Commerce Ministry

October 16, 2024 5:15 PM

India’s exports rise by 4.86% in first half of FY25, but trade deficit grows sharply

India's overall exports, including merchandise and services, witnessed a 4.86% year-on-year increase in the first half of FY25, reaching $393.22 billion for the April-September period, according to data released by the Commerce Ministry on Wednesday. Despite the growth in exports, India's trade deficit surged significantly. The trade gap for April-September 2024-25 expanded by 24.11%, rising from $44.18 billion to $54.83 billion. The overall import for the first half of FY25 stood at USD 448.0...

June 21, 2024 2:35 PM

China says EU escalation of trade friction could trigger ‘trade war’

China's commerce ministry said on Friday the European Union has continued to escalate trade friction, which "may trigger a "trade war". "Responsibility lies entirely with the EU side," a ministry spokesperson said in a statement. China hopes the EU will meet it halfway, handle difference through dialogue and avoid escalating trade friction or allowing it to get out of control, the spokesperson said. Last week, the European Commission proposed tariffs of up to 38.1% on electric vehicle imports...

September 16, 2024 6:35 PM

India’s wholesale inflation rises from 1.26% to 2.61% in May, pushed by food, energy prices

Wholesale inflation in India, based on the Wholesale Price Index rose to 2.61 per cent in May versus 1.26 reported in April, official data from the Commerce Ministry showed on Friday. Thus, it remained in positive territory for the seventh month after remaining in the negative zone for seven months until October. The high rate of wholesale inflation in April was primarily due to an increase in prices of food articles and minerals. In the food basket, cereals, paddy, pulses, vegetables, potato,...

May 20, 2024 1:47 PM

India held two-day “Chintan Shivir” to formulate strategy and SOPs for FTAs

The commerce ministry had organised a two-day "Chintan Shivir" for formulating strategies and standard operating procedures for free trade agreements. The Shivir organised on May 16-17, was attended by senior government officials of different departments, former government secretaries, and trade experts. Government officials who attended the meeting included representatives from the Ministry of Finance, Ministry of Information Technology, and Ministry of Mines. A senior government official tol...

May 14, 2024 8:34 PM

China strongly opposes U.S. tariff hikes, pledging measures to defend rights

China strongly opposed the United States' tariff hikes, its commerce ministry said on Tuesday, vowing it will take resolute measures to defend its rights and interests. "U.S. raising Section 301 tariffs violates President Biden's commitment to 'not seek to suppress and contain China's development' and 'not to seek to decouple and break links with China'," said a statement by the ministry, adding the move will "seriously affect the atmosphere of bilateral cooperation." U.S. President Joe Biden ...