Import/Export Industry Notifications

Increasing freight costs over the last year because of the lack of shipping containers are having a damaging impact on small and medium-sized exporters, said a new report. As of June 10, 2021, Drewry’s composite World Container Index (WCI) — a global index for container spot market freight rates on all the major routes, peaked at $6727, up by over 300 per cent since the emergence of the coronavirus in December 2019.

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India has requested Cambodia to withdraw the temporary ban on the import of buffalo meat and other meat products from India immediately, making it clear that the move is harmful to business sentiments, especially when both countries are trying to negotiate a Bilateral Free Trade Agreement.

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Traders and planters said on Sunday that lack of product mix variety, the high price of CTC brew and failure to leverage geographical indication (GI) tag in the overseas market are among the many reasons that have led to a slowdown in Indian tea exports.

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A steady flow of export orders and the rebound in automobile sales after last year’s lockdown supported small and medium auto component makers to emerge relatively unharmed from the disturbances caused by the second wave of the pandemic that began towards the end of March.

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Export-Import Bank of India (Exim Bank) has projected India's total merchandise exports for the first quarter of FY22 to reach $87.2 billion. It would be around 70 % higher than $51.3 billion during the same quarter last fiscal, Exim Bank said in a statement.

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Carriers, faced with growing congestion, low productivity, and a mounting backlog of exports in southern China have been forced to eliminate port calls, extend gate-in times, and, in Ocean Network Express (ONE)’s case, added a $1,000 surcharge on reefer cargo to Yantian.

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Sub.: Extension of validity of AEO certification for ease of renewal process.

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Trade body AISTA said on Friday that the sugar mills in India have exported 4.25 million tonnes of the sweetener so far in the ongoing 2020-21 marketing year ending September, with maximum shipments to Indonesia.

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CMA CGM and Hapag-Lloyd have announced shipment suspensions in several regions across the world. The French shipping group said that all reefer shipments to Cabinda in Angola are suspended due to continuing congestion, which causes "increasing and extremely irregular" transit times.

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