India’s exports rose for the first time in 14 months as recovery in the global economy boosted year-end holiday demand for the South Asian nation’s products.
Overseas shipments increased 18.2 percent to US$13.2 billion in November from a year earlier after sliding an average 21 percent per month since October 2008, according to a trade ministry statement. Imports fell 2.6 percent to US$22.8 billion in November, resulting in the trade deficit narrowing to US$9.6 billion from US$12.3 billion a year ago.
QUICKEST PACE
A return to export growth may boost production at companies in India and bolster the revival in Asia’s third-biggest economy, which expanded 7.9 percent in the three months to Sept. 30 from a year earlier, the quickest pace in six quarters.
Some sectors have started showing signs of improvement. Overseas sales of Indian gems and jewelry jumped 54.8 percent to US$21.4 billion in November compared with US$13.8 billion in the same month a year ago, according to the Gem & Jewelry Export Promotion Council. Vehicle exports rose 25 percent in November from a year earlier, the Society of Indian Automobile Manufacturers said on Dec. 8.
STRENGTHENED
The Indian currency strengthened 4.8 percent last year to 46.5275 per dollar at the 5pm close in Mumbai on Thursday, according to data compiled by Bloomberg. That was the third-best performance among Asian currencies after Indonesia’s rupiah and the South Korean won.
The rupee gained as foreign funds raised their holdings of the nation’s stocks to a record as the benchmark Sensitive Index rallied the most in 18 years.The Indian stock market was closed yesterday.
Non-oil imports dropped 5.9 percent to US$16.5 billion in November from a year ago, while oil imports rose 7.3 percent to US$6.38 billion in the same month, the government report showed.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
RSS