Despite global trade uncertainties, India's exports are charting a new course, venturing into uncharted territories in Africa, Latin America, and Central Asia. This expansion is driven by a surprising surge in exports of cars, motorcycles, and precious metals, highlighting a strategic shift beyond traditional commodities like textiles and spices.

India's export growth story is about more than just established players. The key driver lies in its remarkable success in penetrating "absolutely new markets." These regions, previously uncharted by Indian exports, have witnessed a significant influx of $234 million worth of goods, including cars, two- and three-wheelers, and precious metals, during the April-December 2023 period. This translates to a 5% growth in exports for key sectors.

The focus on new markets extends beyond just value. Geographically, India is witnessing a significant expansion. Previously on the periphery of India's export map, regions like Central Asia, Africa, and parts of the Americas are now contributing 5% of the country's total exports. This reduces dependence on traditional markets and fosters stronger trade partnerships and economic cooperation across continents.

Challenges &amp; outlook

The ongoing Red Sea crisis, which has disrupted traditional shipping routes, presented a unique challenge. However, India has cleverly turned this adversity into an opportunity. By embracing longer routes via the Cape of Good Hope, new markets in Africa and the Americas are being unlocked.

India's export trajectory is undeniably positive. The proactive market diversification strategy, coupled with a focus on innovation and adaptability, positions India as a strong contender in the global trade arena. With a shrinking trade gap, rising exports, and a growing global presence, India's export story transcends mere economic figures. It embodies resilience, strategic foresight, and the potential to reshape the global trade landscape in the times to come.

Despite global trade uncertainties, India's exports are charting a new course, venturing into uncharted territories in Africa, Latin America, and Central Asia. This expansion is driven by a surprising surge in exports of cars, motorcycles, and precious metals, highlighting a strategic shift beyond traditional commodities like textiles and spices.

Despite global trade uncertainties, India's exports are charting a new course, venturing into uncharted territories in Africa, Latin America, and Central Asia. This expansion is driven by a surprising surge in exports of cars, motorcycles, and precious metals, highlighting a strategic shift beyond traditional commodities like textiles and spices. India's export growth story is about more than just established players. The key driver lies in its remarkable success in penetrating "absolutely new markets." These regions, previously uncharted by Indian exports, have witnessed a significant influx of $234 million worth of goods, including cars, two- and three-wheelers, and precious metals, during the April-December 2023 period. This translates to a 5% growth in exports for key sectors. The focus on new markets extends beyond just value. Geographically, India is witnessing a significant expansion. Previously on the periphery of India's export map, regions like Central Asia, Africa, and parts of the Americas are now contributing 5% of the country's total exports. This reduces dependence on traditional markets and fosters stronger trade partnerships and economic cooperation across continents. Challenges & outlook The ongoing Red Sea crisis, which has disrupted traditional shipping routes, presented a unique challenge. However, India has cleverly turned this adversity into an opportunity. By embracing longer routes via the Cape of Good Hope, new markets in Africa and the Americas are being unlocked. India's export trajectory is undeniably positive. The proactive market diversification strategy, coupled with a focus on innovation and adaptability, positions India as a strong contender in the global trade arena. With a shrinking trade gap, rising exports, and a growing global presence, India's export story transcends mere economic figures. It embodies resilience, strategic foresight, and the potential to reshape the global trade landscape in the times to come.

India's exports defy global headwinds: Reaching new shores in Africa, Latin America, & Central Asia

The Red Sea has been the centre of military escalation in the last few weeks with fears of the Israel-Hamas war spreading to neighbouring nations. Yemen's Iran-backed Houthi rebels have targetted commercial vessels in the Red Sea using missiles, drones and helicopters.&nbsp;They claim that the ships they are targeting are linked to Israel, but the major impact of this ongoing crisis has been on global trade as vessels are now avoiding this crucial route.&nbsp;

The Red Sea, a seawater inlet of the Indian Ocean, lies between Africa and Asia and is a route that is fundamental for global supply chains. But recent escalations have raised fears that costs for certain goods could skyrocket.&nbsp;

<h2>Red Sea shipping route&nbsp;</h2>

The Red Sea connects the east coast of the United States with the far eastern region, and also the North Europe and Eastern Mediterranean, making it&nbsp;extremely important for shipping.&nbsp;

The six countries bordering the Red Sea proper are, Saudi Arabia and Yemen on the eastern shore, and Egypt, Sudan, Eritrea, and Djibouti on the western shore.&nbsp;

It is connected to the Indian Ocean in the south through the Bab al-Mandab Strait and the Gulf of Aden. On the other hand, the Sinai Peninsula, the Gulf of Aqaba, and the Gulf of Suez, which leads to the Suez Canal, are in the north.&nbsp;

<img alt="red sea route" data-entity-type="file" data-entity-uuid="74aacf41-697d-4945-99f5-ae3ccb6eb3dc" src="//cdn.wionews.com/sites/default/files/inline-images/red%20sea%20route.png" />

Image provided by&nbsp;S&amp;P Global Commodity Insights.&nbsp;

The route through the Red Sea shortens the travel time also. In the case of the Eastern Mediterranean, the time is shortened by about three weeks around one week to the US East Coast, and 10 to 14 days to northern Europe.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/houthis-go-ballistic-in-red-sea-after-netanyahus-rejection-of-palestinian-state-681403">Houthis go 'ballistic' in Red Sea after Netanyahu rejects Palestinian state</a>&nbsp;

<h2>What are the alternate routes?&nbsp;</h2>

As an alternative, the shipping companies can opt for the far longer &nbsp;Cape of Good Hope route along South Africa to reach the west. However, this would delay the journey by around two weeks and also incur extra costs - around $1.25 million per sailing depending on where it is going.&nbsp;

Italian&nbsp;and French ports&nbsp;are worried about being bypassed, because ships steer away from the main Mediterranean route.&nbsp;"We are not observing a significant impact as of today but it's a concern," Christophe Castaner, chairman of Marseille port, told a press conference.&nbsp;

S&amp;P Global Commodity Insights data revealed that around 12 per cent of global trade passes through the Suez Canal - Bab al-Mandab, representing 30 per cent of all global container traffic. About 95 per cent of vessels have rerouted around the Cape of Good Hope, adding 4,000 to 6,000 nautical miles, and 14 to 20 days to journeys.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/red-sea-ship-attacks-inside-disrupted-shipping-route-over-west-asias-gate-of-tears-673216">Red Sea ship attacks: Inside disrupted shipping route through West Asia's 'gate of tears'</a>&nbsp;

<h2>Impact on India's exports to Europe</h2>

India's Commerce and Industry Ministry said recently that the Red Sea shipping crisis could impact India's exports to Europe the most as about 80 per cent of the outbound shipments to Europe take place through the Red Sea region.&nbsp;

As quoted in media reports, a senior official said that the Indian government is considering other trade routes and has requested the Export Credit Guarantee Corporation (ECGC) not to raise insurance premiums due to growing shipping costs to Europe and rising Red Sea tensions.&nbsp;

<h2>Impact on India's oil trade&nbsp;</h2>

The S&amp;P Global Commodity Insights data revealed that Russia still maintains its position as India's top supplier, accounting for over 35 per cent of India's total crude imports, despite Indian refinery appetite for Russian crude dipping in recent months compared with the first half of 2023. The recent slowdown can be attributed to a rise in Middle Eastern flows, weather-related issues at Russian ports, heightened refinery maintenance, and increased scrutiny on ships carrying Russian oil in the wake of sanctions after it invaded Ukraine.&nbsp;

The data revealed, "Despite the current dip, it is anticipated that inflows will likely bounce back in the coming months. This resurgence is expected, as crude runs are projected to increase post-maintenance, especially with refining remaining robust and a need to meet seasonal demand growth."&nbsp;

Watch:&nbsp;India's daring rescue of ship caught in Red Sea crossfire&nbsp;

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The S&amp;P Global Commodity Insights data noted that, despite the Red Sea crisis, India's crude imports from Russia remain unaffected so far. According to CAS, as of December 27, the Red Sea route remains the preferred option for traders supplying Russian crude to Indian refiners. Notably, Russia, including the Caspian Pipeline Consortium, presently holds a substantial volume of oil at sea.&nbsp;

Russia has approximately 112 million barrels of oil on water, with a minimum of 43.7 million barrels destined for India, the latest data from CAS revealed.&nbsp;

Notably, 19.2 million barrels are positioned in proximity to the Indian subcontinent, covering the Arabian Sea, Indian Ocean East, and Southeast Asia, the S&amp;P Global Commodity Insights said, further adding that in the case of any disruptions, refiners or traders have the option to utilise these volumes to sustain refinery operations.&nbsp;

The Red Sea has been the centre of military escalation in the last few weeks with fears of the Israel-Hamas war spreading to neighbouring nations. Yemen's Iran-backed Houthi rebels have targetted commercial vessels in the Red Sea using missiles, drones and helicopters.

The Red Sea has been the centre of military escalation in the last few weeks with fears of the Israel-Hamas war spreading to neighbouring nations. Yemen's Iran-backed Houthi rebels have targetted commercial vessels in the Red Sea using missiles, drones and helicopters. They claim that the ships they are targeting are linked to Israel, but the major impact of this ongoing crisis has been on global trade as vessels are now avoiding this crucial route. The Red Sea, a seawater inlet of the Indian Ocean, lies between Africa and Asia and is a route that is fundamental for global supply chains. But recent escalations have raised fears that costs for certain goods could skyrocket. Red Sea shipping route The Red Sea connects the east coast of the United States with the far eastern region, and also the North Europe and Eastern Mediterranean, making it extremely important for shipping. The six countries bordering the Red Sea proper are, Saudi Arabia and Yemen on the eastern shore, and Egypt, Sudan, Eritrea, and Djibouti on the western shore. It is connected to the Indian Ocean in the south through the Bab al-Mandab Strait and the Gulf of Aden. On the other hand, the Sinai Peninsula, the Gulf of Aqaba, and the Gulf of Suez, which leads to the Suez Canal, are in the north. Image provided by S&P Global Commodity Insights. The route through the Red Sea shortens the travel time also. In the case of the Eastern Mediterranean, the time is shortened by about three weeks around one week to the US East Coast, and 10 to 14 days to northern Europe. Also read: Houthis go 'ballistic' in Red Sea after Netanyahu rejects Palestinian state What are the alternate routes? As an alternative, the shipping companies can opt for the far longer Cape of Good Hope route along South Africa to reach the west. However, this would delay the journey by around two weeks and also incur extra costs - around $1.25 million per sailing depending on where it is going. Italian and French ports are worried about being bypassed, because ships steer away from the main Mediterranean route. "We are not observing a significant impact as of today but it's a concern," Christophe Castaner, chairman of Marseille port, told a press conference. S&P Global Commodity Insights data revealed that around 12 per cent of global trade passes through the Suez Canal - Bab al-Mandab, representing 30 per cent of all global container traffic. About 95 per cent of vessels have rerouted around the Cape of Good Hope, adding 4,000 to 6,000 nautical miles, and 14 to 20 days to journeys. Also read: Red Sea ship attacks: Inside disrupted shipping route through West Asia's 'gate of tears' Impact on India's exports to Europe India's Commerce and Industry Ministry said recently that the Red Sea shipping crisis could impact India's exports to Europe the most as about 80 per cent of the outbound shipments to Europe take place through the Red Sea region. As quoted in media reports, a senior official said that the Indian government is considering other trade routes and has requested the Export Credit Guarantee Corporation (ECGC) not to raise insurance premiums due to growing shipping costs to Europe and rising Red Sea tensions. Impact on India's oil trade The S&P Global Commodity Insights data revealed that Russia still maintains its position as India's top supplier, accounting for over 35 per cent of India's total crude imports, despite Indian refinery appetite for Russian crude dipping in recent months compared with the first half of 2023. The recent slowdown can be attributed to a rise in Middle Eastern flows, weather-related issues at Russian ports, heightened refinery maintenance, and increased scrutiny on ships carrying Russian oil in the wake of sanctions after it invaded Ukraine. The data revealed, "Despite the current dip, it is anticipated that inflows will likely bounce back in the coming months. This resurgence is expected, as crude runs are projected to increase post-maintenance, especially with refining remaining robust and a need to meet seasonal demand growth." Watch: India's daring rescue of ship caught in Red Sea crossfire × The S&P Global Commodity Insights data noted that, despite the Red Sea crisis, India's crude imports from Russia remain unaffected so far. According to CAS, as of December 27, the Red Sea route remains the preferred option for traders supplying Russian crude to Indian refiners. Notably, Russia, including the Caspian Pipeline Consortium, presently holds a substantial volume of oil at sea. Russia has approximately 112 million barrels of oil on water, with a minimum of 43.7 million barrels destined for India, the latest data from CAS revealed. Notably, 19.2 million barrels are positioned in proximity to the Indian subcontinent, covering the Arabian Sea, Indian Ocean East, and Southeast Asia, the S&P Global Commodity Insights said, further adding that in the case of any disruptions, refiners or traders have the option to utilise these volumes to sustain refinery operations.

Rising Red Sea tensions and its potential impact on India's export and oil trade

Higher exports helped India's merchandise trade deficit come down to lower than expected at $19.8 billion in December, data showed on Monday, though officials signalled that the turmoil in the Red Sea could have an impact on this month's figures.

Economists polled by Reuters had expected a merchandise trade deficit of $21 billion in December.

<a href="https://www.wionews.com/world/israel-hamas-war-conflict-to-wind-down-in-southern-gaza-says-israel-680333">Click here to follow all updates on the Israel-Hamas war</a>

"There has been a demand upturn in December (leading to higher exports). This provides us a cushion as there are uncertainties for trade in January and going forward due to the Red Sea crisis," Trade Secretary Sunil Bharthwal said.

Nearly 80% of India's merchandise trade with Europe passes through the Red Sea where shipping has been attacked by Yemen's Iran-backed Houthi militants, in a spillover from Israel's more than three-month-long war with Hamas in the Gaza Strip

Trade ministry official Satya Srinivas told reporters India's December exports were not impacted by the Red Sea crisis, but some more recently consignments had been put on hold.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/red-sea-attacks-spark-global-inflation-fears-disrupting-supply-chains-680168">Red Sea attacks spark global inflation fears, disrupting supply chains</a>

India's merchandise exports in December stood at $38.45 billion, while imports were $58.25 billion, government data showed on Monday. In the previous month, merchandise exports were $33.9 billion, while imports stood at $54.48 billion.

Merchandise exports for the period April-December totalled $317.12 billion, while imports for the same period reached $505.15 billion, the data showed. The figures compared with $336.30 billion in exports, and $548.64 billion in imports for the same period last year.

In December, services exports were $27.88 billion, while imports were $13.25 billion. In November, services exports were $28.68 billion and imports were $13.4 billion.

Higher exports helped India's merchandise trade deficit come down to lower than expected at $19.8 billion in December, data showed on Monday, though officials signalled that the turmoil in the Red Sea could have an impact on this month's figures.

Higher exports helped India's merchandise trade deficit come down to lower than expected at $19.8 billion in December, data showed on Monday, though officials signalled that the turmoil in the Red Sea could have an impact on this month's figures. Economists polled by Reuters had expected a merchandise trade deficit of $21 billion in December. Click here to follow all updates on the Israel-Hamas war "There has been a demand upturn in December (leading to higher exports). This provides us a cushion as there are uncertainties for trade in January and going forward due to the Red Sea crisis," Trade Secretary Sunil Bharthwal said. Nearly 80% of India's merchandise trade with Europe passes through the Red Sea where shipping has been attacked by Yemen's Iran-backed Houthi militants, in a spillover from Israel's more than three-month-long war with Hamas in the Gaza Strip Trade ministry official Satya Srinivas told reporters India's December exports were not impacted by the Red Sea crisis, but some more recently consignments had been put on hold. Also read: Red Sea attacks spark global inflation fears, disrupting supply chains India's merchandise exports in December stood at $38.45 billion, while imports were $58.25 billion, government data showed on Monday. In the previous month, merchandise exports were $33.9 billion, while imports stood at $54.48 billion. Merchandise exports for the period April-December totalled $317.12 billion, while imports for the same period reached $505.15 billion, the data showed. The figures compared with $336.30 billion in exports, and $548.64 billion in imports for the same period last year. In December, services exports were $27.88 billion, while imports were $13.25 billion. In November, services exports were $28.68 billion and imports were $13.4 billion.

India sees December exports boost, but all eyes on Red Sea

India exported commodities worth $37.29 billion in December, the largest monthly total ever, as demand for engineering products, petroleum products, and gems and jewellery continued to surge.

According to preliminary figures issued by the commerce and industry ministry, India's merchandise exports totaled approximately $300 billion in April-December, rising 48.85% year on year and 26% compared to the same period in 2019.

This means India met three-quarters of its $400 billion annual export target in the first nine months of FY22.&nbsp;

The number has exceeded the exports of 2020–21, which were at $290 billion.

"With $300 billion in the first nine months of 2021-22, we are on track to achieve our target," Commerce and Industry Minister Piyush Goyal told reporters on Monday.

"If we look at the data from 2016 to December 2021, the export of every month from April to December 2021 is historical. Exports worth $103 billion have been seen in the three months of October, November, and December, the highest to date," Goyal said.

The report also revealed that the top ten primary commodity groupings, which account for 80% of exports, increased by 41% year on year, with each recording an increase.

Engineering items, which account for 26% of all exports, have increased by 37% year on year.

Similarly, exports of gems and jewellery, which account for 8% of the total, increased 15.8% year on year.

In December, India's merchandise imports totalled $59.27 billion, up 38.06 percent from the previous year and 49.7% from December 2019.

The trade imbalance was $21.99 billion, up from $15.75 billion the previous year.

In the first nine months of this fiscal year, services exports are forecast to total $179 billion.&nbsp;

The ministry does not expect any immediate supply chain interruption as a result of the Omicron variant threat.

While there may be some short-term interruption, the minister expects industrial activity to continue.

Omicron is rapidly spreading across developed countries such as the United States, Europe, and West Asia.&nbsp;

(With inputs from agencies)

India exported commodities worth $37.29 billion in December, the largest monthly total ever, as demand for engineering products, petroleum products, and gems and jewellery continued to surge.

India exported commodities worth $37.29 billion in December, the largest monthly total ever, as demand for engineering products, petroleum products, and gems and jewellery continued to surge. According to preliminary figures issued by the commerce and industry ministry, India's merchandise exports totaled approximately $300 billion in April-December, rising 48.85% year on year and 26% compared to the same period in 2019. This means India met three-quarters of its $400 billion annual export target in the first nine months of FY22. The number has exceeded the exports of 2020–21, which were at $290 billion. "With $300 billion in the first nine months of 2021-22, we are on track to achieve our target," Commerce and Industry Minister Piyush Goyal told reporters on Monday. "If we look at the data from 2016 to December 2021, the export of every month from April to December 2021 is historical. Exports worth $103 billion have been seen in the three months of October, November, and December, the highest to date," Goyal said. The report also revealed that the top ten primary commodity groupings, which account for 80% of exports, increased by 41% year on year, with each recording an increase. Engineering items, which account for 26% of all exports, have increased by 37% year on year. Similarly, exports of gems and jewellery, which account for 8% of the total, increased 15.8% year on year. In December, India's merchandise imports totalled $59.27 billion, up 38.06 percent from the previous year and 49.7% from December 2019. The trade imbalance was $21.99 billion, up from $15.75 billion the previous year. In the first nine months of this fiscal year, services exports are forecast to total $179 billion. The ministry does not expect any immediate supply chain interruption as a result of the Omicron variant threat. While there may be some short-term interruption, the minister expects industrial activity to continue. Omicron is rapidly spreading across developed countries such as the United States, Europe, and West Asia. (With inputs from agencies)

India's exports hit an all-time monthly high in December

Indian cotton traders have cancelled contracts to export some 400,000 bales of the fibre after a rally in domestic prices and the rising rupee made overseas sales unattractive, the president of the Cotton Association of India told Reuters.

The switch, triggering penalty payments by traders, has left cotton buyers in leading markets like Bangladesh, Vietnam and China seeking to make up shortfalls by tapping suppliers in the United States, Australia and Brazil, said association head Atul Ganatra.

The cancellations and higher local prices could cut India&#39;s exports to 5 million bales, each of 170 kg, in the 2017/18 marketing year started on October 1 - nearly a quarter below an initial estimate, Ganatra said. Prices surged more than 15 per cent in the past six weeks after pest infestations squeezed supplies in the world&#39;s biggest producer of the fibre.

&quot;Some exports contracts for Bangladesh, Vietnam and China could not be fulfilled due to the sudden rise local prices,&quot; Ganatra said. He didn&#39;t identify the traders who cancelled export deals in moves confirmed by six dealers contacted by Reuters.

After hurricanes raised doubts about the supplies from top exporter US&nbsp;late last year, Indian traders signed a flurry of contracts.

Indian traders have so far shipped 1.5 million bales of the 2.5 million bales contracted since October 1, when the current year began, dealers said. Last year India exported 5.8 million bales of cotton.

The country&#39;s traders are offering cotton to Asian buyers at around 87 cents per pound, including cost insurance and freight, nearly 4 per cent more than rival supplies from the US, the dealers said.

But India has struggled to keep supplies steady after infestations of pests like pink boll worms cut output, lifting domestic prices to 87 cents per lb.

Also, the Indian rupee recently rallied to its highest level in 30 months, further slashing exporters&#39; margins and making it difficult for most merchants to stick to their export commitments, said Vinay Kotak, a director at Kotak Commodities, a Mumbai-based brokerage.

Depleting supplies from India have also led to a shortage in the global market, lifting international prices to their highest level in 3-1/2 years - and helping the United States, Brazil and some other key suppliers increase their market share, especially in Asia.

&quot;The mills have to go somewhere else to import cotton,&quot; said Peter Egli, director of risk management at British merchant Plexus Cotton. &quot;They will come to the US, West Africa, and later to Australia and Brazil. Those are the main origin points.&quot;

The US&nbsp;has committed to sell 678,720 bales of cotton to Bangladesh so far this season, more than double the quantity sold a year earlier, according to the US Department of Agriculture.

Bangladesh had emerged as a big buyer of Indian cotton thanks to competitive prices and lower freight costs, sourcing nearly half of its annual import requirement of 7 million bales from India.

&quot;But now we are in trouble, as many of our contracts with India got stuck over a sudden jump in prices,&quot; said Muhammad Ayub, finance director at the Bangladesh Cotton Association.

Indian cotton traders have cancelled contracts to export some 400,000 bales of the fibre after a rally in domestic prices and the rising rupee made overseas sales unattractive

Indian cotton traders have cancelled contracts to export some 400,000 bales of the fibre after a rally in domestic prices and the rising rupee made overseas sales unattractive, the president of the Cotton Association of India told Reuters. The switch, triggering penalty payments by traders, has left cotton buyers in leading markets like Bangladesh, Vietnam and China seeking to make up shortfalls by tapping suppliers in the United States, Australia and Brazil, said association head Atul Ganatra. The cancellations and higher local prices could cut India's exports to 5 million bales, each of 170 kg, in the 2017/18 marketing year started on October 1 - nearly a quarter below an initial estimate, Ganatra said. Prices surged more than 15 per cent in the past six weeks after pest infestations squeezed supplies in the world's biggest producer of the fibre. "Some exports contracts for Bangladesh, Vietnam and China could not be fulfilled due to the sudden rise local prices," Ganatra said. He didn't identify the traders who cancelled export deals in moves confirmed by six dealers contacted by Reuters. After hurricanes raised doubts about the supplies from top exporter US late last year, Indian traders signed a flurry of contracts. Indian traders have so far shipped 1.5 million bales of the 2.5 million bales contracted since October 1, when the current year began, dealers said. Last year India exported 5.8 million bales of cotton. The country's traders are offering cotton to Asian buyers at around 87 cents per pound, including cost insurance and freight, nearly 4 per cent more than rival supplies from the US, the dealers said. But India has struggled to keep supplies steady after infestations of pests like pink boll worms cut output, lifting domestic prices to 87 cents per lb. Also, the Indian rupee recently rallied to its highest level in 30 months, further slashing exporters' margins and making it difficult for most merchants to stick to their export commitments, said Vinay Kotak, a director at Kotak Commodities, a Mumbai-based brokerage. Depleting supplies from India have also led to a shortage in the global market, lifting international prices to their highest level in 3-1/2 years - and helping the United States, Brazil and some other key suppliers increase their market share, especially in Asia. "The mills have to go somewhere else to import cotton," said Peter Egli, director of risk management at British merchant Plexus Cotton. "They will come to the US, West Africa, and later to Australia and Brazil. Those are the main origin points." The US has committed to sell 678,720 bales of cotton to Bangladesh so far this season, more than double the quantity sold a year earlier, according to the US Department of Agriculture. Bangladesh had emerged as a big buyer of Indian cotton thanks to competitive prices and lower freight costs, sourcing nearly half of its annual import requirement of 7 million bales from India. "But now we are in trouble, as many of our contracts with India got stuck over a sudden jump in prices," said Muhammad Ayub, finance director at the Bangladesh Cotton Association.

India cotton traders cancel export deals in pivot to local market: Association chief

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indias exports

India's exports defy global headwinds: Reaching new shores in Africa, Latin America, & Central Asia

Rising Red Sea tensions and its potential impact on India's export and oil trade

India sees December exports boost, but all eyes on Red Sea

India's exports hit an all-time monthly high in December

India cotton traders cancel export deals in pivot to local market: Association chief