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Time of India
14 minutes ago
- Business
- Time of India
India imports nearly 10 lakh tonnes of DAP in Apr-Jun to meet local demand: Govt data
India imported 9.74 lakh tonnes of DAP between April and June. This import fulfills domestic needs. The government ensures fertilizer availability for the Kharif 2025 season. Requirement is marginally higher than last year. Nutrient Based Subsidy policy is implemented for Phosphatic and Potassic fertilizers. Companies enter long-term arrangements with DAP-producing nations. This ensures continuous supplies and minimizes supply chain disruptions. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India has imported 9.74 lakh tonnes of di-ammonium phosphate (DAP) during the April-June quarter to meet domestic demand, the government said on a written reply to Rajya Sabha, Minister of State for Chemicals and Fertilisers Anupriya Patel shared the data of DAP imports for the current year, as reported by the per the data, India imported 2.89 lakh tonnes of DAP in April, 2.36 lakh tonnes in May and 4.49 lakh tonnes in of DAP, a key fertiliser, stood at 45.69 lakh tonnes in 2024-25 fiscal, 55.67 lakh tonnes in 2023-24, 65.83 lakh tonnes in 2022-23, 54.62 lakh tonnes in 2021-22, and 48.82 lakh tonnes during 2020-21."The government is ensuring adequate availability of fertilizers to meet the Kharif 2025 requirement for chemical fertilizers during the 2025 Kharif season (is) marginally higher than that of the previous year, owing to expanded sowing coverage and favourable monsoon conditions," Patel April 2010, the Centre has implemented Nutrient Based Subsidy (NBS) policy for Phosphatic and Potassic (P&K) this, a fixed amount of subsidy, decided on an annual/bi-annual basis, is provided on notified P&K fertilisers depending on their nutrient content. The P&K fertilisers are covered under Open General License (OGL), and companies are free to import these fertilisers as per their business dynamics."The gap between demand (requirement) and production of fertilizers is met through imports. Further, to minimize the impact of supply chain disruptions due to geopolitical factors, the fertilizer companies have entered in long term arrangements with DAP-producing nations to ensure continuous supplies," Patel of urea stood at 56.47 lakh tonnes in 2024-25, 70.42 lakh tonnes in 2023-24, 75.80 lakh tonnes during 2022-23, 91.36 lakh tonnes in 2021-22, and 98.28 lakh tonnes in 2020-2. PTI
Business Insider
15 hours ago
- Business
- Business Insider
Nigeria's GDP rises after rebase, but not enough to reclaim title of Africa's richest country
Nigeria's GDP at current prices reached 372.8 trillion naira ($243 billion) in 2024, up from 314 trillion naira in 2023. Nigeria's GDP was revised, incorporating informal sectors, resulting in improved statistical representation. The country experienced 3.13% GDP growth year-on-year in Q1 2025, up from 2.27% the previous year. Using the 2019 base year, Nigeria's GDP at current prices reached 372.8 trillion naira in 2024. Nigeria's economy has been revised upward following changes in how gross domestic product (GDP) is calculated, with more informal sectors now included in the official data. According to the latest data from the NBS, Nigeria's GDP grew by 3.13% year-on-year in real terms in the first quarter of 2025, a notable improvement from the 2.27% growth recorded in the same period last year. As a result of the new methodology, GDP at current prices reached 372.8 trillion naira ($243 billion) in 2024, up from 314 trillion naira in 2023. The adjustment is based on a change in the base year to 2019, which the NBS says was necessary to present a more accurate and updated picture of the economy's structure. The services sector remained the dominant driver of growth, expanding by 4.33% year-on-year and contributing 57.5% to real GDP. Meanwhile, agriculture, which continues to employ a significant share of the population, grew marginally by 0.07%, a recovery from the -1.79% contraction recorded in Q1 2024. Fourth-largest African economy Despite the upward revision, Nigeria now ranks as the fourth-largest economy in Africa, trailing behind South Africa ($410.3 billion), Egypt ($347.3 billion), and Algeria ($268.9 billion), according to current estimates. The country has faced significant economic challenges in recent years, including surging inflation and a sharp currency devaluation that have weighed heavily on consumer purchasing power and investor sentiment.
Russia Today
19 hours ago
- Business
- Russia Today
China posts over 5% growth despite trade war
China's economy grew by 5.3% in the first six months of this year compared to the same period of last year, according to the National Bureau of Statistics (NBS). The expansion comes despite persistent external pressures, particularly escalating trade tensions with the EU and US. Growth came in at 5.4% in the first quarter before slowing slightly to 5.2% in the second. The latter figure, however, came in slightly ahead of projections for a rise of 5.1%, according to a Reuters poll. The World Bank expects China's GDP growth to come in at 4.5% in 2025 and 4.0% in 2026, while the government has set a target of around 5% for this year. Analysts surveyed by Reuters forecast growth of 4.6% and 4.2% this year and next, respectively. Beijing is facing an August 12 deadline to reach a long-term tariff agreement with Washington following a preliminary truce reached in June that paused weeks of escalating tit-for-tat import duties. The latest trade talks have shown cautious progress. China agreed to limited concessions, including easing export controls on rare earths, while the US has resumed exports of Nvidia AI chips. However, key issues remain unresolved, particularly around military-use technologies. If no deal is finalized, global supply chains could face renewed disruption from tariffs exceeding 100%. At the same time, Brussels and Beijing have taken some steps toward easing their trade tensions following a temporary de-escalation agreed in early July. As part of the latest agreement, the EU postponed the tariffs on Chinese electric vehicles until August 1. In response, China offered some concessions, including improved market access for European automakers and greater flexibility in the export of critical raw materials such as rare earths. Beijing also eased retaliatory duties on EU cognac imports.
Express Tribune
a day ago
- Business
- Express Tribune
China's GDP grows 5.3% in H1 despite global headwinds
Listen to article Defying all predictions, China's economy grew by 5.3% year-on-year in the first half of 2025, according to preliminary data released by the National Bureau of Statistics (NBS), as Beijing rejigged its trade strategy in the wake of US President Donald Trump's tariff offensive. Beijing stayed ahead of the curve and outmanoeuvred the trade assault by reconfiguring supply chains, broadening its export footprint beyond US markets and shoring up domestic demand to keep growth on track. The overall size of GDP reached 66,053.6 billion yuan ($9.1 trillion), demonstrating China's resilience despite global economic headwinds. The 5.3% GDP growth was higher than the average prediction of 5.1% made by 40 economists interviewed by Reuters. "This is a hard-won achievement, particularly considering the sharp fluctuations in the international situation and heightened external pressures since the second quarter," said NBS Deputy Commissioner Sheng Laiyun. He credited the "highly valuable" numbers to stable progress in the implementation of macro-policy, industrial growth topped by high-tech industries and 68.8% from domestic demand. The breakdown shows that the primary industry contributed 3,117.2 billion yuan, with a YoY increase of 3.7%, driven mainly by stable production in agriculture. The secondary industry accounted for 23,905 billion yuan, up 5.3%, and the services sector witnessed the highest growth, contributing 39,031.4 billion yuan, up 5.5%. China's GDP grew 5.4% YoY in the first quarter and 5.2% in the second, showing steady economic momentum despite the global turmoil spawned mainly by Trump's trade tariffs. The manufacturing sector continues to be the engine of China's economic growth. Industrial output grew 6.8% YoY in June, a sharp pickup from May's 5.8% growth. High-tech industries, new-energy cars and robotics industries were the main drivers of growth, showing the country's strategic focus on technological independence and industrial upgrade. "China will still pursue high-level self-reliance and strength in science and technology," said Wen Bin, Chief Economist of China Minsheng Bank. He believes new schemes, such as the science and technology bond board and associated financial instruments, would further boost tech-led development. High-tech production rose by 9.7% in June, contributing to overall industrial growth. Industries like electric vehicles (EVs), lithium batteries and high-end machinery are witnessing consistent demand both locally and globally. The Chinese government has been promoting industrial innovation through subsidies that target specific sectors, tax breaks and investment incentives, further cementing the sector's growth. "Booming industries, especially the use of digital and green technologies, drove tremendous breakthroughs across industries — illustrating the pace of the nation's technological advances," said Peking University Economist Cao Heping. Despite ongoing global trade uncertainties, Chinese exporters have benefited from reviving international demand and a short-term trade truce with the US. In June 2025, exports expanded by 5.8% YoY, after a 4.8% rise in May. This is the best export growth since mid-2024. Hu Qimu, Deputy Secretary-General of the Forum 50 for Digital-Real Economies Integration, told Xinhua: "The first-half GDP growth reflects the strong resilience of China's economy, underpinned by its comprehensive industrial system and vast market capacity." China's total exports went up by almost 6% in the first half of 2025, ensuring a healthy trade surplus of about $586 billion. Exports to Southeast Asia shot up by 16.8% YoY, showing the country's increasing trade partnership with regional members via agreements like the Regional Comprehensive Economic Partnership (RCEP). China's huge domestic market remains a pillar, supporting long-term economic expansion. Retail sales rose 4.8% in June, after higher 6.4% gains in May. The moderation is attributed by analysts to a mix of risk-averse consumer behaviour and gradual rebalancing in the real estate market. Still, policy measures to spur consumption, such as subsidies for environmentally friendly appliances, electric cars, and rural revitalisation measures, are helping to support it. The introduction of "trade-in" programmes for home appliances and incentives for car replacements have moderated some consumers' wariness. The services sector also recorded a good 5.5% expansion in the first half, reflecting steady demand across segments like transport, finance, health care and internet services. The services industry now represents virtually 60% of China's GDP, highlighting the nation's shift to a more consumption- and services-based economy. The policymakers have used a cautious yet bold strategy to maintain economic growth. The People's Bank of China (PBoC) slashed interest rates earlier this year and pumped in liquidity to stimulate lending and spur business activity. Targeted fiscal policies have aimed at upgrading infrastructure, high-tech industry, and small- and medium-sized enterprises. China has given emphasis to structural change and specific interventions. "China's economic performance this year is a visible rebound and upturn — owing primarily to more solid macroeconomic policies, pointing to a string of monetary easing measures — and a significant boost in fiscal spending," writes Xi Junyang, Professor at Shanghai University of Finance and Economics. International economists are of the view that this strategy demonstrates faith in the intrinsic health of the economy and avoids over-expansion of credit. Considering the Chinese economy's stable path, a number of global financial institutions such as Goldman Sachs, Deutsche Bank and Morgan Stanley have now upped their projections for the country's economic growth rate in 2025. Local authorities have been given the ability to speed up infrastructure expenditure and bring forward strategic projects, such as digital economy centres and renewable energy facilities, further supporting growth. The provisional trade truce with the US, reached in May 2025, has brought welcome relief for Chinese exporters. Analysts foresee a YoY growth in the 5-5.2% range, slightly higher than the government's official target. They believe China's push for high-quality, innovation-based growth is setting the foundation for long-term development. The government's measures to spur domestic demand, promote green technologies, and stabilise property markets are seen supporting the economic momentum. The writer is a student and independent contributor
RTÉ News
4 days ago
- Business
- RTÉ News
China's economy grows 5.2% on trade war truce
China's economy expanded more than 5% in the second quarter, official data showed today, buoyed by strong exports but analysts warned that more was work was needed to address sluggish consumer demand. The figures offer a rare bit of good news for the country's leadership as it fights a multi-front battle to kickstart growth - a challenge made all the more difficult by Donald Trump's tariff war. But the knock-on effects of the trade turmoil abroad and persistent sluggish consumption mean the economy could slump in the second half of year, analysts warned. The US president has imposed tolls on China and most other major trading partners since returning to office in January, threatening Beijing's exports just as it becomes more reliant on them to stimulate economic activity. The two superpowers have sought to de-escalate their row after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty. Beijing's National Bureau of Statistics (NBS) said today that the Chinese economy grew 5.2% in April-June, matching a prediction by an AFP survey of analysts and topping an official growth goal for the year set by the government. But it marked a slowdown from the 5.4% seen in the first quarter, which was boosted by exporters rushing to shift goods ahead of swingeing US tariffs kicking in. "The national economy withstood pressure and made steady improvement despite challenges," NBS deputy director Sheng Laiyun told a news conference. "Production and demand grew steadily, employment was generally stable, household income continued to increase, new growth drivers witnessed robust development, and high-quality development made new strides," he said. "The figures probably still overstate the strength of growth," Zichun Huang, China Economist at Capital Economics, said in a note. "With exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during the second half of this year," Huang added. Chinese retail sales rose 4.8% year-on-year, below a forecast in a Bloomberg survey of economists, suggesting efforts to kickstart consumption have fallen flat. The weak readings come even as Beijing tries to shift towards a growth model propelled more by domestic demand than the traditional key drivers of infrastructure investment, manufacturing and exports. Factory output meanwhile gained 6.8%, higher than the estimate - reflecting continued high demand for Chinese exports that has boosted growth. More deflation But analysts warn that strong exports could be driving deflationary pressures and further dampening already sluggish consumer demand. "Recent efforts to boost spending, such as the broadening of the consumer goods trade-in scheme earlier this year, did temporarily lift retail sales," said Sarah Tan, an economist at Moody's Analytics. "However, this support proved unsustainable, with funding reportedly drying up in several provinces. The scheme's limitations highlight the need for policymakers to address the deeper structural challenges behind consumer caution," she added. Data last week showed consumer prices edged up in June, barely snapping a four-month deflationary dip, but factory gate prices dropped at their fastest clip in nearly two years. "The economy posted a solid first half, supported by resilient exports, though this momentum is contributing to deepening deflationary trends," Louise Loo, Head of Asia Economics at Oxford Economics, said in a note. "The cost of strong exports is more deflation," she said. Disagreements also persist between Beijing and Washington, despite the framework agreement reached last month. Trump upped the ante yesterday, warning Russia's trading partners that he will impose "very severe" tariffs reaching 100% if Moscow fails to end its war on Ukraine within 50 days. Western nations have repeatedly urged China - a key commercial ally of Russia - to wield its influence and get President Vladimir Putin to stop his three-year-old war with Ukraine. "The economic outlook for the rest of the year remains challenging," Capital Economics' Huang said. "With tariffs set to remain high, fiscal ammunition being depleted and structural headwinds persisting, growth is likely to slow further over the second half," she said.
