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India’s Agricultural, Processed Food Products Exports Up 30 percent

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India’s agricultural products exports had grown by 19.92 per cent during 2021-22 to touch USD 50.21 billion

The ministry of commerce and industry on Monday said that India’s agricultural and processed food products exports rose by 30 per cent to USD 9,598 million in the first four months of the current fiscal (2022-23) compared to the same period last year. For the year 2022-23, the centre fixed an export target of USD 23.56 billion for the agricultural and processed food products basket and export of USD 9.59 billion have already been achieved in the first four months of the current fiscal.

As per the Directorate General of Commercial Intelligence and Statistics (DGCI&S) provisional data, fresh fruits and vegetables registered four per cent growth, while processed fruits and vegetables recorded a growth of 51 per cent (April-July, 2022) in comparison to the corresponding months of the previous year.

Also, processed food products like cereals and miscellaneous processed items reported a growth of 37.75 per cent and 35.26 per cent respectively in comparison to the first four months of the previous year, as per the ministry. “Basmati rice exports witnessed a growth of 29.13 per cent in the first four months of FY 2022-23 as its export increased from USD 1,214 million (April-July 2021) to USD 1,567 million (April-July 2022), while the export of non-Basmati rice registered a growth of 9.24 per cent in first four months of current fiscal,” it said. 

Also, non-basmati rice export increased to USD 2086 million in the first four months of the current fiscal from USD 1,910 million in the corresponding months of the previous year. Other cereals’ export increased from USD334 million in April-July 2021 to USD 408 million in April-July 2022 and the export of livestock products increased from USD 1279 million in April-July 2021 to USD 1428 million in April-July 2022. As per the DGCI&S data, India’s agricultural products exports had grown by 19.92 per cent during 2021-22 to touch USD 50.21 billion.

indian rupee

August Records Decline Of $33 Billion In India’s Merchandise Exports

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The non-petroleum export value in August 2022 was recorded at $28.09 billion. Negative growth of 2.22 per cent was incurred as compared to it being $28.73 billion in August 2021

August 2022 recorded a decline of $33 billion in India’s merchandise exports. The same month, last year recorded it at $33.38 billion as per the data released by the government. The non-petroleum export value in August 2022 was recorded at $28.09 billion. Negative growth of 2.22 per cent was incurred as compared to it being $28.73 billion in August 2021.

The data released by the Ministry of Commerce and Industry states that the value of non-petroleum exports in April-August 2022-23 was $152.29 billion, which is an increase of 7.97 per cent over $141.05 billion in April-August 2021-22.

In the month under review, the value of non-petroleum and non-gems and jewellery exports was recorded at $24.8 billion with a negative growth of 1.96 per cent as compared to it being $25.29 billion last year, the same month. The cumulative value of non-petroleum and non-gems and jewellery exports in April-August 2022-23 was $135.49 billion, with an increase of 8.4 per cent over it being $124.99 billion in the same period last year.

Good growth has been registered in the export of Electronic goods at 50.68 per cent, Rice at 42.32 per cent, and Organic and Inorganic chemicals at 13.35 per cent. The data suggested that India’s merchandise import in August 2022 was recorded at $61.68 billion, which is an increase of 36.78 per cent as compared to $45.09 billion last year, same month. The merchandise imports in April-August 2022-23 was recorded at $317.81 billion with an increase of 45.64 per cent over $218.22 billion in April-August 2021-22.

As per the data, the value of non-petroleum imports was $44.07 billion in August 2022 with a good growth of 23.63 per cent over non-petroleum imports of $35.65 billion in last year. The cumulative value of non-petroleum imports in April-August 2022-23 was $218.44 billion, which showed an increase of 32.02 per cent as compared to non-oil imports of $165.46 billion in the same period last year.

The value of non-oil, non-GJ (gold, silver & Precious metals) imports was recorded at $37.46 billion in August 2022 with a growth of 40.37 per cent over as compared to it being $26.69 billion in August 2021. Non-oil, non-GJ (Gold, Silver & Precious Metals) imports in April-August 2022-23 was $184.98 billion, with a growth of 37.59 per cent, as compared to it being $134.44 billion in the previous fiscal.

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Oil Tumbles On Inflation Woes, Iraq Exports

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The market awaits the upcoming meeting of the Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, on Sept. 5

Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes.

Brent crude futures for October settlement fell $2.45, or 2.33 per cent, to $102.64 a barrel by 1022 GMT, after climbing 4.1 per cent on Monday, the biggest increase in more than a month.

The October contract expires on Wednesday and the more active November contract was at $101.12 a barrel, down 1.76 per cent.

US West Texas Intermediate crude was at $95.46 a barrel, down $1.55, or 1.6 per cent, following a 4.2 per cent rise in the previous session.

Inflation is near double-digit territory in many of the world’s biggest economies, a level not seen in close to a half century. This could prompt central banks in the United States and Europe to resort to more aggressive interest rate hikes that could curtail economic growth and weigh on fuel demand. 

“The economy will continue to remain slow with the Fed’s aggressive monetary policies. Investors are now waiting for the monthly employment data on Friday,” said Kunal Sawhney, chief executive officer, Kalkine Group.

Prices took a tumble after comments from Iraq’s state-owned marketer SOMO that the country’s oil exports are unaffected by unrest, UBS analyst Giovanni Staunovo said.

Baghdad seeing its worst fighting for years as clashes between Shi’ite Muslim groups spill into a second day. 

SOMO also said on Tuesday it can redirect more oil to Europe if required. 

The market awaits the upcoming meeting of the Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, on Sept. 5.

Saudi Arabia last week raised the possibility of production cuts from OPEC+, which sources said could coincide with a boost in supply from Iran should it clinch a nuclear deal with the West.

“Possible reduction in OPEC+ production is the reason why the oil market has thumbed its nose at weakening equities and the strong dollar,” said Tamas Varga of oil broker PVM.

Meanwhile, the American Petroleum Institute, an industry group, is due to release data on US crude inventories at 4:30 p.m. EDT (2030 GMT) on Tuesday.

US crude oil stockpiles likely fell 600,000 barrels in the week to Aug. 26, with distillates and gasoline inventories also seen down, a preliminary Reuters poll showed on Monday.

(Reuters)

Business men giving a handshake. Business concept

Bilateral Trade Between India And GCC Rise To $154.66 Bn

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India’s overall (merchandise plus services) exports increased from USD 52.8 billion in June 2021 to USD 64.9 billion in June 2022

Bilateral Trade between India and the Gulf Cooperation Council grew from USD 87.35 billion in FY 2020-21 to USD154.66 billion in FY 2021-22, said Minister of State in the Ministry of Commerce and Industry, Anupriya Patel, in a written reply in the Lok Sabha. She said that the trade registered an increase of 77.06 per cent on a year-on-year basis.  Since FY 2017-18, on a compounded annual growth rate basis, bilateral trade between India and the GCC has grown by 10.57 per cent, she said. Meanwhile, India’s overall (merchandise plus services) exports increased from USD 52.8 billion in June 2021 to USD 64.9 billion in June 2022.

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India-China Trade Goes Up To Over $67 Bn In First Half Of 2022

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China’s exports to India last year went up by 46.2 per cent to USD 97.52 billion while India’s exports to China grew by 34.2 per cent to USD 28.14 billion

The India-China trade is on course to cross USD 100 billion for the second consecutive year as it has gone up to USD 67.08 billion in the first half of this year amid a big surge of Chinese exports, official trade data released here said on Wednesday. China’s exports to India have gone up to USD 57.51 billion, up by 34.5 per cent last year while Indian exports to China fell to USD 9.57 billion, a decline of 35.3 per cent compared to last year, according to the trade data released by China’s General Administration of Customs (GAC).

The trade deficit at the half-year mark stood at USD 47.94 billion. Last year, the India-China bilateral trade hit a record high of over USD 125 billion crossing the USD 100 billion mark in a year when the relations touched a new low due to standoff by the militaries in Eastern Ladakh. China’s exports to India last year went up by 46.2 per cent to USD 97.52 billion while India’s exports to China grew by 34.2 per cent to USD 28.14 billion. The trade deficit for India grew by USD 69.38 billion in 2021.

In May, China insisted that it is still India’s biggest trade partner in 2021-22 as per its figures, referring to reports that the US has unseated it to take the top slot and attributed the disparity to different methods of calculating the trade volume by New Delhi and Beijing. “According to the statistics of Chinese competent authorities, bilateral trade volume between China and India stood at USD 125.66 billion in 2021,” Chinese Foreign Ministry spokesman Zhao Lijian told a media briefing when asked about reports of the US overtaking China to become the largest trade partner of India in 2021-22.

“China remains the largest trade partner of India and for the first time the bilateral trade exceeded USD 100 billion in 2021,” Zhao said. “The disparity in trade figures published by China and India is a result of different statistical measurement scales,” he said. Overall, China’s foreign trade of goods jumped 9.4 per cent year-on-year to 19.8 trillion yuan (about USD 2.94 trillion) during the first half of the year, according to GAC data.

(PTI)

trade

June Exports Up 16.8% YoY, Trade Deficit At Record $25.63 Bn

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Imports expanded by 51 per cent to USD 63.58 billion in June compared to the year-ago month, the data showed

India’s merchandise exports in June rose by 16.78 per cent year-on-year to USD 37.94 billion while the trade deficit ballooned to a record USD 25.63 billion, according to the government’s preliminary data released on Monday. Imports expanded by 51 per cent to USD 63.58 billion in June compared to the year-ago month, the data showed.

The trade deficit stood at USD 9.61 billion in June 2021. Cumulative exports in April-June 2022-23 rose by about 22.22 per cent to USD 116.77 billion while imports increased 47.31 per cent to USD 187.02 billion during the period. The trade deficit during the first three months of this fiscal widened to USD 70.25 billion from USD 31.42 billion in the year-ago period. 

(PTI)

exports 1

Exports up 25.1% to $34.57 bn in February: Trade deficit widens to $20.88 bn

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Imports during the month too jumped 36 percent to $55.45 billion, with inbound shipments of petroleum and crude oil surging 69 percent to $15.28 billion.

India’s exports rose 25.1 percent to $34.57 billion in February on account of healthy growth in sectors like engineering, petroleum and chemicals, even as the Trade deficit widened to $20.88 billion, according to data released by the commerce ministry on Monday.

Imports during the month too jumped 36 percent to $55.45 billion, with inbound shipments of petroleum and crude oil surging 69 percent to $15.28 billion.

Trade deficit — the difference between imports and exports — stood at $13.12 billion in February 2021.

”Merchandise exports for April-February 2021-22 was $374.81 billion as against $256.55 billion during April-February 2020-21, registering a positive growth of 46.09 percent,” the ministry said.

Imports during the 11-month period rose 59.33 percent to $550.56 billion. Trade deficit during this period widened to $175.75 billion as against $88.99 billion during April-February 2020-21.

According to the data, gold imports in February dipped by 9.65 percent to $4.8 billion. Imports of electronic goods rose about 29.53 percent to $6.27 billion. Exports of engineering goods, petroleum and chemicals in February increased by 32 percent, 88.14 percent and 25.38 percent to $9.32 billion, $4.64 billion and $2.4 billion, respectively.

Pharmaceutical exports, however, slipped by 1.78 percent to $1.96 billion in February.

PTI

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India’s Exports Increase By 36.76% YoY In January

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The ministry said that overall imports in January 2022 are estimated to be USD 67.76 Billion, exhibiting a slower rate of growth of 30.54 percent over the same period last year and a positive growth of 30.19 percent over January 2020.

India’s overall exports (Merchandise and Services combined) in January are estimated to be USD 61.41 Billion, exhibiting a positive growth of 36.76 percent over the same period last year and a positive growth of 38.90 percent over January 2020, said the Ministry of Commerce and Industry on Tuesday. 

The ministry said that overall imports in January 2022 are estimated to be USD 67.76 Billion, exhibiting a slower rate of growth of 30.54 percent over the same period last year and a positive growth of 30.19 percent over January 2020. 

“India’s overall exports (Merchandise and Services combined) in April-January 2021-22 are estimated to be USD 545.71 Billion, exhibiting a positive growth of 37.68 percent over the same period last year and a positive growth of 23.29 percent over April-January 2019-20,” said the ministry in a statement. 

It added that overall imports in April-January 2021-22 are estimated to be USD 616.91 Billion, exhibiting a positive growth of 54.35 percent over the same period last year and a positive growth of 20.15 percent over April-January 2019-20.

Meanwhile, merchandise exports in January 2022 were USD 34.50 Billion, as compared to USD 27.54 Billion in January 2021, exhibiting a positive growth of 25.28 percent. As compared to January 2020, exports in January 2022 exhibited a positive growth of 33.45 percent.

Merchandise imports in January 2022 were USD 51.93 Billion, which is an increase of 23.54 percent over imports of USD 42.03 Billion in January 2021. Imports in January 2022 have registered a positive growth of 26.19 percent in comparison to January 2020.

The estimated value of services export for January 2022 is USD 26.91 Billion, exhibiting a positive growth of 54.95 percent vis-a-vis January 2021 (USD 17.37 Billion) and positive growth of 46.57 percent vis-à-vis January 2020 (USD 18.36 Billion), according to the ministry. 

The estimated value of services import for January 2022 is USD 15.83 Billion exhibiting a positive growth of 60.32 per cent vis-à-vis January 2021 (USD 9.88 Billion) and a positive growth of 45.33 per cent vis-à-vis January 2020 (USD 10.90 Billion).

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India’s Passenger Vehicle Exports Jump 46% In Apr-Dec; Maruti Suzuki Leads

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Passenger car shipments saw 45 per cent growth at 2,75,728 units while utility vehicle exports rose 47 per cent at 1,46,688 units during the period under review

Passenger vehicle exports from India increased 46 per cent in the first nine months of the current fiscal year, with Maruti Suzuki India leading the segment with dispatches of around 1.68 lakh units, as per the latest data by SIAM. The total passenger vehicle (PV) exports stood at 4,24,037 units in April-December 2021-22 as compared with 2,91,170 units in the same period a year ago. 

Passenger car shipments saw 45 per cent growth at 2,75,728 units while utility vehicle exports rose 47 per cent at 1,46,688 units during the period under review, the data by the Society of Indian Automobile Manufacturers showed.

Export of vans nearly doubled to 1,621 units in April-December 2021-22 as compared with 877 units in the same period last fiscal year.

Maruti Suzuki India (MSI) led the segment during the period, followed by Hyundai Motor India and Kia India at the second and third positions, respectively.

MSI, the country’s largest carmaker exported 1,67,964 PVs in the period under review, almost triple as compared with 59,821 units in the same period of the previous fiscal year.

Besides, the company shipped out 1,958 Super Carry (LCV) units during the nine-month period.

MSI’s top PV export markets include Latin America, ASEAN, Africa, the Middle East and neighbouring regions while its top five export models comprise Baleno, Dzire, Swift, S-Presso and Brezza.

When contacted, MSI Executive Director (Corporate Affairs) Rahul Bharti told PTI that about two years ago, the company decided to mount a strong effort towards a quantum increase in exports.

“Our ambition was also inspired by a two-pronged strategy of the Commerce & Industry Ministry to deepen localisation and multiply exports as part of the overall Make in India vision. With the strong support of our parent, Suzuki Motor Corporation, we worked on all fronts – expanding the export product portfolio, reaching out to more geographies/markets and expanding distributor network,” he noted.

With this, during April-December 2021-22, the automaker was able to export 1,69,922 vehicles (PV plus LCV), the highest ever in a nine-month period, Bharti stated.

“Not only this, in the calendar year 2021, Maruti Suzuki exported 2,05,450 vehicles, the highest ever in a calendar year. These numbers show the confidence of customers around the world in the quality, technology, reliability, performance and cost-effectiveness of our cars,” he noted.

Hyundai Motor India’s foreign dispatches stood at 1,00,059 units during April-December 2021-22, up 35 per cent from the year-ago period.

Similarly, Kia India exported 34,341 units across global markets in the period under review as compared with 28,538 units in the last fiscal year.

Volkswagen India exported 29,796 units in the April-December period.

In the third quarter (October-December), total PV exports rose to 1,39,363 units as compared with 1,36,016 units in the same period of 2020-21. However, in December, total overseas PV shipments declined to 54,846 units as against 57,050 units in December 2020.

(PTI)

trade

FIEO Aims At $460-475 Billion Exports Next FY Amid COVID-19

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He said the spectacular increase in global trade by about 22 per cent, buoyed by high prices of commodities, as witnessed in 2021 will not be there to provide the tailwind to India’s exports.

The Federation of Indian Export Organisations (FIEO) on Thursday said taking a conservative approach, it will aim for USD 460-475 billion exports in the next fiscal year due to emergence of new variants of coronavirus and the existing supply side challenges.

During 2021-22, exports are expected to reach USD 400 billion, FIEO President A Sakthivel said.

He said the spectacular increase in global trade by about 22 per cent, buoyed by high prices of commodities, as witnessed in 2021 will not be there to provide the tailwind to India’s exports.

Much will also depend on whether the world would be able to contain COVID-19 through massive vaccination across the globe and be able to create the required vaccine manufacturing capacity.

“Looking into the emergence of the new variants and supply side challenges at this point of time, we would like to be a little conservative and will aim for an export of USD 460-475 billion during the next fiscal,” he added.

He also expressed hope that the global consumption would go up substantially in 2022, albeit the pandemic is controlled.

“The good thing with our exports has been a very balanced growth across sectors both in traditional exports as well as sunrise sectors of exports during the current fiscal.

“We are hopeful that the same trend will continue particularly as the order booking position of all exporters is extremely encouraging and China plus one policy of global companies is definitely helping our exports,” he added.

Next year also, FIEO feels that exports growth will be widespread and exports to NAFTA, Europe, the Middle East, Oceania will continue to boom particularly as “we should look” at concluding free trade agreements with the UK and UAE soon and similar pacts with Canada and Australia in 2022.

“Moreover, with increase in the prices of inputs, skyrocketing freight and delays in shipments and payments have resulted in the need for additional credit.

“While container shortage has eased due to peak season supplies for Christmas, New Year and Chinese New Year getting over, the same is likely to compound once countries open up after the holiday seasons particularly if the new variant is not brought under control,” Sakthivel said.

(PTI)

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