Import/Export Industry Notifications

Sending a letter to the Ministry of Foreign Affairs, the Indian government has sought authentication of Nepali authority on the Operational Certification Procedure for rules of origin under the South Asian Free Trade Area (SAFTA). India expresses concern over the growing export of soybean oil from Nepal to India, even as Nepal has deficient production of its raw materials.

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Grape exports from India have dropped nearly 18% this season. Exporters have shipped grapes amounting to 74,944.261 tonnes to European countries during the current grape season 2020-21 (December-April) to date, registering a drop of nearly 18%.

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With a debate over certain critical aspects of the following five-year foreign trade policy (FTP), especially export schemes, still underway, the government will likely delay the announcement of a new FTP even as the current one, already extended by a year expires on March 31.

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Engineering goods declined by 5% in February (year-on-year) 2021 to $6.5 billion after posting a growth of 16.46% the previous month as shipments to the US, the largest market, declined.

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Throughout Q4 of 2020 (October to December), Indian containerised trade grew 13.2% compared to the same period in 2019. This was the first time in the year when both exports and imports rose in a quarter. Exports from India had shown a V-shaped recovery since mid-Q3, whilst imports remained subdued for a long time due to low demand in the market.

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The Centre has permitted imports of 4 lakh tonnes of tur and 1.5 lakh tonnes of moong for 2021-22 to meet the shortfall in domestic supplies. In its latest notification, the Ministry of Commerce and Industry has also allowed traders to import these pulses and the millers and refiners.

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As per Freightos Baltic Index (FBX), the spot rate for North Europe is $7,684 per 40ft, down from more than $8,000 at the beginning of the month. Container spot rates from Asia may have eased slightly from their record highs post-Chinese new year, but rates for backhaul and secondary trades continue to head north.

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Procedure/ modalities for imports of 2 LMT of Pigeon Peas from Mozambique under the MoU is laid down.

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Growth in banana exports was seen both in quantity and in value terms in the past three financial years. Countries that imports fruits have preferred bananas over grapes, mangoes or apples in the fresh fruit basket.

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