Wednesday, September 20, 2017

India imposes anti-dumping duty on import of Chinese truck and bus radials

The anti-dumping duty on Chinese-made TBRs will come as a shot in the arm for domestic tyre makers. Apollo Tyres reported a Rs 3,258 crore revenue, Rs 88 crore profit in Q1 FY2018.
India has imposed anti-dumping duty on the import of a certain type of radial tyres used in trucks and buses in a bid to protect domestic tyre manufacturers from below-cost shipments from China for five years.
The anti-dumping duty has been imposed in the range of US$ 245.35-452.33 per tonne, said a notification issued by the Central Board Excise and Customs (CBEC). The duty has been slapped on ‘new/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having nominal rim dia code above 16 (inch)’ used in buses and lorries/trucks.

The levy follows a recommendation for the same by the Directorate General of Anti-dumping and Allied Duties (DGAD). Earlier, the Automotive Tyre Manufacturers' Association (ATMA) had filed an application on behalf of domestic tyre producers. It is understood that Apollo Tyres, J K Tyre Industries and Ceat had approached DGAD for investigations regarding dumping of tyres in India, as per a PTI report.

In its recommendation, the DGAD had said the domestic industry has suffered material injury on account of the imports from China. It found that the tyres have been exported to India from China ‘below normal value’.
The anti-dumping duty will come as a shot in the arm for domestic tyre manufacturers who have been under pressure from sales of lower-priced Chinese-made TBRs.
Last month, Onkar S Kanwar, chairman, Apollo Tyres, had said: "The recommendation by the Directorate General of Anti Dumping (DGAD) in India to impose anti-dumping duty on truck-bus radials from China has vindicated our stand on the same, and which, once implemented, would be a boost for us in India."

Countries impose anti-dumping duties to guard domestic industry from surge in below-cost imports. India has also imposed similar duties on import of several other products including steel, fabrics and chemicals from different countries including China. Anti-dumping measures are essentially taken to ensure fair trade and provide a level-playing field to the domestic industry and are not a means to restrict import or cause an unjustified increase in cost of products.

U.S. import prices post biggest gain in seven months

WASHINGTON (Reuters) - U.S. import prices recorded their biggest increase in seven months in August as the cost of petroleum surged and there were also signs of a pickup in underlying imported inflation.

The Labor Department said on Tuesday that import prices jumped 0.6 percent last month, the biggest gain since January, after a downwardly revised 0.1 percent dip in July.

Economists polled by Reuters had forecast import prices increasing 0.4 percent in August after a previously reported 0.1 percent gain in July.

In the 12 months through August, import prices surged 2.1

percent after rising 1.2 percent in July. The year-on-year increase in import prices has slowed sharply since posting 4.7 percent in February, which was the biggest advance in five years.
Last month, prices for imported petroleum raced 4.8 percent after slipping 0.4 percent in July. Import prices excluding petroleum rose 0.3 percent after dipping 0.1 percent the prior month. Import prices excluding petroleum increased 1.0 percent in the 12 months through August.

Import prices outside petroleum are rising as the dollar’s rally fades. The dollar has weakened 8.3 percent against the currencies of the United States’ main trading partners this year.

The report also showed export prices rose 0.6 percent in

August after gaining 0.5 percent in July. They increased 2.3 percent year-on-year after rising 0.9 percent in August.

Tuesday, September 19, 2017

India exempts import duty on goods for FIFA U-17 World Cup

New Delhi, Sep 17 () The government has exempted from import duty sports items and a wide range of goods for the upcoming FIFA U-17 World Cup India, which will see 24 nations vying for the coveted trophy.
The first FIFA event to be held in India will be spread over six cities starting October 6 and have 52 matches. The final football match, on October 28, will be played at Kolkata's Salt Lake Stadium.
"All sports goods, sports equipment and sports requisites; fitness equipments; team uniform/clothing; spares, accessories and consumables of the same" will be exempt from the whole of the duty of customs leviable subject to certain conditions, said a notification.
The notification issued recently by the Central Board of Excise and Customs (CBEC) further said the importers will have to furnish undertakings that all the goods, excluding gift items, souvenirs, mementos will be re-exported within three months of conclusion of the World Cup.
Doping control equipment, first aid kits, satellite phones/GPS, dining/kitchen items, and office consumables, are also among the goods that have been exempted from the import duty.
Broadcast equipment and supplies used in organising and during the event imported by FIFA Host Broadcasters too falls in the exemption list.
These goods will also be exempt from the integrated tax levied under the GST.
The 17th edition of the FIFA U-17 World Cup, under the slogan 'Football takes over', will be held in six cities -- New Delhi, Margao, Kochi, Guwahati, Kolkata and Navi Mumbai.
India, as the host country, is automatically qualified for the FIFA U-17 World Cup 2017.
Brazil, Spain, Germany, France, USA, England, Paraguay, Japan and Korea DPR, are among the nations participating in the Federation Internationale de Football Association (FIFA) World Cup event.

Monday, September 18, 2017

India lifts Pulses export ban

In order to help the farmers in India to get good prices, government has decided to lift the ban on export of Tur, Urad and Moong dal. However, exports of these varieties of Pulses can be undertaken after taking permission from agri export promotion body Agricultural and Processed Food Products Export Development Authority (APEDA).

Presently, Organic Pulses and Kabuli Chana are allowed to be exported in a limited quantity. The lifting of ban on exports is mainly to help the farmers to get remunerative prices and encourage them to expand sowing area in coming season.

The ban on these varieties has been lifted with immediate effect Exports should be made through customs electronic data interchange (EDI) ports. Subject to registration of quantity with the DGFT, the exports through Bangladesh and Nepal will be allowed.

Pulses production in India during 2016-17 crop year has touched a record of 22.4 million ton as against 16.35 million ton in the previous year on the back of encouragement from the government.

India's exports up 10.29% in August; trade deficit widens to $11.64 billion

New Delhi: India's exports grew by 10.29 percent on a yearly basis to USD 23.81 billion in August on account of rise in shipments of engineering, petroleum, chemicals and pharmaceuticals products, official data released on Friday showed.

Imports too rose by 21.02 percent to USD 35.46 billion in August from USD 29.30 billion in the year-ago month due to rise in inward shipments of crude oil and gold, according to the data released by the commerce ministry.

The trade deficit in the month widened to USD 11.64 billion from USD 7.7 billion during the same month a year ago.

Gold imports increased by 68.90 percent to USD 1.88 billion in August against USD 1.11 billion in the same month last year.

Oil imports was valued at USD 7.75 billion in August, an increase of 14.22 percent over the same month in 2016.

Cumulative exports during April-August of 2017-18 rose by 8.57 percent to USD 118.57 billion while imports increased by 26.63 percent to USD 181.71 billion, leaving a trade deficit of USD 63.14 billion.

Friday, September 15, 2017

Cotton importers eye kochi port for storage and re-export

The South India Mills Association and Indian Cotton Federation are looking at options to facilitate the import and re-export of containerised cotton through Kochi port.
Kochi’s proximity to spinning mills in Coimbatore, which is less than 200 km away, prompted them to seek a storage facility in the port for the transhipment of containers to facilitate local sales and cotton imports.
Moreover, the reduced transit time to Kochi, especially from West and East African ports and the US, would make the port an attractive destination, said G Radhakrishna, President, Coimbatore Cotton Association.

“We opened a similar facility in Tuticorin a month back,” he told BusinessLine.
According to him, a lot of imports are being made to South India every year, and a majority of the consignments are handled at Tuticorin port. However, Kochi has a cost advantage to millers in Coimbatore, and the closing down of Walayar check post after GST has resulted in the faster movement of cotton to production units.
According to him, a lot of imports are being made to South India every year, and a majority of the consignments are handled at Tuticorin port. However, Kochi has a cost advantage to millers in Coimbatore, and the closing down of Walayar check post after GST has resulted in the faster movement of cotton to production units.
Cotton imports
Last year, mills in the South consumed around 2-lakh tonnes of cotton imported from the major cotton-growing areas in West and East Africa, US and Australia. India’s cotton season normally starts in September and continues till June.

The country exports a lot of cotton, which is a major revenue earner for growers in North India.

However, millers in South India have to depend on imports in the second-half of the year to meet their production requirements, he said.

Confirming the development, A V Ramana, Deputy Chairman of Cochin Port Trust, said that the port is in talks with Cochin Customs to come out with a notification to set up a dedicated facility to make Kochi a trading hub of cotton.

“Once the notification is out we will start an aggressive marketing campaign among the millers, especially those in Madurai, Dindigul and Coimbatore,” said Ramana.

“The Vallarpadam terminal offers facilities that match international standards for import, warehousing and re-export at a comparable cost,” he added.
Cotton Exports Imports

Tuesday, September 12, 2017

Poor soyabean meal crop won't hit exports

Soyabean meal may suffer a decline in production during the ongoing kharif season but this is not likely to have a significant impact on exports, industry executives said citing sufficient carry forward stocks.
This will help the country avoid a major dent in revival of India's soyameal exports seen last year, they said. "Although soyabean production in 2017-18 is likely to be lower at about 9 million tonnes, the availability will be adequate as we have high carry forward stock," said BV Mehta, secretary, Solvent Extractors Association of India. In the current oil year (October 2016-September 2017), India has exported nearly 18 lakh tonnes of soya meal.

According to data available with the Soybean Processors Association of India (SOPA), exports between October 2016 and August 2017 shot up 362 per cent in a year to 17.35 lakh tonnes from 3.75 lakh tonnes. The association expects a fall in soyabean production this year but it is yet to assess the current crop to issue its production estimates.
"Soyabean production will be lower than in the previous year as the area sown has been down and yields are also expected to be lower than in the previous year due to a long dry spell in July," said SOPA president Davish Jain.
"Soyabean production will be lower than in the previous year as the area sown has been down and yields are also expected to be lower than in the previous year due to a long dry spell in July," said SOPA president Davish Jain.

Adequate availability of soyabean seeds for crushing and possibility of soyabean prices remaining subdued, mainly due to a price support scheme announced by the Madhya Pradesh government, will help soya meal exports.
The industry has pegged India's soya meal export during 2017-18 oil year at 1-2 million tonnes. However, it is worried about factors such as strengthening of the rupee against the US dollar and the glut in soyabean oil due to cheap imports. "Developments like the recent rise in soyabean prices can make India outpriced in international market," said Jain.
India's soya meal export

Wednesday, September 6, 2017

Canada trade deficit shrinks as strong C$ hits imports, exports

OTTAWA, Sept 6 (Reuters) - Canada's trade deficit in July shrank to C$3.04 billion, thanks largely to a strong Canadian dollar that cut the value of imports and also helped depress exports, Statistic Canada said on Wednesday.
Analysts in a Reuters poll had predicted a shortfall of C$3.1 billion. Statscan revised June's deficit to C$3.76 billion in June from an initial C$3.60 billion.
In volume terms, imports fell by 2.3 percent while exports dropped by 1.1 percent.
The data came too late to influence the Bank of Canada, which was due to make an interest rate announcement at 10 am ET (1400 GMT) on Wednesday. Analysts are split over whether it will hike rates for the second time this year as the economy strengthens.
The central bank has long fretted over what it sees as the relative underperformance of Canada's non-energy export sector.
"Prices did play a significant role but weaker volumes also contributed and point to a slowdown in growth in the third quarter," said Royce Mendes of CIBC Economics.
The value of imports fell by 6.0 percent from June, with lower prices accounting for most of the decline. The Canadian dollar gained 3.6 U.S. cents against the greenback in July.
The robust domestic currency also depressed the value of exports, which dropped by 4.9 percent after falling by 5.0 percent in June. Many major exporters price their goods in U.S. dollars, which means they receive fewer Canadian dollars as the currency strengthens.
Export Development Canada Chief Economist Peter Hall said the slipping exports could be explained in part by longer than usual shutdowns in the auto sector.
"Two months of declining exports bears watching ... This is not great news but the fundamentals suggest this is not going to last," he said in a phone interview.
Exports to the United States, which accounted for 75.5 percent of Canadian goods exports in July, fell by 3.2 percent while imports plunged by 6.7 percent. As a result, the trade surplus with the United States grew to C$2.90 billion from C$1.80 billion in June.
Paul Ferley, assistant chief economist at Royal Bank of Canada, said although the trade balance had improved, "unfortunately it is not coming from the source you want to see, strength in exports".
Separately, Statscan said the labor productivity of businesses dipped by 0.1 percent in the second quarter as the number of hours worked grew faster than business output.

Monday, September 4, 2017

Peru likely to export US $3 Billion in fish for human consumption

15:40. Lima, Sep. 3. Peru's fishery exports for direct human consumption may triple from US$1 billion to US$3 billion by 2021, National Society of Industries (SNI) projected on Sunday. "If we keep the policy aimed at promoting fishing for direct human consumption, we could triple [Peruvian fishery] exports, currently at US$1 billion, by the end of this administration," SNI Fishing and Aquaculture Committee Chair Alfonso Miranda told Andina news agency. Likewise, the officer forecasted this industry will create at least 500,000 formal jobs by 2021. He went on to add prawn exports may —in the short term— double from the US$150 million registered in 2016. Said expansion may be underpinned by the agreements Peru will sign with China in the coming weeks. On the other hand, Miranda highlighted Peru's potential for aquaculture activities, given its more than 3,000 km of coastline facing the Pacific Ocean, as well as a large number of rivers and lakes within its territory. It must be noted Peruvian aquaculture sector is driven by shipments of prawns, mollusks and paiche fish, among other products with great potential such as: seaweeds, highly demanded as nutritional supplements and beauty products.  2017 Miranda also projected exports of fishery products for direct human consumption may reach US$1.2 billion in 2017. Finally, he expressed optimism regarding the future of Peruvian fishing industry in the coming years. He also expects some measures to be adopted soon concerning anchovy fishing for human consumption, aquaculture promotion, formalization and oil activity regulations, among others.

Friday, September 1, 2017

Vietnam's garment exports up 7%

The first eight months of 2017 saw strong growth of Vietnam’s main exports. Exports of phones and components were up 14.8 per cent, garments were up 7.2 per cent, footwear up 13 per cent, seafood up 19.2 per cent, wood and wooden products up 10.6 per cent and vegetables and fruits up 48 per cent.

Export turnover in the eight months rose 17.9 per cent year-on-year. Of this, exports by the domestic sector saw a 15.7 per cent increase while those of the foreign-invested sector were up 18.9 per cent.

The US remained the largest consumer of Vietnamese goods followed by the EU and China. But China’s share of Vietnam’s imports saw a year-on-year surge of 14.7 per cent.

Import value registered a year-on-year surge of 33.5 per cent for machines, equipment, tools and components, 33.3 per cent for telephone and its components, 24.8 per cent for electronic products, computers and components and 16.3 per cent for steel.

Import turnover during the first eight months jumped by 22.3 per cent year-on-year, with imports by the domestic sector showing a 18.4 per cent increase while those of the foreign-invested sector increased by 25 per cent.

Vietnam is changing the rate of import tax and export tax for certain goods.
Vietnam Exports Imports

Indian Pharma exports to US may increase in 2018, Care Ratings

Despite many hurdles, pricing pressures and competition from other major pharma producing countries, India’s pharma exports to the US will in all likelihood increase in 2017-18.

Drugs worth $50bn are expected to become off-patented this year giving enough room for pharma exports to get a boost, a report by Care Ratings revealed.

The Indian Pharma industry is likely to face stiff competition from other countries to get Abbreviated New Drug Application(ANDA) approval. Other than this the pricing pressure is likely to increase in the generics market due to the consolidation of distribution channels and increase in competition the report detailed. However due to gain in the sales of generics drugs with branded drugs going off patent during 2017-19, will create an opportunity for Contract Research and Manufacturing Services (CRAMS) segment, Care said.
"The pharma export volumes from India to the US, however, are expected to rise. This will be backed by about $55 billion expected sales gain to generics drugs on account of branded drugs going off patent during 2017-19 which will create an opportunity for CRAMS segment. We expect growth rate for CRAMS to be higher compared to average growth rate of the industry. These factors are likely to support pharma exports from India," the report specified.
India’s pharmaceuticals industry earns more than 70% of its revenues with the sale of generic drugs and more than 50% of its revenues come from exports. According to IPI (Indian Pharmaceuticals Industry), pharma exports registered around $33 billion in revenues in 2016, of which a huge chunk of 50% was due to exports alone.
Of the total pharma exports of $16.8bn during 2016-17, exports to the US commanded 40.6%, exports to Europe was 19.7%, Africa 19.1% and 18.8% was taken up by Asia.
In 2015-16, exports to USA surged by 27.8 per cent to $5.5 billion on a year-on-year basis. However, the export scenario to USA weakened and it grew by a marginal 1.3 per cent to $5.6 billion in 2016-17.
In 2016-17, the industry faced a slew of issues with increased scrutiny of regulatory authorities, increase in competition in generics market of one of its primary export destination, USA. This, in turn, resulted in marginal growth in exports to that country.
Also, stricter enforcement of Drug Price Control Order has impacted revenue growth rate of the industry in the domestic market, the report said.
The report also said with the implementation of GST, there will be no major change in the prices of medicines and there is an expectation that the government will continue to keep a check on the prices of controlled as well as non-controlled drugs.
Indian Pharma exports

India imposes anti-dumping duty on import of Chinese truck and bus radials

The anti-dumping duty on Chinese-made TBRs will come as a shot in the arm for domestic tyre makers. Apollo Tyres reported a Rs 3,258 crore ...