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Policy & Economy News |
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Exports to grow at double-digit this fiscal: Commerce Secretary India's forex reserves at new life-time high of $430.57 bn: RBI data |
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Business News - The India Boom Factor |
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Vegetable oil imports up India's shrimp exports to the US rises by 14 % in Jan-June 2019 Signs 10 MoUs, PM Modi holds talks with Bhutan's PM |
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Shipping News |
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Hoegh Autoliners transports 100 break-bulk units simultaneously from India & Germany to Kenya |
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Logistics News |
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India's logistics sector to be worth $ 215 bn by 2020 |
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Indian Port News |
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Visakhapatnam Port handles more cargo in Q1; augmenting infrastructure Essar Ports registers 17.4 pc Q1 growth in cargo volumes Kakinada Deep Water Port receives first-ever import consignment of raw cashew nuts |
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Policy & Economy News |
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Exports to grow at double-digit this fiscal: Commerce Secretary Daily Shipping Times - New Delhi, August 19 Top |
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Indian exports will likely grow at a double-digit pace in the current fiscal despite external headwinds like the global trade war, Commerce Secretary Anup Wadhawan said recently. However, to sustain or build upon the growth momentum in the coming years, exporters must move up the value chain, he added. The exports had grown just over 9% year-on-year in the last fiscal to a record $331 billion. The Secretary's statement comes as India's merchandise export growth collapsed to just 0.6% in April, 3.9% in May and -9.71% in June. However, this means the Government is hopeful of achieving good growth in the remaining months of this fiscal. Citing persistent risks from a global trade war, the IMF recently trimmed its 2019 trade growth forecast by a sharp 90 basis points to 2.5% from its April projections, against the actual rise of 3.8% in 2018. This will weigh on the prospects of Indian exports as well. Citing engineering exports from India, which account for a fourth of India's total outbound shipment, Wadhawan said it had been found that around 93-94% of total engineering exports comprised mainly low-to-medium value-added products. "This consistently erodes India's engineering export base as neither the cost of raw material nor labour remained cheap in India," he said after inaugurating the EEPC India Technology Centre in Kolkata. The Government has started consultation process for a new foreign trade policy (FTP), as the existing one is scheduled to expire in March 2020. India will have a revised foreign trade policy by the time RCEP comes to force. The Secretary said the US' withdrawal of duty benefits for select Indian products under the generalised system of preference (GSP) didn't have any material impact on our exports to the US. This is because such products made up for only 12% of our exports to the US and the duty benefit was only up to 4%. Exports to the US were 32% up in 2017 and the trend has been continuing; offsetting the loss incurred from the GSP. |
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India's forex reserves at new life-time high of $430.57 bn: RBI data Daily Shipping Times - Mumbai, August 19 Top |
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India's foreign exchange reserves surged by $1.620 billion to $430.572 billion in the week to 9 August on rise in foreign currency assets, according to the latest RBI data. In the previous reporting week ended on 2 August, the reserves had declined by $697.2 million to $428.952 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, increased by $15.2 million to $398.739 billion, the Apex Bank said. The Country's gold reserves surged by $1.591 billion to $26.754 billion, according to data. Special drawing rights with the International Monetary Fund were up by $6.7 million to $1.441 billion. The Country's reserve position with the fund rose by $7 million to $3.636 billion. |
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Business News - The India Boom Factor |
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Vegetable oil imports up
Exim News Service - New Delhi, Aug. 20 Top |
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India's vegetable oil imports rose by 26 per cent to 1,412,001 tonnes in July compared to 1,119,538 tonnes in July 2018, said a report. The latest import data shows that for the month of July 2019 the import of vegetable oils was up 26 per cent to 1,412,001 tonnes compared to 1,119,538 tonnes in July 2018. This consists of 1,347,882 tonnes of edible oils and 64,119 tonnes of non-edible oils. However, the overall import of vegetable oils during November 2018 to July 2019 is reported at 11,280,972 tonnes compared to 10,766,076 tonnes during the same period of last year, a rise of 5 per cent. As on August 1, 2019, the stock of edible oils at various ports was estimated at 835,000 tonnes (CPO 320,000 tonnes, RBD palmolein 210,000 tonnes, degummed soybean oil 150,000 tonnes, crude sunflower oil 150,000 tonnes and rapeseed oil 5,000 tonnes). Total stock at ports and in pipelines was reported at 1,995,000 tonnes, down by 155,000 tonnes from 2,150,000 tonnes as on July 1, 2019. India's monthly requirement is about 19 lakh tonnes and it operates at 30-day stock against which current holding stock is over 19.95 lakh tonnes, which is equal to 32 days requirements against 24.75 lakh tonnes as on August 1, 2018, the report said. During November 2018-July 2019, import of refined oil (RBD palmolein) increased to 2,090,381 tonnes from 1,495,674 tonnes in the same period of last year, i.e. up by 40 per cent. However, import of crude oils decreased and is reported at 8,713,396 tonnes from 8,958,815 tonnes during the same period of last year. During December 2018, the share of RBD palmolein was just 10 per cent, whereas in July 2019 it increased to 20 per cent, the report added. |
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India's shrimp exports to the US rises by 14 % in Jan-June 2019
Daily Shipping Times - New Delhi, August 21 Top |
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Indian shrimp exports to the US rose by 14% during the first half of 2019 despite a marginal decline in total imports by the US. Exports of shrimp from India to US for the period of January-June, 2019 stood at 115,694 tonne as against 101,440 tonne during the same period last year, according to the latest data of the National Oceanic and Atmospheric Administration. Total imports of shrimp by US for the first six months of 2019 remained flat at 300,683 tonne compared to 302,495 tonne imported during the same period of 2018. Overall, US imported 695,332 tonne of shrimps last year. India is the second-largest fish producer in the world after China and accounts for nearly 6% of the global fish production. The Country's shrimp export growth is expected to slow down after four years of robust growth due to stiff competition from other suppliers, stricter controls and tariff barriers. In 2018, US Department of Commerce had hiked the anti-dumping duty on Indian shrimps to 2.34% from earlier 0.84% in the preliminary results for the administrative review for 2016-2017. The US government imposed an anti-dumping duty on frozen warm-water Indian shrimps in 2004, saying it was hurting US shrimp farmers. The Coalition of Gulf Shrimp Industries, an association of shrimp farmers, has been fighting aquaculture shrimp imports into US, claiming that artificially low-priced shrimp from seven Countries including those from India have suppressed and depressed domestic prices. The impact of implementation of Seafood Import Monitoring Programme (SIMP) for shrimp exports into US is also a key factor to be watched in Indian exports of shrimps to US. SIMP mandates stringent data requirements to trace the entire supply chain of seafood from the point-of-harvest to the point-of-entry into the US. However, Indian shrimp exports in June was higher by 15.8 % at 20,559 tonne. Indonesia comes second in the list of countries exporting shrimps to US with 11,073 tonne shipment in June. |
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Signs 10 MoUs, PM Modi holds talks with Bhutan's PM
IBEF - August 19 Top |
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The two countries signed 10 Memoranda of Understandings (MoUs) to infuse new vitality in their ties. Indian Prime Minister Mr Narendra Modi is here on his second visit to Bhutan and the first since his re-election in May 2019. He introduced the Mangdechhu hydroelectric power plant and propelled stamps to remember five decades of India-Bhutan Hydropower cooperation. Modi also propelled the RuPay Card in Bhutan by making a purchase at Simtokha Dzong, worked in 1629 by Shabdrung Namgyal. This spot functions as a religious and regulatory focus and is one of the oldest dzongs in Bhutan. On expanding the currency swap limit for Bhutan under the SAARC money swap system, Modi said India's approach is "positive". He said an extra US$100 million will be accessible to Bhutan under a standby swap arrangement to meet the foreign exchange requirement. "It is a benefit for India to be a major accomplice in the improvement of Bhutan. India's collaboration in Bhutan's five-year plans will proceed," The two leaders together initiated the Ground Earth Station and SATCOM network, developed with assistance from the Indian Space Research Organization (ISRO) for usage of South Asia Satellite in Bhutan. Modi said India is resolved to encourage Bhutan's advancement using space innovation. India will upgrade the communication, public broadcasting and disaster management in Bhutan. The collaboration and connection between Royal Bhutan University and IITs of India and some other top educational institutions are in accordance with the present requirement for education and technology. |
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Shipping News |
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Hoegh Autoliners transports 100 break-bulk units simultaneously from India & Germany to Kenya
Exim News Service - Mumbai, Aug. 21 Top |
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Recently Hoegh Autoliners was tasked to transport equipment for a cement plant project in Kenya. Short transit time and regular, frequent service The customer was not aware of the advantages of using RoRo vessels for their break-bulk cargo. The customer required 57 break-bulk pieces from Bremerhaven (Germany), and 43 pieces from Mumbai transported for the project in Mombasa, and was looking for the most efficient options. Hoegh Autoliners has a global network offering a frequent, reliable service from both Europe and India to Kenya, with fixed monthly sailings and short transit times. Mr Atuldutt Sharma, Breakbulk Sales Manager, explains, "With our regular liner service we operate a fixed scheduled timetable, which the customer can plan for. Alternative shipping options, on the other hand, do not operate on these set schedules, so it is harder for the customer to plan shipments with a strict deadline." Guaranteed departure times also means the cargo is loaded on to the vessels when needed, so the customer does not have to wait for the vessel, and incur costly storage at port, said a release. Safer and less risk with RoRo Transporting cargo with RoRo vessels also ensures a safer and less risky operation. By lashing the cargo on to specialised rolltrailers, the risk of damage is reduced as it eliminates the need for crane lifts at both load and discharge port. Once rolled inside the vessel, the cargo is fixed to designated lashing points underdeck. This ensures the delicate equipment is not exposed to water or humidity, and remains safe during its ocean transportation. With the shipments safely discharged in Mombasa, the customer was pleased with the RoRo solution offered, the release said. Mr Atuldutt Sharma added: "Our service coupled with guaranteed underdeck stowage, a safe cargo operation supervised by a highly experienced and professional team of experts, made sure the cargo was transported in the fastest, safest and most efficient manner which was exactly what the customer was looking for." |
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Logistics News |
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India's logistics sector to be worth $ 215 bn by 2020
Exim News Service: New Delhi, Aug. 22 Top |
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India's logistics sector is seen touching a value of $ 215 billion by 2020, as per a report. One of the drivers would be the implementation of GST, facilitating a compounded annual growth rate (CAGR) of 10.5 per cent, from a CAGR of 7.8 per cent during the last few years, it said. Realising the importance of the sector and to address the inefficiencies, the government has included the sector in the Harmonised Master List of Infrastructure Subsector, which is expected to benefit the sector in many ways. It will be helpful in facilitating credit flow into the sector with longer tenures and reasonable interest rates, with the infrastructure status simplifying the process of approval for construction of multimodal logistics facilities that includes both storage and transport infrastructure. The report pointed out that this will encourage market accountability and will attract investments from debt and pension funds into recognised projects. The industry is seen facing challenges such as high cost of logistics impacting competitiveness in domestic and global markets, underdeveloped material handling infrastructure, fragmented warehousing and lack of seamless movement of goods across modes, among others. Therefore, in order to develop this sector in an integrated manner, it is important to focus on new technology, improved investment, skilling, removing bottlenecks, improving intermodal transportation, automation, single window system for giving clearances, and simplifying processes, the report emphasised. It is estimated that a 10 per cent decrease in indirect logistics cost can increase 5-8 per cent of exports and also enable India to become an important part of the global supply chain, the report added. |
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Indian Port News |
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Visakhapatnam Port handles more cargo in Q1; augmenting infrastructure Exim News Service - Visakhapatnam, Aug. 19 Top |
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Visakhapatnam Port has registered a cargo throughput of 23.70 million tonnes in the first quarter (April-June) of 2019-20, up from 21.52 million tonnes in the corresponding period of the previous fiscal, highlighted Mr P. L. Haranadh, Deputy Chairman of Visakhapatnam Port Trust, in his address to port stakeholders on Independence Day last week. This was driven by volume increases in iron ore and pellets, crude and petroleum products, coking coal and container cargo, he said. Extension of the container terminal at a cost of Rs 633 crore (Rs.6.3 billion), to be completed in another two years, construction and strengthening of berths, covered cargo facilities, and pollution control measures are some of the ongoing projects at the port, he added, as per a report. |
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Essar Ports registers 17.4 pc Q1 growth in cargo volumes Exim News Service - MUMBAI, Aug. 21 Top |
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Brings it closer to 60 mt handling target Essar Ports on Wednesday said higher capacity utilisation at its recently commissioned terminals at Salaya and Vizag, and an increase in third-party cargo, are the two key factors that will help the company achieve its target of handling 60 million tonnes (mt) of cargo by March 31, 2020. The company's first quarter cargo handling performance has been very strong and brought it closer to achieving its target throughput by the end of the current financial year. For the quarter ended June 30, 2019, Essar Ports reported an impressive 17.4 per cent growth in cargo volumes across its four terminals. The combined throughput stood at 13.5 million tonnes-up from 11.5 mt in the same period last year, informed a release.  All Essar terminals are focused on bulk and dry bulk cargoes that are primarily used as raw material in core sector industries like steel and power, said a release. "Our business is on a record growth trajectory with all terminals operating in full swing. Significant boost in third-party business and enhanced capacity utilisation of our anchor customers has been the key driver for the growth in volumes. We have consistently surpassed the average sectoral growth rate and are confident of achieving our target by March 2020," said Mr Rajiv Agarwal, MD & CEO, Essar Ports Ltd. Essar Ports is one of India's largest private sector port and terminal developers and operators. It has invested Rs 11,000 crore (Rs.110 billion) in developing world-class terminals in three Indian states. Its current operations span four terminals with a combined capacity of 110 mtpa, which is roughly 5 per cent of India's port capacity. The company is a leader in the non-containerised bulk cargo space. All Essar Ports terminals use advanced cargo handling infrastructure and are equipped to double capacity in the near to medium term. The company is focused on not only enhancing cargo throughput, but also on ramping up capacity and contributing meaningfully to the government of India's ambitious target of developing 3,130 mt of port capacity in the country by 2020. Outside India, Essar's port assets include a liquid terminal in the UK and a coal terminal which is in development stage at Mozambique's Beira port, the release added. |
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Kakinada Deep Water Port receives first-ever import consignment of raw cashew nuts Exim News Service - Kakinada, Aug. 22 Top |
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The Kakinada Deep Water Port in Andhra Pradesh recently received its first-ever import consignment of raw cashew nuts in shell in a break-bulk vessel. The quantity amounted to 8,000 MT, informed a release. The load port was Bissau, in Guinea-Bissau, Africa. Kakinada Deep Water Port was commissioned by the government of Andhra Pradesh in November 1997 with a quay length of 610 m. Kakinada Seaports took over operations when the port was privatised in 1999. Ten years later, the port was expanded to 2,500 m of quay length for multi-product handling and standalone facility for offshore supplies for deep sea exploration. At present, the port is fully geared to handle 20 million tonnes of cargo per annum with complete infrastructure in place. Also, Kakinada Container Terminal has dedicated container traffic facility with round-the-clock services, as per the information on its website. |
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Corporate Office:
106/107, Technopolis Knowledge Park, Mahakali Caves Road, Chakala, Andheri (E), Mumbai - 400 093, India Tel:+91 22 66775000 Fax:+91 22 66775050 Email:corporate@samsaragroup.com |
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Disclaimer:
Above information is only indicative and given in good faith. We have collected the above information from various secondary sources. We have tried our best to be as correct as possible. However, we cannot guarantee 100 % accuracy in the above data. Our company / group will not be responsible for any mistakes / inaccuracies which might have crept in inadvertently. |