Dhenkanal: After mangoes, the demand for Dhenkanal’s green papaya is growing internationally.

The fruit’s unique taste and health benefits have sparked interest among consumers abroad. A total of one tonne of green papaya, cultivated by 14 women farmers from the Saptasajya Agro Producer Company under the Sadar block of Dhenkanal district, was exported to London last week.

Similarly, green papaya harvested from the Ghatipiri area of the Odapada block was shipped to Dublin in Ireland, through the Madan Mohan Cooperative Society.

This marks the first time that green papaya from Dhenkanal has been exported outside India. Most of these women farmers belong to tribal communities.

The Agricultural and Processed Food Products Export Development Authority (APEDA) facilitated the export process, aiming to provide significant economic benefits to local farmers. Previously, mangoes grown in Dhenkanal had been exported to Dubai. With the rising demand for fruits like green papaya and mangoes grown in the region, there is a crucial need for cold storage facilities.

Meanwhile, farmers have urged authorities to operationalise the abandoned mango hub and the fruit and vegetable preservation centre located along the national highway in Gobindpur under Sadar block.

Dhenkanal Deputy Director of Horticulture Gitashree Padhi stated that green papaya from the district has been exported to London and Ireland for the first time through Saptasajya Agro Producer Company and the Madan Mohan Cooperative Society, with support from APEDA.

She emphasised that such initiatives would encourage farmers and strengthen their economic standing.

PNN

New Delhi: India’s merchandise exports dipped by 2.38 per cent to USD 36.43 billion in January against USD 37.32 billion a year ago, according to government data released Monday.

Imports increased by 10.28 per cent to USD 59.42 billion last month compared to USD 53.88 billion in January 2024.

The trade deficit, or the gap between imports and exports, stood at USD 22.99 billion during the month under review.

During the April-January period this fiscal, exports increased by 1.39 per cent to USD 358.91 billion and imports by 7.43 per cent to USD 601.9 billion.

PTI

New Delhi: The country’s exports rose by 5.57 per cent to $59.93 billion during April-December this fiscal on account of healthy demand in the American market for domestic goods, according to government data.

During December, the shipments increased by 8.49 per cent to $7 billion, the data showed.

On the other hand, imports during the first nine months of 2024-25 grew by 1.91 per cent to $33.4 billion, while in December it was up by 9.88 per cent to $3.77 billion.

According to experts, going by the trend, the total trade between the two countries will continue to grow in the coming months also.

The bilateral trade during April-December 2024-25 stood at $93.4 billion, as against $94.6 billion between India and China.

The experts added that the possible trade war between the US and China will give huge export potential for Indian exporters.

The US is the largest trading partner of India from 2021-22. The US accounts for about 18 per cent of India’s total goods exports and over 6 per cent in imports and about 11 per cent in bilateral trade.

Some experts raised concerns that if the US would impose additional duties on certain Indian goods, as threatened by US President Donald Trump, it can impact trade.

In December last year, Trump had said India charges “a lot” of tariffs, reiterating his intention to impose reciprocal tariffs in retaliation for what New Delhi will impose on the import of certain American products.

“India should respond firmly and in equal measure,” economic think tank Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.

In 2018, when the US taxed Indian steel and aluminium, India retaliated by raising tariffs on 29 US products, recovering equivalent revenue.

PTI

Hong Kong: China’s exports in December grew at a faster pace than expected, as factories rushed to fill orders to beat higher tariffs that US President-elect Donald Trump has threatened to impose once he takes office.

Exports rose 10.7% from a year earlier. Economists had forecast they would grow about 7%.

Imports rose 1% year-on-year. Analysts had expected imports to shrink about 1.5%.

Trump has pledged to raise tariffs on Chinese goods and close some loopholes that exporters now use to sell their products more cheaply in the U.S. If enacted, his plans would likely raise prices in America and squeeze sales and profit margins for Chinese exporters.

With exports outpacing imports, China’s trade surplus grew to $104.84 billion.

China’s exports are likely to remain strong in the near-term, said Zichun Huang of Capital Economics, as businesses try to “front-run” potentially higher tariffs.

“Outbound shipments are likely to stay resilient in the near-term, supported by further gains in global market share thanks to a weak real effective exchange rate,” she wrote in a note.

But exports will likely weaken later in the year if Trump follows through on his threat to impose tariffs, Huang said.

AP

New Delhi: After recording double-digit growth in October, India’s exports in November contracted by 4.85 per cent year-on-year to USD 32.11 billion, while the trade deficit widened to an all-time high of USD 37.84 billion due to record surge in gold imports.

According to the commerce ministry data, imports rose by 27 per cent year-on-year to a record USD 69.95 billion in November due to high inbound shipments of vegetable oil, fertiliser, and silver.

Gold imports during the month under review soared to an all-time high of USD 14.8 billion as against USD 3.5 billion in November 2023.

Cumulatively, during April-November this fiscal, exports increased by 2.17 per cent to USD 284.31 billion and imports by 8.35 per cent to USD 486.73 billion.

Trade deficit, the difference between imports and exports, during April-November widened to USD 202.42 billion from USD 170.98 billion during April-November 2023.

Briefing on the data, Commerce Secretary Sunil Barthwal said that fluctuations in oil prices are impacting the exports.

Petroleum product shipments have declined by about 50 per cent to USD 3.71 billion last month. During the first eight months of this fiscal also, these exports contracted by 19 per cent year-on-year to USD 44.6 billion.

However, the secretary said that non-oil exports are still recording healthy growth, and this along with services sector would help the country cross USD 800 billion of total exports by end of this fiscal.

On high trade deficit and imports, the secretary said one should not be concerned about this as the country is growing.

“Therefore, our demand for imports will be higher. As long as out exports and foreign direct investments are growing, it will finance our imports,” he said.

He also said that the ministry is focusing on 20 countries and six services and manufacturing sectors including IT/ITeS to further boost the shipments.

In these 20 nations, there are huge potential to increase exports and to tap into that, the ministry is in touch with the Indian missions abroad.

The ministry is calling a meeting with these missions in January next year and “we will be devising a strategy on how to improve exports in the 20 countries”, Barthwal said.

As per estimates, services export in November 2024 increased to USD 35.67 billion as compared to USD 28.11 billion in November 2023.

These exports reached an all-time high of USD 34.31 billion in October, registering an increase of 22.3 per cent year-on-year.

Crude oil imports last month rose by 7.9 per cent to USD 16.11 billion.

At export front, key sectors that registered negative growth during the month under review included oil meals, iron ore, coal, gems and jewellery, chemicals and handicrafts.

However, sectors that recorded positive growth are textiles, engineering goods, electronics, pharma and spices.

Raw cotton raw waste, used in the textiles industry, saw a surge in imports from USD 30.61 million in November 2023 to USD 170.73 million last month.

PTI

Bhubaneswar: With the Odisha government contemplating to bring a stringent law against cow slaughter and trafficking of cattle, opposition BJD and Congress Thursday demanded a complete ban on the export of beef from India first.

The opposition’s demand came after state Law Minister Prithviraj Harichandan on Thursday said the state government was seriously contemplating promulgating a law banning cow slaughter.

The minister made the statement while replying to journalists’ queries on the Assam government’s decision to ban beef consumption in the state.

“Our government’s stand on cow slaughter is very clear and we are contemplating to bring a law in this regard. Some private Bills will be introduced in the assembly during the ongoing session. One of those may be related to a ban on cow slaughter,” the minister said.

Chief Minister Mohan Charan Majhi on September 13 had said that the state government was planning to amend the Orissa Prevention of Cow Slaughter Act, 1960, to make it more effective in reducing cruelty against animals.

Reacting to the state government’s plan on banning cow slaughter, opposition chief whip Pramila Mallik of the BJD said, “The BJP government should first ban the export of beef from the country and then bring stringent laws in this regard. Do not target a particular community.”

Congress MLA Taraprasad Bahinipati alleged that the maximum beef is exported from BJP-ruled Uttar Pradesh and Madhya Pradesh.

“Who is exporting beef from these two states? If the government bans beef export from the country, cow slaughter and trafficking will ultimately come down across India,” he said.

Making it clear that the Congress was not opposed to the proposed amendment Bill, Bahinipati said that there should be a ban on beef export first.

PTI 

Beijing: China announced Tuesday it is banning exports to the United States of gallium, germanium, antimony and other key high-tech materials with potential military applications.

The Chinese Commerce Ministry announced the move after the Washington expanded its list of Chinese companies subject to export controls on computer chip-making equipment, software and high-bandwidth memory chips. Such chips are needed for advanced applications.

Beijing earlier had required exporters to apply for licenses to send the strategically important materials such as gallium to the United States.

The 140 companies newly included in the US so-called “entity list” are nearly all based in China. But some are Chinese-owned businesses in Japan, South Korea and Singapore.

China’s Commerce Ministry protested and said it would act to protect China’s “rights and interests.

AP

New Delhi: India’s merchandise exports in October rose by 17.25 per cent to $39.2 billion against $33.43 billion a year ago, according to government data released Thursday.

Imports increased by 3.9 per cent to $66.34 billion in October compared to $63.86 billion in the year-ago period.

The trade deficit, or the gap between imports and exports, was $27.14 billion during the month under review.

India’s merchandise exports had marginally risen by 0.5 per cent to $34.58 billion in September.

During April-October this fiscal, exports increased by 3.18 per cent to $252.28 billion, and imports by 5.77 per cent to $416.93 billion.

Commenting on the data, Commerce Secretary Sunil Barthwal said, “This has been an extremely good month for exports…If we continue in this manner, we will cross $800 billion of exports this year”.

PTI

New Delhi: The government Wednesday removed the minimum export price (MEP) of $490 per tonne on overseas shipments of non-basmati white rice, a move aimed at promoting shipments of the commodity.

The government September 28 withdrew a blanket ban on overseas shipments of non-basmati white rice and imposed the floor price.

“The requirement of MEP for the export of non-basmati white rice…has been lifted with immediate effect,” the Directorate General of Foreign Trade (DGFT) said in a notification.

The government had imposed a ban on exports of non-basmati rice exports July 20, 2023.

These measures came at a time when the country has ample stock of rice at government godowns and retail prices are also under control.

Earlier, the government scrapped the minimum export price for basmati rice to boost outbound shipments and enhance farmers’ income.

The country exported non-basmati white rice worth $201 million during April-August this fiscal. It was $852.52 million in 2023-24.

Though there was a ban on the exports, the government was allowing the shipments to friendly nations like Maldives, Mauritius, the UAE and African countries.

This variety of rice is widely consumed in India and it also has demand in global markets, particularly in nations which have large Indian diaspora.

The ongoing war between Russia and Ukraine is among the factors that have disrupted the foodgrain supply chain.

PTI

New Delhi: Automobile exports from India in the first six months of the current fiscal year rose 14 per cent year-on-year, led by gains in shipments of passenger vehicles and two-wheelers.

According to Siam data, the overall exports in the April-September period stood at 25,28,248 units, up 14 per cent as compared with 22,11,457 units in the year-ago period.

“Key markets like Latin America and Africa, which had slowed down for various reasons, have bounced back. This has been the main reason for exports coming back,” Society of Indian Automobile Manufacturers (Siam) President Shailesh Chandra said.

He was replying to a query on the reasons for the bouncing back of vehicle exports in the April-September period.

Various African nations and other regions faced challenges due to devaluation of currencies. This impacted the vehicle shipments as the nations focussed on import of essential items.

Automobile exports declined 5.5 per cent in FY24 due to the monetary crisis in various overseas markets.

Overall exports stood at 45,00,492 units in the last fiscal year as compared with 47,61,299 units in FY23.

Total passenger vehicle shipments rose 12 per cent year-on-year to 3,76,679 units in the first half of the current fiscal year as against 3,36,754 units in the September quarter of FY24.

The country’s largest carmaker Maruti Suzuki led the vertical with shipments of 1,47,063 units, an increase of 12 per cent over 1,31,546 units in the year-ago period.

Hyundai Motor India exported 84,900 units, a drop of 1 per cent, as against 86,105 units in April-September period of the previous fiscal year.

Two-wheeler exports rose 16 per cent year-on-year to 19,59,145 units in the April-September period this fiscal year as compared with 16,85,907 units in the year-ago period.

Scooter shipments increased 19 per cent to 3,14,533 units while motorcycle exports rose 16 per cent to 16,41,804 units during the period under review.

Commercial vehicle exports rose 12 per cent year-on-year to 35,731 units in the first six months of the fiscal year.

Three-wheeler shipments, however, declined 1 per cent during the period to 1,53,199 units as compared with 1,55,154 units in the April-September period of the 2023-24 fiscal year.

PTI

New Delhi: Snapping the two-month slide, the country’s merchandise exports rose marginally by 0.5 per cent to $34.58 billion in September while the trade deficit narrowed to a five-month low at $20.78 billion.

According to official data released on Wednesday, imports increased by 1.6 per cent to $55.36 billion in September compared to $54.49 billion in the year-ago period.

The trade deficit, or the gap between imports and exports, was $20.8 billion during the same month last year. It soared to a 10-month high of $29.65 billion in August.

The outbound shipments had declined by 9.3 per cent in August and 1.2 per cent in July compared to the year-ago months. The last low trade deficit was $19.82 billion in April.

Exports during April-September this fiscal increased by 1 per cent to $213.22 billion, and imports grew by 6.16 per cent to $350.66 billion. The trade deficit during the first half of the fiscal year was $137.44 billion.

Commerce Secretary Sunil Barthwal told reporters here that exports both in September and during the first six months of this fiscal have recorded positive growth despite global uncertainties.

The important drivers of exports included engineering, chemicals, plastics, pharma, ready-made garments and electronics.

“We have done well despite global difficulties,” Barthwal said.

Gold imports edged up to $4.39 billion in September against $4.11 billion in the same month last year. During the first half of the fiscal, it rose by 6.9 per cent to $27 billion.

On the other hand, oil imports in September dipped by 10.44 per cent to $12.53 billion. During April-September 2024, it, however, rose by 5.91 per cent to $88.91 billion.

Silver imports in September jumped to $325.66 million from $106.64 million in the same month last year. In the first half of the fiscal, it has quadrupled to $2.29 billion from $480.65 million in April-September 2023.

During the month under review, cotton raw and waste too has soared to $134.20 million from $40 million in September 2023.

On escalation in the West Asia conflict and its impact on the shipping industry, the secretary said some issues which are temporary in nature were addressed recently in a meeting.

“But we are also looking at the long-term solutions…We are looking at how we can improve India’s share in shipping transport across the world. So both short-term as well as long-term measures are being taken,” he said.

On the export outlook, he said that the world is changing “very very” fast. so “we will be waiting and watching”.

According to the data, the estimated value of service exports during April-September 2024 is $180 billion compared to $163.92 billion in April-September 2023. The imports during this period are $97.39 billion against $88.86 billion in April-September 2023.

On the export front, exports of petroleum products dipped by 26.67 per cent to $4.73 billion, while it declined by 12.48 per cent to $36.53 billion during the first six months of this fiscal.

The other key sectors which were in the negative zone included gems and jewellery, marine products and iron ore.

However, electronic goods shipments rose by 7.89 per cent to $2 billion in September and 19.74 per cent to $15.64 billion during the first half of this fiscal.

When asked about apprehension of dumping of electric vehicles from China in India as the US and Europe have raised their duties, Barthwal said that India has high tariff protection and the market is also being served by top-notch Indian auto players.

Whether the EU’s carbon tax would impact trade pact talks, he said that India’s free trade agreement with the European Union is “much” more broad-based.

In November, the secretary is expected to meet the Directorate General for Trade of the EU.

On the data, Mithileshwar Thakur, Secretary General AEPC (Apparel Export Promotion Council), said that the exports are now on a high growth trajectory.

“We have started harnessing the untapped potential and have been logging double-digit growth in RMG (ready-made garments) exports in the last few months in spite of geo-political challenges,” he said.

PTI

New Delhi: The government Saturday removed the blanket ban on overseas shipments of non-basmati white rice and imposed a minimum export price (MEP) of $490 per tonne. It has also reduced the levy on parboiled rice to 10 per cent.

Exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply.

“The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) …is amended from prohibited to free, subject to MEP of $490 per tonne with immediate effect and until further orders,” the directorate general of foreign trade (DGFT) said in a notification.

The duty cut comes within a fortnight of the government removing the minimum export price on basmati rice.

In a notification issued late Friday, the revenue department under the finance ministry said it has also reduced export duty on husked (brown rice), and rice in the husk (paddy or rough) to 10 per cent.

These duty changes are effective from September 27, 2024, the notification said.

Earlier this month, the government scrapped the minimum export price for basmati rice to boost outbound shipments and enhance farmers’ income.

PTI 

New Delhi: India’s merchandise exports in August declined 9.3 per cent to $34.71 billion from $38.28 billion in the year-ago month, according to government data released Tuesday.

Imports increased by 3.3 per cent to $64.36 billion in August against $62.3 billion a year ago.

The trade deficit, or the gap between imports and exports, during the month under review ballooned to $29.65 billion.

India’s merchandise exports dipped by 1.5 per cent in July.

Exports during April-August this fiscal increased 1.14 per cent to $178.68 billion, and imports grew 7 per cent to $295.32 billion.

PTI

New Delhi: The government has reduced the drawback rates on exports of gold and silver jewellery by more than half to adjust for the significant cut in import duties on these precious metals in the Budget.

A notification regarding this was issued by the Department of Revenue.

On the export of gold jewellery, the drawback rate has been brought down to Rs 335.5 from Rs 704.1 per gram of net gold content in the article. The rate of silver jewellery and articles of silver have been cut to Rs 4,468 per kilogram of net gold content in an article.

The Duty Drawback Scheme refunds import duties and internal taxes, which are paid while importing goods, which are, in turn, used for manufacturing products for exports.

In the Budget, the import duty on gold and silver to 6 per cent from 15 per cent.

Through this notification, “duty drawback on gold and silver jewellery was reduced as the duty on gold and silver lowered in the budget”, Federation of Indian Export Organisations Director General Ajay Sahai said.

The gems and jewellery exports during April-July this fiscal contracted by 7.45 per cent to $9.1 billion.

PTI

New Delhi: India’s merchandise exports in July dipped 1.2 per cent to $33.98 billion from $34.39 billion in the year-ago month, according to government data released Wednesday.

Imports increased by about 7.45 per cent to $57.48 billion in July against $53.49 billion a year ago.

The trade deficit, or the gap between imports and exports, during the month under review stood at $23.5 billion.

Briefing media on data, Commerce Secretary Sunil Barthwal said that going by the current trend, the country’s total exports of goods and services will cross last year’s figure.

India’s merchandise exports rose by 2.56 per cent to $35.2 billion in June, even as the trade deficit widened to $20.98 billion.

Exports during April-July this fiscal increased 4.15 per cent to $144.12 billion, and imports grew 7.57 per cent to $229.7 billion.

PTI

New Delhi: Indian exporters are adding more geographies to promote their outbound shipments and tide over the problems emerging due to global uncertainties caused by geopolitical tensions, the Economic Survey 2023-24 said.

Amidst the prevailing geopolitical dynamics, India is expected to benefit from its strong trade relations across countries, it said.

India has broad and diversified trade relationships with Asia, Europe, and the US.

It also said that the country’s external sector remained strong amidst ongoing geopolitical headwinds accompanied by sticky inflation.

“India is adding more export destinations, signalling regional diversification of exports,” the survey said.

Citing a government data, it said the share of the top 10 countries in India’s merchandise exports has registered a declining trend, falling from a high of 61.9 per cent in FY2000 to 50.5 per cent in FY24.

Post-FY2000, Asian, African and Middle East nations, such as the UAE, Singapore, Hong Kong, and China, have emerged as export destinations, replacing traditional export partners like the UK, Germany, and Belgium.

The combined share of the developing regions viz. Asia and Africa in India’s total exports rose from around 42.9 per cent in 1999-2000 to 52 per cent in 2023-24.

In the last fiscal, the UAE, Singapore, China, Russia, and Australia were India’s major export partners.

Cumulatively, merchandise exports in April-June this fiscal climbed 5.84 per cent to USD 109.96 billion, and imports grew 7.6 per cent to USD 172.23 billion.

The trade deficit during April-June 2024 widened to USD 62.26 billion compared to USD 56.16 billion in the same period last year.

India’s share in the global merchandise exports stood at 1.8 per cent in 2022 as against 1.6 per cent in 2020.

Similarly, its share in global services exports too rose to 4.3 per cent in 2022-23 from an average of 3.3 per cent during FY16-FY20.

The commerce ministry is targeting USD 800 billion worth of goods and services exports this fiscal. It was USD 778 billion in 2023-24.

“India’s services export in US dollars terms expanded at a robust CAGR of more than 14 per cent over the last 30 years (between 1993 and 2022), significantly higher than India’s merchandise export growth (10.7 per cent) and world services export growth (6.8 per cent),” the survey said.

The country is now the seventh-largest services exporting country globally, with a phenomenal rise from its 24th position in 2001.

India ranks 2nd in the world in telecommunication, computer, and information services exports, 6th in personal, cultural and recreational services exports, 10th in transport services shipments, and 14th in travel.

“India’s deep integration into the value chains of the global software industry has led to a change in the composition of its services exports basket,” it added.

Further, India’s greater integration in the global value chains is also helping push exports.

“The evidence of India’s enhanced global supply chain participation is reflected in increased investment by foreign firms in electronics, apparel and toys, automobiles and components, capital goods and semiconductor manufacturing in India,” it said.

The survey added that after a gap of nearly 10 years, four new FTAs (free trade agreements) have been signed over the period 2021 to 2024.

“Having signed FTAs with most East Asian partners, these new trade engagements focus on gaining access to the Western and African markets, as well as potential partners having trade complementarity,” it said.

India’s young demography and growing middle-class population provide an attractive market for its Western FTA partners.

“One of the major criteria for engaging with an FTA partner is to ensure that the trading partner is a natural partner in terms of trade complementarity,” it said.

PTI

New Delhi: India’s merchandise exports in June increased 2.56 per cent to $35.2 billion from $34.32 billion in the year-ago month, according to government data released Monday.

Imports rose by about 5 per cent to $56.18 billion in June against $53.51 billion a year ago.

The trade deficit, or the gap between imports and exports, during the month under review stood at $20.98 billion.

Briefing media on the data, Commerce Secretary Sunil Barthwal said going by the current trend, the country’s total exports of goods and services may cross $800 billion this fiscal.

During the first quarter of 2024-25, the exports of goods and services stood at about $200 billion, he added.

India’s merchandise exports rose by 9.1 per cent to $38.13 billion in May, even as the trade deficit widened to a seven-month high of $23.78 billion.

Exports during April-June this fiscal increased 5.84 per cent to $109.96 billion, and imports grew 7.6 per cent to $172.23 billion.

PTI

New Delhi: Automobile exports from India rose 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data.

Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal.

Passenger vehicle exports stood at 1,80,483 units in the first quarter, registering a jump of 19 per cent over 1,52,156 units in the same period last year.

Maruti Suzuki India led the space with shipments of 69,962 units in the period under review. It exported 62,857 units in the first quarter of the 2023-24 fiscal.

Hyundai Motor India exported 42,600 units in the April-June period. It had shipped 35,100 units in the same period last year.

Two-wheeler exports stood at 9,23,148 units in the first quarter, up 17 per cent as against 7,91,316 units in the year-ago period.

Commercial vehicle shipments rose 8 per cent year-on-year to 15,741 units in the first quarter as compared with 14,625 units a year earlier.

Three-wheeler shipments, however, saw a drop of 3 per cent year-on-year to 71,281 units in the April-June period this year as against 73,360 units in the year-ago period.

SIAM President SIAM Vinod Aggarwal said it is a good sign for the industry that exports have started doing well.

“I think that’s a very good sign that exports seem to have bottomed out, especially in the commercial vehicle segment… we have started seeing the growth from the first quarter this year,” he noted.

Till last year, there was a huge drop in the export volume of trucks and buses, he added.

“But Q1 has been good even for two-wheelers and passenger vehicles. We are very positive that exports have started to recover,” Aggarwal said.

Automobile exports from India had declined 5.5 per cent in FY24 due to the monetary crisis in various overseas markets.

Overall exports stood at 45,00,492 units in the last fiscal year as compared with 47,61,299 units in FY23.

PTI

Beijing: Chinese auto sales slumped in June as the domestic economy remained sluggish, but buoyant exports offset the decline at home, an industry association said Wednesday.

Sales in China dropped 7.4 per cent compared to a year earlier to 1.8 million cars, while exports rose 29 per cent to 400,000 units, the China Association of Automobile Manufacturers said in a monthly report.

In the first six months of the year, exports rose 31.5 per cent while domestic sales edged up 1.6 per cent. The surge in exports comes at a time of growing concern in Europe and the United States that inexpensive China-made cars could overwhelm established automakers in the West.

While much of the concern has been focused on China’s flashy and moderately priced electric cars, export growth has been concentrated mainly in gasoline-powered vehicles. They climbed 36 per cent in the first half of the year and accounted for 78 per cent of vehicle exports. Chinese EV exports were down 2.3 per cent, while hybrids jumped 180 per cent from a smaller base.

The exports have helped make up for weaker sales of gasoline vehicles in China as the overall market has stagnated and buyers have shifted to electric vehicles and hybrids.

Russia is by far the largest and a still rapidly growing export market, where Chinese makers have filled a void left by the departure of other automakers after the Russian invasion of Ukraine. Other sizeable markets include Brazil and Mexico in Latin America, the United Arab Emirates and Saudi Arabia in the Mideast and Belgium and the UK in Europe.

The European Union imposed provisional duties on Chinese electric vehicles last week, alleging that government subsidies give automakers in China an unfair advantage.

Chinese makers are moving production overseas. BYD, the country’s largest EV maker, opened a plant in Thailand last week and plans to build factories in Brazil, Hungary and Turkey.

The sales drop in China was the second monthly decline in a row. Separate figures tabulated by the China Passenger Car Association show three straight months of falling sales. A severe real estate slump has dampened economic growth and depressed consumer confidence.

AP

Mumbai: The Reserve Bank of India (RBI) Tuesday came out with new draft regulations and directions to liberalise the rules covering foreign trade transactions to promote the ease of doing business, especially for small exporters and importers.

The new regulations are also intended to empower Authorised Dealer banks to provide quicker and more efficient service to their foreign exchange customers.

The RBI said the decision to rationalise regulations that cover export and import transactions is a continuation of its efforts to progressively liberalise policies governing foreign exchange transactions under FEMA, 1999.

The RBI said the draft regulations under FEMA and directions to Authorised Dealer banks are available on its website for public response.

Comments on the draft proposals (regulations as well as directions) may be forwarded via email by September 1, 2024, with the subject line ‘Feedback on draft regulations and directions on export and import under FEMA’, the RBI said.

IANS