Month: February 2023

Feb 05

U.S. takes aim at global shark fin trade

The National Oceanic and Atmospheric Administration, or NOAA, is currently reviewing the funding and implementation of a long-awaited ban on the trafficking of shark fins through U.S. ports, a move that could disrupt their broader global trade. NOAA’s review comes after President Joe Biden signed the Shark Fin Sales Elimination Act into law in December. It’s a move that some scientists and researchers have fought for years, pointing to a deep debate about just how the U.S. should use its Read Full Details…

Feb 05

Rising Alabama exports put 2022 on course for a record year

Alabama exports are bouncing back from global trade frictions and disruptions caused by the COVID-19 pandemic that interrupted years of upward momentum for overseas shipments of Alabama-made goods. While full-year results are not yet available for 2022, trade data shows that Alabama exports approached $23.4 billion in value through November — a figure that already eclipses the annual record of $21.7 billion, set in 2017. That’s good news for Alabama businesses that export their products to an international customer base Read Full Details…

Feb 05

Global Trade Management Update: Simplifying complexity

As international trade volumes continue to hit records every year, shippers of all sizes are turning to applications to gain visibility and control of their global trade processes and GTM vendors are there to answer the call. Global trade hit a record $32 trillion for 2022, up from its previous record-high of $28.5 trillion in 2021. According to UNCTAD’s latest , even the war in Ukraine and the lingering impacts of the pandemic couldn’t throttle strong growth in the trade Read Full Details…

Feb 05

Europe open for international trade, says German Chancellor Scholz

Asserting that Europe remains open for international trade, German Chancellor Olaf Scholz has said he is doing his utmost to ensure that the free trade agreements with India and some other countries gets sealed. The European Union, within which Germany is among India’s biggest trade partners, relaunched negotiations last year with India for a Free Trade Agreement, and launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs). In a special address at the World Read Full Details…

Feb 05

‘Rice diplomacy’ between India, Bangladesh and Myanmar

Bangladesh has offered over $40 a tonne more to Indian co-operatives to import 2.5 lakh tonnes of parboiled rice in a government-to-government deal compared with prices quoted by the private trade in a global import tender. The import deal will be through NCCF (National Cooperative Consumers Federation) and Kendriya Bhandar in two tranches with Dhaka getting rice at $443 and $443.5 a tonne each, according to media report. Two Indian co-operatives will export 2 lakh tonnes of rice under government-to-government Read Full Details…

Feb 05

Gold and silver jewellery to get a lot more expensive

Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars.Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on Read Full Details…

Feb 03

Anti-dumping tariffs lapse on French fry imports

The anti-dumping tariffs on French fries placed on three European countries by the International Trade Administration Commission of South Africa (Itac) have lapsed. In July 2022, Itac – the organisation responsible for customs tariff investigations, trade remedies, and import and export controls – placed anti-dumping tariffs as high as 181.05% on Germany, 104.52% on the Netherlands, and 23.06% on Belgium for a period of six months. Itac had until Saturday, 14 January to update the French fry tariff, but allowed Read Full Details…

Feb 03

India’s services exports to cross USD 300 bn target for this fiscal: Piyush Goyal

The country’s services exports are doing “extremely well” and going by the current trend these outbound shipments would register about 20 per cent growth in this fiscal and cross the USD 300 billion target despite global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said. He said that on the merchandise front also, exports are so far registering healthy growth despite the world being under recession, huge inflationary pressure , and overstocking of various commodities. .. With all these Read Full Details…

Feb 03

India raises naphtha import tax to boost local sourcing

India has increased its tax on naphtha imports to 2.5pc from 1pc earlier with an aim to boost domestic sourcing of the petrochemical feedstock, budget documents the government released on 1 February show. The increase reverses a naphtha import tax cut the government made in May 2022 in response to rising costs of raw materials, providing reprieve to the plastic manufacturing industry. A surge in crude prices past $100/bl then had exacerbated production costs at naphtha-dependent ethylene producers. The new Read Full Details…

Feb 02

Legislative Changes in Customs Laws

Under the newly proposed union Budget 2023 the Union Ministry has proposed certain major legislative changes in Customs Laws. The legislative changes are; Section 25 (4A) is being amended to exclude certain categories of conditional customs duty exemptions from the validity period of two years, such as, notifications issued in relation to multilateral or bilateral trade agreements; obligations under international agreements, treaties, conventions including with respect to UN agencies, diplomats, international organisations; privileges of constitutional authorities; schemes under Foreign Trade Read Full Details…