Malaysia palm oil drops over 1.5% on India’s move to allow duty-free imports

India’s decision to allow imports of 40 lakh tonnes (lt) each of crude soybean oil and crude sunflower oil during the current fiscal and the next dragged global palm oil prices lower on Wednesday. Palm oil futures for August and September delivery dropped by over 1.5 per cent each on the Bursa Malaysia Derivatives market. … Read more

Structural faultlines in trade numbers

On the face of it, the numbers couldn’t be better. True, the gap between imports and exports widened, but that is to be expected in a growing economy. India exported $ 38.19 billion worth of merchandise goods in April 2022. This is nearly a fourth more than during the same month a year ago, when … Read more

India examining Russia’s proposal of rupee-denominated trade

India is examining Russia’s proposal of putting in place a rupee-denominated payment mechanism for carrying out bilateral trade that will help in navigating Western sanctions, while simultaneously circumventing the cumbersome process of fixing exchange rates between the rupee and the ruble. To make the rupee-denominated mechanism work, Russia is ready to increase its imports from … Read more

Ukraine bans all imports from Russia

Ukraine has banned all imports from Russia, one of its key trading partners before the war with annual imports valued at about $ 6 billion, and called on other countries to follow and impose harsher economic sanctions on Moscow. “Today we officially announced a complete termination of trade in goods with the aggressor state,” Economy … Read more

India’s exports rise 22% to $ 33.81 bn, trade deficit widens to $ 21.19 bn in Feb

India’s exports rose by 22.36 per cent to USD 33.81 billion in February on account of healthy growth in sectors like engineering, petroleum and chemicals, even as the trade deficit widened to USD 21.19 billion, according to preliminary data released by the commerce ministry on Wednesday. Imports during the month too jumped by about 35 … Read more