Import/Export Industry Notifications

The freight cost to both Europe and the US has risen by 100%, and to places such as American West Coast and the UK, there is an increase of over 200% over the last quarter. Freight shipping costs have been going through the roof over the last few months, causing exporters to lose business from several countries.

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Australian Department of Agriculture has introduced mandatory offshore treatment requirements for target risk sea containers with effect from 12th April 2021 to protect against khapra beetle. Khapra beetle (Trogoderma granarium) is a destructive pest that can reproduce rapidly in stored products under hot conditions and is considered a significant biosecurity risk to Australia.

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CBIC Circular No. 05 /2021-Customs (N.T.) dated 17th February 2021 regarding Extension in SB005 alternate mechanism whereby CBIC has decided to measure trade facilitation to keep the Officer Interface available permanently to resolve such errors on payment of a specified fee by the exporter. In continuation of the same, O/o Commissioner of Customs, NS-II, JNCH has issued Public Notice no. PN-18-2021 dated 27th February 2021 regarding IGST refunds on exports-SB005 Error Rectification alternate mechanism.

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India has exported 87,000 tonnes of onion in the January-February period after the ban was lifted because of reasonable Kharif crop estimates, Agriculture Minister Narendra Singh Tomar on Tuesday said in Parliament.

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Cotton stock in the MCX accredited warehouse has reached a new high of 2,16,600 bales on March 5 against the previous high of 2,14,700 bales logged on March 30, 2019. The rising stock at the warehouse was on the back of increasing hedging activities as the export demand, especially from China, has hit a new high. China has a low inventory.

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Maersk believes the growth in Indian LCL trade is more pronounced among retailers for sourcing from China and domestic automakers scrambling to secure spare parts to meet resurgent vehicle demand.

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According to industry participants, India’s palm oil imports are set to rebound in March and April to meet rising demand from hotels and restaurants, as lower shipments last month have depleted stocks. Higher imports by India, the world‘s biggest buyer of edible oil, are likely to support benchmark Malaysian palm oil prices that hit their highest level in a decade on Monday.

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Major delays have now hit the port of Singapore, with congestion causing vessel turnaround times to more than double and week-long cargo rollovers.

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Exporters say that they are facing disruptions in shipping schedules, besides a muted demand in the US due to cold wave conditions.

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