Import/Export Industry Notifications

Chinese authorities fearful of a COVID-19 surge have adopted a carrot and stick strategy to ensure fewer people travel this month. They are handing out freebies such as free internet for those staying put while also demanding strict COVID-19 testing and quarantining for anyone planning to travel. Chinese officials expect 1.15bn trips during the Lunar New Year holiday period, which started today, a 60% drop from pre-virus 2019 days.

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The government is likely to extend the interest equalization scheme for exporters, which is to lapse on March 31, 2021, by at least another year, to help them deal better with the disruptions caused by the Covid-19 pandemic.

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India’s sugar exports are expected to be at least 25 % lower during the current sugar season (October 2020-September 2021) owing to “logistics constraints,” particularly due to lack of containers and rise in waiting time for vessels, according to All India Sugar Trade Association (AISTA).

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The world’s biggest container carrier stated trade disruptions that have sent freight rates towering and overwhelmed major ports may start to ease after the first quarter, disappointing investors but eventual signaling relief for cargo shippers.

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Severe congestion has hit roads, which has led to the southern Chinese container gateway of Yantian, as exporters desperately try to clear a backlog of orders before the new year holiday begins at the end of the week.

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The new motto in the Asian container markets is “go premium or go home,” with shippers struggling to get hold of ships and carriers assuring availability only when customers pay a premium over the Freight All Kind or FAK, market sources said.

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Maersk CEO Soren Skou told CNBC Wednesday that container shipping firms are locked in a “significant bottleneck” as resurgent global demand stretches capacity and drives up freight rates. Maersk, the world’s largest container shipping firm, missed its fourth-quarter profit expectations Wednesday and posted a cautiously optimistic outlook for 2021 after an “exceptional while challenging quarter.”

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The government has budgeted only Rs 13,000 crore for a scheme deemed to reimburse embedded levies paid on inputs consumed in exports in FY22, drawing a sharp reaction from exporters who warn of a delay in recovery outbound shipments in the wake of the Covid-19 outbreak.

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The Food Safety and Standards Authority of India (FSSAI) has issued a clarification on its order regarding the requirement of Non-GM-cum-GM-Free Certificates to accompany imported food consignments order is applicable from March 1, 2021. The clarification reads, “The requirement of Non-GM-cum-GM-Free Certificate applies to the consignments which are dispatched from the exporting country on or after March 1, 2021.”

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