Search Result for : International Trade

Sitharaman in Shanghai to attend BRICS trade ministers meet

The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman reached Shanghai on Monday for attending the two-day meeting of trade ministers of BRICS (Brazil, Russia, India, China, South Africa), starting on Tuesday. During the meeting, it is expected that Sitharaman would raise concerns over the increasing trade deficit of India with its neighbour China. The seventh meeting of five-nation bloc – BRICS, will discuss on expanding cooperation in e-commerce in the forthcoming annual meeting, the Ministry of Commerce (MOC) of China said. Cooperation in e-commerce such as in the fields of payments and logistics, is fast emerging among the BRICS members, with several products of the member-nations gaining traction in China, said Zhang Shaogang, Director at Department of International Trade and Economic Affairs with China’s MOC. “Economic and technological ...

Oman to become a regional hub for import and export: Report

The Dollar Business Bureau  Oman has finished preparations for becoming a regional hub for exports and imports, after billions of rials of investment for the development of ports along the country’s coast line, according to a report. The Sultanate has also finished the technical and legislative systems that would facilitate the work of exporters and importers and attract domestic as well as foreign investments, said a report by Oman News Agency. Oman was one of the nations that is going to benefit from the restrictions put on Qatar by four gulf countries during a regional crises. One of the steps taken by the Arab nations is blockading the access of Qatar to their ports.  However, Doha has mitigated the blockade effect by deciding ...

Indian diesel imports intensify, could slow during monsoons

The Dollar Business Bureau Diesel imports of India have increased with state-run oil refiner Hindustan Petroleum Corp (HPCL) on Tuesday entering the crude spot market for seeking its seventh consignment of the fuel for the month of July, according to trade sources. However, imports of the fuel could be slowed down as monsoon season begins in India, the sources told a leading international news agency. The state-owned refiner is seeking delivery of 60,000 tonnes of 40 ppm sulphur gasoil into Vizag during July 20-25 in a tender which ends on July 5. This is HPCL’s seventh consignment requirement for the month of July, however, it was not clear if all the earlier tenders have been given. HPCL-Mittal Energy Ltd (HMEL) was likely to begin its 230,000 barrels a day ...

India, Latin America hold a business conclave to boost trade

The Dollar Business Bureau  India and Latin America organised a business networking seminar on Thursday in Mumbai in order to boost trade and investment between the two regions.  The International Conclave on India-Latin America & Caribbean Partnership: Opportunities to Promote Trade and Investment was jointly organised by the Group of Latin America and Caribbean countries (GRULAC) in India, the All India Association of Industries (AIAI) and World Trade Centre Mumbai.  The conclave, which was organised for the first time in the commercial hub of Mumbai, was attended by nearly 40 Heads of Missions, overseas experts, investment and trade promotion agencies from LAC, and senior government officials from India and LAC.  Trade between India and LAC is expected to reach $100 billion from the current $46 ...

Malaysia records highest exports at RM82.63 billion in March 2017

The Dollar Business Bureau Buoyed by improved performance in all major export sectors, Malaysia’s exports grew 24.1% year on year during March 2017. Beating expectations, the South-East Asian economy boasted a double-digit growth in exports for the fourth consecutive month since December 2016. As stated by the Ministry of International Trade and Industry, Malaysia (Miti), exports surpassed economic forecasts of a 20% growth by a significant margin. Explaining the ‘outstanding trade performance in March 2017’, a media release by Miti read, “Malaysia’s trade continued its strong momentum in March 2017, expanding by 31.1% to RM159.86 billion compared with the year before. Higher trade was seen with ASEAN, China, the United States of America (USA), the European Union (EU), the Republic of Korea (ROK) ...

Australia's first quarter trade surplus to be boosted by soaring export prices

The Dollar Business Bureau The International Trade Price Index released by Australian Bureau of Statistics for the month of March shows that while import prices remained stable, export prices soared to astonishing highs. Cumulatively, import prices increased by merely 1.2% from the first quarter of the previous year whereas export prices rose by 29.1% over the same period. As against the October-December quarter (2016), import prices experienced a fall of 0.6% while export prices grew by 9.4%. The reason cited for volatile export price movement is a turn in commodities cycle, propelled by commodity prices like those of iron ore reaching $94 per tonne towards the end of February 2017. Australia's metal exports in alumina, iron ore and copper showed a price increase of 18.8% during the January-March 2017 period. This was ...

British finance minister to lead trade delegation to India next week

The Dollar Business Bureau Britain has constantly indicated a better economic integration with India - now the world’s sixth-largest economy after it overtook Britain last year - post-Brexit. In a fresh attempt to strengthen economic and trade ties with New Delhi, British Finance Minister Philip Hammond will lead a trade mission to New Delhi next week. The trade meeting themed on ‘Make in India, Finance in the UK’ will see British finance minister pitching UK’s attractive trade market, while seeking Indian investments in the UK. Chancellor of the Exchequer Hammond, along with Governor of the Bank of England Mark Carney and UK government ministers, including Commercial Secretary Baroness Neville-Rolfe and International Trade minister Mark Garnier will visit New Delhi and Mumbai to participate ...

L&T Hydrocarbon bags orders worth Rs.4k cr

The Dollar Business Bureau  L&T Hydrocarbon, fully owned subsidiary of Indian multinational Larsen & Toubro Ltd (L&T) has won orders worth Rs.4,000 crore in the foreign market. The construction arm of L&T has recently won Rs.1,725 crore worth of orders across two business divisions. “L&T Hydrocarbon Engineering Ltd, a wholly-owned subsidiary of Larsen & Toubro, has won orders totalling close to Rs.4,000 crore in the international market,” L&T said in a filing with BSE.    In transportation infrastructure division, the company had won Rs.725 crore worth of contracts. “A procurement, engineering, and construction contract has been bagged from the Ministry of Road Transport & Highways for 4-laning of the section Wadpale to Bhogaon Khurd of National Highway 17 in the state of Maharashtra,” the ...

Quiz Import and Export