Day: January 18, 2023

Jan 18

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)]Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and CustomsNotification No. 04/2023-CUSTOMS (N.T. New Delhi, 13th January, 202323 PAUSA, 1944 (SAKA) S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the CustomsAct, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it isnecessary and expedient to do so, hereby makes the following Read Full Details…

Jan 18

The global economic downturn has begun to affect India’s trade

The incipient global recession has begun to affect India. In December, India’s merchandise exports declined 12.2% to $34.5 billion, from a year ago, according to government data released yesterday (Jan. 16). This marked the second contraction in three months, owing to a slowdown in demand. Imports also shrank, albeit at a slower pace of 3.5%, to $58.2 billion. “Weakening of global demand on account of rapid tightening of global financial conditions and persistence of heightened geopolitical uncertainty would continue to Read Full Details…

Jan 18

Give specifics of notices to exporters seeking GST relief, says SC

The Supreme Court on Tuesday asked the revenue department to provide details of the total number of show-cause notices issued for availing of the goods and services tax (GST) exemption in instances where exports have preceded imports, and where high courts (HCs) have granted interim orders.The apex court has sought details, while reserving the order on the central government’s plea against a Gujarat HC order. The HC had in 2019 held that the “pre-import” condition is ultra vires the advance Read Full Details…

Jan 18

South Korean IoT tech turns boxes into smart containers

South Korea’s Ministry of Oceans and Fisheries (MOF) will offer to install Internet of Things technology on containers to enhance export competitiveness. The roll-out was announced today, after the ministry completed a two-year container IoT equipment pilot project, involving distributing 4,160 retrofitted containers to local shipping companies. IoT technologies track the location and status of containers and, in the case of reefers, temperatures. Subsidies of around $121 for each installation, or 30% of the cost, were provided. The MoF said Read Full Details…

Jan 18

FAS: Record U.S. FY 2022 Agricultural Exports to China

In a report this month from USDA’s Foreign Agricultural Service (FAS), “Record U.S. FY 2022 Agricultural Exports to China,” Graham Soley indicated that, “U.S. agricultural exports to China in fiscal year (FY) 2022 were $36.4 billion and surpassed the previous year’s record with China as the largest export market for the second consecutive year. Significantly higher agricultural prices and resilient demand helped drive exports above the previous year’s record despite lower volumes for most products. “Robust shipments follow a precipitous Read Full Details…

Jan 18

Imported eggs help alleviate local shortage in Malaysia, says agriculture minister

KUALA LUMPUR: The shortage of eggs in Malaysia was reduced to one million in December last year, Agriculture and Food Security Minister Mohamad Sabu said on Tuesday (Jan 17), following the import of the product from foreign countries. This is compared to the shortage of 157 million eggs in November and 118 million eggs the month before. Mr Mohamad said that the reduced shortfall was because the government had temporarily allowed the import of chicken eggs from foreign countries to Read Full Details…

Jan 18

DECEMBER DECLINE IN BRISBANE CONTAINER THROUGHPUT

PORT of Brisbane saw a slowdown in container throughput in December, with throughput declining 13% compared with the same month in 2021. Last month the Port of Brisbane handled a total of 114,710 TEU. Of this, 30,992 TEU – or 27% of the total – were empty. The vast majority of empties (27,966 TEU) were exported, making fresh Queensland air the port’s top containerised export by far. Other major containerised exports from Brisbane last month included “export other” (10,110 TEU), Read Full Details…

Jan 18

Mineral Production registers growth of 9.7% in November 2022

In a significant development, mineral production in India has gone up by 9.7% for November 2022 as compared to the same month in the year 2021. The index of mineral production of mining and quarrying sector stood at 105.8 mark for November last year. The provisional statistics of Indian Bureau of Mines (IBM) indicate that the cumulative growth for the period April-November, 2022-23 over the corresponding period of previous year is 4.7%. Many important minerals have also shown positive growth Read Full Details…

Jan 18

Palm oil slips on India, China demand concerns

Malaysian palm oil futures reversed early gains on Tuesday, weighed by growing concerns of slowing export demand on talks of higher Indian import duty and reports of weak China economic data. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange lost 55 ringgit, or 1.43%, to 3,797 ringgit ($877.92) a tonne. Palm oil earlier received support from tight supplies as some planters estimated an 11%-15% fall in production for the Jan. 1-15 period from Read Full Details…

Jan 18

Oil product exports rise 139% on year to 32-month high in December

China’s oil product exports rose 138.7% year on year to hit a 32-month high of 7.7 million mt (1.02 million b/d) in December 2022, data from the General Administration of Customs showed Jan. 13, as domestic demand weakened amid the strongest wave of COVID-19 infections and sufficient export quotas. China removed all the domestic movement controls in December, leading to an estimated 80% of the population in big cities being infected with COVID-19, according to S&P Global and market analysts. Read Full Details…