Import/Export Industry Notifications

India is set to allow shipping bills of lading to be filed over a blockchain platform. The country’s efforts to digitise its maritime supply chains have become increasingly urgent. The paper-based administrative processes that accompany container shipping have been severely hampered by the coronavirus pandemic and the consequent lockdowns. The paper-based administrative processes have led to the port congestions as well.

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Exporters have seen a 20% rise in export inquiries in the last fortnight from the US, Australia and Japan. Cotton yarn is exported at a 15-20% discount especially to China, handicraft exporters are getting inquiries worth Rs 150 crore in a span of four days, and the EU resumes its jewellery imports.

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The free trade pact signed between emerging South East Asian powerhouse Vietnam and the 27-member Belgium-headquartered custom block, the European Union (EU), doesn't bode well for India. The FTA was ratified on June 8 and will ensure zero duty trade on 99 percent of products Reuters reported. Indian exporters maintain that they have been already losing market share to Vietnam in the EU market, which accounts for close to one-fifth of Indian outbound shipments.

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India’s minister for chemicals and fertilizers, Sadananda Gowda stated that the Department of Pharmaceuticals has approved the lifting of ban on Export of Hydroxychloroquine API as well as formulations. Manufacturers, except export-oriented units and those in special economic zones, would still have to supply 20% of their production to the domestic market.

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The Association of Planters of Kerala has come out against the Rubber Board proposal to set up an e-auction platform for trading natural rubber. The planters body felt that the current open market system, where the elasticity of supply and demand determine the price level, will be the right mechanism for the rubber sector.

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The government has restricted the exports of Swabs sterile synthetic fibre swabs, probes and primers specific for Covid-19 testing, along with nine others. It also retained the restrictions on the export of specific diagnostic kits, reagents, and instruments such as swabs, sterile synthetic fibre, silicon columns and magnetic stand, amid the Covid-19 pandemic.

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Singapore replaced the United States as India's biggest overseas market for engineering parts in April, with exports rising 95 percent to $553 million from a year earlier. India's overall engineering exports, comprising industrial machinery and auto parts, constitute nearly a quarter of total goods exports, contracting in April and May due to the coronavirus and weak global demand

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The ECGC is ready to support exporters in their endeavour to expand to new markets especially to Africa and Latin America. The crisis is much worse compared to the one witnessed after the global financial meltdown a decade earlier. The working capital cycle of almost all the business units has been impacted.

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The lockdown imposed to contain the COVID-19 has badly hit the Cashew growers in Tripura. Cashew farmers feel the burn of lockdown as no buyers for the produce. Tripura has nearly 5000 casher farmers, out of which 3000 are from Rajnagar alone. They complain that despite the perfect time to harvest, they haven’t gone to the fields to pluck the produce as they have not got any orders. They usually sell raw cashew to wholesalers, who then process it to market.

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