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
In the run-up to the peak trading season, merchants not only have to deal with changes in platform policies, but also have to face uncertainties in logistics and distribution, such as overloaded warehouse capacity and tight shipping space. More challenging is that the US Customs and Border Protection (CBP) often increases the inspection rate at this time, especially for the review of cargo values. I. Customs inspection status at major ports ...
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 Government of India has recently taken a series of measures on the sugar and mustard markets to stabilize market supply and prices. The Ministry of Commerce and Industry of India issued an announcement on October 18 announcing that it will continue to extend export restrictions on sugar (including raw sugar, white sugar, refined sugar and organic sugar).
The United States updated its policy on South Korean companies’ factories in China and adjusted sanctions on Venezuela
1 November 2023
Recently, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued a new regulation that updated the factory policies of two South Korean companies, Samsung and SK Healy in China. Under this new regulation, the Chinese factories of the two companies were included in the “Experience Certified End Users” (VEUs) list, which means that in the future the two companies will no longer need to supply equipment to their Chinese factories.
Italy's 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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