Month: January 2023

Jan 10

Foreign companies in China no longer required to file with authorities

China introduced amendments to its legislation on the mandatory registration of foreign business entities with China’s commercial authorities, Russia’s trade representative office in China said on Monday. “Local commerce departments will no longer require confirmation of registration as a foreign economic activity participant when issuing quotas, licenses, and certificates related to export-import activities,” the trade mission said in a statement on Telegram. The authorities will no longer require business entities to provide foreign-trade operator registration materials in applying for import Read Full Details…

Jan 10

Customs duty on 35 items may be hiked in Budget 2023

India has drawn up a list of over 35 items that are being examined for a possible customs duty increase in the upcoming budget, scheduled to be announced on February 1. Private jets, helicopters, high-end electronic items, plastic goods, jewellery, high-gloss paper and vitamins are among items that are on the list prepared by the government. “A list has been drawn up based on the inputs from various ministries that are being examined,” said a government official. The move is Read Full Details…

Jan 10

India’s tea export prospect to G20 nations bright, say stakeholders

Indian tea industry’s export prospect is bright, as a whole and to G20 nations in particular, amid the uncertainties arising out of the non-placement of fresh contracts from Iran, and doubts over the quality and quantity of the crisis-hit Sri Lankan crop, stakeholders said on Monday. India exported 134.14 million kg of tea in the April-October period of the ongoing 2022-23 fiscal, with a major chunk of the shipments going to traditional buyers among the G20 bloc, according to official Read Full Details…

Jan 10

Optimism level fell for export and import freight demand in Q4 2022 compared to Q3 2022 – Dun& Bradstreet India study

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, has releasedthe 4thedition of Railway Freight Activity Optimism Index (RFAOI),in collaboration with Jupiter Group, a premier manufacturer of railway wagons, passenger coaches, wagon components and castings. The RFAOI survey of rail freight users (industry and service providers) gauges optimism levels for rail freight activity in the forthcoming quarter. The index comprises of 14 factors across four sub-indices of optimism – supply factors, operational efficiency, investment, and demand. Read Full Details…

Jan 10

Gem, Jewellery Industry Seeks Abolition Of Import Duty On Raw Material For Lab-Grown Diamonds In Budget

Gem and Jewellery exporters on Sunday urged the government to announce support measures like the abolition of import duty on raw material for lab-grown diamonds and jewellery repair policy to promote the sector and boost shipments in the forthcoming Budget. The industry also suggested the introduction of presumptive taxation on diamond sales at special notified zones and the introduction of the proposed DESH bill, which seeks to replace the existing law for special economic zones. Seeking a kind of “diamond Read Full Details…

Jan 09

India’s central bank governor warns of South Asian debt distress

India’s central bank governor has expressed concern over growing debt distress among regional trade partners and said he is alert to possible risks to his country’s economy from a global slowdown. Shaktikanta Das said in an interview with the Financial Times that he was optimistic about India’s growth and financial stability despite the deteriorating global economic outlook. The IMF expects recession to affect one-third of the global economy this year, it said recently. Analysts forecast that India will be a Read Full Details…

Jan 09

South Korea more aggressive than Japan in India, registers higher trade volume year after year

In 2022, Korea’s trade with India touched an all-time high at USD 27.8 bn while Japan lingers around USD 20 bn. Similar was the case last year, and previously too. The count of Korean companies in India is increasing fast whereas the number of Japanese companies remained stagnant in the past few years. ACN EXCLUSIVE: On their mission to look for an alternate turf beyond China to expand their trade and settle for years to come, Japan and South Korea Read Full Details…

Jan 09

Certain amendments have been made to the Foreign Trade Policy (FTP) and Handbook of Procedures to allow International Trade Settlement in Rupees.

New Delhi: Centre has allowed International Trade Settlements in Indian Rupees for Export Promotion Schemes under the Foreign Trade Policy. According to the Ministry of Commerce and Industry, the decision was taken to facilitate and ease international trade transactions in the rupee. Certain amendments have been made to the Foreign Trade Policy (FTP) and Handbook of Procedures to allow International Trade Settlement in rupees including, invoicing, payment, and settlement of exports and imports in rupees. While the move is seen Read Full Details…

Jan 08

Sri Lanka to restart trade deal talks with India, China and Thailand – official

Sri Lanka will restart negotiations on trade pacts with India, China and Thailand after a four-hear hiatus, an official said on Thursday, as the crisis-hit country races to seal deals to help it rebuild its economy. The island of 22 million is in the midst of its worst financial crisis in over seven decades, triggered by a severe shortage of foreign exchange that has left the country struggling to pay for fuel, food and medicine. Officials from Thailand are scheduled Read Full Details…

Jan 08

US foreign trade deficit plunges in November as imports shrink sharply

America’s shortfall on trade with the rest of the world narrowed sharply in November. According to the US Department of Commerce, in seasonally adjusted terms, the foreign trade deficit in goods and services sank at a month-on-month pace of 21.0% to reach -$61.5bn (Barclays Research: -$78.6bn). The drop was driven by a 6.4% decline in imports to $313.4bn while exports retreated by 2.0% to $251.9bn. Nonetheless, year-to-date the trade deficit was 15.7% higher than over the same period of 2021. Read Full Details…