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Mint
3 days ago
- Business
- Mint
Trade turns turbulent; here's how India is tracking the winds
India is building a global trade data intelligence system that will offer real-time insights and early warnings of emerging stress points, two people aware of the matter said. The commerce ministry initiative called Global Trade Watch is modelled on similar efforts in the US, EU and China, and part of a drive to fortify export strategy amid escalating trade volatility. The initiative will integrate inputs from various ministries and agencies to track sector-specific performance across goods and services. It will be accessible on the ministry's website and also published as a monthly physical booklet every month. Commerce secretary Sunil Barthwal confirmed that the initiative will be rolled out next month, but did not offer details. A ministry spokesperson didn't respond to emailed queries. Proactive decision-making 'This marks a clear shift toward proactive and intelligent trade policymaking," one of the two people cited earlier said. 'The feature is built to enhance inter-ministerial coordination and provide policymakers with timely, actionable insights tailored to their respective sectors," the person added. India's model draws from global best practices such as the US International Trade Commission's sectoral monitoring system, China's AI-driven demand tracking, and the EU's expansive trade surveillance framework. Initially, it will be available only for policymakers, but will open to the wider public later. The system will flag sectors with flat or declining exports, monitor global trade policy shifts, and identify early signs of disruption or opportunity. 'Timely move' Global Trade Watch is designed to support timely, data-driven policy responses to changing trade winds. The rollout comes at a time of geopolitical tensions, tariff realignments, and shifting supply chains. The plan is timely and welcome, said Ajay Sahai, director general, Federation of Indian Export Organisations (FIEO). "In an era of dynamic shifts in global trade, having a credible, data-driven platform to track developments, trends, and policies will be invaluable for exporters, policymakers, and analysts alike. This initiative promises to bring greater transparency, foster informed decision-making and strengthen India's integration with global markets," he said. The platform will issue general and sector-specific alerts, including notifications on policy changes in key markets, developments related to free trade agreements, commodity-specific shifts, and geography-based risks. Staying informed 'Unlike static dashboards, Global Trade Watch will deliver sharper, policy-relevant signals that go beyond surface-level data," the person mentioned earlier said. Initially, access will be restricted to line ministries and government departments, with wider access for exporters, investors, and industry associations expected thereafter. 'It will enable ministries to track trade policy shifts across countries, monitor changes affecting specific products, and assess their strategic implications, whether by region, commodity, or trade bloc," the person said. It will also monitor global supply chain disruptions, such as export restrictions on critical minerals, and assess their implications for India. "This will enable ministries involved in policy-making to stay informed about developments relevant to their sectors, be it in terms of geography, product categories, or areas of strategic interest," the person mentioned above added. Emerging opportunities Global Trade Watch will also highlight emerging opportunities arising from changes in free trade agreements (FTAs), trade restrictions, tariff surges, or shifts in geopolitical alignments. Line ministries will receive alerts relevant to their respective import councils, allowing them to assess risks and take corrective steps. It will also track policy shifts and decisions at the World Trade Organization (WTO), enabling a comprehensive understanding of evolving multilateral trade rules, the second person mentioned above said. 'Given the growing uncertainty in global tariffs, particularly due to US policy moves, Global Trade Watch will keep stakeholders informed on how such changes affect India and its trading partners," said the person mentioned above. 'Since the commerce ministry leads most of the bilateral and multilateral negotiations, the insights will be presented in a simplified, digestible format to help policymakers across sectors act swiftly and with clarity," the person added. Market trends Exporters welcomed the initiative. Vipul Shah, former chairman of the Gems & Jewellery Export Promotion Council and managing director of Asian Star Co., said the upcoming feature could improve strategic planning. 'Global Trade Watch will help in understanding evolving market trends, especially in key export destinations," Shah said. 'With timely and structured data, exporters will be better equipped to assess demand patterns, identify emerging opportunities, and plan their export strategies more effectively," he added. However, some trade experts remain cautious. Pankaj Chadha, chairman of Engineering Export Promotion Council and managing director of Jyoti Steel Industries said while the feature is a good initiative, the accuracy of the data will be a critical factor. "If the data isn't reliable, then we are all basing our strategies on something that may not reflect the real picture. However, if the data is accurate, I think it will be a very valuable tool for the industry," Chadha added.
The Hindu
4 days ago
- Business
- The Hindu
Commerce Ministry to investigate, clamp down on dumping, 'import surges'
The Ministry of Commerce has begun using its various departments such as the Directorate General of Foreign Trade (DGFT) and the Directorate General of Trade Remedies (DGTR) to clamp down on import surges and dumping in India owing to malpractice by India's trading partners. It has also begun coordinating with other Ministries on this. The DGTR last month initiated anti-dumping investigations on eight different product lines originating from a total of 12 countries or groupings, The Hindu has learnt. 'In the Department of Commerce, we have started monitoring the import surges for all commodities now and have started sharing the surge reports with different Ministries so that they can also monitor at their level,' Commerce Secretary Sunil Barthwal said during a press briefing. 'Whenever we find an unusual surge, we examine it, and if need be, if we find that a surge is due to a malpractice, in that case we are also using the DGFT to restrict it,' he added. For example, the DGFT last month restricted the import of the alloys of palladium, rhodium, and iridium containing more than 1% of gold. India imposes anti-dumping duty on five Chinese products According to sources, this was because the government found that importers were importing gold — which normally attracts a higher import duty — disguised as alloys of these metals, the import of which was free. 'We have also told DGTR, in view of the fact that a lot of trade diversions are happening around the world, to look at if there is any import which may be harming the domestic sector in the country,' Mr. Barthwal further said during the press briefing. The Hindu has learnt that the DGTR in June 2025 launched eight investigations on possible dumping activities. Dumping refers to the practice of exporting goods to other countries — including to India — at prices well below their normal rate. The DGTR has launched such anti-dumping investigations on the import of several industrial chemicals from China, Taiwan, Kuwait, Malaysia, Oman, Qatar, Saudi Arabia, UAE, Switzerland and the EU, as well as types of glass wool from Egypt and types of paperboards from Indonesia.
Hans India
4 days ago
- Business
- Hans India
India's trade deficit narrows to $18.78 billion in June
New Delhi: India's trade deficit for June this year narrowed to $18.78 billion, compared to $21.88 billion in May, according to data released by the Commerce and Industry Ministry on Tuesday. India's exports growth remained flat at $35.14 billion in June as against $35.16 billion same month last year. While the country's imports declined by 3.71 per cent to $53.92 billion in June as against $56 billion a year ago, according to the data. Meanwhile, the trade in services showed an estimated surplus of $15.62 billion in June, with services exports at $32.84 billion and imports at $17.58 billion. Total exports of merchandise goods and services were $67.98 billion in June, while imports of goods and services were $71.50 billion. The net trade deficit was $3.51 billion in June. Commerce Secretary Sunil Barthwal told reporters last month that global conflicts and uncertainties are impacting Indian exports, though the government is proactively working with exporters to address their concerns regarding shipping and insurance. The trade data comes amid ongoing trade talks with the US and other global partners. The US is seeking broader market access for its agricultural and dairy products, which is a major hurdle as for India, this is a livelihood issue of the country's small farmers and hence is considered a sensitive area. While India is looking to secure an exemption from US President Donald Trump's 26 per cent tariffs by concluding an interim deal before July 9, it is also pushing for significant tariff concessions for its labour-intensive exports such as textiles, leather and footwear. Meanwhile Trump has announced that the US administration will start sending letters informing trading partners of their tariff rates as soon as Friday, even as negotiations with various countries including India to avoid higher US levies have stretched into the last lap. India's trade performance in Q3 FY25 (October–December 2024) reflected cautious resilience amidst geopolitical volatility and shifting global demand, according to the NITI Aayog quarterly report released on Monday. Merchandise exports registered a year-on-year growth of 3 per cent, reaching $108.7 billion. The export composition remains stable; aircraft, spacecraft and parts entered the top ten exports surging by over 200 per cent year-on-year due to increased demand from Saudi Arabia, the UAE, and Czech Republic, the report states.
Time of India
4 days ago
- Business
- Time of India
Trade deficit at 4-month low, goods exports flat
Representative image NEW DELHI: India's goods exports remained flat at $35.1 billion in June, while imports dipped 3.8 per cent to $53.9 billion, helping narrow the trade deficit to a four-month low of $18.8 billion, latest data released Tuesday showed. Imports dipped due to a sharp fall in shipment of gold (down 26 per cent to $1.8 billion), crude petroleum (down 8.4 per cent to $13.8 billion) and diamond imports and coal. On the other hand, exports remained flat, despite a 16 per cent decline in the export of petroleum products. Cumulative exports - goods and services - rose 6.6 per cent to $68 billion, driven by a 14 per cent rise in services to $32.8 billion, making govt upbeat on the overall trend. Combined imports were almost flat at $71.5 billion, resulting in the trade deficit halving to $3.5 billion in June from $7.2 billion a year ago. "If the growth continues like this, then we are going to cross the last year's exports figures," said commerce secretary Sunil Barthwal. He said that geopolitical tensions and global economic uncertainties were impacting exports and govt was engaging with exporters to resolve these logistics and risk management issues. "This performance has come despite challenging global conditions," said Fieo president S C Ralhan. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
5 days ago
- Business
- Time of India
Trade deficit shrinks in June on sharper drop in imports
New Delhi: India's goods exports in June fell a tad from a year earlier, but a sharper drop in imports aided the trade deficit to narrow to a four-month low. Exports reduced 0.05% year-on-year to $35.14 billion, a seven month low, while imports fell 3.71% to $53.92 billion, leaving a trade deficit of $18.78 billion compared with $20.84 billion in June last year. Exports to the US in the past month rose sharply to $25.52 billion from $20.89 billion, despite the base tariff on Indian goods shipped to the US rising to 10%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ¿Por Qué los CFDs de Criptomonedas Podrían Adaptarse a Su Cartera? IC Markets Undo Goods exports were 9% lower from the previous month. The trade deficit narrowed sequentially as well, from $21.88 billion in May. India's goods and services exports in April-June is estimated to be $210 billion, up 6% on-year and the highest on record for the first quarter of a fiscal year. "If the growth continues like this, then we are going to cross last year's exports figures," said commerce secretary Sunil Barthwal . Live Events In FY25, goods and services shipments reached a record high of $825 billion. Exports in 14 of 30 key sectors including petroleum products, fabrics, gems and jewellery, leather, iron ore and spices fell in June, according to data released by the commerce and industry ministry on Tuesday. "Trade in June was affected by a fall in crude oil prices," Barthwal said. Crude oil and gold imports in June fell 8.37% and 25.73% to $13.8 billion and $1.9 billion, respectively. Import monitoring Barthwal said the department is monitoring "unusual surges" in imports of commodities and will take action if found that the increase in the inbound shipment was on account of any malpractice. Last month, the government imposed import curbs on certain colloidal precious metals to check illegal inflow of gold into India in the liquid form. EU, ASEAN trade India and the EU will hold the next round of negotiations on the proposed free trade agreement (FTA) in September here and both sides have exchanged offers related to the services sectors last week. The last (12th) round of talks concluded last week in Brussels. "We have exchanged our offers on services and non-services... there were discussions on that. We also discussed key interests in market access related to goods as well," said L Satya Srinivas, special secretary, Department of Commerce. Separately, India expects to reach some kind of conclusion on the review negotiations of the existing FTA in goods with the 10-nation Asean bloc before the Asean-India Summit, scheduled for October.
