Month: January 2023

Jan 20

Ethanol blending crucial to cut oil imports but doubling it will hurt India’s food security

In 2022, close to 1 million metric tonnes of rice from the Food Corporation of India’s stocks was sold at subsidised prices to produce ethanol. As per the Ministry of Consumer Affairs, this rice was fit for human consumption. Similar diversions of crops to produce ethanol have been happening in the open markets for rice, maize and sugarcane in the country, where food and feed processors (and food consumers) are competing with oil manufacturing companies for grains. Source : theprint.in/ Read Full Details…

Jan 20

Bangladesh retains 2nd place in RMG export to EU

Apparel shipments to the European Union (EU) grew 41.76 per cent year-on-year to hit $19.40 billion in the January-October period of 2022, according to data from Eurostat, the statistics department of the EU. With this, Bangladesh retained its position as the second largest garment supplier for the EU after China, which holds a 29.39 per cent share of the trade bloc’s total apparel imports from 27 countries. During the first 10 months of last year, the EU’s imports from China Read Full Details…

Jan 20

Zimbabwe joins the wave of resource nationalism

Zimbabwe banned the exports of raw lithium ores in 2022, and then banned the exports of all raw mineral ores this year. Isabeau Van Halm explores the latest example of a wave of critical mineral resource nationalism. In December 2022, Zimbabwe banned raw lithium ore exports to minimise the economic potential of artisanal mining and encourage investments in state-approved production facilities. Then in January 2023 another ban followed, according to the state-owned newspaper The Herald, this time covering all base Read Full Details…

Jan 20

Economists see global economic downturn to impact Malaysia’s 2023 external trade

Malaysian economists have said that a global economic downturn is expected to drag Malaysia’s 2023 external trade. Maybank Investment Bank said in a note that it forecasts slower 2023 exports and imports growth of 4 percent and 6 percent respectively for Malaysia as it expects global real gross domestic product growth to slump this year amid stagnation or recession in major advanced economies. “Keeping this year’s external trade in the slow growth territory is the expected firmer growth of China, Read Full Details…

Jan 19

88 French companies to take part in Arab Health 2023

88 French companies to take part in Arab Health 2023 Business France will bring together 88 French healthcare firms on three pavilions, who will present their smart solutions designed to tackle the current health challenges, at Arab Health from January 30 to February 2 in Dubai. Gathered under the banner of the French Healthcare in partnership with the French Healthcare association, renowned French companies including Rebalance Tech, Eurasanté and Devup will participate in the event. The event will also be Read Full Details…

Jan 19

International trade and world economies exposed to multi-billion-dollar climate risk to ports – Oxford study

Nearly nine in ten major ports globally are exposed to damaging climate hazards, resulting in escalating economic impacts on global trade, according to new research from the University of Oxford’s Environmental Change Institute (ECI). Ports are crucial for the economy; they handle the vast majority of globe trade, are important hubs for industry and transport, and large providers of employment. But, by their very nature, ports are located in hazard-prone areas along the coast and close to rivers – exposed Read Full Details…

Jan 19

Oil and gas supplies made Germany Norway’s most important export partner in 2022

Germany imported around 62 billion euros of Norwegian natural gas, oil and condensates in 2022 and has become the country’s number one goods importer, said the German-Norwegian chamber of commerce. Of a total of around 68 billion euros spent in imported goods from Norway last year, around 58 billion euros accounted for gas deliveries alone. “These figures show the importance of Norway for Germany,” head of AHK Norway Michael Kern said. Norway increased its gas production by ten percent last Read Full Details…

Jan 19

Malaysia’s trade surplus hits record high in 2022, growth expected at ‘softer pace’ this year

KUALA LUMPUR: Malaysia’s trade surplus hit a record high of RM255.1 billion (US$59.09 billion) last year, International Trade and Industry Minister Tengku Zafrul Tengku Abdul Aziz said on Wednesday (Jan 18). This is the 25th consecutive year the country has recorded a trade surplus since 1998. A trade surplus occurs when the value of a country’s exports exceeds the costs of its imports. The Ministry of International Trade and Industry (MITI), however, has warned that the country’s trade performance is Read Full Details…

Jan 19

Orientation programme on export potential of agri-products conducted

Imphal, January 18 2023: An orientation programme on the topic ‘Export Potential of Agri-products and Documentation for FPCs’ was held today at the Farmers’ Convention Centre of the Green Foundation, Kwakeithel Awang Thiyam Leikai. The programme was jointly organised by the Green Foundation and IndoMyanmar Border Trade Union (IMBTU). The Green Foundation president Kh Rajendra; Officer on Special Duty, Export Import, Govt of Manipur, A Samananda; Project Officer MOVCDNER-Agri, Kh Nimai Chand and IMBTU president W Nabachandra graced the programme Read Full Details…

Jan 19

Ease of export: DGFT simplifies composition fee under export advance authorisation

Amid a decline in India’s outbound shipments, the Directorate General of Foreign Trade (DGFT) on Wednesday simplified the process of levying composition fee on exporters to help achieve their export commitments. The fee is levied if the exporter is unable to timely export the product for which duty free import of inputs is made, called advance authorisation. Source : economictimes.indiatimes.com/ For more details