Year: 2023

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

Jan 19

New quality control norms face pushback from WTO members, domestic industry

New Delhi/ Bengaluru: India’s move to introduce a raft of Quality Control Orders (QCO) to curb a Chinese import surge and boost exports to western markets is facing objections at the World Trade Organization (WTO) and from domestic manufacturers seeking more time to adjust. India has brought a slew of products including toys, machinery safety equipment, pressure cookers, ACs and chemicals under compulsory certification. The Department for Promotion of Industry and Internal Trade (DPIIT) plans to issue 50 Quality Control Read Full Details…

Jan 19

As exports decline, industry seeks budgetary support for district MSME exports

An export development fund with a corpus of ₹5000 crore for aggressive overseas marketing by MSMEs can go a long way in showcasing Indian products globally, says FIEO. The Federation of Indian Export Organisations (FIEO) has asked the central government to announce a special scheme for goods exported by micro small and medium enterprises (MSMEs) to boost exports. The request has come at a time when Indian exports are falling due to external challenges like economic slowdown and rising inflation Read Full Details…

Jan 18

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)]Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and CustomsNotification No. 04/2023-CUSTOMS (N.T. New Delhi, 13th January, 202323 PAUSA, 1944 (SAKA) S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the CustomsAct, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it isnecessary and expedient to do so, hereby makes the following Read Full Details…

Jan 18

The global economic downturn has begun to affect India’s trade

The incipient global recession has begun to affect India. In December, India’s merchandise exports declined 12.2% to $34.5 billion, from a year ago, according to government data released yesterday (Jan. 16). This marked the second contraction in three months, owing to a slowdown in demand. Imports also shrank, albeit at a slower pace of 3.5%, to $58.2 billion. “Weakening of global demand on account of rapid tightening of global financial conditions and persistence of heightened geopolitical uncertainty would continue to Read Full Details…

Jan 18

Give specifics of notices to exporters seeking GST relief, says SC

The Supreme Court on Tuesday asked the revenue department to provide details of the total number of show-cause notices issued for availing of the goods and services tax (GST) exemption in instances where exports have preceded imports, and where high courts (HCs) have granted interim orders.The apex court has sought details, while reserving the order on the central government’s plea against a Gujarat HC order. The HC had in 2019 held that the “pre-import” condition is ultra vires the advance Read Full Details…

Jan 18

South Korean IoT tech turns boxes into smart containers

South Korea’s Ministry of Oceans and Fisheries (MOF) will offer to install Internet of Things technology on containers to enhance export competitiveness. The roll-out was announced today, after the ministry completed a two-year container IoT equipment pilot project, involving distributing 4,160 retrofitted containers to local shipping companies. IoT technologies track the location and status of containers and, in the case of reefers, temperatures. Subsidies of around $121 for each installation, or 30% of the cost, were provided. The MoF said Read Full Details…

Jan 18

FAS: Record U.S. FY 2022 Agricultural Exports to China

In a report this month from USDA’s Foreign Agricultural Service (FAS), “Record U.S. FY 2022 Agricultural Exports to China,” Graham Soley indicated that, “U.S. agricultural exports to China in fiscal year (FY) 2022 were $36.4 billion and surpassed the previous year’s record with China as the largest export market for the second consecutive year. Significantly higher agricultural prices and resilient demand helped drive exports above the previous year’s record despite lower volumes for most products. “Robust shipments follow a precipitous Read Full Details…