SOPA demands hike in import duty of all edible oils

New Delhi, Feb 7 (PTI) The Soyabean Processors Association of India (SOPA) on Tuesday demanded that the government should hike import duty on all edible oils as international prices are expected to remain low in view of record global soyabean output. At present, domestic edible prices have been continuously falling and are at a very low level, SOPA chairman Davish Jain said in a representation made to Commerce and Industry Minister Piyush Goyal. According to SOPA, the government should “increase Read Full Details…

Overseas Demand Continues to Affect Cargo, Exports at Chinese Ports

Fitch Ratings-Shanghai/Hong Kong-07 February 2023: China’s total cargo throughput was up by 3% yoy in 4Q22, while foreign trade cargo declined by 1% yoy at eight major coastal ports, mainly due to continued weakening overseas demand, says Fitch Ratings. Total container throughput increased 7% yoy in 4Q22, driven by newly opened shipping routes and sea-rail transportation routes along with Regional Comprehensive Economic Partnership Agreement, which took effect in January 2022. Export value declined 7% yoy for the first time since Read Full Details…

India’s Export Import Trends for Merchandise Goods in FY 2021-22

Key drivers of India’s export growth during FY 2021-22 This is the first time India has achieved its ambitious target of crossing the US$400 billion mark in merchandise exports. Driving the surge in exports is pent up unmet demand during major waves of the COVID-19 pandemic as well as the expansionary monetary policy adopted by developed countries to deal with the impact of the pandemic. Major beneficiaries of India’s export growth include petroleum products (152.1 percent); cotton yarn, fabrics, made-ups, Read Full Details…

IEC: How to obtain Import and Export Licence, Import Export Code and what it entails

It may be an opportune time to start exporting your products, going by how India’s exports in categories such as engineering products, jewellery and electronics goods, among others, are going up. However, though diving into the overseas market looks promising, becoming an officially licensed exporter has a lot of compliances and regulations that one should be aware of. One of the foremost things to start with would be getting an Import Export Code (IEC). IEC is a mandatory unique 10-digit Read Full Details…

China’s higher feed corn use could hit barley prices

China is using more corn in feed rations, which could result in lower feed barley prices in Western Canada, says an analyst. “Feed mills have resumed mixing more corn in feed rations as higher prices for wheat and sorghum reduce demand for corn alternatives,” the U.S. Department of Agriculture’s Foreign Agricultural Service (FAS) said in a recent report. Mills are using more corn due to higher Chinese production of the commodity and falling import prices. China’s corn production in 2022-23 Read Full Details…

Onion exports appear to be banned and import duty zeroed in Azerbaijan, too

The onion hysteria in the region has led to a wave of export bans, and it reached Azerbaijan. As EastFruit analysts have already reported, the exports of very expensive onions were banned by Kazakhstan, Uzbekistan, Tajikistan, and Kyrgyzstan. However, in the case of Azerbaijan, the wording of the government’s resolution is ambiguous. The Decree of the Cabinet of Ministers dated February 03, 2023 “On Amendments to the Decree dated March 18, 2022 “On Measures to Regulate the Export from the Read Full Details…

Exporters to get help in expanding order books

BEIJING: China will support its exporters to participate in various business exhibitions abroad and closely cooperate with trading partners to put its foreign trade growth on a firmer footing in 2023, government officials say. Against external headwinds including cooling prospects for overseas demand and lingering geopolitical conflicts, these activities will create more opportunities for China’s export-oriented companies, and a series of offline domestic trade fairs, like the China Import and Export Fair, or Canton Fair, in Guangzhou, Guangdong province, will Read Full Details…

China’s central, western regions attract more foreign investment

Leveraging advantages, inland areas grab competition from big industries China’s central and western regions are expected to further leverage their advantages in combined production costs to attract more foreign investment amid competition from some neighboring countries and the country’s push for high-quality development, according to experts. In particular, the central and western regions are forecast to better receive foreign investment relocated from labor-intensive industries in coastal areas where labor costs have increased, they said. Recent data have repeatedly demonstrated that Read Full Details…

Coffee sector sees RCEP opportunity

The ASEAN Free Trade Agreement (AFTA) already allows all Association of Southeast Asian Nations (ASEAN) coffees to come in and out freely, Pacita U. Juan, vice-president of the non-profit ASEAN Coffee Federation, said. “RCEP for coffee adds Japan, Korea, and China (to the mix),” she said in a Feb. 3 Zoom call. AFTA was a stress test for the coffee industry, Ms. Juan added: “If it were to shake up the coffee industry, it should have shaken it up already.” Read Full Details…

Japanese Tea Companies Eye Overseas Markets As Domestic Consumption Declines

The Japanese tea industry is focusing on expanding overseas sales channels due to a decline in domestic consumption amid the novel coronavirus pandemic. Major production areas, such as Kyoto Prefecture, are undertaking new initiatives in sales and production: In February last year, a seminar about Japanese tea was held in Hollywood, Calif. Akio Matsumoto, a sommelier at a Japanese restaurant in New York, explained to attendees from companies that operate local restaurants that new dining experiences can be offered by Read Full Details…