Import/Export Industry Notifications

The central government is devising a mechanism to enhance screening imports to protect domestic manufacturers. The online monitoring system details may find mention in the foreign trade policy 2021-26, which will kick in next month.

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Ocean Network Express (ONE) has decided to suspend import bookings into Myanmar immediately because of the several challenges caused by the region's coup.

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Consumer Affairs Secretary Leena Nandan said that to prevent the onion crisis this year, the central government is boosting the kitchen staple's buffer stock by 100%. “We are building a buffer stock of 2 LMT this year- double of last year’s buffer size.”

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

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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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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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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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