Author: Editorial Desk

Brazil reported a trade surplus of $74.55 billion for 2024, marking a 24.6% decline from the record-breaking $98.9 billion in 2023, according to the Ministry of Development, Industry, Trade, and Services (MDIC). Despite the drop, 2024 achieved the second-largest trade surplus since records began in 1997. Experts anticipate a similar or slightly higher surplus for 2025, though still significantly below 2023’s peak. The Ministry’s Foreign Trade Secretariat (SECEX) reported exports of $337 billion and imports of $262.48 billion in 2024. The narrower surplus was attributed to declining commodity prices and rising import volumes. Economists foresee a complex trade scenario in…

The Indian government has introduced mandatory certification procedures for organic exports under the National Program for Organic Production (NPOP). According to a public notice by the Directorate General of Foreign Trade (DGFT), products will only qualify as ‘organic’ if accompanied by a Transaction Certificate (TC) issued by an accredited certification body under the NPOP of the Department of Commerce. The initiative aligns with India’s target of achieving $2 billion in organic food exports by 2030. To be certified for export, these products must be produced, processed, packaged, and labelled according to NPOP standards. The revised edition of the NPOP standards will…

Penalties for breaching the US Department of Commerce’s import and export regulations have surged over the past six months, with further increases set to take effect next week. The heightened penalties include violations related to the import or export of seafood and wildlife, breaches of foreign trade zone rules, and infractions under the 2018 Export Controls Act. While most penalty increases are relatively modest, often rising by a few hundred dollars per violation, the uptick comes amid growing scrutiny and enforcement actions within the supply chain sector. Hugo Pakula, CEO of Tru Identity and a seasoned customs expert, emphasised the…

South Korea achieved a historic milestone in 2024 as its cosmetics exports exceeded $10 billion for the first time, driven by the global appeal of K-beauty and the influence of Korean cultural content, according to government data released on Monday. The Ministry of Food and Drug Safety reported that the country’s combined shipments of cosmetic products surged by 20.6% year-on-year, reaching an unprecedented $10.2 billion. The remarkable growth was attributed to the increasing popularity of K-pop, K-dramas, and other Korean cultural exports, which have significantly bolstered the global demand for South Korean beauty products. “The government will enhance cooperation with…

India’s engineering goods exports maintained their growth trajectory for the seventh consecutive month in November 2024, driven by robust performances in key product categories such as aircraft, spacecraft and parts, and ships, boats, and floating structures, according to the Engineering Export Promotion Council (EEPC) of India. Export growth extended across various sectors, including iron and steel, which turned positive for the second consecutive month in FY2024-25. Other contributors to this impressive performance included electric machinery and automobiles, which showed significant year-on-year increases during the period. In November 2024, engineering goods exports grew 13.75% year-on-year to $8.90 billion, up from $7.82…

The Apparel Export Promotion Council (AEPC) has called on the Indian government to introduce tax incentives and policy changes in the upcoming Union Budget to strengthen the country’s apparel export sector. The AEPC’s recommendations aim to address critical challenges, enhance competitiveness, and spur growth in the industry. Among its key proposals, AEPC has requested the removal of Section 43B (H) of the Income Tax Act, which mandates payments to Micro, Small, and Medium Enterprises (MSMEs) within 45 days to claim tax deductions. The council highlighted that this provision has disrupted exporters’ cash flow and increased their tax liabilities. Additionally, AEPC…

The Vietnamese government has issued Decree No. 01/2025/ND-CP, introducing amendments to Decree No. 107/2018/ND-CP, which regulates the rice export business. These changes, effective from March 1, 2025, tighten oversight and accountability measures for rice export traders. Under the revised regulations, the Ministry of Industry and Trade will revoke a trader’s Certificate of Eligibility for Rice Export Business if the trader fails to submit a report within 45 days of receiving a written request from the ministry. This adds to the existing list of seven revocation criteria outlined in the 2018 decree, which include: The trader voluntarily requests revocation of their…

China has proposed adjustments to its catalog of technologies subject to export bans or restrictions, aiming to align its regulations with international standards and bolster its management of tech export, according to industry experts. The Ministry of Commerce announced on Thursday that it is seeking public feedback on the proposed revisions, which were developed in collaboration with the Ministry of Science and Technology. The draft changes include adding one item, revising one, and removing three from the catalog, fostering an environment conducive to international technological exchange and cooperation. One of the proposed adjustments involves tightening export restrictions on battery cathode…

Vietnam coffee industry marked an exceptional 2024, achieving a record-breaking performance amid soaring export prices. The bumper harvest not only bolstered the country’s agricultural exports but also set a promising trajectory for 2025. Vietnam exported 1.24 million tonnes of coffee in 2024, generating over $5.2 billion in export turnover, making coffee the third most valuable agricultural product after vegetables and rice, as reported by the Ministry of Agriculture and Rural Development (MARD). Although the export volume saw a 14% decline compared to 2023, export turnover rose by over 35%, thanks to record-high prices. October marked a historic milestone with an…

Singapore has revised its import-export trade rules, introducing several updates to streamline processes and address evolving trade requirements. Public consultations on proposed changes are currently underway. According to the Vietnam Trade Office in Singapore, these regulatory adjustments are aimed at improving efficiency in trade operations. A key update involves a circular issued by the Singapore Food Agency (SFA), effective December 1, 2024, which modifies export procedures for processed meat and egg products sourced from approved foreign facilities. Under the revised framework, the SFA has transitioned its approval process from product-specific criteria to a focus on product form and type. This…