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India Import

India’s Palm Oil Imports in February 2023 Drops Due to Weak Demand

India’s palm oil dropped around 30% from January to February 2023 as refiners preferred to lower their stocks and inventories piled up following excessive imports during October-January. According to a report, India imported palm oil worth USD 1576 million in Jan 2023, that dollar amount declined to USD 968 million in Feb month, however, March month reported a slight increase to USD 1257 million. Here is a picture of India’s palm oil import market with an in-depth analysis.
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India Export

‘Made in India’ iPhones Pushes Exports of Mobile Phones to $10 Billion

With Apple expanding its smartphone manufacturing business in India and capturing 50% of the country’s market, India’s mobile phones export crossed $10 billion in Fy22-23. The newly opened Apple stores in Mumbai and Delhi are expected to push the local demand for iPhones upwards. India’s exports of mobile phones were valued at USD 9,796 million in 2022, up from USD 5,012 million reported a year earlier.
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Global Trade Data

India and Russia Discuss Shipping via Northern Sea Route

India and Russia are looking ahead to expand the use of the Northern Sea Shipping route for boosting bilateral trade. This shipping route passes through the Arctic Ocean. Both countries want reliable and safe transportation of goods through the Northern Sea Route using Russian and Indian ports. India, which has not explicitly condemned Russia’s invasion of Ukraine, emerged as the largest buyer of Russian oil after China last year.
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India Import

Indian Government Decides to Eliminate Tax on Drugs & Food Imports

Nearly 70-90 million people could benefit from the government's decision to release food and drugs imported for the treatment of all unusual disease therapies from basic customs duties. This move from the Government is indeed worthwhile when such medications were imported for personal use. It is estimated that this exemption will result in considerable cost savings for the ministry and will have indeed a great relief for Indian patients."
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