Mozambique
(Source : High Commission of India, Maputo)

Mozambique has a favourable balance of trade with Asia in 2018

According to the National Statistics Institute (INE), Mozambique exported products amount of US$493 million in the first quarter of 2018 to Asia, against US$337.8 million imports from Asia. Mineral coal from Moatize in Tete province, heavy sand minerals from Moma in Nampula province, wood, seafood, aluminium and precious stones were the best-selling Mozambican products mainly to India, China, Singapore and United Arab Emirates. On the other hand, Mozambique imported products such as electronic devices for cell phones, rice, automobiles, medicines, petroleum products mainly from India, China, UAE etc.

Monthly trade figures: May 2018 (As per DGCIS)

                                                                                                                                                  Values: Million US$

Note: The figures in parenthesis represent the percentage change compared to the previous period.

Thailand
(Source : Embassy of India, Bangkok)

RBI raises key interest rates again
Bangkok Post 02.08.2018

The Reserve Bank of India raised interest rates for the second straight meeting yesterday, but retained its “neutral” stance as it aimed to contain inflation while not choking growth. The RBI’s Monetary Policy Committee (MPC) raised the repo rate by 25 basis points to 6.50%. In June, the MPC also increased the key rate by 25 bps. The reverse repo rate was also raised by 25 basis points, to 6.25%. The rate action was in line with a Reuters poll last week, which showed 37 of 63 economists expecting a rate increase. “The swiftness with which the central bank has responded to the jump in inflation should prevent the need for very aggressive policy changes in the future,” Capital Economics analyst Shilan Shah said in a note. The bank’s decision to raise rates comes as global central banks, such as the US Federal Reserve, the Bank of England and the Indonesian central bank also adopt a tightening path.

Tata to cease local assembly Indian maker will sell pickups by import only
Bangkok 03.08.2018

Amid fierce competition in Thailand`s pickup truck market, Indian carmaker Tata Motors has decided to stop assembly of pickups in Bangkok this financial year (ending next March). The Mumbai-based firm on Tuesday announced that it would sell vehicles in Thailand through imports after ending local production.For the local facility, Tata incurred a loss of 1.7 billion rupees (823.5 million baht) last year, the parent firm said in a release. The 500-million-baht Bangkok plant has capacity to assemble 8,000 Tata Xenon pickups and 2,500 Tata Super Mint mini trucks via one-shift operations, according to local unit Tata Motors Thailand. Tata`s Bangkok facility serves both local and overseas markets, with the Xenon exported to Malaysia and Australia. Tata hired Bangchan General Assembly Co (BGAC) to run its assembly in Bangkok through a five-year contract that could be renewed every five years.

Suggesting to invade in Indian retail business
Post Today 03.08.2018

Adul, Director of Department of Foreign Trade, Ministry of Commerce has launched the seminar under “India, Challenging market” in “ SME Matching Day 2018” which was held by Post Today and Kasikorn Bank. He said that India retail market is full with the most potential in the world. India’s retail market has about 672 billion dollars value in 2016 which is more than overall GDP of Thailand.

Venezuela
(Source : Embassy of India, Caracas)

Potential products of exports for India

Auto-parts : India is one of the top manufacturers of auto-parts in the world. Venezuela is in dire need of auto-parts for all kind of Vehicles.

Pharmaceutical products : Venezuelan pharmaceutical industry is severely affected by the lack of private investment and relies heavily on the imports for drugs and pharmaceuticals. India is one of the leading manufacturers and exporters of pharmaceuticals in the world and enjoys acceptance in the Venezuelan market due to its quality and competitive prices.

India – Venezuela relations:

Venezuela`s declining crude exports squeeze India`s refiners: According to media reports, Venezuela’s crude shipments to India, fell 21% in the first half of the year, adding to supply troubles for Indian refiners. Venezuela’s production has declined to 30-year low and export woes stemming from mismanagement, lack of investment and payment delays are affecting almost all the nation’s customers but the impact on India is noticeable. In early July, PDVSA officials met with executives from India’s Reliance Industries and Russia’s Rosneft, which owns a majority stake in India-based Nayara Energy, to discuss trade issues. Venezuela sent almost 280,000 barrels per day (bpd) of heavy crude to India in the first half of the year, a 21% drop versus the 355,500-bpd shipped in the same period of 2017, according to the report. The decline is the second steepest after the United States, which has suffered a drop of about 30% in crude imports from Venezuela this year. Indian refiners need the barrels they get through crude supply contracts with PDVSA. Venezuela’s crude output is declining faster than expected amid insufficient investment, attempts to seize its overseas assets over payment disputes and skilled workers leaving its oil industry due to low salaries and an extended corruption probe within PDVSA.

Venezuela will continue to sell oil to India: According to media reports, Venezuelan Ambassador in Delhi has said that the country’s plans are on to boost production at home and that oil trade with India will continue unabated despite U.S. sanctions. “Venezuela has been affected by U.S. sanctions. These are economic sanctions, aggression, against the people of Venezuela. As a result, production has come down. But we will continue our oil trade with India,” Ambassador Augusto Montiel said. Venezuela shipped 280,000 barrels per day (bpd) of heavy crude to India in the first half of the year, down from 355,500 bpd shipped in the corresponding period of last year. The Latin American country’s oil production averaged 1.58 million bpd in the first five months of 2018, its lowest annual level since 1985. “Oil is the world’s most wanted resource. And Venezuela has the world’s largest certified oil reserves. It also has huge coltan reserves. That’s why they are after Venezuela,” he said, referring to the U.S. sanctions. Mr. Montiel said India had assured Venezuela that it would not support unilateral sanctions. “With all our international associates, including India’s ONGC, we are planning to increase oil production,” said the diplomat. Regarding the economic crisis and hyperinflation, Mr. Montiel said Venezuela’s new cryptocurrency, Petro, will start circulating from August 20. Petro is pegged to the international price of oil. Asked if India would change to the cryptocurrency for trade, he said India is yet to accept the digital currency system, but “we don’t have any problem with India’s choice for the payment currency.” “The aggression against countries like Venezuela and Iran by the U.S. is hurting India as well... Multilateralism is in threat because of these sanctions,” said the Ambassador.