Category: Products

Feb 05

U.S. takes aim at global shark fin trade

The National Oceanic and Atmospheric Administration, or NOAA, is currently reviewing the funding and implementation of a long-awaited ban on the trafficking of shark fins through U.S. ports, a move that could disrupt their broader global trade. NOAA’s review comes after President Joe Biden signed the Shark Fin Sales Elimination Act into law in December. It’s a move that some scientists and researchers have fought for years, pointing to a deep debate about just how the U.S. should use its Read Full Details…

Feb 05

‘Rice diplomacy’ between India, Bangladesh and Myanmar

Bangladesh has offered over $40 a tonne more to Indian co-operatives to import 2.5 lakh tonnes of parboiled rice in a government-to-government deal compared with prices quoted by the private trade in a global import tender. The import deal will be through NCCF (National Cooperative Consumers Federation) and Kendriya Bhandar in two tranches with Dhaka getting rice at $443 and $443.5 a tonne each, according to media report. Two Indian co-operatives will export 2 lakh tonnes of rice under government-to-government Read Full Details…

Feb 05

Gold and silver jewellery to get a lot more expensive

Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars.Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on Read Full Details…

Feb 03

Anti-dumping tariffs lapse on French fry imports

The anti-dumping tariffs on French fries placed on three European countries by the International Trade Administration Commission of South Africa (Itac) have lapsed. In July 2022, Itac – the organisation responsible for customs tariff investigations, trade remedies, and import and export controls – placed anti-dumping tariffs as high as 181.05% on Germany, 104.52% on the Netherlands, and 23.06% on Belgium for a period of six months. Itac had until Saturday, 14 January to update the French fry tariff, but allowed Read Full Details…

Feb 03

India raises naphtha import tax to boost local sourcing

India has increased its tax on naphtha imports to 2.5pc from 1pc earlier with an aim to boost domestic sourcing of the petrochemical feedstock, budget documents the government released on 1 February show. The increase reverses a naphtha import tax cut the government made in May 2022 in response to rising costs of raw materials, providing reprieve to the plastic manufacturing industry. A surge in crude prices past $100/bl then had exacerbated production costs at naphtha-dependent ethylene producers. The new Read Full Details…

Feb 02

Budget 2023: Commerce Ministry urges reduction in gold import duties to boost jewellery exports

To address the current account deficit (CAD) and surging imports of the yellow metal, the Centre increased the import levy on gold from 10.75 per cent to 15 per cent in July of this year. 12.5 per cent is the standard customs charge on gold. The Commerce Ministry has requested that the import duty on gold be reduced in the upcoming Budget in order to boost exports and manufacturing in the gems and jewellery sector, PTI quoted sources as saying. Read Full Details…

Feb 01

Government must look at reducing import duty on gold in Budget 2023 to boost performance

For December 2022, the total gross export of Gold Jewellery (Plain & Studded) a decline of 4.55% to Rs 4,635.64 crores (declined 12.62% in dollar terms to $562.48 million) as compared to Rs 4,856.47 crores ($643.74 million) for the same period last year. For the month of December 2022, the total gross export of all kinds of Studded Gold jewellery declined 21.95% to Rs 2,265.90 crores (declined 28.51% in dollar terms to $275.03 million) as compared to Rs 2,903.01crores ($384.69 Read Full Details…

Feb 01

China hikes Aluminium tariffs but export boom already over

China raised export tariffs on unwrought primary aluminium and alloy at the start of this year after a rare burst of export activity in the first part of 2022. The country, which was a huge importer of unwrought aluminium in both 2020 and 2021, briefly emerged as supplier of last resort, particularly to Europe, where multiple smelters curtailed operations due to high power prices. The tariff increases fit with China’s long-standing policy of encouraging exports of value-add aluminium products rather Read Full Details…

Jan 30

Taxes slow India’s solar power rollout but boost manufacture

In May last year Fortum India, a subsidiary of a Finnish solar developer, won the bid for a solar power project in the state of Gujarat. The project was due to be completed three months ago and would have generated enough electricity for 200,000 homes. But like many other solar power projects in the country, it’s been delayed as Fortum India struggles to source and pay for necessary components. “For the last six months, we have not been able to Read Full Details…

Jan 29

Both Imports and Exports of Stainless Steel Decreased Significantly in Dec Due to Dismal Overseas Trades

According to SMM statistics, China imported 237,100 mt of stainless steel in December 2022, a month-on-month decrease of 18.8% and a year-on-year decline of 12.4%. The amount of stainless steel imported from Indonesia was 189,800 mt, down about 18.2% on the month and down 10.79% from the previous year. The proportion of imports from Indonesia to the total imports fell to about 69%, mainly because a large stainless steel plant in Indonesia was shut down in December. After the Chinese Read Full Details…