Based on preliminary trends for July to August 2023, the rise in crude oil prices, the merchandise trade deficit is projected to widen on a QoQ basis to USD 69 to 71 billion in the ongoing quarter, from USD 56.6 billion in Q1 FY2024, said the rating agency Icra in a report. Nevertheless, it is […]
India’s merchandise trade deficit in August was wider than expected and stood at USD 24.16 billion, according to a Reuters calculation based on export and import data released by the government on Friday. Economists expected the August trade deficit to be at USD 21 billion, according to a Reuters poll. India’s merchandise exports stood at […]
India’s palm oil imports are set to jump 26 per cent to a record high in the 2022-23 year ending on 31 October, as a recovery in consumption and competitive prices prompt refiners to increase purchases, the country’s top palm oil buyer told Reuters on Wednesday. Higher purchases by the world’s biggest importer of palm […]
India is monitoring steel imports after shipments from China touched a five-year high in the first four months of the fiscal year that began in April, the country’s steel secretary told Reuters on Monday. During April-July, China was the second-biggest steel exporter to India, after South Korea, selling 0.6 million metric tons, up 62 per […]
The Indian rupee rose on Monday, but higher near-maturity US Treasury yields were expected to limit the upside for the currency. The rupee was at 82.61 against the US dollar by 10:35 a.m. IST, compared with 82.6475 in the previous session. The domestic currency reached an intraday high of 82.5325. The two-year US Treasury yield […]
Merchandise exports are increasingly facing headwinds from the slowdown in goods demand globally, not only in advanced economies such as the US and euro area but also from emerging markets, most importantly the Asia-Pacific, said Crisil Ratings in a report. Crisil’s report stated that exports are facing a double whammy from a fall in prices […]
India’s July crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2 years following OPEC+ cuts, tanker data from trade and industry sources showed. Both China and India, the world’s biggest and third-biggest oil importers, cut imports from Russia and […]
Amid the ongoing concerns of global economic slowdown and a possible recession in the United States (US), the Bank of Baroda in a report on Saturday has said that a weaker rupee will improve India’s export competitiveness. According to government data, India’s exports reportedly contracted by 15.88 per cent to USD 32.25 billion in July […]
The ‘Mega Oil Palm Plantation Drive’, which commenced on July 25, where State governments along with oil palm processing companies participated, concluded on Saturday. The plantation drive was aimed to promote and increase oil palm cultivation. The government believes this will further assist in achieving the target of bringing an additional area of 6.5 lakh […]
According to government data released on Tuesday, China’s trade numbers decreased in July, an indication that the country’s economic recovery was dragging despite efforts by leaders in Beijing to boost development, according to the New York Times. After the United States, China has the second-largest economy in the world, and its exports have now plummeted […]
