Import/Export Industry Notifications

As per S Chandrasekharan, author of the book "Basmati Rice: The Natural History Geographical Indication," India should argue with the EU that various evidence is available to indicate that India holds exclusive rights to Basmati rice's Geographical Indication (GI).

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China's exports surged more than expected in April, suggesting its trade out-performance could last longer than expected this year, fueled by global fiscal stimulus. Exports grew 32.3% in dollar terms in April from a year earlier. Imports climbed 43.1%, a sign of strong domestic demand and soaring commodity prices, resulting in a bigger-than-expected trade surplus of $42.85 billion for the month.

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Shippers from Asia to Europe saw a further increase in container spot rates this week, particularly for Mediterranean ports. And ocean carriers are said to be preparing significant increases in short-term rates as cargo-rolling becomes the norm.

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Indian ports are making every effort to keep the country's supply chain intact in the face of rising COVID-19 cases, and both private and public sector terminal operators are contributing to the cause.

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India was the top country of origin for vehicle imports into South Africa despite the lengthy Covid-19 lockdowns and overall declines in vehicle sales in 2020, according to the latest 2021 auto report. 87,953 units imported from India accounted for 43.2% of total passenger cars.

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With ships waiting for up to 5-6 days at the outer anchorage for berthing at the main Bangladeshi port of Chittagong, container vessel owners have asked the port authority to increase berth allocations to avoid further congestion, especially before and after the Eid al-Fitr holiday in mid-May.

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Rotterdam has declared victory over the Suez surge in volume, but persistent delays at European hub ports have prompted some carriers to introduce congestion surcharges on imports and exports.

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According to Drewry, a weighted average of rates across the top 15 “reefer-intensive” tradelanes jumped 26% in the first quarter, following a seasonal uptick in cargo demand and rising bunker surcharges. Even as reefer container freight rates soar, shipping lines are “far from coping” with the seasonal demands of perishables.

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Benapole Customs House has opened a new software called 'Becom' aimed at making import-export trade dynamic, preventing revenue evasion and restoring transparency in taxes.

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