Import/Export Industry Notifications

Global companies that thrived on the efficiency and low costs of Chinese production are likely to move their base in the aftermath of Covid-19. Nations the world over are today rethinking trade ties with China post the COVID-19 outbreak. India not only cancelled orders for ‘faulty’ rapid test kits, but it also revised FDI policy to curb ‘opportunistic acquisitions’ of Indian companies.

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Export units, trading firms and hospitality ventures may also tap the ₹3 lakh crore credit facilities offered to MSMEs under the recent economic stimulus package. It is enough if they meet the eligibility criteria.

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India’s exports of agriculture-based commodities such as garlic, lemons, chillies and bananas have been higher this year than previous years, despite the national lockdown. India’s export in April and May 2020 has been higher than May 2019.

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3F Oil Palm Agrotech, an oil palm player, has launched 3F Akshaya, an Android mobile app for oil palm farmers. To begin with, about 20,000 oil palm farmers of Andhra Pradesh will get access to the app. They can monitor details of transactions including ledger balances and plot data.

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Punjab Biotechnology Incubator has approved a 15% discount on all product testing facilities for registered Punjab-based exporters besides introducing special packages to support them further. PBTI is providing testing services such as residue analysis, microbial analysis, adulterants and food additive analysis, which form an important part of the stringent export guidelines of European Union countries.

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Between April and July, 80 sailings have been cancelled or will be, between the West Coast and Asia and 43 departures to Asia will be called off the East Coast. The cancelled sailings are a headache for shippers and there have been a lot of them during the COVID-19 crisis. Traditionally about 15 to 18% of all export bookings are cancelled.

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In a big digitisation push, Adani Ports and Special Economic Zone Ltd (APSEZ), has signed up with TradeLens, a blockchain-based digital container logistics platform, jointly developed by A P Moller - Maersk and IBM.

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The Rubber Board has informed that the rubber growers can contact Rubber Board call centre for advice on diseases affected in rubber during the rainy season and its control measures.

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As global demand plummets, buyers ask for longer payment cycle of up to 120 days from a maximum of 60 days earlier. FIEO advises members to deal with buyers in countries where the fiscal stimulus to revive demand have been announced. MSMEs which account for 45% of the country's exports are grappling with payment issues in local markets too.

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