Year: 2023

Jan 11

India considers lifting rice export curbs as supply improves

India, the world’s biggest rice exporter, is likely to lift restrictions on grain shipments in a move that would mark a further easing of a global wave of food protectionism after Russia’s invasion of Ukraine. Authorities are actively considering removing curbs on some rice exports as domestic prices are stable, according to a person familiar with the matter. Government stockpiles are adequate to meet the needs of welfare programs, said the person, who asked not to be identified as the Read Full Details…

Jan 11

Exim Bank raises $1 billion via 10-year bonds

Export Import Bank of India (EXIM) Bank has broken the international bond drought from India by raising $1 billion from investors across the globe. The government of India-backed development finance institution garnered an order book of $3.6 billion to raise 10 year money at 190 basis points above the 10- year US treasury, people familiar with the issue said. One basis point is 0.01 percentage point. It has chosen to keep $1 billion of this amount, they said. The effective Read Full Details…

Jan 10

Exim Bank Malaysia inks MOU with Indonesian counterpart to strengthen cooperation in investment, financing opportunities

KUALA LUMPUR (Jan 9): Export-Import Bank of Malaysia Bhd (Exim Bank Malaysia) has inked a memorandum of understanding (MOU) with its Indonesian counterpart, Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank), to strengthen their business relationship, and to foster mutual understanding and close coordination through the exchange of information, experiences and business connections. Both parties recognise the growth potential and investment opportunities between Malaysia and Indonesia, and are keen to maintain an active dialogue and streamlined communication channel for referrals of projects Read Full Details…

Jan 10

Foreign companies in China no longer required to file with authorities

China introduced amendments to its legislation on the mandatory registration of foreign business entities with China’s commercial authorities, Russia’s trade representative office in China said on Monday. “Local commerce departments will no longer require confirmation of registration as a foreign economic activity participant when issuing quotas, licenses, and certificates related to export-import activities,” the trade mission said in a statement on Telegram. The authorities will no longer require business entities to provide foreign-trade operator registration materials in applying for import Read Full Details…

Jan 10

Customs duty on 35 items may be hiked in Budget 2023

India has drawn up a list of over 35 items that are being examined for a possible customs duty increase in the upcoming budget, scheduled to be announced on February 1. Private jets, helicopters, high-end electronic items, plastic goods, jewellery, high-gloss paper and vitamins are among items that are on the list prepared by the government. “A list has been drawn up based on the inputs from various ministries that are being examined,” said a government official. The move is Read Full Details…

Jan 10

India’s tea export prospect to G20 nations bright, say stakeholders

Indian tea industry’s export prospect is bright, as a whole and to G20 nations in particular, amid the uncertainties arising out of the non-placement of fresh contracts from Iran, and doubts over the quality and quantity of the crisis-hit Sri Lankan crop, stakeholders said on Monday. India exported 134.14 million kg of tea in the April-October period of the ongoing 2022-23 fiscal, with a major chunk of the shipments going to traditional buyers among the G20 bloc, according to official Read Full Details…

Jan 10

Optimism level fell for export and import freight demand in Q4 2022 compared to Q3 2022 – Dun& Bradstreet India study

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, has releasedthe 4thedition of Railway Freight Activity Optimism Index (RFAOI),in collaboration with Jupiter Group, a premier manufacturer of railway wagons, passenger coaches, wagon components and castings. The RFAOI survey of rail freight users (industry and service providers) gauges optimism levels for rail freight activity in the forthcoming quarter. The index comprises of 14 factors across four sub-indices of optimism – supply factors, operational efficiency, investment, and demand. Read Full Details…

Jan 10

Gem, Jewellery Industry Seeks Abolition Of Import Duty On Raw Material For Lab-Grown Diamonds In Budget

Gem and Jewellery exporters on Sunday urged the government to announce support measures like the abolition of import duty on raw material for lab-grown diamonds and jewellery repair policy to promote the sector and boost shipments in the forthcoming Budget. The industry also suggested the introduction of presumptive taxation on diamond sales at special notified zones and the introduction of the proposed DESH bill, which seeks to replace the existing law for special economic zones. Seeking a kind of “diamond Read Full Details…

Jan 09

India’s central bank governor warns of South Asian debt distress

India’s central bank governor has expressed concern over growing debt distress among regional trade partners and said he is alert to possible risks to his country’s economy from a global slowdown. Shaktikanta Das said in an interview with the Financial Times that he was optimistic about India’s growth and financial stability despite the deteriorating global economic outlook. The IMF expects recession to affect one-third of the global economy this year, it said recently. Analysts forecast that India will be a Read Full Details…

Jan 09

South Korea more aggressive than Japan in India, registers higher trade volume year after year

In 2022, Korea’s trade with India touched an all-time high at USD 27.8 bn while Japan lingers around USD 20 bn. Similar was the case last year, and previously too. The count of Korean companies in India is increasing fast whereas the number of Japanese companies remained stagnant in the past few years. ACN EXCLUSIVE: On their mission to look for an alternate turf beyond China to expand their trade and settle for years to come, Japan and South Korea Read Full Details…