-rice-exports?srnd=premium">Bloomberg</a> and <a href="https://www.reuters.com/world/india/india-imposes-20-duty-rice-exports-various-grades-2022-09-08/">Reuters</a> reported, citing government notices.The developments come as rice plantings in India have been impacted by a lack of rainfall in some areas this year, per the news agencies.India accounts for about 40% of global rice exports, according to the <a href="https://www.usda.gov/oce/commodity/wasde/wasde0822.pdf">US Department of Agriculture,</a> or USDA. The country's moves to levy a 20% tax on some rice grades while restricting broken rice are expected to push up prices of the staple grain amid a surge in food prices worldwide.China and the Philippines are the world's top two importers of the staple grain, according to the USDA.As the prices of <a href="https://www.businessinsider.com/food-shortage-explained-charts-grain-sunflower-prices-record-highs-2022-4">wheat and corn</a> rallied this year on the back of the Ukraine war, rice prices remained <a href="https://www.bloomberg.com/news/articles/2022-03-08/rice-could-keep-asia-s-food-inflation-risks-from-getting-worse">relatively stable,</a> giving inflation-weary consumers some reprieve. But India's latest move may change that, and shift demand from India to its competitors."With this duty, Indian rice shipments will become uncompetitive in the world market. Buyers will shift to Thailand and Vietnam," B.V. Krishna Rao, the president of the India Rice Exporters Association, told Reuters. The two Southeast Asian countries are the world's second- and third-largest rice exporters globally.After <a href="https://www.businessinsider.com/india-bans-wheat-exports-says-ukraine-war-threatens-food-security-2022-5">wheat</a> and <a href="https://www.businessinsider.com/india-limits-sugar-exports-food-protectionism-inflation-security-2022-5">sugar</a>, rice is now the third major agricultural commodity in India to face export restrictions this year. The wave of <a href="https://www.businessinsider.com/food-protectionism-countries-restrict-exports-security-inflation-wheat-palm-beef-2022-5">food protectionism</a> comes amid supply concerns and inflation fears.

India, the world's top rice exporter, just slapped a 20% tax on some rice exports. It could further fuel food inflation.

New Delhi, India's <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> contracted by 12.7 per cent, third month in a row, to USD 34.66 billion in April even as the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> reduced to a 20-month low of USD 15.24 billion, the government data showed on Monday. The decline in exports is mainly on account of poor demand in India's key destinations -- the Europe and the US -- and it may take some more months for the situation to improve. The demand scenario is "not looking very good as far as Europe is concerned, and the US also we have seen a decline in demand. For the next 2-3 months, I think the demand scenario does not look very optimistic," DGFT (Director General of Foreign Trade) Santosh Kumar Sarangi told reporters here. However, he expressed hope that things would change from September onwards. "There is a possibility that opening up of Chinese economy combined with some boost in demand in the Europe and the US economy from August-September onwards might give a boost to global exports," he said. Imports too declined by about 14 per cent, fifth month in a row, to USD 49.9 billion as against USD 58.06 billion recorded in the same month last year, the data showed. Trade deficit in April last year stood at USD 18.36 billion. The previous lowest level was recorded in August 2021, when the deficit stood at USD 13.81 billion. On imports, Sarangi said that the decline is because of cooling down of commodity prices and reduced demand for products which are considered as discretionary like gems and jewellery. He suggested to diversify into products which have higher export demand, such as electronic goods, oil meals, oil seeds, and agricultural goods. He added that export sectors which may get impacted in the coming months include gems and jewellery, apparel and garments, and some engineering products. In April, export sectors which recorded negative growth included petroleum products, gems and jewellery, engineering goods, chemicals and ready-made garments of all textiles. However, electronic goods, pharma, rice and oil meals registered positive growth. The shipments of electronic goods increased by 26.49 per cent to USD 2.11 billion in the month under review. Under merchandise exports, only 11 of the 30 key sectors exhibited positive growth in April and at imports front, 23 out of 30 key sectors recorded negative growth. Crude oil imports dipped by 13.95 per cent to USD 15.17 billion. Gold imports too contracted by 41.48 per cent to USD 1 billion in April. India's exports to the US in April declined by 17.16 per cent to USD 5.9 billion. Similarly to the UAE it dipped by 22 per cent to USD 2.23 billion in April. The other key export destinations where exports reported negative growth included China, Singapore, Bangladesh, and Germany. Further, the commerce ministry has revised upwards the overall trade figures for 2022-23. According to the ministry's data, exports of goods and services in 2022-23 rose by 14.68 per cent to USD 775.87 billion (earlier it was USD 770 billion) as against USD 676.53 billion in 2021-22. Imports increased by 17.65 per cent to USD 894.19 billion, leaving a trade deficit of USD 118.31 billion in 2022-23. Merchandise exports increased by 6.74 per cent to USD 450.43 billion, while imports rose by 16.47 per cent to USD 714 billion in the last fiscal. Services exports rose 27.86 per cent to USD 325.44 billion, while imports increased by 22.54 per cent to USD 180 billion in the last fiscal. Services exports in April this year were estimated at USD 30.36 billion, as compared to USD 24.05 billion in April 2022. The estimated value of services import in April was USD 16.50 billion as compared to USD 14.06 billion in April 2022.

Exports fall for third consecutive month by 12.7% in April; trade deficit at 20-month low

Contracting for the third month in a row, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s exports declined by 8.8 per cent to USD 33.88 billion in February due to a slowdown in global demand, even as the trade deficit touched about a year low of USD 17.43 billion during the month, according to official data released on Wednesday. Imports also declined by 8.21 per cent to USD 51.31 billion as against USD 55.9 billion recorded in the corresponding month last year. Cumulatively, however during April-February this fiscal, the country's overall merchandise exports rose by 7.5 per cent to USD 405.94 billion. Imports during the period increased by 18.82 per cent to USD 653.47 billion. The merchandise trade deficit for the April-February this fiscal stood at about USD 247.53 billion. The country's exports had contracted by 6.58 per cent to USD 32.91 billion in December 2022. In February 2022, the trade deficit was USD 18.75 billion. The last time was in January 2022 when the trade deficit touched USD 17.42 billion. <keyword id="84" type="General" weightage="80" keywordseo="commerce" source="Orion">Commerce</keyword> secretary <keyword id="326740" type="General" weightage="80" keywordseo="sunil-barthwal" source="Orion">Sunil Barthwal</keyword> said that going by the trend, India's goods and services exports will cross USD 750 billion in 2022-23. "We have kept the momentum despite the global headwinds. Exporters have kept the momentum. Services exports are doing extremely well. Trade deficit has really come down. Hopefully, we will be doing better," Barthwal told reporters here. He added that the ministry has started exercises to fix the target for the next fiscal also. Export sectors that recorded negative growth during the 11-month period of this fiscal included engineering goods, gems and jewellery, cotton yarn/fabrics/made-ups, and plastic and linoleum. Engineering exports dipped to USD 98.86 billion during April-February 2022-23 from USD 101.15 billion in the same period last fiscal. In the same period, gems and jewellery shipments declined to USD 35.21 billion from USD 35.32 billion from April-February 2022-23. Sectors which recorded positive growth included petroleum products, chemicals, pharma, electronic goods, rice, and ready-made garments of textiles. Gold imports during April-February this fiscal contracted to USD 31.72, as against USD 45.12 billion in the same period last year. In the 11 months of the current fiscal, crude oil imports rose to USD 193.47 billion as against USD 140.67 billion in the same period of 2021-22. Similarly, imports of coal, <keyword id="60450" type="General" weightage="80" keywordseo="coke" source="Orion">coke</keyword> and briquettes rose to USD 46.28 billion during April-February 2022-23 as against USD 27.12 billion in the year-ago period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/tiny-plastic-shards-are-tearing-through-the-digestive-tracts-of-wild-birds-and-causing-permanent-scarring/articleshow/98662131.cms">Tiny plastic shards are tearing through the digestive tracts of wild birds and causing permanent scarring</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/global-ceos-see-india-as-a-bright-spot-leader-in-5g-rollout/articleshow/98662569.cms">Global CEOs see India as a bright spot, leader in 5G rollout</a>

You Searched For "rice export india" and got 6 results

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

ANI

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

ANI

Current account deficit in Q3 may widen to 1.2%, improvement likely in March qtr: India Ratings

PTI

India, the world's top rice exporter, just slapped a 20% tax on some rice exports. It could further fuel food inflation.

Huileng Tan

Exports fall for third consecutive month by 12.7% in April; trade deficit at 20-month low

PTI

Exports dip for the third consecutive month in February to $33.8 bn

PTI

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