Category: Daily Export Import News

EximTutor is a digital platform that specializes in providing unique and informative content related to worldwide export and import news. Our content covers a wide range of topics that are essential for anyone looking to engage in foreign trade, including foreign trade laws, foreign trade research, and updates on the latest demands for foreign trade products and services.

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Dec 31

India-South Korea bilateral trade touches record USD 25.8 bn mark, highest ever so far: KOTRA

Bilateral trade between India and South Korea has touched an all-time high figure of USD 25.8 billion during the current year 2022 (January-November). It’s a 9 percent jump over the previous year’s figure of USD 23.7 billion despite the world witnessing slowing global economic growth due to the impact of the Russia-Ukraine war, surging inflationary pressure, and subsequent interest rate hikes. South Korea registered an export volume of USD 17.4 billion against its imports USD 8.4 billion from India during Read Full Details…

Dec 30

China to adjust trade tariffs on some goods from Jan 1

China will adjust import and export tariffs on some goods from January 1, in order to speed and promote development and expand domestic demand, the finance ministry said on Thursday. Export tariffs on aluminium and aluminium alloys are to be raised, the ministry said in a statement, citing the tariff commission of China’s state council, or cabinet. The current import tariff will stay on seven types of coal until March 31 next year, with tariffs adopted for most favoured nations Read Full Details…

Dec 30

China’s Primary Aluminium Imports in November Increased 64.1% on the Month But Fell 51.7% on the Year

SHANGHAI, Dec 30 (SMM) – According to data released by the General Administration of Customs of China, China imported about 110,678.26 mt of primary aluminium in November 2022, including 76.276 mt under HS code 76011010 and 110,601.99 mt under HS code 76011090. China’s primary aluminium imports in November increased 64.1% month on month but fell 51.7% year on year. The imports totalled 540,400 mt in January-November in 2022, a year-on-year decrease of 66%. Source : news.metal.com

Dec 30

Serbia’s Jan-Nov trade gap expands 42%

BELGRADE (Serbia), December 29 (SeeNews) – Serbia’s trade deficit rose by 41.8% in the eleven months through November, reaching 10.212 billion dollars (9.601 billion euro), the country’s statistical office said on Thursday. Exports increased by 12% year-on-year to 26.120 billion dollars in the January-November period, while imports went up by 19% to 36.333 billion dollars, the statistical office said in a statement. The export-import ratio fell to 71.9% from 76.6% in the first eleven months of 2021. In November alone, Read Full Details…

Dec 30

More Initiatives On Anvil To Boost Steel Sector In 2023

With increasing steel production in the country, the focus in 2023 will be on boosting raw material supplies and producing more special grade steel, according to Union minister Faggan Singh Kulaste. India produced 113.43 million tonne of crude steel in January-November 2022, which is 10 per cent higher compared to the year-ago period. The government aims to double the country’s annual crude steel making capacity to 300 MT from 150 MT at present. In an interview to PTI, Kulaste, the Read Full Details…

Dec 30

Indonesia to Ban Bauxite Export from June 2023

On December 21, 2022, President Joko Widodo announced that Indonesia will impose a bauxite export ban starting from June 2023, in a move to shore up the domestic processing of its mineral resources. In this article, we explain what the bauxite export ban is, why Indonesia introduces the bauxite export ban, and what the potential impacts are. What is the bauxite export ban?Bauxite is the best and only material for large-scale production of aluminum, a metal that is widely used Read Full Details…

Dec 29

Russia starts foreign trade settlements in rupee, more countries to join

The Reserve Bank of India (RBI) in July this year introduced guidelines to promote the settlement of international trade in rupee New Delhi: Russia has become the first country to begin settlement of foreign trade in rupee, giving up dollar and euro all together. Recently, a few transactions in the Indian currency involving Russian firms have taken place. The Reserve Bank of India (RBI) in July this year introduced guidelines to promote the settlement of international trade in rupee. Financial Read Full Details…

Dec 29

Simplified customs rules to become effective on Jan. 1: Govt

Starting on New Year’s Day, the government is to enact updated export measures that simplify and modernize customs procedures in order to maintain the positive trade performance it achieved and maintained throughout 2022. The measures are to take effect on Jan. 1, 2023 under Finance Minister Regulation (PMK) No. 155/PMK.04/2022 on customs procedures for the export sector, issued on Nov. 3 this year, which provides a clearer and firmer legal umbrella. The new regulation also improves on the customs procedures Read Full Details…

Dec 29

India-Australia pact kicks in; zero duty for 96.4% exported goods

The government has begun reaching out to exporters of apparel, chemicals, plastics, gems and jewellery, engineering goods and technical textiles to take advantage of the duty concessions offered by the India-Australia Economic Cooperation and Trade Agreement (ECTA), which comes into force Thursday. Australia is offering zero-duty access to India from day one for about 96.4% of the products exported, including many that currently attract 4-5% customs duty in Australia, textiles, and gems and jewellery. Source : The Economic Times News

May 26

Amendment in import policy of Paper and incorporation of policy condition in Chapter 48 of ITC (uS), 2022, Schedule — I (Import Policy).

Government of IndiaMinistry of Commerce and IndustryDepartment of CommerceDirectorate General of Foreign TradeUdyog Bhavan Notification No. 11/2015-2020New Delhi, Dated: 25 May, 2022 Subject: Amendment in import policy of Paper and incorporation of policy condition inChapter 48 of ITC (uS), 2022, Schedule — I (Import Policy). S.O. (E): In exercise of powers conferred by Section 3 read with Section 5 and Section 9 ofthe Foreign Trade (Development and Regulation) Act, 1992 (as amended from time to time)read with paragraph 1.02 and Read Full Details…