Kuwait
(Source : Embassy of India, Kuwait)
Bilateral Trade: India’s exports to Kuwait for the month of April 2019 was recorded at USD 103.52 million, a negative growth of 11.5 percent YOY, while imports from Kuwait amounted to USD 675.15 million, up 18.71 percent YOY. Total bilateral trade in the month of April amounted to USD 778.67 million (about 0.35 percent of India’s total trade). As per monthly data from India’s Ministry of Commerce and Industry Import Export Databank, India’s top items of export to Kuwait in March 2019 were cereals, electrical and heavy industrial machinery and vehicles, while India’s top imports from Kuwait comprised of mineral fuels and their derivatives, aircraft and its equipment, organic chemicals, and plastics.
Bilateral trade remained largely stable with a marginal increase in 2018-19 on a yoy basis. Total bilateral trade with Kuwait during 2018-19 was US$ 8.76 billion compared to US$ 8.5 bn in 2017-18. The trend of bilateral trade during the years 2014-15 to 2018-19 is as follows:
Bilateral trade between India and Kuwait FY 2014-15 to 2018-19
Values in US $ Millions
|
|
2014-15
|
2015-16
|
2016-17
|
2017-18
|
2018-19
|
|
India’s Exports to Kuwait
|
1,198.89
|
1,247.51
|
1,497.99
|
1,365.66
|
1,333.92
|
|
India’s Imports From Kuwait
|
13,381.97
|
4,969.69
|
4,462.28
|
7,165.69
|
7,430.82
|
|
Total Trade
|
14,580.85
|
6,217.21
|
5,960.27
|
8,531.34
|
8,764.74
|
Source: M/o Commerce & Industry, India
Note : POL imports accounted for US$ 16,121.81 million in the year 2013-14; US$ 12,228.71 million in 2014-15; and US$ 4,052.24 million in 2015-16 ; US$ 3,460.79 million in 2016-17; US$ 6,121.36 million in 2017-18 and US$ 6,427.71 million in 2018-19.
Total non-oil bilateral trade between India and Kuwait decreased by about 3.33%, i.e., from US$ 2,405.40 million in 2017-18 to US$ 2,325.18 million in 2018-19. India’s non-oil exports to Kuwait are on an upward trajectory for the past few years, with a marginal dip of 2.86% experienced in 2018-19. However, commodity-wise analysis would indicate that except for the commodity category for (industrial) pumps/boilers/valves etc., on yoy basis India’s exports have either recorded an increase or have largely remained stable. Non oil major items of exports from India include machinery and mechanical appliances; cereals; articles of iron or steel; electrical machinery and equipments; ceramic products; edible fruit and nuts; apparel and clothing accessories; meat and edible meat offal; vehicles etc. Non oil major items of exports from Kuwait includes organic chemicals; plastic; fertilizers; aluminium scrap; tankers; iron and steel scrap; pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or paperboard; copper scrap; battery waste, etc.
India’s exports to Kuwait during the last six years are over US$1 billion. During 2018-19, India’s exports to Kuwait were US$ 1.33 billion and the major items exported from India to Kuwait covered a broad range including food items, cereals, textiles, garments, electrical and engineering equipment, pressure vessel reactors, industrial valves, machinery and mechanical appliances, ceramic products, cars, trucks, buses, tyres, metal products, iron and steel, etc.
India’s imports from Kuwait during 2018-19 were US$ 7.43 billion of which POL accounted for US$ 6.43 billion. The increase in Kuwait’s exports to India, compared to 2018-19, was due to the increase in crude oil price. Major imports from Kuwait (excluding Petroleum & its products) were organic chemicals; plastic; aluminium scrap; tankers; iron and steel scrap; pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or paperboard; copper scrap; battery waste, aeroplanes, etc.
Thailand
(Source : Embassy of India, Bangkok)
India raises up tax for America products
Thai Post 16.06.2019
India announced to collect tax for 28 American products including Almond and Apple products. Some products will be collected tax up to 70%. The action is to retaliate the US after the US rejected tax exemption for steel and aluminium products of India. The tax increasing measure of India has been enforced since 16 June. The increased duties apply to products including almonds, apples, and walnuts. India would implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA. The list initially included 29 goods butt artemia, a kind of shrimp, has been removed from the list. India is number two market for California almonds and Washington apples.