Import/Export Industry Notifications

As per Container xChange, a rush to get containers back to Asia to decrease shortages at key export ports has now left the Port of Los Angeles with its own scarcity. Adding to the Port of Los Angeles’ woes of congestion, Covid outbreaks, and labour issues, the US gateway port has seen acute excess of boxes change to a shortage in just seven weeks.

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The Reserve Bank of India (the "RBI") has introduced the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021 (the "Amendment Regulations") through a notification1 dated January 08, 2021, and amended the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 (the "Principal Regulations"). The RBI aims to introduce certain exemptions related to the aviation sector through the Amendment Regulations by substituting the erstwhile Regulation 4(ea) of the Principal Regulations.

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The Ministry of Commerce and Industry said that India's overall exports grew by 5.4 %, equivalent to USD 1.4 billion in January 2021 year-over-year (YoY). When it comes to overall imports, there has been an increase of USD 842 million during January 2021, which is just 2% growth from January 2020.

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Global competition for the ribbed steel containers means that Thailand can't ship its rice, Canada is stuck with peas, and India can't offload its mountain of sugar. Shipping empty boxes back to China have become so lucrative that even some American soybean shippers have to fight for containers to supply hungry Asian buyers.

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After the strike was called off on Tuesday, Import-export through the Benapole port was resumed. Trading through this port started after two days of strike called by the organization "Jeebon Jibika Bachao Committee" of the Petrapole Indian port.

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The primary custom duty on soybean oil and sunflower oil also cut 15% from 35% earlier, Sitharaman said in her annual budget presented for 2021/22 financial year. On Monday, Nirmala Sitharaman, Finance Minister, said India slashed the basic import duty on crude palm oil (CPO) to 15% from 27.5% earlier.

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A new investigation into the matter revealed that while stricter inspections of frozen food may cause some delays, it is more so a confluence of global factors, including poor handling of the virus and a lack of assessment overseas causing the congestion.

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The Government has announced the Union Budget for 2021-22 on 1st February 2021 in the paperless form. Increase in borrowing limits of state governments. Privatisation of Public Sector Enterprise. Government Reforms.

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Import cargo from the United Kingdom (UK) to Southern Ireland has declined 50% in the first month since the free trade agreement between the UK, and the European Union was implemented according to the Freight Transport Association Ireland (FTAI).

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