Port Wings 21 March 2018 Issue

Page 1

For All Type of Marine & General Insurance

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Mar. 21st - 27th Issue

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Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741

Wednesday, March 21, 2018

8 Pages

Big Decelerating Trend in Export Growth Major Worry: FIEO President New Delhi Port Wings News Network he exports data for February, 2018 are not encouraging, said Mr Ganesh Kumar Gupta, President, FIEO, as engineering, apparels, gems and Jewellery, cotton textile and carpets are showing negative growth. Leaving petroleum exports, the overall growth comes to 1% in February. We are worried about gems and Jewellery exports, said FIEO Chief as sector is facing huge liquidity issue as banks are tightening their norms, which does not augur well for its exports in next few months. President FIEO said that domestic issues affecting exports should be looked into as despite global challenges and increasing protectionism, China clocked over 44% growth in February. Mr Gupta also expressed his concern with the rising trade deficit, as export growth is not keeping pace with import growth, which for the month of February, 2018 showed a growth of 11.02% against export growth of 4.48%, leading the trade deficit for the fiscal to even may surpassing USD 150 billion mark. Only 18 out of 30 major product groups were in positive territory during February, 2018 including Petroleum, Electronic goods, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals, Plantations, Plastics & Linoleum, plantations and Marine exports. Mr Gupta hopes that the decision made by the government for speedy clearance of IGST and ITC refund of exporters through Refund Fortnight initiative from March 1529, 2018 by CBEC and Commercial Taxes Departments of States/Union Territories will help in changing

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Mr Ganesh Kumar Gupta, President, FIEO,

the decelerating trend of growth in exports. INDIA’S FOREIGN TRADE: February 2018 I. MERCHANDISE TRADE EXPORTS (including re-exports) Exports during February 2018 have exhibited positive growth of 4.48 per cent in dollar terms vis-à-vis February2017. Exports have been on a positive trajectory since August 2016 to February 2018except for a temporary setback in October 2017. Exports during February 2018were valued at US$ 25834.36million as compared to US$ 24726.71 million during February 2017. In Rupee terms, exports were valued at Rs.166305.72 crore as compared to Rs.165855.64 crore during February 2017, registering a riseof 0.27 per cent. During February 2018, major commodity groups of export showing positive growth over the corresponding month of last year are Petroleum Products (27.44%), Organic & Inorganic Chemicals (30.41%), Drugs & Pharmaceuticals (13.92%), Rice (21.29%) & Electronic Goods (29.71%).

Cumulative value of exports for the period April-February 2017-18 was US$273730.91 m i l l i o n (Rs1762897.63 crore) as against US $246550.17 million (Rs1656399.85 crore) registering a positive growth of 11.02per cent in Dollar terms and 6.43per cent in Rupee terms over the same period last year. Non-petroleum and Non Gems & Jewellery exports in February 2018 were valued at US$ 18792.79 million as against US$ 18176.00 million in February 2017, an increase of 3.39%. Non-petroleum and Non Gems and Jewellery exports during April-February 2017-18 were valued at US$ 200030.96 million as compared to US$ 179457.88 million for the corresponding period in 2016-17, an increase of 11.46%. IMPORTS Imports during February 2018 were valued at US$ 37813.57 million (Rs243420.48 crore) which was 10.41 per cent higher in Dollar terms and 5.96 per cent higher in Rupee terms over the level of imports valued at US$ 34248.44 million (Rs. 229723.10 crore) in February 2017. Cumulative value of imports for the period April-February 2017-18 was US$ 416865.64 million (Rs. 2684600.75 crore) as against US$ 344408.90 million (Rs. 2314510.09 crore) registering a positive growth of 21.04per cent in Dollar terms and 15.99per cent in Rupee terms over the same period last year. Major commodity groups of import showing high growth in February 2018 over the corresponding month of last year Contd. on page -2

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Wing 4 Feather 31

BJP-led NDA Scraps Congress-led UPA’s Stand on Ram Setu in Apex Court New Delhi Port Wings News Network aking the unexpected but anticipated move on Ram Sethu, the BJP-led NDA in the Centre on 16 March informed the Supreme Court that Adam’s Bridge or ‘Ram Sethu’ will not be affected while executing the Sethusamudram Shipping Canal project (SSCP), a shipping route through the waters between India and Sri Lanka. The Shipping Ministry conveyed the “decision” to the Apex court in an affidavit. “That the Government of India intends to explore an alternative to the earlier alignment of Sethusamudram Ship Channel project without affecting/damaging the Adam’s Bridge/Ram Sethu in the interest of the nation,” the affidavit said. 6 MONTHS TO CENTRE TO EXPLAIN Supreme Court had given six months to Centre to explain if it wanted to remove the Ram Setu or protect it. According to Hindu mythology Ram Setu was built by an army of monkeys for Lord Ram. The Ram Sethu bridge has been embroiled in controversy since 2005 after the then Congressled government proposed the Sethusamudram Shipping Canal Project. It is now clear that the ‘Ram Sethu’, which according to Hindu mythology was built by an army of monkeys for Lord Ram and his warriors to cross over to Lanka to rescue Sita, will not fall victim to the controversial Sethusamudram Shipping Canal project. Victory to Subramanian Swamy On the other hand, BJP leader Subramanian Swamy won a major

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FUMIGATION SERVICES PVT LTD.,

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battle to save the Sethu when the Narendra Modi government told the Supreme Court that it “would not touch” the bridge with a Hindu mythological significance for building the project, aimed at

linking the east and west coasts of the country, but find an alternative position for it. This is a complete U-turn from the stand of the UPA regime. “Government of India intends to explore an alternative to the earlier alignment of Sethusamudram Shipping Canal Project without affecting/damaging the Adam’s Bridge/Ram Sethu in the interest of the nation,” the Centre said in an affidavit submitted through Additional Solicitor General Pinky Anand. “Considering the socio-economic disadvantages, the government does not want to implement the said alignment. Will explore an alternative without damaging the Ram Sethu,” it added. The affidavit incidentally comes close on the heels of a researchbased programme in the US-based Discovery Science channel which showed that the sethu is man-made and not natural. The Ram Sethu bridge - also known as the Adam’s Bridge - is a 50-km stretch from Rameswaram Island in Tamil Nadu to Mannar Contd. on page -2

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Inside

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Chidambaranar Port Commissions Mobile... Pg-2 e- SANCHIT – Step-By-Step Procedure For... Pg-3 V O Chidambaranar Port Surpasses Previous... Pg-4 Customs Study Shows Import Release Time... Pg-4 Pg-5 India, ADB Sign $120 Million Loan to... Pg-6 Vessel Position at Terminals and Ports... Pg-7 Latest Customs Exchange Rates... GST Implementation Brings in Global Players... Pg-7

DP WORLD Announces Strong Financial ...

Pg-8

RNI No. TNENG/2014/59741 Postal Registration No. TN/CNI/GPO/067/2015-17 Posted at Pathrika Channel, Egmore, RMS, Chennai-8. Date of Publication - Tuesday, Posted on Tuesday / Wednesday


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