Year: 2023

Jan 17

Exports dive 12% in Dec on global demand slump

The country’s overall merchandise exports remained in positive territory during the first nine months of 2022-23, with 9.1% year-on-year growth to $332.76 billion, although demand from markets such as China and Bangladesh fell sharply. India’s goods exports in December declined by 12.2% to $34.48 billion on an annualised basis and imports fell by 3.46% to $58.24 billion, mainly due to global headwinds. The country’s overall merchandise exports remained in positive territory during the first nine months of 2022-23, with 9.1% Read Full Details…

Jan 17

Exports slide 12% on recession fears; trade deficit widens to $23.76 bn

India’s merchandise exports contracted 12.2 per cent year-on-year (YoY) in December to $34.48 billion as slowing external demand amid recession fears in developed economies continued to weigh on outbound shipments, the data released by the commerce and industry ministry showed. Still in the first nine months of the current financial year, exports grew nearly 9 per cent. The latest decline in the value of outbound shipments can also be attributed to the statistical effect of a high base because December Read Full Details…

Jan 16

Postal Export (Electronic Declaration and Processing) Regulations, 2022

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II,SECTION 3, SUB-SECTION(i)]GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUE(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)NOTIFICATION No. 104/2022-Customs (N.T.)New Delhi, 9th December, 2022 G.S.R…….(E).- In exercise of the powers conferred by section 157 read with section 84 of theCustoms Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makesthe following regulations, namely:- (2) They shall come into force on the date of their publication in the Official Read Full Details…

Jan 16

Exports by Post(Amendment) Regulations, 2022.

Exports by Post(Amendment) Regulations, 2022 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION(i)]GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUE(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)NOTIFICATION No. 103/2022-Customs (N.T.)New Delhi, 9th December 2022 G.S.R…. (E).-. In exercise of the powers conferred by section 157 read with section 84 of the Customs Act, 1962 (52 of 1962), the Central Board of IndirectTaxes and Customs hereby makes the following regulations to amend the Exports by Post Regulations, Read Full Details…

Jan 16

Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023- Reg.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (i)]GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUECENTRAL BOARD OF INDIRECT TAXES AND CUSTOMSNOTIFICATION No. 03/2023-Customs (N.T.)New Delhi, the 11th January, 2023 G.S.R. .(E).- In exercise of the powers conferred by section 156 read with section 14 of theCustoms Act, 1962 (52 of 1962), the Central Government, hereby makes the following rules,namely:- (2) They shall come into force on 11th day of February, 2023. (a) “Act” means the Customs Read Full Details…

Jan 16

Japanese liquor makes little splash in global market

TOKYO — Exports of Japanese alcoholic beverages are expanding, helped by the yen’s depreciation and the growing popularity of Japanese cuisine overseas, but they have a long way to establish a big global presence. To lift exports further, Japan needs to make domestic brewers more competitive by lowering barriers to market entry and cutting red tape. Exports of Japanese alcoholic beverages, including beer, wine and spirits, were worth 114.7 billion yen ($868 million) in 2021, up 60% from the previous Read Full Details…

Jan 16

Arbitrating the quality of goods in international trade

The claimant was an international medical service provider registered in the Isle of Man, and the respondent was a professional supplier of medical materials registered in mainland China. In the spring of 2020, at the peak of the global covid-19 spread, demand for medical supplies such as protective masks skyrocketed. In March, the claimant and respondent executed an export contract for the acquisition of certain KN95 facial masks, which set out unit price, total price, date of delivery and quality. Read Full Details…

Jan 16

Imports of consumer goods relatively low: minister

Jakarta (ANTARA) – In the January–November 2022 period, consumer goods imports were relatively low or recorded at 8.28 percent compared to imports of raw and auxiliary materials, which stood at 76.68 percent, Trade Minister Zulkifli Hasan informed on Monday. “Hence, import growth, which is expected to increase this year, will essentially support the efficiency of the domestic production system, both to cater to export demand and domestic market demand,” he said here. The improving situation, as evident from increased travel Read Full Details…

Jan 16

Total import and export value of Hainan Free Trade Port reaches 200.95 billion yuan in 2022

This aerial photo taken at the Dongfang Lingang Industrial Park shows the Basuo Port in Dongfang City, south China’s Hainan Province, Oct. 23, 2022. After exceeding 100 billion yuan (about 14.92 billion U.S. dollars) for the first time in 2021, the total import and export value of Hainan Free Trade Port exceeded 200 billion yuan (about 29.84 billion U.S. dollars) to reach 200.95 billion yuan (about 29.98 billion U.S. dollars) in 2022, an increase of 36.8 percent. This aerial photo Read Full Details…

Jan 16

1 MT tur dal imports likely as output dips

India is likely to import a million tonnes of tur dal (pigeon peas) in the marketing year 2023-24 to meet the domestic demand as production in the country is expected to drop due to wilt disease, said Rohit Kumar Singh, secretary, Department of Consumer Affairs. “We will be importing 10 lakh tonnes of tur dal against last year’s 7.6 lakh tonnes to meet the domestic demand,” said Singh. The marketing year for tur is from December to November. Tur is Read Full Details…