In August, the Japanese Finance Ministry released trade statistics showing a significant increase in LNG purchases from Russia. The data shows that Russian LNG supplies to Japan increased by 211.2% over August 2021. The value of Russian LNG imports increased by more than 380%. The quantity and value of Russian oil purchases dropped by 20.3% and 54.1%, respectively, in August. Additionally, Japan bought less Russian coal this year (a 32.6% drop), but at a higher price. The number of Japan's exports to Russia also increased last month, with shipments of computers increasing 107.1% and comput
In August, Saudi Arabia surpassed Russia to become the second-biggest supplier of oil to India, while Iraq retained the top spot, according to industry and trade sources. Saudi Arabia shipped 8,63,950 barrels of crude to India last month, up 4.8% from last month, while Russia shipped 8,55,950 barrels, down 2.4% from December 2011. In spite of Saudi Arabia's gain, India cut African imports in order to cut its share of oil from the Organization of Petroleum Exporting Countries to 59.8%. Following Moscow's invasion of Ukraine in late February, India became Russia's second biggest oil bu
Foreign banks and rating agencies are increasingly becoming optimistic about India's potential to grow and as a key investment destination, while the global economy keeps fretting about intense pains caused by the biggest economies be it as front-loading of Federal Reserve rate hikes or China's deteriorating construction bubble. Moody’s yesterday proclaimed a stable outlook on India, saying its credit profile shows key strengths, including its huge and diversified economy with high growth potential, a comparatively robust external position, and a firm domestic financing base for governme
India and Japan come together to combat the ever-increasing expansionist behavior of China in the Indo-Pacific region. Both countries plan to soon carry out their first-ever air combat exercise with fighter jets, improve their reciprocal military logistics pact and augment the range of defense-industrial collaboration to make the most advanced weapon systems. Defence Minister Rajnath Singh and his counterpart Yasukazu Hamada met and discussed the importance of the India-Japan defense partnership and the vital role it will play in clinching a free, open, and rules-based Indo-Pacific region.
Saudi Arabia's real gross domestic product increased by 12.2% in the second quarter compared with last year's second quarter, according to data published on Wednesday. The kingdom, which is the world's largest oil exporter, gains an advantage due to escalating crude prices and a post-pandemic recuperation. The government had expected a growth of 11.8% at the end of July, but the growth figure in the second quarter exceeded the estimate. The economy improved by 2.2% from the first quarter. “The growth is mainly due to the high increase in oil activities by 22.9% y-o-y," the General Aut
The American services sector grew at a somewhat quick pace in August amid indications of easing supply issues and decelerating price gains, according to an industry survey released on Tuesday. The Institute for Supply Management's services index went up to 56.9 percent, a little above the July level, flouting expectations of a decline. The new orders index rose 1.9 percentage points, and employment jumped 1.1 points, ISM said, while prices went down 0.8. "The services sector had a slight uptick in growth for the month of August due to increases in business activity, new orders, and empl
In the last fiscal year, India's exports of goods and services surpassed USD 675 billion, and the country aims to increase international trade to USD 2 trillion by 2030, according to Commerce and Industry Minister Piyush Goyal. While speaking with faculty, researchers, and students at Stanford University here, Goyal said India's economy would be worth USD 30 trillion by the time it celebrates its 100th anniversary. He continued by saying, “In a business as usual scenario, when India will be celebrating its 100th anniversary of independence in 2047-2050, we will have a USD 30 trillion
In August, the non-oil private sector in Saudi Arabia grew faster than it had in October of last year as business activity improved. The Saudi Arabian S&P purchasing managers' index (PMI) for the entire economy rose to 57.7 in August from 56.3 in July, breaking above the series average of 56.8 since 2009. A reading above 50.0 indicates that activity is expanding. David Owen of S&P Global Market Intelligence wrote, “Saudi Arabia's PMI pointed to increased resilience in the non-oil economy during August as business activity and sales continued to grow strongly despite reports of
India’s gross domestic product (GDP) witnessed a two-digit growth of 13.5% in the first quarter of the 2022-2023 financial year at a time when powerful economies around the globe are finding it difficult and the giant Chinese economy is crawling towards a declining economic activity. The reason for India’s economic success is the carefully assessed implementation of fiscal and monetary measures announced by the Narendra Modi government after the 2020 COVID-19 outbreak in the country. Another reason for India’s good performance is the Modi government’s aim on protecting the po
Dubai’s property market surged in the first six months of 2022 as investors came in large numbers, with Russia being in the top five buyers list as the gulf country takes advantage of an influx of wealth due to Western sanctions. The first half of the year witnessed residential real estate transactions surge 60 percent with an 85 percent increase in the value of properties sold, property consultancy Betterhomes said in a report. The top five buyers belonged to India, the United Kingdom, Italy, Russia, and France, in that order, followed by Canada, the United Arab Emirates, Pakistan an