PR Resource – Muarateweh.net

The export of spices which was at a modest level of Rs 785.89 crore in 1995-1996 has recorded multifold rise to cross Rs 3,000 crore mark by February this year.

A Spices Board (India) Spokesman told UNI here that turmeric (whole) and paprika Oleoresin from Tamil Nadu, black pepper from Kerala and Karnataka, mustard, corriander and dill seeds from Rajasthan and other such spices and condiments are gaining popularity in various countries like Poland, Israel, Lativia, Slovakia, Nepal, Ukrain, Turkey and Saudi Arabia.

He said export of spices which was targeted at Rs 2,500 crore during 2006-2007 had already exceeded the target and crossed Rs 3,020 crore mark by February end this year and was expected to go up around Rs 3,500 crore by the March end.

As compared to the achievement, the export earnings from these commodities were Rs 2,100 crore in 2005-2006, the spokesman said. (continue reading…)

Russia’s PGM licensing auithorities have now cleared Norilsk Nickel to recommence shipments of platinum, rhodium, iridium, osmium, and ruthenium.

The federal Ministry of Economic Development and Trade Ministry told Mineweb that the export licences required — delayed since January 1 — were formally re-issued on April 23. The public announcement was then delayed for two days.

Norilsk Nickel told Mineweb it has read press announcements, but has yet to confirm the details directly and officially.

The new export authorization is good to the end of 2008. Sergei Gorny is the government official in charge of the licensing process, and his government agency, Almazjuvelirexport, is the commission (continue reading…)

KARACHI – (APP) – Export of Pakistani rice, both basmati and coarse rice will be increased by at least 10 per cent in quantity and 15 to 20 per cent by value this fiscal. Chairman Rice Exporter Association of Pakistan (REAP) Abdul Aziz Maniya said here Thursday that the international prices of basmati rice have surged by 35 to 40 per cent since November 2006, due to crop shortage in leading rice producing countries.

“The average price of basmati is $ 850 per ton now, rising from $ 650 per ton last year from November 2006. Similarly, 30 per cent broken IRRI-6 is exported at $ 265 per ton. This was $ 215 per ton at the start of the season”, he added.

Maniya said that 5 per cent broken is about $ 3Ǡ per ton. This was 250 per ton in November. (continue reading…)

The leading Iranian diesel automotive manufacturer, Iran Khodro Diesel (IKD), says it will export heavy and commercial vehicles to Gambia.

Deputy managing director of IKD for export affairs Ali Ebrahimi and Gambia’s Foreign Minister Bala Garba Jahumpa signed the $ 2b deal for export of heavy and commercial vehicles, including buses and trucks, to Gambia, IRNA news agency has reported.

Addressing the ceremony held for signing the deal, the Gambian Foreign Minister said, “Gambia has planned to secure bulk of the needs of its transportation fleet from IKD given the Company’s increasing capability in manufacturing and designing various kinds of vehicles.”

“Expansion of ties between Iran and Gambia is a major factor for our tendency to purchase such vehicles from Iran”, he noted. (continue reading…)

In what could cause concern to India, Russia has reportedly permitted China to re-export its RD-93 fighter engines to Pakistan.

“This permission will enable the supply of 150 Chinese JF-17 fighter aircrafts to Pakistan, and help implement the contract for the supply of Russian engines worth USD 238 million,” Russian daily ‘Kommersant’ reported today.

Quoting a Kremlin official, the daily said said that Russia and China have agreed on the joint assembly of JF-17 fighter aircraft with RD-93 engines, and their supply to third countries.

RD-93 engines were initially developed by Russia for modernisation of MiG-29 frontline fighters.

According to Kommersant, under the Sino-Russian Fighter Assembly Agreement, third countries (continue reading…)

Reuters) – Indian shares rose 0.6 percent on Wednesday, led by gains in banks and Reliance Industries Ltd., but export-focused software services firms fell as the rupee climbed to a fresh nine-year high.

Banks were propelled higher after the central bank held interest rates steady at its policy review on Tuesday, raising hopes demand for loans would remain strong.

The benchmark 30-issue BSE index ended up 0.57 percent, or 81.05 points, at 14,217.77, with 18 components gaining. The index is 3.4 percent below a record high of 14,723.88 hit on Feb. 9.

“Although the sentiment is positive, we should stall somewhere at these levels,” said Jayant Pai, vice president of equity sales at Parag Parikh Financial Services. (continue reading…)

The apparel industry, which is one of the largest employment generators of the Indian economy, had made a comeback in 2005, posting record production and exports growth, fuelled by the opening of new opportunities after removal of quotas. From a gradual decline in the growth rate in 2006, exports have actually stared falling in 2007. The first actual decline in exports to US was reported in January 2007. The trends in exports to US is an important indicator of the overall health of the sector as it accounts for 35% of apparel exports from India.

February 2007 has seen 2.9% decline in exports to US in quantity term. This can be largely contributed to the 1.05% appreciation in rupee during February, 07 compared to January, 07. The appreciation is detrimental to the exporters, it makes the exports costlier forcing suppliers to move to lower cost sourcing destinations or shifting the imports from India to lower value goods. This is evident from the decline in quantity terms and the 10.5% decline in unit value (continue reading…)