Import/Export Industry Notifications

The BIFA says that recent announcements by some container shipping lines that they will discontinue low sulphur fuel surcharges will be welcome news for its members. The trade association for UK freight forwarding and logistics companies has long challenged the legitimacy of shipping line surcharges. It accused the carriers of profiteering when they announced in 2018, almost in unison, that they would be introducing the low sulphur surcharges significantly in advance of the IMO 2020 regulation which took effect on January 1st 2020.

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Union Minister for Agriculture & Farmers’ Welfare, Rural Development and Panchayati Raj Narendra Singh Tomar inaugurated 22 bamboo clusters in nine States. Madhya Pradesh, Gujarat, Maharashtra, Assam, Odisha, Nagaland, Tripura, Uttarakhand & Karnataka were the states where the bamboo clusters were inaugurated through virtual mode. He also released a logo for the National Bamboo Mission. India is now gearing up to increase the export of bamboo products.

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India has begun an anti-dumping probe in the imports of certain flat rolled products of aluminum originating in or exported from China based on a complaint by Hindalco Industries NSE -1.31 % alleging injury to the domestic industry due to the dumped goods. The Directorate General of Trade Remedies (DGTR) will probe the dumping from FY17 to December 2019. The alleged dumping has led to price suppression and depression on the domestic industry.

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Sydney’s storage areas for empty containers are full, further jamming-up Australia’s stretched supply chains. Bad weather, vessel schedule alterations and industrial action at ports have all contributed to worsening congestion at the facilities since July.

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Larger container ships calling Japanese ports has led carriers to alter port rotations to avoid vessels bunching together, with some box ships being forced to depart earlier than planned to prevent delays and congestion.

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Indian chemical executives are betting that they will increasingly win in the global marketplace. Managers at Indian specialty chemical companies see a door opening for India. China has cracked down on environment scofflaws, forcing some small chemical makers there to shut down. US President Donald Trump is making it hard to do business with China through a combination of import tariffs and intellectual property prosecutions. And, COVID-19 is making all chemical buyers rethink and diversify their supply chains.

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Though a duty of 30% has been imposed by the Union government on export of all grades of iron ore, including fines, which have Fe (iron) content above 58%. No duties whatsoever are imposed on the export of pellets, a value-added product manufactured by agglomerating these fines. Iron ore pellet exports have continued unabated despite a Union government policy whereby only the state-owned KIOCL Limited, formerly known as Kudremukh Iron Ore Company Limited, or its authorised subsidiaries, is allowed to export these.

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India’s sugar exports will rise 50% to a record of over 5.7 million tonnes in the season ending this month, helped by the depreciated rupee, subsidy and lower output from rival suppliers. The government expects the robust performance to continue in the next season also. Export shot up due to sustained demand at global market. The highest sugar export before this was in 2007-08 when India shipped 4.9 million tonnes.

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The global economy was already on shaky grounds with high debt-fuelled growth of the past decade when the COVID-19 pandemic dealt a crushing blow. It has accelerated the inevitable crisis, and even a country as large as India cannot pull up the economy with the sole strength of its domestic demand. In this backdrop, export-led growth becomes imperative for sustained high growth levels.

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