IMPORTANTLY
Tanker carrying Russian diesel halts off US coast, shipping data shows
President Donald Trump last month announced a surprise deal with Moscow to import diesel from Russia to help lower prices at the pumps ahead of this month's US midterm elections.
China’s trade surplus tops $1 trillion for second straight year as exports surge
China's trade surplus reached $1.04 trillion in January-October, crossing $1 trillion for a second consecutive year. October exports rose 35.2% year-on-year, while imports grew 41.6%, narrowing the monthly surplus to $105.3 billion. Strong overseas demand is supporting exports, but weak domestic consumption and rising trade tensions pose risks to the outlook.
DPIIT seeks Fillip for local mfg of 100 goods in budget
DPIIT has examined 500 heavily imported products to identify opportunities for boosting domestic manufacturing. The department plans to share its findings with the finance ministry for the FY28 budget recommendations. Commerce Minister Piyush Goyal met with Skoda Auto Volkswagen to promote electric vehicle manufacturing and increase localization. High import dependence is classified based on the percentage of domestic demand met by imports.
DGTR begins anti-dumping probe against certain aluminium imports from China, others
The Directorate General of Trade Remedies (DGTR) has launched an anti-dumping investigation into aluminium extrusion imports from China, Malaysia, Vietnam and Thailand following a complaint by the Aluminium Extrusion Manufacturers Association of India.
Govt may extend support measures in FY28 Budget to boost manufacturing of 100 products: Official
The government may announce Budget 2027-28 support measures to boost domestic manufacturing of 100 products, including auto components, chemicals and machinery, to reduce import dependence. DPIIT has identified the products after consultations with ministries and industry.
Pharma industry steps up API investments to cut import dependence, move up value chain
India's pharmaceutical sector is shifting towards high-value medicines and reducing reliance on imports through local manufacturing. Investments in active pharmaceutical ingredients and advanced therapies are on the rise to meet new healthcare demands. Industry leaders highlight the significance of supply-chain resilience and advancements in manufacturing capabilities. Recent data indicates strong domestic market growth and increasing pharmaceutical exports.
DGFT invites applications for vehicle import quotas under India-UK FTA
The government of India has opened applications for importers seeking duty concessions under the India-UK trade pact. This initiative relates to a quota of 24,500 passenger cars and 2,750 transport vehicles. The applications are accepted from November 6, 2026 to November 21, 2026, according to the Directorate General of Foreign Trade. The Comprehensive Economic and Trade Agreement allows reduced tariffs on vehicle imports between the two nations.
DGTR recommends imposition of quantitative restrictions on soda ash imports for 2 years
The Directorate General of Trade Remedies has signaled its intention to introduce protective measures to curb the influx of soda ash imports. This action responds to an appeal from the Alkali Manufacturers Association of India due to a troubling spike in imports. The proposed two-year quantitative restrictions will allocate specific quotas per country, distributing these annual restrictions in quarterly segments to ensure domestic manufacturers are protected.
Renewable energy could save India $240 billion in coal, gas imports by 2030: IEA
The savings are expected to increase as solar and wind power displace imported fossil fuels, with annual savings projected to reach around USD 35 billion by 2030, exceeding India's actual non-coking coal and natural gas import bill in the financial year 2024-25.
Nvidia chips pile up in Hong Kong as China withholds import approval
About 600,000 of Nvidia's advanced artificial intelligence chips are stored in Hong Kong awaiting shipment to mainland China, two people familiar with the matter said, as Beijing withholds approval for large-scale imports despite demand from technology firms.
Centre proposes 10 new entry points for drug imports into India, Noida airport included
The Centre has proposed expanding India's authorised import network for pharmaceuticals and medical devices by adding ten new locations. These include Noida International Airport and several inland container depots across industrial hubs in India. This expansion aims to simplify the import process and reduce transportation costs for companies. The health ministry has invited public feedback on the draft amendment to Drugs Rules, 1945.
Indian battery component makers face up to 61% cost disadvantage against imports: Report
Indian battery component manufacturers are facing cost challenges that make local production more expensive than imported goods. The report indicates that high input costs hinder the growth of domestic manufacturing capabilities. Battery demand in India is expected to rise significantly by 2037, creating urgency for improvements in local production. The government is considering incentive options to support the industry and bridge the cost gap.
India's palm oil imports hit 14-month high, soyoil purchases set record
In October, India experienced a surge in palm oil imports to 866,000 metric tons. Soyoil imports reached a record high of 653,000 tons, reflecting increased demand. The overall edible oil imports rose by 13%, reaching 1.74 million tons during the festive season. This demand is driven by concerns about limited domestic supplies and El Nino-related crop damage.
Festive demand lifts dry fruit, chocolate imports this season
During the festive season, India's import of tree nuts and chocolates rose significantly, reflecting a 10-12% annual demand increase. The reduction in goods and services tax has made these gourmet products more accessible to consumers. In 2025, dry fruit imports during this period accounted for a substantial share of annual purchases.
RBI eases forex rules for services exports and imports
The changes form part of the Foreign Exchange Management (Export and Import of Goods and Services) which came into effect from October 1, 2026. Under the amended regulations, a resident individual exporting services will be deemed to have submitted the Export Declaration Form, or EDF, once the individual provides the authorised dealer bank with the information required to credit the payment to the exporter's account. No transaction-value threshold has been prescribed for resident individuals.
Gold smuggling jumps to 50 tonnes as 15% import duty widens gap for unofficial supply
Gold smuggling in India is estimated to have surged to 50 tonnes in the September quarter from three tonnes a year earlier after import duty rose to 15% from 6%, according to the World Gold Council. Meanwhile, demand remained 29% lower year-on-year as record-high prices weighed on purchases.
India’s illegal gold imports surge 1,500% after tax hike
India's illegal gold imports surged dramatically in the third quarter of 2023, reaching 50 metric tons. This rise is attributed to the government's recent duty hike on gold and silver imports. The increase in informal shipments is linked to previous tax increases that incentivized smuggling and cash sales. Gold demand typically rises during major festivals, though year-on-year metrics indicate a decline.
Why is India's probe of Scotch imports from Britain rattling liquor majors?
India's investigation into bulk Scotch whisky imports has triggered the first major trade dispute under the India-UK free trade agreement. The government argues bulk Scotch does not qualify for reduced import tariffs, potentially restoring duties to 150% from 75%. The dispute threatens a $65 billion global whisky market, putting Diageo, Pernod Ricard and Indian liquor makers at odds with customs officials.
Vizhinjam port receives first import container, marks new milestone
Vizhinjam International Seaport has received its first import container, marking a significant operational milestone. The container was shipped from Ningbo, China, and will support the construction sector. Import processes will now occur directly at the seaport, improving efficiency for local businesses. This new system is expected to enhance revenue retention and create job opportunities in related sectors. Overall, this marks the expansion of Vizhinjam's role as a direct service port.
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