Category: Trade Partnership

Feb 09

Hong Kong and United Arab Emirates set to commence talks on bilateral free trade agreement, city leader John Lee says

Hong Kong and the oil-rich United Arab Emirates (UAE) are set to commence negotiations on a bilateral free trade agreement to boost investment ties between the two economies, the city’s leader has announced during his visit to Dubai.Memorandums of understanding (MOUs), meanwhile, have been exchanged between Hong Kong Science and Technology Parks Corporation and its counterpart in the Emirates, as well as between a local architectural firm, a home-grown tech start-up and an Abu Dhabi smart city operator. Chief Executive Read Full Details…

Feb 09

China’s exports, imports tumble

Both exports and imports plunged in China last month, official data showed on Friday, as Covid tore through the economy and global demand weakened. Exports contracted by 9.9% in December year-on-year, following an 8.7% fall in November. December’s decline was the worst since February 2020, although it was ahead of forecasts for a 11.1% slide. Imports fell 7.5%, although that was a marginal improvement on November’s 10.6% decline and better than forecasts for a 9.8% drop. The trade surplus widened Read Full Details…

Feb 08

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…

Feb 08

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…

Feb 08

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…

Feb 08

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…

Feb 08

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…

Feb 07

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…

Feb 06

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…

Feb 06

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…