Month: January 2023

Jan 14

Washington lawmakers seek removal of tariffs on American apples imported to India

The lawmakers from the US State of Washington have urged the Biden administration to help remove or reduce the tariffs on American apples imported to India as the country’s fruit industry has incurred significant losses due to New Delhi’s retaliatory measures. In a letter to US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo, all members of the House of Representatives from Washington State and other two senators said the tree fruit industry suffered losses due to India’s retaliation Read Full Details…

Jan 14

U.S. import prices rebound; export prices fall

U.S. import prices unexpectedly increased in December after five straight monthly decreases, boosted by higher costs for natural gas and food, suggesting that the fight against inflation would be protracted even as consumer prices are trending lower. Import prices rebounded 0.4% last month after declining 0.7% in November, the Labor Department said on Friday. Economists polled by Reuters had forecast import prices, which exclude tariffs, falling 0.9%. In the 12 months through December, import prices increased 3.5% after rising 2.7% Read Full Details…

Jan 14

Revision of Import / Export Demurrage and detention tariffs in Kenya and Transit

We have seen an increase in delay related costs for containers into Kenya and for containers that are in transit via Kenyan ports. To encourage all customers to return import containers as quickly as possible and to enable us to use these containers to support Kenya’s export needs, please note that from Wednesday, 15th February 2023 the below Import / Export Demurrage and Detention Tariffs will be applicable to all containers into Kenya and for containers in transit via Kenyan Read Full Details…

Jan 13

Statistics: Estonia’s foreign trade deficit rises to €352 million

According to Statistics Estonia, in November 2022, Estonia’s exports of goods at current prices for November remained at the same level as a year before, while imports increased by 12 percent. The country’s trade deficit now stands at €352 million, an increase of €220 million on year. The latest data provided by Statistics Estonia shows, that Estonia’s exports of goods at current prices amounted to €1.7 billion and imports to €2.1 billion in November 2022. Between November 2021 and November Read Full Details…

Jan 13

India and United States to increase dialogue on food, agricultural trade in 2023

India and the United States have established a new working group to build sustainable supply chains and boost bilateral trade, the governments said in a joint statement on Thursday. The working group will initially focus on trade facilitation, digitization of customs procedures, issues related to sustainable finance and the scaling up of innovative clean technologies, according to the statement issued after a Trade Policy Forum meeting in Washington D.C. At a meeting co-chaired by India’s trade minister, Piyush Goyal, and Read Full Details…

Jan 13

China’s foreign trade up 7.7 pct in 2022 to new high

China’s annual foreign trade value topped 40 trillion yuan (about 5.94 trillion U.S. dollars) for the first time in 2022, as the country works to better coordinate epidemic response with economic and social development amid complex and severe domestic and international situations, official data showed Friday. Total goods trade reached a record 42.07 trillion yuan, up 7.7 percent year on year, topping the world for six consecutive years, according to the General Administration of Customs (GAC). Exports rose 10.5 percent Read Full Details…

Jan 13

Govt will take appropriate decision in March-April on lifting wheat export ban: DGFT chief

Director General of Foreign Trade Santosh Kumar Sarangi on Thursday said the government will take an appropriate decision on the demand to lift the ban on wheat exports at the time of crop harvest around March-April. Before this decision, a review will be done of the gap between the demand and supply of wheat in the country, he said. The head of the Directorate General of Foreign Trade (DGFT) was in Indore to participate in the Global Investors Summit ‘Invest Read Full Details…

Jan 13

Import growth to be higher than that of export: Economist

Bank Mandiri economist Faisal Rachman has predicted that the growth in imports will be higher than that of exports in 2023, driven by strengthening domestic demand. Domestic demand in 2023 will be driven by the lifting of restrictions on community activities (PPKM) and the decision to continue national strategic projects (PSN), he noted, according to a statement received here on Friday. However, import growth in 2023 is likely to weaken compared to 2022 due to sliding oil prices and an Read Full Details…

Jan 12

Global trade hits record $7.7 trillion in first quarter of 2022

The value of global trade rose to a record $7.7 trillion in Q1 2022, an increase of about $1 trillion relative to Q1 2021, according to UNCTAD’s Global Trade Update published on 7 July. The growth, which represents a rise of about $250 million relative to Q4 2021, is fuelled by rising commodity prices, as trade volumes have increased to a much lower extent. Though expected to remain positive, trade growth has continued to slow during Q2 2022. “The war Read Full Details…

Jan 12

21st India International Mega Trade Fair inaugurated in Kolkata

The 21 st edition of India International Mega Trade Fair commenced on December 16 showcasing Kolkata as the preferred destination for trade and commerce and as a retail hub. The 18-day fair, being held at the Science City grounds, would conclude on January 2. Thailand and Afghanistan are the partner countries, with Iran and Bangladesh being the focus countries for this year’s trade fair. The fair was inaugurated on Saturday officially by Alapan Bandyopadhyay, Chief Advisor to West Bengal Chief Read Full Details…