Stay updated with the Global Import and Export Industry with Well Formulated Information
India’s dairy industry is one of the fastest-growing industries in the world. It also ranks as the top dairy industry in the world among all the countries. Indian government’s statistics show that the production of milk grew from 210 million tonnes in 2020 to 221.1 million tons in 2021.
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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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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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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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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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