Author: Editorial Desk

India’s Rice Export Ban, specifically on non-basmati white rice exports, may provoke the cancellation of contracts equating to nearly 2 million metric tons of the grain, an estimated worth of $1 billion on the global market, according to traders. India, that represents 40% of the world’s rice exports, abruptly enforced a halt on its most significant export category. The decision aims to stabilize domestic prices, which recently surged to multi-year highs due to unpredictable weather patterns jeopardizing production. A Mumbai-based dealer affiliated with a global trade house noted that traders had anticipated restrictions on rice exports. However, they did not…

Bringing an end to four years of trade-related tension, and ushering in a new era of cooperation, Japan restores Korea as a preferred trading ally on Friday. South Korea thus joins an esteemed league of 26 other nations, inclusive of Britain and the United States, now enjoying the privilege of simplified export procedures from Japan. A controversial South Korean Supreme Court decision in 2019 led to the souring of trade relationships. The court commanded compensation from two Japanese firms, addressing allegations of forced labor during Japan’s colonial rule over the Korean Peninsula (1910-1945). Japan’s consequential removal of South Korea from…

An audacious step forward in the realm of digital commerce has been taken as the European Union (EU) and Singapore commence negotiations for an all-encompassing digital trade pact. This proposed agreement is set to solidify trust and reliability in digital trade from inception to conclusion, simultaneously elevating safeguards for both businesses and consumers involved in digital transactions. This initiative stands as a testament to the rapidly growing influence of Southeast Asia in the global digital marketplace – a stature that this agreement aims to firmly establish. The sturdy economic ties between the EU and Singapore have been cemented by the…

Tesla, the pioneering American electric vehicle manufacturer, extended its ambitious stride into the Malaysian market through Tesla Malaysia Sdn Bhd, underpinning its commitment to promoting sustainable mobility. The venture, articulated in a shared statement with the Malaysian Investment Development Authority (MIDA), acts as a compelling response to the Battery Electric Vehicle (BEV) Global Leaders initiative by Malaysia’s Ministry of Investment, Trade and Industry (MITI). As part of the expansion strategy, Tesla will unveil its sophisticated electric vehicle line-up to the Malaysian market, commencing with the Model 3 and Model Y. Catering to the distinct needs and preferences of Malaysians, Tesla…

At a time when the world navigates an ocean of upheaval, the economic bond that China and the United States share continues to endure, fortified by their intertwined engagement within the textile sector. The US-China textile trade is exemplified as a vivid metaphor of “threads and needles,” Chinese Consul General Huang Ping, stationed in New York, conveyed this integral relationship during his address at the 24th China Textile and Apparel Trade Show hosted at Manhattan’s prestigious Javits Center. Huang highlighted the bedrock principles of shared prosperity and interdependence as the cornerstones of U.S.-China relations. The textile industry, he posited, is…

Global buyers, including representatives from Qatar, Kuwait, the Philippines, Taiwan, UAE, Canada, USA, and Mexico, recently explored the UK meat Market production and potential trade partnerships from 11 to 16 July. This comes amid a growing international appetite for high-quality, sustainably produced UK meat products. The expedition featured immersive visits to local farms and processors, with attendees gaining firsthand insights into the UK’s high-quality meat production. The visitors also had the opportunity to engage with farmers at the Great Yorkshire Show on 12 July. Furthermore, the itinerary encompassed a business match-making event, encouraging direct interaction between overseas buyers and leading…

The European Union’s recent Foreign Subsidies Regulation (FSR) might significantly challenge the Indian Export Market, warns a report from the Global Trade Research Initiative (GTRI). The think tank predicts an adverse impact on vital sectors such as smartphones and IT-related services, following the FSR’s activation on July 12. The FSR, which took effect on July 12, covers financial contributions made by non-EU governments to companies that operate within or export to the EU market. This regulation includes state-funded research and development, tax incentives, direct grants, low-interest or interest-free loans, and the provision of goods or services at below-market prices. However,…

Russia temporarily suspends the pivotal wartime Black Sea Grain Initiative on Monday, a move that permits the flow of grain from Ukraine, critical in mitigating the global food crisis. This action is set to intensify the growing hunger and poverty issues plaguing countries in Africa, Asia, and the Middle East due to soaring food prices Kremlin spokesman Dmitry Peskov announced Russia’s decision to halt the initiative, seeking global recognition of its demands for food and fertilizer. Despite issues related to shipping and insurance restrictions, Russia has managed to export record wheat amounts since last year. The deal’s suspension has seen…

The Semiconductor Industry Association (SIA), a representative of the vast majority of major US chipmakers and several others globally, has issued a statement urging the Biden administration to reduce its trade sanctions on China. The association’s concerns stem from the potential negative impact of the advancements made following the passage of the CHIPS and Science Act last year. The SIA emphasized the necessity of uninterrupted access to the Chinese market, the world’s largest commercial market for commodity semiconductors, to preserve the gains from the Act. The group warned that repeated ambiguous restrictions could jeopardize the competitiveness of the US semiconductor…

Amid a mounting Global Trade Crisis, trade has experienced the sharpest decline in five months this June, as per the worldwide Purchasing Managers’ Index (PMI) surveys compiled by S&P Global Market Intelligence. This marks a 16th successive monthly drop in export orders for goods and services at the end of the second quarter of 2023. The PMI New Export Orders Index has taken a plunge to 48.3, from 48.8 in May, signaling a worsening global trade scenario. This is primarily due to a significant decrease in goods trade compounded by a slight decrease in the growth rate of services exports.…