Exports Climb 25.67 Per Cent In Sept, Imports Up 18 Per Cent

NEW DELHI: India’s merchandise exports rose sharply in September, belying fears of a slump due to disruption and working capital issues brought on by the introduction of the goods and services tax. Exports climbed 25.67 per cent in September, exceeding an 18.1 per cent increase in imports, helping to narrow the trade deficit to $8.98 billion from $9.07 billion in September 2016.

 

In absolute terms, India’s exports were pegged at $28.6 billion dollars in September against $22.8 billion a year ago, according to data released by the Commerce Department recently. Imports were up at $37.6 billion from $31.8 billion.

 

"We’re doing our best to remove all hurdles in the way of exporters, so that they focus on their core business of exports and we do the rest," said Commerce and Industry Minister Shri Suresh Prabhu. "Many more initiatives are in works to help exporters," he added.

 

"Continued improvement in the pace of growth of merchandise exports, as well as its fairly broad-based nature, suggest that concerns that arose after the transition to GST may be receding in some sectors," said Ms. Aditi Nayar, Principal Economist at ICRA.

 

There were apprehensions that exports would take a hit because of GST, which was rolled out on July 1, with refunds getting blocked.

 

The Government has already eased GST rules for exporters to reduce transition pains and speed up refunds. "In continuation with positive growth exhibited by exports for the last 13 months, exports during September 2017 have shown growth of 25.67 per cent in dollar terms," the Ministry said in a statement.

 

"We need to see if the trend continues for the next quarter and whether this growth trend will be maintained... GST has not had much impact on the export numbers and going forward, with many gaps addressed by the Government, the result should be positive," said Mr. Madan Sabnavis, Chief Economist at CARE Ratings.

 

In rupee terms, both exports and imports grew at a slower pace – 21.3 per cent and 14 per cent respectively – from a year ago, showing the impact of the sharp appreciation of the rupee over this period. The increase in exports was driven by a broad-based performance, with 26 of 30 categories posting positive growth.

 

Outbound shipments of engineering goods grew 44.2 per cent, chemicals (46 per cent), petroleum products (39.7 per cent), pharmaceuticals (14.7 per cent), readymade garments (29.4 per cent) and gems and jewellery (7.1 per cent).

 

Gold imports moderated to $1.7 billion from $1.8 billion in September last year.

 

"In our view, build-up of substantial stocks over the last few months would ease the volume of gold imports during the festive and wedding season," said Nayar.

 

Higher exports will support India’s economy, which expanded 5.7 per cent in the April-June quarter, a three-year low. Part of the increase in both exports and imports was because of the rise in commodity prices. Oil and non-oil imports grew 18.5 per cent and 18 per cent to $8.18 billion and $29.4 billion, respectively.

 

 

 

Soures : Dailyshippingtimes.com

Marine Products Export Body Eyes 12% Growth In Seafood This Fiscal

MUMBAI: The Marine Products Export Development Authority (MPEDA) is looking at a 10-12 per cent growth in seafood exports in the current fiscal.

 

According to MPEDA Chairman A Jayathilak, seafood exports in 2016-17 reached a record $5.8 billion and the trends in the ongoing financial year are just as encouraging.

 

Speaking at the first-of-its-kind interaction with stakeholders from the seafood sector in Gujarat, he said MPEDA has formed 600 farmer clusters across the Country under the National Centre for Sustainable Aquaculture. These clusters are completely under the guidance of MPEDA and they will help the agency to export quality marine products.

 

Moreover, the set up is such that it provides 100 per cent traceability to quality issues in the farms. Such initiatives will help give a major fillip to the export of quality seafood, he said.

 

The meeting organised in Somnath in Gujarat assumes significance at a time when MPEDA stepped up its efforts to increase the share of value added products in total marine exports from 17 per cent to 30 per cent. According to him, such meetings will benefit farmers directly and avoid the intermediaries from the scene.

 

Gujarat State Government officials, aquaculture farmers, exporters and hatchery owners were among those who participated in the meeting.

 

As many as 20 aquaculture farmers participated in the event, which also offered a platform for them to establish direct linkages with exporters.

 

 

 

Soures : Dailyshippingtimes.com

China's September Imports & Exports In High Gear As Economy Expands

BEIJING: China’s import and export growth accelerated in September, suggesting the world’s second-biggest economy is still expanding at a healthy pace despite widespread forecasts of an eventual slowdown.

 

The data also suggested further improvement in the global economy, with business activity and demand having picked up markedly this year in Europe and the United States.

 

Imports grew 18.7 percent in September from a year earlier and accelerating from 13.3 percent in August, Customs data showed. Exports rose 8.1 percent, below forecasts of 8.8 percent but the most in three months and handily beating August’s 5.5 percent.

 

Once again, China’s imports were led by industrial resources as a year-long construction boom shows no signs of flagging and factories kept humming, boosting demand for materials from steel to copper.

 

Higher commodity prices greatly magnified the strength of the bounce, but volumes surged, too, pointing to still-solid underlying demand.

 

That left the Country with a trade surplus of $28.47 billion, less than the near $40 billion expected and down from around $42 billion in August.

 

China’s foreign trade will likely grow at a double-digit pace this year if current conditions continue, the General Administration of Customs said.

 

In addition to pointing to buoyant demand, some of the surge in September imports may have been due to companies “front loading” supplies ahead of a week-long national holiday in early October, analysts said.

 

 

 

Soures : Dailyshippingtimes.com

China's September Imports & Exports In High Gear As Economy Expands

BEIJING: China’s import and export growth accelerated in September, suggesting the world’s second-biggest economy is still expanding at a healthy pace despite widespread forecasts of an eventual slowdown.

 

The data also suggested further improvement in the global economy, with business activity and demand having picked up markedly this year in Europe and the United States.

 

Imports grew 18.7 percent in September from a year earlier and accelerating from 13.3 percent in August, Customs data showed. Exports rose 8.1 percent, below forecasts of 8.8 percent but the most in three months and handily beating August’s 5.5 percent.

 

Once again, China’s imports were led by industrial resources as a year-long construction boom shows no signs of flagging and factories kept humming, boosting demand for materials from steel to copper.

 

Higher commodity prices greatly magnified the strength of the bounce, but volumes surged, too, pointing to still-solid underlying demand.

 

That left the Country with a trade surplus of $28.47 billion, less than the near $40 billion expected and down from around $42 billion in August.

 

China’s foreign trade will likely grow at a double-digit pace this year if current conditions continue, the General Administration of Customs said.

 

In addition to pointing to buoyant demand, some of the surge in September imports may have been due to companies “front loading” supplies ahead of a week-long national holiday in early October, analysts said.

 

 

 

Soures : Dailyshippingtimes.com

Indian Garlic Shipments Zooms Thanks To Output Shrinkage In China

KOCHI: Indian shipments of garlic have zoomed thanks to output shrinkage in China, the world’s largest producer, making it the hottest commodity in India’s spice export basket.

 

In the first quarter of the year India exported 18,000 tonnes valued at Rs 123.84 crore, a staggering increase of 169% in quantity and 107% in value, the highest growth among the spices exported from India including the usual top performing ones like chilli, cumin and spice oleoresins.

 

The rising export trend in garlic from India started last year. The year 2016-17 saw garlic export value shoot up 92% to a record Rs 307.11 crore from a year before. The quantity at 32,200 tonnes showed a 39% rise.

 

Till 2015-16, Indian garlic export stood below Rs 100 crore.

 

 

 

Soures : Dailyshippingtimes.com