Ethiopia
(Source : Embassy of India, Addis Ababa)
Bilateral Trade: According to Ethiopian Revenues and Customs Authority, India’s total trade with Ethiopia stood at US$1.133 billion in 2017, out of which India’s exports to Ethiopia were US$1.090 billion and imports were US$43.2 million. India’s trade with Ethiopia is diversified and composed of primarily manufactured products. Among India’s top exports to Ethiopia Exports from India consisted mainly of primary and semi-finished iron and steel products, drugs and pharmaceuticals, machinery and instruments, manufactures of metal, etc. Major imports by India from Ethiopia were: semi precious stones, pulses, leather, oil seeds and vegetables & seeds. India is currently the third most important source of imports for Ethiopia, contributing 7.26% of all of Ethiopia’s imports next to China and USA. However, total trade has come down to US$ 1.09 billion in 2017 from US$1.30 billion in previous year same period. Indian exports to Ethiopia faced unfavourable conditions like penetration of low-priced Chinese goods into Ethiopian market and shortage of foreign exchange in the market. Ethiopia’s export to India reduced to US$43.2 million in 2017 from US$68.4 million in previous year same period.
Venezuela
(Source : Embassy of India, Caracas)
Venezuela and India Meet to Strengthen Commercial Ties: Venezuela and India are strengthening their strategic commercial alliances during a visit to India by Venezuelan Foreign Minister Mr Jorge Arreaza, for the Summit of the International Solar Alliance (ISA). Arreaza, who led the delegation, was accompanied by the head of the Ministry of Oil and Mining Popular Power, Mr Manuel Quevedo, and the Minister of Foreign Trade and International Investment, Mr José Gregorio Vielma Mora. "We evaluated proposals to invest in Venezuela and produce finished goods in alliance with India; we evaluated the promotion (of these goods) and judicial aspects, and the renewal of commerce between the people," Mora said. In a meeting with Mr Suresh Prabhu, India`s Minister of Commerce and Industry, the Venezuelan delegation presented the contents of the nation`s new Law for Foreign Productive Investment, drafted by President Nicolas Maduro. The two nations also discussed cooperation in other areas, such as development economics and "the well-being of our people," as Mora said. Minister Quevedo held a meeting with his Indian counterpart, in which they outlined other strategies to strengthen commercial ties between the two nations.
Venezuela wants to ditch US Dollar and use Indian Rupee for Trade: During a recent visit to India, Venezuelan Foreign Minister, Mr Jorge Arreaza, said that Venezuela was interested in conducting transactions with the Indian government and business sector using India`s national currency, the Indian Rupee (INR), instead of U.S. Dollar. "We don`t want to use dollar at all," Mr Arreaza said, according to the Times of India. "We want to import technology, food products, and medicines by paying (Indian) rupees and they will pay us (Venezuela) not in (US) dollars but in Rupees." The foreign minister attended the Foundational Conference of the International Solar Alliance (ISA) in New Delhi. "After President Maduro hopefully gets re-elected, he will visit India and also extend an invitation to Prime Minister Narendra Modi to visit Caracas," the Venezuelan foreign minister added.
India`s oil imports from Venezuela hit lowest in over five years: According to media reports, Indian imports of oil from Venezuela have fallen to their lowest levels in over half a decade. India’s oil imports from Venezuela averaged around 300,000 barrels per day (bpd) between November 2017 and February 2018, a drop of about 20% from the same period a year earlier and the lowest such level since 2012. Venezuela’s oil production plunged to the lowest in decades last year, with the country racked by quadruple-digit inflation, a lack of hard currency and a crippling recession. The report mentions that the five-year average of Venezuelan crude oil to India is around 440,000 bpd.
Venezuelan delegation met Indian Tractor company: The Venezuelan Government received a proposal from India to work on the production of tractors in the South American country, as informed by the Minister of Foreign Trade and International Investment, Mr José Gregorio Vielma Mora. "We are pleased to inform Venezuela that we received an investment proposal for the production of tractors in our country, along with the company Sonalika Tractors from India and Venequirca from Venezuela," he said through his Twitter account. "We continue fulfilling the work agenda in New Delhi, looking for opportunities for the homeland in the agricultural area, for production. We have designated Embassy of Venezuela in India to promote investments", he added.