Month: January 2023

Jan 30

China Import and Export Licensing Management in 2023: List of Goods Impacted

Since the start of 2023, new rules and regulations are set to impact the operations of foreign businesses in China. Among others, China has announced adjustments to export and import administration, such as simplifying registration procedures and lowering tariffs. In this article, we discuss which goods will be subject to import and export licensing management in 2023 under the updated regulation. China’s import and export licensing frameworkChina’s customs authorities will require a trading company to be equipped with proper import Read Full Details…

Jan 29

Challenges to India’s G20 Presidency and Effectiveness of G20 Framework

India’s G20 (The Group of Twenty) Presidency inherits volatility of geopolitics coupled with a slowdown in global economic activity. The road ahead for India is full of challenges including the war on Ukraine and the Covid-19 pandemic threatening the global economy, which is experiencing disrupted supply chains, cost of living crisis, soaring energy prices and challenges to climate action. India has chosen the theme – ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future’ for her G20 Presidency representing a Read Full Details…

Jan 29

Maersk to integrate Hamburg Süd and Sealand

COPENHAGEN : Maersk has announced its intention to unify its brands by integrating Hamburg Süd and Sealand. The Danish shipping company believes that by integrating the aforementioned firms into the Maersk brand, it will be able to ease its customers’ logistical difficulties. “We realise that our current brand structure doesn’t reflect the way our customers have their supply chain structured, and the need they have for end-to-end visibility and ability to drive outcomes,” said Maersk in an advisory. Maersk pointed Read Full Details…

Jan 29

Both Imports and Exports of Stainless Steel Decreased Significantly in Dec Due to Dismal Overseas Trades

According to SMM statistics, China imported 237,100 mt of stainless steel in December 2022, a month-on-month decrease of 18.8% and a year-on-year decline of 12.4%. The amount of stainless steel imported from Indonesia was 189,800 mt, down about 18.2% on the month and down 10.79% from the previous year. The proportion of imports from Indonesia to the total imports fell to about 69%, mainly because a large stainless steel plant in Indonesia was shut down in December. After the Chinese Read Full Details…

Jan 29

Dry Bulk Market Under Pressure in Early 2023

The dry bulk market has faced increasing headwinds in these early weeks of 2023. In its latest weekly report, shipbroker Intermodal said that “during the last weeks, the BDI has lost significant ground and has reached levels last seen at the summer of 2020. There are a lot of reasons why rates are falling but in this piece of insight we are going to dive deeper on the grains market outlook from a grains production point of view”. According to Read Full Details…

Jan 29

85 percent of flour mills shut after India restricted wheat export

The eight-month-long ban on the export of wheat by the Indian government has forced 80-85 percent of flour mills in Nepal to shut down. Flour producers said that the ban has also created a shortage of refined flour and wheat flour in the market. Dinesh Kumar Agrawal, senior vice president of the Nepal Flour Mills Association, said that domestically produced wheat is sufficient to operate a flour mill for five months only. “For the remaining months, producers are dependent on Read Full Details…

Jan 28

Japan Bets Big on Bringing Semiconductor Manufacturing Home

TOKYO—To get back some of the high-tech mojo that made it an economic powerhouse, Japan is launching an ambitious program to bring back cutting-edge semiconductor manufacturing, a field it ceded to Taiwan, South Korea, and China nearly 20 years ago. But will this new campaign at state-backed industrial policy succeed, and more importantly, is it even the right goal? The new initiatives are part of a broader strategy of greater “economic security” under Prime Minister Fumio Kishida’s administration, a need Read Full Details…

Jan 28

Demand for imported goods grows among cross-border shoppers

Chinese consumers have shown vibrant purchasing power for exquisite and premium consumer goods, with their spending on imported and foreign-branded products becoming a key driver for upgraded consumption, according to industry insiders. Li Yanchuan, head of Amazon China Global Store and Prime, said,”Young Chinese consumers, especially Generation Z, use independent thinking and judgment when choosing brands, and they prefer to pursue niche lifestyles and personalized products.” The “stay-at-home economy” has activated more consumption scenarios and needs, and shopping for healthy Read Full Details…

Jan 28

WCO Secretary General addresses EU Customs representatives

At the invitation of the Swedish Presidency of the Council of the European Union (EU), the Secretary General of the World Customs Organization (WCO), Dr. Kunio Mikuriya, spoke at the EU’s Working Party on Customs Union on 25 January 2023. He presented the WCO’s Strategic Outlook for 2023 and highlighted the focus areas for the current year as well as the Organization’s modernization initiatives and the new theme of the year “Nurturing the next generation: promoting a culture of knowledge-sharing Read Full Details…

Jan 28

Saudi EXIM signs deal with Italian Export Credit Agency to boost trade

The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency, also known as SACE, to boost trade between the two countries. The agreement was inked by EXIM Bank CEO Saad bin Abdul Aziz Alkhalb and the head of the Italian agency Alessandra Ricci at SACE’s headquarters in Rome. The MoU aims at creating a framework for mutual reinsurance to enhance the presence of Saudi exports in Italian markets. The deal also opens up possibilities Read Full Details…