YEARS
Vol. LX No. 99 th FRIDAY 12 JUNE 2020
E-Mail: dailyshipping@gmail.com
See Pg. 3
www.dst.news
Piyush Goyal meets officials to discuss measures of increasing exports and reducing import NEW DELHI: Commerce and Industry Minister Piyush Goyal held a review meeting with senior officials of the ministry and discussed measures to increase exports, reduce import reliance and boost domestic manufacturing. He also discussed the future course of action in the post-coronavirus era to make India an industrial powerhouse with the officials of the Department for P romotion of Industr y and Internal Trade (DPIIT). “Held a review meeting with officials from the Department of Commerce… discussed measures to increase and diversify exports, reduce import reliance and boost domestic manufacturing,” the minister said in a tweet.
The performance of the country’s exports is expected to be better in May and June as compared to the steep fall recorded in April, when the shipments contracted to an all-time high of 60.28 per cent, Goyal has said earlier. Shri Piyush Goyal Contracting for the second straight month, India’s exports shrank by a record 60.28 per cent in April to USD 10.36 billion, mainly on account of the coronavirus lockdown. Imports also plunged by 58.65 per cent to USD 17.12 billion in April, leaving a trade deficit of USD 6.76 billion as against USD 15.33 billion in April 2019. Cont’d. Back Pg.
After steep falls, June exports llikely to show signs of improvement NEW DELHI: After steep double-digit declines for three months, India’s exports are estimated to have dropped by just 0.8% during the first week of June due to a spike in the value of shipments to several Asian countries, led by China, amid indications of a pick-up in economic activity. Although the initial signs of improvement may be on account of bunching of shipments, there are other indicators, such as a jump in the number of e-way bills for goods transported within the country, which point to more manufacturing and services activity as the economy recovers from the lockdown.
Against a daily average of 13 lakh e-way bills in March, the number rose to 14.4 lakh on Monday, 8th June which is around 70% of the February average. The government is, however, more surprised with the improvement in exports, which were estimated at $5 billion during the first week of June. During May, exports are estimated to have declined by around 36% to $19 billion, after a 60% drop in April. In the initial days of June, petroleum product exports to China and Singapore were cited as one of the reasons for the improvement with fuel shipments estimated to have jumped nearly 90% to $717 million in the first week of June. Cont’d. Back Pg.
Bangladesh-India Transshipment trial run expected this month NEW DELHI: In the first trial run of the trans-shipment of Indian goods through Bangladesh will take place this month amid the Covid-19 pandemic, according to sources. After the trial, and based on its outcome, a full phased trans-shipment movement of Indian vehicles through Bangladesh’s roads will get underway soon. In the first trial, India will carry goods to Tripura and adjoining states via Akhaura and Bibirbazar land port of Bangladesh after they arrive at Chittagong port. Recently, the High Commission of India in Dhaka had written to the Shipping Ministry, requesting a date for the trans-shipment trial run. That letter, having got the nod of the Shipping Ministry, is now awaiting a green light from the National Board of Revenue (NBR) and the Roads and Highways Department, on the clearance of which the trial run will start. State Minister of Shipping Khalid Mahmud Chowdhury was quoted as saying that this trans-shipment would benefit the economies of both Bangladesh and India. “In addition, it will enhance our regional connectivity too. “The Shipping Ministry is ready to start the trans-shipment within a very short time,” he said. A source at the Indian High Commission said that the mission also expected the trans-shipment trial run to take place by the end of June. Tariff and Charges Sources in the Shipping Ministry said that tariff and charges for the cargo had already been fixed by the inter-government authority of Bangladesh and India. The shipping secretaries of Cont’d. Back Pg. both countries happen to be leading this team.
E Mail : info@national-carriers.com