The Saudi Grains Organization (SAGO) has completed the procedures for importing 625,000 tons of wheat from the origins of Europe, North and South America, and Australia.

 

Governor of the SAGO Eng. Ahmad Bin Abdulaziz Al-Fares said that contracting this batch comes within the framework of strengthening the strategic stock of wheat, maintaining it at safe levels and meeting all the needs of milling companies.

 

He addd that this batch will be supplied during (September-November 2022) and distributed to (10) shipments; (1) shipment for Jeddah Islamic Port with the amount of (63,000 tons), (6) shipments for Yanbu Commercial Port with the amount of (379,000 tons), (2) shipments for King Abdulaziz Port in Dammam with the amount of (128,000 tons) and (1) shipment for Jazan Port with the amount of (55,000 tons).

 

He pointed out that with the completion of this tender, the organization has contracted to import about 2.6 million tons of wheat during this year.

This quote came true on Saturday when Australia and India broke their 10-year jinx of endless trade deal negotiations with an inked India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA). China’s belligerence and COVID’s onslaught have subjected both economies to reflect, reimagine and revive a deal that has been well overdue. India’s first deal with a developed economy in a decade, and only a second trade deal in a span of eleven years. The last agreement India signed was with Japan in 2011, followed by UAE and Australia in 2022. The negotiations for India-Australia ECTA were formally re-launched on 30 September 2021 and concluded on a fast-track basis by the end of March 2022.

 

The comprehensive IndAus ECTA provides for competitive tariff elimination or tariff reduction on a wide range of goods and opens new services markets for suppliers across both markets. The aim is to enhance the bilateral trade to $45 billion in the next five years (currently at $27.5billion), with a clear focus on job creation and exports. The deal provides duty-free market access to over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery. In the services space, some of the key offers from Australia include: quota for chefs and yoga teachers; post study work visa of 2-4 years for Indian students on a reciprocal basis; mutual recognition of professional services and other licensed occupations; and work & holiday visa arrangement for young professionals.

 

Australia has also agreed to amend its domestic laws to stop taxing the offshore income of Indian firms providing technical services, including IT majors, TCS, Infosys, HCL and Wipro, which will enable Indian IT and ITeS players to scale up their Australian operations. Australia has been taxing income generated from offshore IT services rendered from India as royalty, even when the same income is being taxed in India as well. The anomaly in the 1991 Double Taxation Avoidance Treaty (DTAA) between the two countries has cost Indian IT companies about $1.3 billion since 2012, according to an industry estimate.

 

According to the text of IndAus ECTA, both countries have established a negotiation sub-committee “within 75 days after the date of signature of this (ECTA) agreement, the negotiation sub-committee shall commence negotiations on amendments to this agreement, on a without prejudice basis, on areas including inter alia market access for goods and services, a complete product-specific rules schedule, a digital trade chapter, and a government procurement chapter, to transform this agreement into a Comprehensive Economic Cooperation Agreement” India is likely to get access to about $10 billion worth of Australia's official procurement, pegged at $60-65 billion annually (Australia’s government procurement in MSME and defence sectors are protected, and not covered under ECTA)

 

IndAus ECTA is a stepping-stone towards a full Australia-India Comprehensive Economic Cooperation Agreement (CECA) slated to be completed by the end of this year. Since the elevation of bilateral ties to a Comprehensive Strategic Partnership (CSP) in 2020, the engagement on both sides has amplified across multiple platforms and sectors, clearly focused on building tangible commitments and actions, to embrace a win-win partnership.

 

With the Australian federal elections just a few weeks away, Australian PM Scott Morrison with this historic deal has affirmed his government’s commitment to build Australia’s economic resilience and security by focusing on the need for economic diversification and strengthening international partnerships. The trade deal is a categorical reflection of Australia’s ambition to build an engaging economic relationship with the world’s fastest growing economy and nurture a new understanding of the opportunities that India offers. For naysayers, the signing of the trade deal is also a lesson in ‘strategic patience’ and ‘opportune timing’, a statement on the convergence of aspirations for the relationship, and the new geo-strategic and economic ambitions.

 

There has been a holistic approach to build the Australia-India bilateral story – at a political level with the announcement of holding annual summits at the level of the heads of government. Australia is the third country with which India will hold an institutionalised annual summit for regular review of our relations. At economic level – the release of the updated India Economic Strategy to 2035 by the Australian government, that chalks out a post-COVID bilateral economic engagement roadmap, focused on investment to strengthen linkages with India’s key policy, finance institutions and enhanced business engagement. At diaspora level with the release of Australia’s Indian Diaspora report, a national asset report that focuses on a better understanding of the Indian diaspora's reach into the Australia-India economic relationship and integrate the Indian diaspora as compelling change makers in Australia – India bilateral ties. The diaspora is a living bridge between nations, with a natural advantage of the language skills, cultural understanding and transnational networks that can be utilised in a big way. Australia’s investment of over $280 million in initiatives to drive deeper economic and cultural ties including "green steel" partnership, critical minerals, innovation and technology, space investment and a new Centre for Australia India relations, along with proactive Ministerial engagements, MoUs and commitment to finding shared values and partnerships that meet mutual needs.

 

Australia and India have also launched the Australia India Infrastructure Forum, to promote two-way investment in infrastructure and support broader trade and investment bilateral objectives. Both countries have also decided to focus on manufacture and deployment of ultra-low-cost solar and green hydrogen technologies, as part of the low emissions technology partnership. Focus is to have a wider economic and strategic growth strategy and access that is inclusive, respects the rule of law be it with the QUAD in specific, the Supply Chain Resilience Initiative or the Indo-Pacific region as a whole.

 

Overall, the focus has been to keep the Australia story thriving in India, and the India story thriving in Australia on a consistent basis in public memory, involving a holistic multi-stakeholder strategy and approach that deepens understanding and appreciation of each other, led by a nuanced understanding of dynamic factors like consumerism, capability, and capacity.

 

REFLECTIONS

 

The past 18 months in bilateral ties have been exciting and action-packed, perhaps more so than ever before. The constant shuttle between the gloom and doom of COVID and the ambitions of the government to maximise options and opportunities for producers, manufacturers and industry sectors has been an interesting lesson in how tough times can become a lever for new promising gains.

 

The IndAus ECTA establishes India’s willingness for global economic integration with countries on deals that are reciprocal, equitable and non-discriminatory in nature. New India is at a position of strength and ready to negotiate on its own terms, asking ‘What’s in it for me?’ Safeguarding the interests of its domestic stakeholders (traders, manufacturers, MSMEs etc.), but also opening new opportunities for them. A tightrope walk, which Commerce Minister Piyush Goyal has moved with trust, transparency, and commitment.

 

The recent trade agreement will also assist in changing perceptions in the developed world which has always typecast India as ‘protectionist’ and address scepticism around India’s openness to do business with the world. Domestically, there is substantial awareness that the extent to which India opens itself for global trade, will determine the degree to which it can attract investments, drive exports, make domestic industries competitive, incentivise other countries to manufacture in India and boost economic output.

 

Strong Australia India economic ties will also pave the way for a stronger Indo-Pacific economic architecture, that’s not just based on flows of physical goods, money and people, but on the basis of building capacity led connections, complementarities, sustainable commitments and mutual dependence across countries and sub-regions.

 

Time is also opportune for India’s APEC membership; the goal of a free and open Indo-Pacific is incomplete without the presence of the world's fastest growing major economy in APEC. It would further enhance India’s role in global governance, encouraging greater economic reforms with improved domestic competitiveness, and economic integration with the region as a whole. Also, with the deepening of Australia India bilateral ties, Australia can explore initiating a support lobby within APEC for India’s membership.

 

The goal for professional consulting firms (such as Newland Global Group) is to simplify and strengthen trade and investment ties between Australia and India. The journey may have been arduous, but it has definitely transitioned today from ‘Why India’ to ‘How to in India’ – an educated withdrawal from treating India as an option to engaging with it as an informed choice.

 

India has set itself a target to achieve 5 per cent share in world merchandise exports and 7 per cent in services exports by 2025. IndAus ECTA will facilitate market-seeking approaches of both countries, assist in building brand India and brand Australia in respective markets and develop business confidence. It will bring India to the center of Corporate Australia’s business aspirations and connect Australian corporates to the New India growth story, along with witnessing tariff reductions on traded goods.

 

However, it is important to note that in any trade deal, governments can open the door, but it is up to business to find the courage to walk through it and strategise and capitalise on existing opportunities. The governments have delivered. Will business follow?

Asian Development Bank on Wednesday projected a seven per cent collective growth for South Asian economies in 2022 with the subregion's largest economy India growing by 7.5 per cent in the current fiscal year before picking up to eight per cent the next year. Releasing its flagship Asian Development Outlook (ADO) 2022, the Manila-based multi-lateral funding agency said the growth in South Asia is projected to slow to seven per cent in 2022, before picking up to 7.4 per cent in 2023.

 

The subregion's growth dynamics are largely driven by India and Pakistan.

 

'South Asian economies are expected to expand collectively by seven per cent in 2022 and 7.4 per cent in 2023, with India -- the sub-regions largest economy -- expected to grow by 7.5 per cent this fiscal year (FY23) and eight per cent next fiscal year (FY24),' the agency's ADO report said.

 

Pakistan's growth is forecast to moderate to four per cent in 2022 on weaker domestic demand from monetary tightening and fiscal consolidation before picking up to 4.5 per cent in 2023, it said.

 

ADB said developing Asia's economies are predicted to grow by 5.2 per cent this year and 5.3 per cent in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports.

 

'However, uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook,' ADB Outlook said.

 

Developing Asia comprises 46 member countries of ADB by geographic group: the Caucasus and Central Asia, East Asia, South Asia, Southeast Asia and the Pacific.

 

South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.

 

'Economies in developing Asia are starting to find their footing as they slowly emerge from the worst of the COVID-19 pandemic,' said ADB Chief Economist Albert Park.

 

However, geopolitical uncertainty and new COVID-19 outbreaks and virus variants could derail this momentum.

 

'Governments in the region will need to remain vigilant and prepared to take steps to counter these risks. That includes making sure as many people as possible are fully vaccinated against COVID-19. Monetary authorities should also continue to monitor their inflation situation closely and not fall behind the curve,' Park said.

Union Minister for Agriculture and Farmers Welfare Shri Narendra Singh Tomar today inaugurated the online training program for master trainers on natural farming, organized by the National Institute of Agricultural Extension Management (MANAGE), Hyderabad. Speaking on the occasion, Shri Tomar said that MANAGE has been entrusted with the task of organizing 750 awareness programs for 30 thousand village heads in the country from April to August as part of the Azadi Ka Amrit Mahotsav. Shri Tomar said that the natural farming method is very beneficial for farmers.

 

Union Minister Shri Tomar said that Prime Minister Shri Narendra Modi has taken the initiative to promote traditional natural farming in the country. Keeping in mind the importance of natural farming, a national conference on natural farming was organized in Gujarat on 16th December, 2021 under the leadership of the Prime Minister, in which lakhs of farmers participated. Natural farming is a promising means of reducing the dependence of farmers on external inputs, reducing the cost of cultivation and increasing the income of the farmers. The Government is promoting the Indian Natural Farming System (BPKP) as a sub-scheme of Paramparagat Krishi Vikas Yojana (PKVY) to promote traditional indigenous practices. In the coming days, trained master trainers will organize 750 awareness programs for 30,000 village heads across the country and help in taking forward the initiative of natural farming in their respective states. 4.09 lakh hectare area is covered under natural farming. An announcement has also been made in the budget for the year 2022-23 to promote natural farming. A committee has been formed to include courses on natural farming in universities in the states.

 

Shri Tomar said that earlier there was a period in the country when there was a shortage of food grains, then research and chemicals were used to increase production, but it was needed then, today India is in a very good position in terms of agricultural production and export. The central government is making a lot of efforts and helping the farmers to move forward through various schemes. 'The government wants that we should not depend on imports, but our expertise in exports should continue to grow. With increase in the natural farming method, the use of animals including cow will increase, which will benefit the farmers.' He said. The Minister further said that the government has taken an initiative to integrate agriculture with modern technologies, in which cooperation of the states is needed. New Farmer Producer Organizations (FPOs) are being formed in each block by spending Rs. 6865 Cr. A total of Ten thousand FPOs will be formed. Through these, the knowledge of farmers will increase, they will be able to use new technologies, they will be attracted to expensive crops and the quality of the produce will increase, which will increase their income. He requested all the master trainers to dedicate their lives to taking forward the important initiative of the government on natural farming in various ways.

 

The Union Minister of State for Agriculture and Farmers Welfare, Shri Kailash Choudhary and Ms. Shobha Karandlaje were also present on the occasion. In the beginning, Union Agriculture Secretary Shri Manoj Ahuja, Joint Secretary Shri Priya Ranjan and Director General of MANAGE Dr. P. Chandrashekhar also addressed the session. Online training will be given by MANAGE to two hundred fifteen master trainers on the subject of introduction-principle and practice of natural farming, which will be completed before 15th August.

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal left New Delhi on a 3- day visit to Australia today. His visit comes days after India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA) on Saturday, 2nd April.  During the visit, I will take the ECTA to people, Shri Goyal said, adding that interactions had been planned with Business leaders, Indian students, diaspora, etc.

 

During the visit Shri Goyal will hold wide-ranging discussions with his Australian counterpart, Mr. Dan Tehan MP, Minister for Trade, Tourism and Investment, on carrying forward the ECTA. ECTA is the first trade agreement of India with a developed country after more than a decade and provides for an institutional mechanism to improve trade between the two countries. Shri Goyal will also hold talks with Mr. Tony Abbott, Australian PM’s Special Trade Envoy this evening.

 

Shri Goyal will also be meeting Mr. Jason Wood, MP, Assistant Minister for Customs, Community Safety and Multicultural Affairs, Mr. Alex Hawke, Minister for Immigration and Multicultural Affairs, Mr. Roger Cook, MLA, Deputy Premier of Western Australia and Minister for State Development, Jobs and Trade, Tourism, Commerce and Science and Ms. Madeline King, Shadow Trade Minister.

 

During his packed schedule, Shri Goyal will visit the University of Melbourne and Australia India Institute tomorrow. He will address a Public conversation with Minister Dan Tehan and Mr Allan Myers, Chancellor, University of Melbourne, at the Melbourne Law School in The University of Melbourne.

 

Shri Goyal will also visit the landmark Melbourne Cricket Ground and address the Australia-India Chamber of Commerce and Austrade, along with Minister Dan Tehan, besides interacting with the Indian media. He will later visit the Shiva Vishnu Temple in Melbourne and attend a Community event with the Indian Diaspora.

 

On Thursday, 7th April, Shri Goyal and Minister Dan Tehan will address and interact with students at the University of New South Wales in Sydney and pay tributes at the statue of Mahatma Gandhi in the University campus. Shri Goyal will later address the Emerging Diaspora Business Leaders Reception hosted by India-Australia Business and Community Awards (IABCA). Later in the evening, Shri Goyal, accompanied by Minister Dan Tehan and Minister Alex Hawke, Minister for Immigration and Multicultural Affairs, will attend a Community event at the Swaminarayan Temple in Sydney. Before leaving Sydney on Friday, 8th April, Shri Goyal will also meet Mr. Alan Joyce, CEO & MD, Qantas Airways.

 

Shri Goyal will meet with the Australian Agricultural Producers and hold talks with Deputy Premier Roger Cook and Ms. Madeline King, Shadow Trade Minister in Perth. He will visit the Western Australia Cricket Ground (WACA) in Perth and attend a Tourism event in conjunction with Tourism Western Australia, besides holding a Press Interaction with the Indian Media Delegation. On Friday evening, Shri Goyal will address the Community Centre Indian Society of Western Australia (ISWA).

 

Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner. The ECTA is expected to almost double the bilateral trade from $ 27.5 bn (2021) to about $ 45 to $ 50 Billion in next 5 years. ECTA is expected to create new employment opportunities, raise living standards and enhance the overall welfare of the peoples of both the countries. Additional employment generation is expected to be 10 lakhs within the next 5 years.

India’s goods exports grew 43.2% in 2021-22 to nearly $418 billion dollars, rising over $125 billion over the COVID-hit year 2020-21, with March recording the highest ever outbound shipments worth $40.38 billion, the Commerce and Industry Ministry said on Sunday.

 

The record exports in the year gone by constituted a 33.33% surge over the pre-pandemic levels of 2019-20. Commerce and Industry Minister Piyush Goyal said total exports were about 5% higher than the $400 billion target for the year, which had been crossed by March 21.

 

The government did not release data on imports that usually accompanies the official monthly export figures. Total merchandise imports had crossed $550 billion by February 2022, leading to a trade deficit of $175.75 billion in the first eleven months of the year. Goods imports in 2020-21 stood at $393.6 billion.

 

A bulk of the merchandise exports growth was attributed to engineering goods and agriculture products’ exports, both of which hit an all-time high in 2021-22. Engineering goods exports grew 46% over the year at $111 billion, of which about $16 billion worth goods were shipped to the U.S. alone. Agricultural exports are reckoned to have crossed $50 billion with a sharp growth in rice, wheat, marine products, coffee and dairy products.    

 

'Even a pandemic like COVID-19 and the war like situation has not deterred our export target for the year. These results reflect what is possible when there is decisive leadership from a leader like PM Narendra Modi with a ‘whole of government’ and ‘whole of nation’ approach,' Mr. Goyal said.

 

The Minister stressed that the growth has occurred in products where small and medium enterprises are active as well as labour-intensive sectors like jute products, textiles, leather, gems and jewellery. Mr. Goyal said the government will continue to work hard to enhance exports from MSMEs and the farm sector and push job creation.

 

He also congratulated farmers for raising their productivity so that wheat exports have grown from 2 lakh tonnes in 2019-20 to 21.55 lakh tonnes last year and over 70 lakh tonnes in 2021-22. About half of this wheat was exported to Bangladesh largely through the Petrapole land border, said Commerce Secretary BVR Subrahmanyam.

 

'We will continue to export wheat in a big way to countries that have been affected by the conflict in Ukraine and Russia (major global wheat suppliers) and hope to export 100 lakh tonnes of wheat this year comfortably,' Mr. Goyal said.

 

Even though a part of the growth in exports may have been driven by rising commodity prices, the performance has been laudable, said Aditi Nayar, chief economist at ICRA, who had expected full year exports to touch $415 billion.

 

‘Push for Value-Add, New Markets’

Mr. Subrahmanyam pointed out that India is no longer just a primary goods exporter and commodities or raw materials that traditionally saw high exports have actually seen a decline in 2021-22, pointing to dipping iron ore and oilmeal exports.

 

'These are the areas where the government is deliberately saying we should manufacture here and export manufactured goods,' he said, adding that there was a greater impetus for finished goods and processed products. 'In textiles, our exports are $35 billion of which raw cotton is just about $3 billion. The rest of it is processed. We have exported mobile phones worth $6 billion,'  

 

'Other than raw cotton, other agricultural exports and iron ore, we are largely a processed goods exporter which is why it is very important for us to have free trade agreements with the developed world, so that value-added exports can grow and create jobs,' Mr. Goyal said.

 

Officials emphasised that the growth in shipments came from diversified industries, including sectors like electronics where India was a large importer and has clocked exports of $15.58 billion in 2021-22 compared to $11 billion in the previous year.

 

Some of the other sectors recording the highest growth included petroleum products largely exported to the UAE, drugs and pharmaceutical products with Netherlands as their biggest buyer. Bangladesh was the biggest importer of Indian chemicals, while China was the biggest procurer of gems and jewellery from India.

 

They also underlined that Indian products’ reach has spread wider with developed countries beginning to import significantly higher value goods.

 

'Indian exports were earlier dominated by neighbouring and ASEAN nations, but this year recorded a significant jump in exports to developed countries like the US, Netherlands, Hong Kong, Singapore, UK, Belgium and Germany,' said Santosh Sarangi, the Director General of Foreign Trade.

 

‘2022-23 Challenges’

 

'You will bear in mind there is a conflict situation going on because of which shipping lines are disturbed, container shortages are there and shipping costs have gone up. Trade and supply chains are affected worldwide, so the fact that we have crossed $40 billion exports in March with all these challenges gives us confidence,' the minister said, adding that the Free Trade Agreements with Australia and the UAE will help boost exports this year.

 

For setting the export target for this year, Mr. Goyal said export promotion councils will work out sectoral possibilities and Indian missions abroad will evaluate prospects in different importing nations, which will then be translated into an ‘ambitious target’.

 

Andhra Pradesh stood in the first place among all the states and Union Territories in the country in terms of fruit production in the 2021-22 financial year, as per the first advance estimates prepared by the Union ministry of agriculture and farmers' welfare.

 

Andhra Pradesh produced about 1.8 crore tonnes of fruits in 2021-22.

 

Horticultural crops are grown on about 18 lakh hectares in Andhra Pradesh with fruit plantations in about 7.5 lakh hectares. Mango, banana, papaya, orange and batavia are the major fruit crops in terms of quantity of production in Andhra Pradesh.

 

There has been a structural shift in the cropping patterns in the state over the last several years. The horticulture sector is growing at a faster pace than agriculture towards making AP a major horticulture hub.

 

Horticulture a growth engine for eco devpt

 

The sector comprises fruits, vegetables, flowers, spices, and plantation crops. The horticulture produce is also being exported to various countries.

 

According to the officials, the returns from horticulture per unit of land are higher as compared to agriculture. This can be attributed to horticulture being a climate resilient alternative, which involves less risk and assures higher income to farmers.

 

Overall, the agrarian state of Andhra Pradesh is heading towards a value addition platform from the conventional agricultural production approach.

 

The horticulture sector also turned out to be an essential component for food and nutritional security in the state.

 

The state government has identified horticulture sector as one of the key growth engines in its economic development.

 

Additional director, department of horticulture, M Venkateswarulu, said that Andhra Pradesh is clocking a 12% growth year on year in the horticulture domain, ranking first place in the country.

 

'Right from extension services, fruit-care activities to capacity building of the farmers, application of latest technologies and post-harvest management, the department is taking all measures to improve the extent and productivity. The department is augmenting the infrastructure as well as creating business linkages to markets for farmers,' said Venkateswarulu.

India's sugar export may touch 85 lakh tonne in the ongoing 2021-22 marketing year ending September, as per the estimates of global trade houses, industry body ISMA said on Monday. While the country has contracted 72 lakh tonne of sugar export, the physical exports have been around 56-57 lakh tonne till March-end this year, it said.

 

Sugar marketing year runs from October to September. Crushing operation is still on as 366 mills were operating till March-end, while 152 mills had stopped the crushing.

 

Releasing the latest sugar production figures, Indian Sugar Mills Association (ISMA) said: 'News from the international trade houses indicate that global market is expecting 85 lakh tonne of sugar exports from India, in the current season.'

 

According to the industry body, sugar production reached 309.87 lakh tonne till March of the ongoing 2021-22 marketing year, higher than 278.71 lakh tonne in the year-ago period.

 

Maharashtra, Uttar Pradesh and Karnataka are the top three sugar producing states in the country.

 

As per the ISMA data, sugar production in Maharasthra rose to 118.81 lakh tonne till March from 100.47 lakh tonne in the year-ago period.

 

In Uttar Pradesh, sugar production remained lower at 87.50 lakh tonne till March this year compared with 93.71 lakh tonne in the year-ago period.

 

Sugar output in Karnataka, the country's third-largest sugar-producing state, rose substantially to 57.65 lakh tonne till March as against 42.38 lakh tonne in the year-ago period.

 

On the ethanol front, ISMA said against the total Letter of Intent (LoI) for supply of 416.33 crore litres, 131.69 crore litres of ethanol have been supplied as on March 27 this year.

 

Contracted quantity as on date is 402.66 crore litres as against LoIs of about 416 crore litres issued by oil marketing companies,it said.

 

The country on an average has achieved a blending percentage of 9.60 per cent between December 2021 and March 2022, it added.

India achieved an all-time high annual merchandise exports of USD 417.81 billion in FY 2021-22, an increase of 43.18% over USD 291.81 billion in FY2020-21 and an increase of 33.33% over USD 313.36 billion in FY2019-20.

 

For the first time, India’s monthly merchandise exports exceeded USD 40 Billion, reaching USD 40.38 billion in March 2022, an increase of 14.53% over USD 35.26 billion in March 2021 and an increase of 87.89% over USD 21.49 billion in March 2020.

 

India’s merchandise import in March 2022 was USD 59.07 billion, an increase of 20.79% over USD 48.90 billion in March 2021 and an increase of 87.68% over USD 31.47 billion in March 2020.

India’s merchandise import in April 2021-March 2022 was USD 610.22 billion, an increase of 54.71% over USD 394.44 billion in April 2020-March 2021 and an increase of 28.55% over USD 474.71 billion in April 2019-March 2020.

 

The trade deficit in March 2022 was USD 18.69 billion, while it was USD 192.41 billion during April 2021-March 2022.

 

Value of non-petroleum exports in March 2022 was 33.00 USD billion, registering a positive growth of 4.28% over non-petroleum exports of USD 31.65 billion in March 2021 and a positive growth of 73.94% over non-petroleum exports of USD 18.97 billion in March 2020.

 

Value of non-petroleum imports was USD 40.66 billion in March 2022 with a positive growth of 5.26% over non-petroleum imports of USD 38.63 billion in March 2021 and a positive growth of 89.79% over non-petroleum imports of USD 21.42 billion in March 2020.

 

The cumulative value of non-petroleum exports in April 2021-March 2022 was USD 352.76 billion, an increase of 32.62% over USD 266.00 billion in April 2020-March 2021 and an increase of 29.66% over USD 272.07 billion in April 2019-March 2020.

 

The cumulative value of non-petroleum imports in April 2021-March 2022 was USD 449.54 billion, showing an increase of 44.2% compared to non-oil imports of USD 311.75 billion in April 2020-March 2021 and an increase of 30.62% compared to non-oil imports of USD 344.16 billion in April 2019-March 2020.

 

Value of non-petroleum and non-gems and jewellery exports in March 2022 was USD 29.38 billion, registering a positive growth of 4.79% over non-petroleum and non-gems and jewellery exports of USD 28.03 billion in March 2021 and a positive growth of 73.28% over non-petroleum and non-gems and jewellery exports of USD 16.95 billion in March 2020.

 

Value of non-oil, non-GJ (gold, silver & Precious metals) imports was USD 36.18 billion in March 2022 with a positive growth of 31.21% over non-oil and non-GJ imports of USD 27.58 billion in March 2021 and a positive growth of 93.52% over non-oil and non-GJ imports of USD 18.70 billion in March 2020.

 

The cumulative value of non-petroleum and non-gems and jewellery exports in April 2021-March 2022 was USD 313.82 billion, an increase of 30.77% over cumulative value of non-petroleum and non-gems and jewellery exports of USD 239.98 billion in April 2020-March 2021 and an increase of 32.88% over cumulative value of non-petroleum and non-gems and jewellery exports of USD 236.17 billion in April 2019-March 2020.

 

Non-oil, non-GJ (Gold, Silver & Precious Metals) imports was USD 369.19 billion in April 2021-March 2022, recording a positive growth of 43.39%, as compared to non-oil and non-GJ imports of USD 257.47 billion in April 2020-March 2021 and a positive growth of 26.98% over USD 290.74 billion in April 2019-March 2020.

Saudi Arabia's main state wheat buying agency the Saudi Grains Organization (SAGO) has agreed to buy 625,000 tonnes of wheat in an international tender, SAGO said on Monday.

 

SAGO said it made the purchase at an average price of $422.47 a tonne.

 

That was up sharply from $365.14 a tonne c&f paid in SAGO's previous wheat tender in December.

 

Traders say Saudi Arabia is among importing countries hit by disruption to Ukrainian and Russian grain exports and surging prices of wheat and other commodities.

 

The shipments will be delivered between September and November, the state grains importer said.

 

The tender had sought 355,000 tonnes of hard wheat with 12.5 percent protein content and closed on Friday.

 

Origins offered were the European Union, Black Sea region, North America, South America and Australia with the seller having the option of selecting the origin supplied, SAGO governor Ahmad Al-Fares added in a statement.

 

The shipments will be in 11 consignments distributed among four Saudi Arabian Sea ports.

 

SAGO said these purchases were made in Monday’s tender with arrival period in brackets:

 

Jeddah Sea Port:

 

- 63,000 tonnes from Holbud Limited at $414.26 C&F (Sept 10 - 25)

Yanbu Sea Port:

 

- 63,000 tonnes from Holbud Limited at $413.87 C&F (Sept. 15 - 30)

 

- 65,000 tonnes from Viterra at $423.10 C&F (Sept. 15 - 30)

 

- 63,000 tonnes from Holbud Limited at $414.35 C&F (Oct. 15 - 31)

 

- 60,000 tonnes from Olam at $419.90 C&F (Oct. 15 - 31)

 

- 65,000 tonnes from Viterra at $426.40 C&F (Oct. 15 - 31)

 

- 63,000 tonnes from Holbud Limited at $414.87 C&F (Nov. 10 - 25)

 

Dammam Sea Port:

 

- 65,000 tonnes from Viterra at $436.05 C&F (Sept. 10 - 25)

 

- 63,000 tonnes from Holbud Limited at $436.50 C&F (Sept. 10 - 25)

 

Jizan Sea Port:

 

- 55,000 tonnes from Holbud Limited at $425.00 C&F (Nov. 10 - 25)