Import/Export Industry Notifications

While the pandemic impacted ports, which has resulted in a decrease in cargo traffic, New Mangaluru Port Trust (NMPT) bucked the trend, registering a 6.2% growth in the container export segment between April and November, compared to the same period last year

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Boris Johnson, UK prime minister has rejected calls from Scottish first minister Nicola Sturgeon to extend the transition period, when EU rules no longer apply to the UK, beyond the 31 December deadline.

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Air cargo volume throughout the world was 2% higher in the first half of December compared with the first half of November, showing a better MoM trend than the trend from October to November. Volatility, both in volumes and in rates, has been the order of the day for air cargo in many markets in 2020.

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Supply chain operators are requesting France to withdraw yesterday’s ban on accompanied freight from Britain, imposed after the UK identified a new strain of Covid-19 on Saturday.

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India will stop flights to and from the UK at midnight on Wednesday after the latter reported a new strain of Covid-19 that’s 70% more infectious and has been rampant across parts of Britain, leading to shutdowns. Various European nations and Canada have also barred UK flights.

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Shipping lines have complained that a new law proposed by India’s Shipping Ministry that pushes for greater transparency on ocean pricing amounts to “government interference”.

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Even during the Covid-19 pandemic, India has successfully managed to export dairy products worth Rs. 554 crores to over 110 countries. So far, orders worth Rs. 154 crores were placed by the UAE alone. Then comes the US, Bhutan, Singapore, Saudi Arabia, and Australia.

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India’s merchandise exports reached $313.4 billion in 2019-20, registering an average annual growth rate (AAGR) of 4.7% during 2015-16 and 2019-20. During the same time, imports grew at a higher AAGR of 6.2%, reaching $474.7 billion in 2019-20. As a result, India had a trade deficit of $161.3 billion in 2019-20.

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Anti-dumping duty and the countervailing duty imposed on the imports of hot rolled stainless steel coils have created a massive imbalance by making the critical raw material prohibitively expensive for India's stainless steel downstream industries. India's MSME industry suffers double blow regarding no restriction on imports of finished stainless steel products.

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