Import/Export Industry Notifications

The government on Tuesday decreased basic customs duty on crude palm oil to 10 per cent, which will help bring down the edible oil prices in the retail market. The effective duty, which includes cess and other charges, on crude palm oil will be 30.25 per cent, while for refined palm oil, it would be 41.25 per cent from Wednesday.

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China may have arisen as India’s second-largest export destination in FY21, but maintaining the high growth rate in shipments would be a challenging task for New Delhi, given that Beijing’s purchases comprise mostly low value-added products where growth prospects are typically limited.

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The first container block train from Finland to India is on its way to transport 32 containers loaded with paper-based products from a Swedish company. It is the first service linking Europe and India through the western wing of a new transport corridor that seeks to reduce transit time and transport cost.

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New arrival Federation of Indian Exporters (FIEO) President Sakthivel stated that he would prioritize export promotion and create cells dedicated to that activity to identify new markets and products. The government’s $ 400 billion export target for this year is ambitious, but he said it is achievable, as the tremendous export growth seen from April to May will be the driving force.

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India's exports grew slower than the global imports in the last five years. Many of the labour-intensive sectors have lost global market share. In contrast, several others that gained performed below their growth potential, an analysis carried out by the Federation of Indian Export Organisations (FIEO) shows.

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Innovators worldwide are making efforts in creating eggs, meat, including dairy products from cells, plants or microorganisms. The shift towards alternative proteins is considered to sustainably feed a growing global population, environmental impact of food production, and is also dealing with Climate Change.

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According to the Federation of Indian Export Organisations (FIEO), there has been an “exorbitant” rise in rates since the Covid-crisis began. Indian forwarders are being quoted “crazy” freight rates by carriers that “won’t honour” contracts with the ongoing shortage of containers and capacity.

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The Centre on Monday announced a ₹88,000 crore boost to export insurance cover. The Finance Minister proposed to infuse equity in ECGS over five years to strengthen export insurance cover by ₹88,000 crore

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According to an official at shipping giant A.P. Møller – Maersk, the backlog of vessels waiting to reach berths at the Port of Yantian, the largest container port in China, is gone since terminals returned to full operations on Thursday following a COVID-19 outbreak among dockworkers that significantly curtailed operation.

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