Indias Ministry of Commerce and Industry Innovation Initiative: Automated Exporter Identity Certificate
16 November 2023
The Ministry of Commerce and Industry of India has taken a major step in improving the facilitation of foreign trade. Recently, Co-Minister Shri Piyush Goyal announced an innovative initiative, namely, the automated issuance of exporter identity certificates under the Foreign Trade Policy (FTP) in 2023. This change means that exporters will no longer need to submit applications to the General Administration of Foreign Trade (DGFT), but through...
Chinas steel exports increased by 34.8% in October
15 November 2023
Recently, data released by the General Administration of Customs of China showed that Chinas steel exports were strong in the ten months prior to 2023, up from 34.8% to 7473.2 million tons. This growth momentum has caused widespread attention in the market, especially in the context of the complex international political and economic situation.
US trade deficit widens in September: Challenges remain behind favorable export performance
13 November 2023
According to recent data released by the U.S. Department of Commerce, the trade deficit in commodities and services increased by 4.9 percent in September to $61.5 billion, above the $59.8 billion expected by economists. This growth is mainly due to the increased demand for foreign goods by U.S. consumers, the deficit in Chinese trade.
Bangladesh textile workers demand for wage increase sparks global garment industry debate
10 November 2023
Since the end of October, Bangladesh’s capital Dhaka and core industrial districts have continued to erupt in textile workers’ demonstrations demanding massive wage increases, sparking in-depth discussions about the world’s clothing industry’s highly dependent on low-cost labor. In Bangladesh, about 3,500 clothing factories employ 4 million workers, who frequently overtime to meet the needs of world-renowned brands, but only get the most.
The U.S. customs inspection rate has increased, and the U.S.-West route has returned to 2100.
November 8, 2023
On the eve of the trade boom, traders must not only deal with platform policy changes, but also with uncertainty in logistics delivery, such as overload of warehouse capacity and cabin tensions. More challengingly, the U.S. Customs Border Protection Agency (CBP) often increases check rates at this time, especially for checking the value of goods.
A major strike broke out at Australian ports, affecting logistics and transportation
7 November 2023
In a statement, the Australian Maritime Alliance announced a new round of protected strike operations at the Australian ports of the DP World Group, calling on trade unions to return to the negotiating table and noting that ongoing industrial operations have caused serious delays and disruptions in Australias import and export supply chain.
Indian government takes steps to regulate sugar and jute markets
November 2, 2023
The Indian government has recently taken a series of measures in the sugar and jute markets to stabilize market supply and prices. The Directorate General of Foreign Trade under the Ministry of Commerce and Industry of India issued an announcement on October 18, stating that the export restrictions on sugar (including raw sugar, white sugar, refined sugar, and organic sugar) will continue to be extended. This export restriction order will be extended beyond October 31 this year until...
The United States updated its policy on South Korean companies’ factories in China and adjusted sanctions on Venezuela
1 November 2023
Recently, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce issued a new regulation updating the policies for the Chinese factories of two South Korean companies—Samsung and SK Hynix. According to this new regulation, the Chinese factories of these two companies have been included in the Validated End-User (VEU) list, which means that these companies will no longer need to...
Italys clothing industry hit by climate change, inflation
October 31, 2023
The summer of 2023, recorded as the hottest season ever, not only poses unprecedented challenges to humankind, but also has a serious impact on the Italian clothing industry.The Italian Clothing Federation Fismo reports that the abnormally high temperatures have led to a sharp decline in the purchase of winter clothing, while the impact of inflation has forced families in Italy and Europe to rethink the...
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