Import/Export Industry Notifications

India's export of goods fell 9.07% year on year to $23.43 billion in November, mainly because of a decrease in sectors, for example, chemicals, petroleum, gems and jewelry, engineering products, leather, and marine products. Imports declined a lot higher at 13.33% during the month to $ 33.39 with trade deficit contracting to $9.96 billion, which was 21.9%lower than November 2019, as indicated by the latest official data released by the Commerce & Industry Ministry.

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Around 27 containers have been lost, and 90 have been damaged from the 2011-built Maersk vessel, Seroja Lima, because of extreme weather conditions in the Atlantic Ocean, on 20th November when the ship was sailing to New York from Suez.

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Container Corporation of India Ltd (Concor) stated that they would evacuate India-foreordained and originating transshipment containers at short notice from ports in and around Chennai as an intense congestion in Colombo port force container lines to search for alternative gateways.

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Early investigations onboard the ONE Apus have established that the affected container coves stay perilous for close-quarter inspections; in any case, it is assessed that the quantity of lost or damaged units could surpass 1,900, of which around 40 are believed to be DG holders.

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In support of the farmers’ agitation, the All India Motor Transport Congress has said that if the Government doesn’t address farmers’ issues, they might shut down all transport operations nationwide. So far, 1000s of trucks carrying perishables like apple, potato, onion, and non-perishables have been affected by the protest.

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On the 1st December 2020, the Japanese flagged containership, 'ONE APUS' (IMO No 9806079) - enlisted proprietor 'Chidori Ship Holding LLC', chief 'NYK Shipmanagement' - lost various compartments because of extreme climate conditions the evening of Monday 30th November 2020 at 2315LT roughly 1600NM North West of Hawaii, USA.

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The government is analyzing the chance of extending the outlay for the new Remission of Duties or Taxes on Export Products (RoDTEP) scheme, from the estimate of ₹10,000 crores made by the NITI Aayog recently, to guarantee that a more significant number of areas are offered the benefits when the plan replaces the famous Merchandise Export from India Scheme (MEIS) in the new year.

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As per reports, China has started to import Indian rice for the first time in the last three decades. This has happened because of the constriction of supplies and an offer from India of sharply discounted prices. India is the biggest exporter of rice in the world, whereas China is the biggest importer.

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Regardless of the pressing requirement for containers in China and the US, the average time frame that empty boxes spend in depots is 61-66 days, a significantly higher average than the worldwide one of 45 days, as per a research project by FraunhoferCML and Container xChange. Specialists said the high standard deviation of 85 days in North America and 129 days across Asia demonstrates numerous situations where containers spend definitely a larger number of days inside depots than the average suggests.

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