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Time of India
4 days ago
- Business
- Time of India
Trade deficit at 4-month low, goods exports flat
Representative image NEW DELHI: India's goods exports remained flat at $35.1 billion in June, while imports dipped 3.8 per cent to $53.9 billion, helping narrow the trade deficit to a four-month low of $18.8 billion, latest data released Tuesday showed. Imports dipped due to a sharp fall in shipment of gold (down 26 per cent to $1.8 billion), crude petroleum (down 8.4 per cent to $13.8 billion) and diamond imports and coal. On the other hand, exports remained flat, despite a 16 per cent decline in the export of petroleum products. Cumulative exports - goods and services - rose 6.6 per cent to $68 billion, driven by a 14 per cent rise in services to $32.8 billion, making govt upbeat on the overall trend. Combined imports were almost flat at $71.5 billion, resulting in the trade deficit halving to $3.5 billion in June from $7.2 billion a year ago. "If the growth continues like this, then we are going to cross the last year's exports figures," said commerce secretary Sunil Barthwal. He said that geopolitical tensions and global economic uncertainties were impacting exports and govt was engaging with exporters to resolve these logistics and risk management issues. "This performance has come despite challenging global conditions," said Fieo president S C Ralhan. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
6 days ago
- Business
- Time of India
Trade body identifies 300 high potential items for US exports
Representative image MUMBAI: Trade body Federation of Indian Export Organisations (Fieo) has identified over 300 "high potential items" for exports to the US, highlighting areas, where the government may want to push for tariff cuts. Overall, Fieo has identified 408 items that are commercially important and strategically stable, accounting for over two-thirds of India's exports to the US. It has suggested trade facilitation and export promotion efforts for these items. The products range from frozen shrimps and pharmaceuticals to smartphones and diamonds, carpets, toilet linen, milled rice, and natural honey. While some of these items have a significant share of India's exports, such as medicines, India has a large share of the market for products like shrimps, accounting for over 40% of American imports. In contrast, an item like honey is a small fraction of India's overall exports, pegged at $86.5 billion last year, but it is again a quarter of all shipments into the US. The list also includes several textiles products, leather goods, footwear, chemicals, engineering goods, and electric and electronics goods, where Indian exporters have traditionally been strong. In its negotiations, the government has already demanded tariff concessions for several products, especially labour-intensive ones. Besides, in several cases, such as shrimps and carpets, based on the reciprocal tariff of 26% earlier announced for India, exports would become less competitive as rivals enjoyed a significant edge. A team of Indian negotiators led by Rajesh Agarwal, special secretary in the commerce department, will hold talks with American officials as part of efforts to get a favourable deal for India before Trump's tariffs kick in from Aug 1. Apart from the uncertainty over a trade deal, especially with India insisting on holding back concessions for several farm goods and dairy products, negotiators face additional challenges with Trump mounting further pressure by threatening additional duties on countries that align with Brics or buy oil from sanction-hit Russia. Besides, a section within the government has said that the tariff demands from the Trump administration are not clear. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
01-06-2025
- Business
- Time of India
Higher steel tariffs to dent exports as companies look at other markets
Representative image (Picture credit: AP) NEW DELHI: Doubling of import duty on steel and aluminium by the Trump administration will dent export demand, with companies having to scout for alternative markets. Several US importers have gone slow on fresh orders as costs went up significantly after the imposition of 25 per cent duty, although India was not seen to be worse off, given that the same duty applies to all countries. But if Trump decides to move ahead with his threat, several American firms will have to slow down production as such duties are seen to be unviable and unsustainable. This will also reduce demand for inputs. "The economic impact will be significant. US steel prices are already high, at around $984 per metric tonne - far above European prices at $690 and Chinese prices at $392. The doubling of tariffs is expected to push US prices to about $1,180, squeezing US domestic industries such as automotive, construction, and manufacturing that depend on steel and aluminium as key inputs. These sectors may face hundreds of dollars in additional material costs per tonne, driving up prices, reducing competitiveness, and risking job losses or inflationary pressures," said trade research body GTRI. Fieo chief S C Ralhan said the increase in tariffs would have a significant bearing on India's steel exports, especially in semi-finished and finished categories like stainless steel pipes, structural steel components, and automotive steel parts. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the US market. EEPC India president Pankaj Chadha said, "It's unfortunate that while bilateral trade talks are going on between India and the US, such unilateral tariff increases have be done. It only makes the work of negotiators more complicated." Last fiscal, India exported steel and finished products of $6.2 billion to the US and about $0.9 billion of aluminium and its products. The US is among the top destinations for Indian exporters, who have been increasing market share through high-quality production and competitive pricing, Fieo said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
