Latest news with #SouthAsianFreeTradeAgreement
News18
19-05-2025
- Business
- News18
India's Port Curbs On Bangladesh Garments To Boost Indian Textiles Business By Rs 2,000 Crore
Last Updated: India's latest move to restrict garment imports from Bangladesh via land routes is expected to boost the domestic textile industry India's latest move to restrict garment imports from Bangladesh via land routes is expected to boost the domestic textile industry, creating a potential opportunity of more than Rs 1,000 crore. The decision, aimed at curbing the indirect influx of Chinese fabric and supporting local production, may temporarily disrupt apparel supply chains and slightly increase consumer prices during the winter season. The Directorate General of Foreign Trade (DGFT) issued a notification barring imports of garments and related products through land ports, while still permitting entry via Kolkata and Nhava Sheva seaports. This action addresses rising concerns about the duty-free inflow of garments from Bangladesh, which has been exploiting India's zero-duty policy under the South Asian Free Trade Agreement (SAFTA). According to Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), the decision comes in response to Bangladesh's earlier move in April 2025 to restrict cotton yarn imports from India—a product that makes up nearly 45% of India's total cotton yarn exports. He noted that this strategic step would not only curb backdoor entries but also help Indian exporters redirect their yarn to local apparel makers. However, industry players expect some short-term disruptions for Indian and global apparel brands operating in the country. Popular items like T-shirts and jeans could see a price rise of 2–3% during the upcoming winter season due to supply chain realignments. First Published: May 19, 2025, 13:00 IST
Business Recorder
04-05-2025
- Business
- Business Recorder
India's April palm oil imports drop, remain below normal levels
MUMBAI: India's palm oil imports in April fell by nearly a quarter from the previous month, marking the fifth consecutive month below normal levels, as the tropical oil's premium over rival soyoil led to higher soyoil purchases, according to five dealers. Lower-than-normal palm oil imports by India, the world's biggest buyer of vegetable oils, could pressure Malaysian palm oil prices and support US soyoil futures. Palm oil imports in April fell 24% month-on-month to 322,000 metric tons, according to estimates from dealers. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, said the Solvent Extractors' Association of India, which is set to publish its April import data by mid-May. Palm oil prices have been elevated due to tight supplies, which encouraged price-sensitive buyers to increase soyoil purchases, said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage. Traders have been opting for lower-priced soyoil for the past several months, and imports increased again in April, rising 2% month-on-month to 363,000 tons, dealers said. Sunflower oil imports, meanwhile, fell nearly 6% to 180,000 metric tons, the lowest in seven months. Lower imports of palm oil and sunflower oil lowered India's total edible oil imports in April to 865,000 tons, marking an 11% drop from the prior month, according to dealers' estimates. Palm oil, however, has now started trading at a discount to soyoil, which is encouraging Indian buyers to increase palm oil purchases for shipments from May onwards, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Nepal's edible oil imports were 85,000 tons in April, down from 135,000 tons in March, GGN Research estimated. More than half of Nepal's imports are ultimately destined for re-export to the Indian market as refined products since goods from the Himalayan country are tax-free under the South Asian Free Trade Agreement (SAFTA), Patel said.
Time of India
02-05-2025
- Business
- Time of India
India's April palm oil imports drop 24%, remain below normal levels, dealers say
India 's palm oil imports in April fell by nearly a quarter from the previous month, marking the fifth consecutive month below normal levels, as the tropical oil's premium over rival soyoil led to higher soyoil purchases , according to five dealers. #Pahalgam Terrorist Attack India's Rafale-M deal may turn up the heat on Pakistan China's support for Pakistan may be all talk, no action India brings grounded choppers back in action amid LoC tensions Lower-than-normal palm oil imports by India, the world's biggest buyer of vegetable oils , could pressure Malaysian palm oil prices and support U.S. soyoil futures. Palm oil imports in April fell 24% month-on-month to 322,000 metric tons, according to estimates from dealers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 10 Mysterious Photos That Cannot Be Explained True Edition Undo India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, said the Solvent Extractors' Association of India, which is set to publish its April import data by mid-May. Palm oil prices have been elevated due to tight supplies, which encouraged price-sensitive buyers to increase soyoil purchases, said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage. Live Events Traders have been opting for lower-priced soyoil for the past several months, and imports increased again in April, rising 2% month-on-month to 363,000 tons, dealers said. Sunflower oil imports , meanwhile, fell nearly 6% to 180,000 metric tons, the lowest in seven months. Lower imports of palm oil and sunflower oil lowered India's total edible oil imports in April to 865,000 tons, marking an 11% drop from the prior month, according to dealers' estimates. Palm oil, however, has now started trading at a discount to soyoil, which is encouraging Indian buyers to increase palm oil purchases for shipments from May onwards, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Nepal's edible oil imports were 85,000 tons in April, down from 135,000 tons in March, GGN Research estimated. More than half of Nepal's imports are ultimately destined for reexport to the Indian market as refined products since goods from the Himalayan country are tax-free under the South Asian Free Trade Agreement (SAFTA), Patel said.
