MAGHAVAN Enterprises

As reported by a news media recently, India has decided to allow onion exports to Bangladesh and five other countries through government-to-government route on the recommendation of its Ministry of External Affairs. India is the second largest onion exporter in the world. But in December 2023, the government of India imposed a ban on onion shipments to control rising onion prices and ensure adequate availability in the market and extended it till March this year due to the upcoming national elections. India initially imposed a 40 percent tariff on onions to discourage its exports but when that move did not yield the desired results, it imposed a ban. A person familiar with the matter said that while no decision has been taken to lift the ban on onion exports outright, limited quantities of onion exports have been allowed for bilateral purposes. In addition to Bangladesh, five countries, including Nepal, Bhutan, Bahrain and Mauritius, said exports have been allowed. The Bangladesh gover...

Indonesia's state procurement agency BULOG has issued an international tender to buy about 300,000 metric tons of rice, European traders said last Tuesday. International tenders are asking for 5% broken grade white rice. It should be available from the 2023/2024 crop year and milled no more than six months earlier. Tuesday, February 27, is the last date for registration to participate in the tender for these trading houses. The Indonesian government has allocated an additional rice import quota of 1.6 million metric tons for 2024. The latest import quota, which was above the previously approved 2 million tonnes for 2024, comes amid expectations that the country's January-March rice harvest will be lower than last year due to normal rainfall in Java - the country's main rice-growing region. A severe drought in Southeast Asia's most populous nation has reduced production of staple foods, driving up crop prices. As a result, the price of imports has to be increased. In suc...

Vietnam imported husked brown rice from India for the first time in decades to cash in on strong global demand for the Hanoi staple, trade and government sources said, and exported the refined, white variety to process the grain. Vietnam, the world's third-largest rice exporter, imported at least 200,000 metric tons of husked brown rice from India between December and February. India is the largest exporter worldwide. Vietnam is receiving fast export orders for rice shipments after India imposed a ban on white rice exports in 2023. Rice shipments from Vietnam to record 8.3 million metric tons in 2023. An exporter from the Indian city of Calcutta said that these rising exports to Vietnam have led to a reduction in the country's reserves, which are still eager to meet rising global demand. And rice paddies are not available for milling in Vietnam, so some traders make good profits by importing husked rice from India and processing the grain for export. Recently, Vietnam has start...

Chairman of the Indian Finished Leather Manufacturers and Exporters Association, K.R. Vijayan said exports of leather goods from India will decline by 13-15 per cent in the fiscal year 2023-24. But with strong winter demand for leather products in Europe, we expect a strong rebound of around 20 per cent in FY25 on account of new orders from there. Exports of finished leather were $4.87 billion in 2021-22, increasing to $5.26 billion in 2022-23, while exports in the current fiscal year 2023-24 till October were $2.81 billion, which is 13 percent lower than October of the previous fiscal. Considering the country's export growth potential and consumer base, we have set a target of $47.1 billion turnover in the footwear and leather industry by 2030, Vijayan said. Of which $33.4 billion is domestic industry turnover and the remaining $13.7 billion is export turnover. But we need innovation in both technology and advanced machines to achieve this goal. India is the second largest exporte...

The Red Sea is a very important route for imports and exports. The Red Sea accounted for 50 percent of the country's exports and 30 percent of its imports last fiscal year. But currently the ongoing crisis around the Red Sea shipping route has a direct impact on imports and exports. The crisis on the Red Sea shipping route began in October 2023, when the Israeli-Palestinian war began, when Yemen-based Houthi militants began attacking commercial shipping vessels plying the route. Domestic companies use the Red Sea route through the Suez Canal to save cost and time when trading with Europe, North America, North Africa and parts of the Middle East. In the last fiscal year, these regions accounted for 50 percent of the country's exports of Rs 18 lakh crore and 30 percent of its imports of Rs 17 lakh crore. The country's overall merchandise trade was about Rs 94 lakh crore last fiscal, of which 68 percent by value and 95 percent by volume was sea-borne. India imports 60 percent ...

The Red Sea is a very important route for imports and exports. The Red Sea accounted for 50 percent of the country's exports and 30 percent of its imports last fiscal year. But currently the ongoing crisis around the Red Sea shipping route has a direct impact on imports and exports. The crisis on the Red Sea shipping route began in October 2023, when the Israeli-Palestinian war began, when Yemen-based Houthi militants began attacking commercial shipping vessels plying the route. Domestic companies use the Red Sea route through the Suez Canal to save cost and time when trading with Europe, North America, North Africa and parts of the Middle East. In the last fiscal year, these regions accounted for 50 percent of the country's exports of Rs 18 lakh crore and 30 percent of its imports of Rs 17 lakh crore. The country's overall merchandise trade was about Rs 94 lakh crore last fiscal, of which 68 percent by value and 95 percent by volume was sea-borne. India imports 60 percent ...

To be a good customer, one must also be a reliable supplier, says Seth Meyer, chief economist for the United States Department of Agriculture (USDA). He pointed out that India had imposed restrictions on the export of several agricultural products in the last two years. In 2022 and 2023, India imposed a ban on the export of agricultural products such as wheat, rice and sugar due to the inflation of domestic agricultural products. As India is a major producer of agricultural products. India's ban has led to a sharp rise in global food prices. Seth Meyer also told reporters that the short-term gain is not worth the long-term reputational damage. He also called US agricultural suppliers reliable. He also said that as the world has come out of crises like the Covid pandemic, geopolitical tensions and El Nino weather, rising production in India could lower commodity prices. He said in such a situation apart from agricultural products, the use of technology, high-efficiency fertilizers a...