Month: January 2023

Jan 25

Korea Depends More Heavily on Battery Raw Materials from China

Korea’s dependence on China for lithium-ion battery materials, such as lithium hydroxide, cobalt, and graphite, has increased, the Korea International Trade Association (KITA) said on Jan. 24. According to KITA trade statistics released on Jan. 24, China accounted for 87.9 percent of Korea’s lithium hydroxide and lithium oxide imports in 2022, which amounted to US$3.676 billion. The figure represented an increase of 4.1 percentage points from 83.8 percent in 2021. Lithium hydroxide is mainly used for nickel cobalt manganese (NCM) Read Full Details…

Jan 25

E-Licensing for Import, Export Control Department

The Government has taken measures to introduce an E-Licence System to the Import and Export Control Department, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardena said. He was speaking at the weekly Cabinet media briefing held at the Government Information Department yesterday. The number of licences issued by the Import and Export Control Department in a year is around 17,000. This process is mostly done with human intervention and minimal use of technology. In order to minimize human intervention Read Full Details…

Jan 25

Decline in edible oil exports drags down Nepal’s overall export

In the last 2-3 years, Nepal’s export figure has largely been dominated by two products—palm oil and soyabean oil, which are basically not produced in Nepal. The edible oils are brought in crude form and refined in Nepal-based refineries and exported to India. Industry insiders say many producers do not even refine the oils as they import refined oils, repackage and label the products and export them to India which results in no to little value addition. Aided by the Read Full Details…

Jan 24

Implementation of Notification No.06/2015-20 dated 13th May, 2022 – Issue of RCs due to Prohibition on Export of Wheat.

Ministry of Commerce & IndustryDepartment of CommerceDirectorate General of Foreign Trade Dated 30th May, 2022 Trade Notice No. 11 /2022 — 23 Tol. All Regional Authorities of DGFT This issues with the approval of competent authority.(S. K. Mohapatra)Deputy Director General of Foreign TradeE-mail: mohapatra.sk@nic.in (Issued from F.N0. 01/911180/032/AM22/EC/Pt,/E-31336)

Jan 24

DGFT ISSUED CLARIFICATION ON IMPLEMENTATION OF PAPER IMPORT MONITORING SYSTEM

The Directorate General of Foreign Trade() has issued Clarification on Implementation of Paper Import Monitoring System via issuing Circular. The Circular Stated, “Import of products under Chapter 48 (total 201 tariff lines) of Schedule-I () of ITC (HS), 2022 are permitted subject to compulsory registration under (PIMS), vide DGFT Notification No. 11/2015-20 dated May 25, 2022.” Various representations have been received in DGFT from trade & industry seeking clarification on the applicability of the said Notification dated May 25, 2022 Read Full Details…

Jan 24

New portal will provide import and export advice

A thriving Shropshire freight business is looking ahead to 2023 with plans to help even more small and medium sized businesses to grow their export trade. Telford-based Global Freight enjoyed a bumper 2022 despite the ongoing global challenges created by Brexit, covid, supply chain issues caused by the war in Ukraine, driver shortages in the haulage industry as well as the cost of living crisis. Managing director Anton Gunter said: “Whilst some businesses undoubtedly steered away from pushing forward with Read Full Details…

Jan 24

Exim data revised, trade deficit narrows by $10 billion

India’s foreign trade data for the first eight months of 2022-23 has been significantly revised, with the import bill being scaled up or down by at least $2 billion in each of those months, in comparison to the preliminary estimates issued by the Ministry of Commerce. Total merchandise exports between April and November are now pegged at $298.3 billion, nearly $12 billion higher than original monthly data suggested. The import bill in those eight months is now estimated to be Read Full Details…

Jan 23

Brazil and Argentina to discuss common currency, boost regional trade

Brazil and Argentina are mooting the use of a common currency “that can be used for both financial and commercial flows, reducing costs operations.” The announcement was made in a joint statement by Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez quoted by Argentinian media outlet Perfil, reported Reuters. This is a positive development between the South American neighbours as the relations between the two nations had suffered a blow under former Brazilian right-wing President Jair Read Full Details…

Jan 23

Vietnam – important trading partner of France

In 2023, France and Vietnam celebrate two anniversaries including the 50th anniversary of the establishment of diplomatic relations between France and Vietnam (1973-2023) and the tenth anniversary of the strategic partnership between the two countries. French Consul General in HCMC Emmanuelle Pavillon-Grosser had a talk with Saigon Giai Phong Newspaper about this event. Vietnam is an important trading partner of France, said French Consul General in HCMC Emmanuelle Pavillon-Grosser as France and Vietnam have built a sustainable partnership in the Read Full Details…

Jan 23

Jewellery demand and trade: India gold market series

India, the world’s second-largest consumer of gold Jewellery, has experienced rapid change over the last few years due to evolving demographics.1 Weddings and festivals remain the most important drivers of Indian gold jewellery demand: bridal jewellery alone accounts for at least half of the market share. 2 Over the long term, gold jewellery demand in India will be driven by developments in economic growth, income growth and wealth distribution, as well as the rate of urbanisation. India’s gold Jewellery exports Read Full Details…