West Asia War Halts ₹50,312 Cr Basmati Exports; 10 Lakh Tonnes Stocked, Freight Spikes 30%

Global Refinery Attacks Spike Sulphur Prices Above $1,000/Tonne; Threatens India's Phosphatic Fertiliser Supply

The energy crisis has shifted from crude oil supply to refined products. Attacks on refineries in Russia and West Asia have caused sulphur prices to skyrocket from $200 to $1,000/tonne, severely affecting India's ability to manufacture phosphatic fertilizers. This distinct crisis poses a long-term threat to India's food security and fertiliser imports even as the country enjoys surplus refining capacity.

Buffalo Meat Exports Surge to $5.1 Billion in FY26, APEDA Levy for Export Promotion

India's buffalo meat exports hit a record $5.1 billion in FY26, with unit value rising to $3,591/tonne, driven by APEDA's quality push. A new Meat Export Development Fund (Rs 250/tonne levy) aims to further diversify markets and boost value realisation, making this a key story for agri-exports and dairy sector linkages.

India Retains 80% of Steel Exports to EU via FTA Front-Loading, Quota at 19 Lakh Tonnes

Despite EU's new steel quota curbs from July 2026, India secured front-loading of FTA concessions to retain 80% of its steel exports. This strategic negotiation protects India's export interests and provides a boost to the upcoming India-EU FTA, while CBAM remains a separate challenge.

India Exports Hilsa (Ilish) to Bangladesh: 500 Tonnes Sent via Petrapole; Trade Reversal and Significance for Fisheries

India has begun exporting Hilsa (ilish) fish to Bangladesh for the first time, reversing the traditional flow. Around 500 tonnes have been sent via Petrapole land port, with the catch largely from Gujarat. This development signals changing production and demand patterns and offers opportunities for West Bengal to build a science-based Hilsa economy.

Kerch Strait Tensions Risk Global Food Crisis as Russia-Ukraine Supply 25% of Wheat

The escalation of strikes on Black Sea ports, Kerch Strait, and Sea of Azov threatens to disrupt grain exports from Russia and Ukraine, reviving global food crisis fears similar to March 2022. With both countries accounting for over a quarter of world wheat exports and 60% of sunflower oil, the paralysis of maritime trade could spill over into food supply shortages, especially when compounded by West Asia war and extreme weather events.

US Imposes 100% Tariff on India Pharma Exports from 2028, Impact on $150 Bn Trade

Trump's unilateral tariff actions on Indian pharmaceutical exports (100% from 2028, rising to 200%) and use of Sections 301, 232, and 338 expose the fragility of ongoing India-US trade negotiations. Despite $150 billion bilateral trade and India's surplus, no signed agreement seems safe. India should prioritize trade diversification towards the UK and EU.

India's Merchandise Exports Surge 19.6% to $44.2 Billion in July 2026, Trade Deficit Widens to $15 Billion

India's goods exports grew nearly 20% in July 2026, driven by recovery in West Asia trade and diversification to new markets like China, Japan, and Singapore. However, the combined trade deficit widened to $15 billion as services imports outpaced services exports, signaling a mixed trade performance for exam focus.

RCF Secures 17 Lakh Tonnes Urea at $390-393/tonne for Rabi Season: Prices Drop 60%

India has secured 1.7 million tonnes of urea at sharply lower prices (~$390/tonne) via RCF tender, easing concerns for rabi season. The drop reflects easing West Asia energy crisis and surplus Chinese supply. This move improves India's fertilizer availability after high prices earlier in 2026.