Year: 2023

Jan 09

Certain amendments have been made to the Foreign Trade Policy (FTP) and Handbook of Procedures to allow International Trade Settlement in Rupees.

New Delhi: Centre has allowed International Trade Settlements in Indian Rupees for Export Promotion Schemes under the Foreign Trade Policy. According to the Ministry of Commerce and Industry, the decision was taken to facilitate and ease international trade transactions in the rupee. Certain amendments have been made to the Foreign Trade Policy (FTP) and Handbook of Procedures to allow International Trade Settlement in rupees including, invoicing, payment, and settlement of exports and imports in rupees. While the move is seen Read Full Details…

Jan 08

Sri Lanka to restart trade deal talks with India, China and Thailand – official

Sri Lanka will restart negotiations on trade pacts with India, China and Thailand after a four-hear hiatus, an official said on Thursday, as the crisis-hit country races to seal deals to help it rebuild its economy. The island of 22 million is in the midst of its worst financial crisis in over seven decades, triggered by a severe shortage of foreign exchange that has left the country struggling to pay for fuel, food and medicine. Officials from Thailand are scheduled Read Full Details…

Jan 08

US foreign trade deficit plunges in November as imports shrink sharply

America’s shortfall on trade with the rest of the world narrowed sharply in November. According to the US Department of Commerce, in seasonally adjusted terms, the foreign trade deficit in goods and services sank at a month-on-month pace of 21.0% to reach -$61.5bn (Barclays Research: -$78.6bn). The drop was driven by a 6.4% decline in imports to $313.4bn while exports retreated by 2.0% to $251.9bn. Nonetheless, year-to-date the trade deficit was 15.7% higher than over the same period of 2021. Read Full Details…

Jan 07

Neuromorphic Chip Market share with latest trends, growth in size and research report to 2032 | IBM Corporation, Intel Corporation., Lockheed Martin Corporation, Qualcomm Technologies

The Global Neuromorphic Chip Market 2032 Industry Report is a professional and in-depth study on the current state of the Neuromorphic Chip Market by QMI. The Neuromorphic Chip Market is supposed to demonstrate a considerable growth during the forecast period of 2023 – 2032. The company profiles of all the key players and brands that are dominating the market have been given in this report. Their moves like product launches, joint ventures, mergers and acquisitions and the respective effect on Read Full Details…

Jan 07

US apparel imports continue to fall in November ’22!

After a steep fall of 14 per cent in October ’22, the USA’s apparel import values have continued to decline even in November ’22 on monthly basis as well as on yearly basis. As per the latest released data by OTEXA, the USA imported US $ 6.34 billion worth of apparel in the 11th month of 2022, down by 22.11 per cent over October ’22 when import value was US $ 8.14 billion. The imports are down even on Y-o-Y Read Full Details…

Jan 07

Boom in import-export between Vietnam- China

Vietnam’s vegetables and fruits in 2022 to nearly $3.4 billion. A representative of the Plant Protection Department predicted that fruit and vegetable exports to China will boom again in 2023. Meanwhile, Mr. Nguyen Van Long, Director of the Department of Animal Health under the Ministry of Agriculture and Rural Development disclosed that nine factories that have so far met the standards for export to China saw an increased growth of up to 50 percent. In November 2022, Vietnam also signed Read Full Details…

Jan 06

Bangladesh garment exports to US soar in 2022

American orders for apparel made in Bangladesh are growing faster than U.S. imports from clothes manufacturing giant China, according to data compiled by the United States Department of Commerce through the first 10 months of 2022. Garment exporters and economists said Bangladesh was luring buyers in the U.S. and the European Union who have cut back on purchases from China. They said relatively low costs, reliability and easy labor availability are among the reasons for U.S.-based buyers increasing orders from Read Full Details…

Jan 06

Year-to-date dairy exports in growth, imports ease

Exports:UK dairy exports have overall seen an uplift in the year to date (January – October) totalling 1.03 million tonnes, up 3.5% (35,200 tonnes) when compared with the same period last year. There has remained mixed performance across the key product categories with cheese showing an 18% uplift on last year, and whey, milk and cream also showing positive growth (8% and 6% respectively). However, declines were seen for the other categories; powders and concentrates by 15%; butter by 10%; Read Full Details…

Jan 06

India’s exports flat at $32 bn in Nov; trade deficit narrows to $23.89 bn

The country’s merchandise exports grew at a modest rate in November 2022 after a sharp fall in October, the latest data shared by the commerce ministry shows. India’s merchandise exports in November grew to $31.99 billion as compared to $31.80 billion in the year-ago period. India’s merchandise exports shrunk 16.7% year-on-year to $29.8 billion in October 2022. The country’s merchandise imports surged 5.3% to $55.88 billion as compared to $53.03 billion a year before. The merchandise trade deficit for the Read Full Details…

Jan 06

Penalty Amounts Increased for Import, Export, FTZ, Other Violations

The Department of Commerce is increasing for inflation the civil monetary penalty amounts that may be assessed for the following regulatory violations after Jan. 15, including when the associated violation occurred before that date. The DOC notes that the actual penalty assessed for a particular violation will depend on a variety of factors. For more information on export penalties and how to avoid them, please contact attorney Kristine Pirnia via email.