Author: Editorial Desk

India’s export sector faces substantial hurdles, as high freight costs and a scarcity of domestically produced containers strain the country’s global trade capabilities. The Global Trade Research Initiative (GTRI) points to critical gaps in shipping infrastructure and container manufacturing, calling for decisive steps to regain control over trade costs and reduce reliance on foreign shipping entities. The cost of shipping a 40-foot container has seen significant fluctuations from 2022 to 2024, with disruptions in the Red Sea exacerbating the situation. Indian exporters now face shipping rates that have surged to more than twice their levels from a year prior. Current…

India’s escalating copper demand has positioned Peru as a vital partner in securing its supply needs. As both nations edge closer to finalizing a landmark copper trade deal, their economic collaboration is set to reshape the global copper market. India’s Expanding Copper Needs Copper has become an indispensable resource for industries driving clean energy advancements, from wind turbines to electric vehicle batteries. This surge in demand has outpaced India’s domestic production, leading to a sharp increase in copper imports. By 2024, India’s copper concentrate imports reached ₹26,000 crore, up from ₹13,000 crore in 2019, underscoring its deepening dependence on international…

The Indian government has lifted the floor price on Basmati rice exports, aiming to enhance the global trade of its premium rice variety. The decision is expected to bolster India’s position in international markets, addressing concerns raised by exporters and industry stakeholders. Earlier, in August 2023, authorities had set a minimum export price of $1,200 per metric ton (MT) to curb potential misuse of export channels amid domestic price surges. This measure sought to prevent the misclassification of non-basmati rice as Basmati and safeguard the country’s rice supplies. The high price threshold, however, sparked concerns from exporters, as it constrained…

Foreign Minister Antonio Tajani reaffirmed Italy’s support for the European Commission’s proposed tariffs on Chinese EVs imports. During a conversation with Corriere della Sera, ahead of a key meeting with China’s Commerce Minister Wang Wentao, Tajani emphasized Italy’s commitment to shielding European companies from unfair competition. “We back the EU Commission’s duties proposal to safeguard the competitiveness of our companies,” Tajani noted. Wang Wentao, currently on a European tour addressing the EU’s anti-subsidy investigation into Chinese EVs, met Tajani in Rome on Monday. Although the official Italian statement omitted direct references to EVs, key topics like intellectual property rights, agri-food…

African nations are taking new steps to restructure agricultural tariffs, seeking solutions to one of the continent’s most pressing challenges—food insecurity. Leaders and industry experts are gathering to break down tariff barriers that obstruct trade within Africa, especially regarding critical agricultural goods. Speaking at the 2024 Africa Food Systems Summit in Kigali, AfCFTA Secretary General Wamkele Mene emphasized the need for reform. He pointed out that African countries, paradoxically, levy the highest tariffs on agricultural products traded amongst themselves, despite importing more than $100 billion worth of food from beyond the continent. “We impose barriers on our own, yet continue…

Germany’s Federal Association of Small and Medium-Sized Businesses (BVMW) has its sights set on Malaysia, with German SMEs recognizing it as a critical trade partner within ASEAN. The BVMW sees promising opportunities for closer ties with Malaysia to ensure shared, sustainable economic growth. During the Diplomatic Day of German SMEs, hosted by the Malaysian Embassy in Berlin on September 9, 2024, leaders from the Federal Economic Senate of BVMW gathered to explore avenues for bolstering collaboration. Ninety influential members of the Senate, led by BVMW executive board chairman Christoph Ahlhaus, took part. This Senate, comprising top business executives and entrepreneurs,…

The U.S. government’s decision to impose steep tariff hikes on specific Chinese imports, including a 100 percent duty on electric vehicles (EVs), has sparked global outrage from industry experts and businesses. Set to take effect on September 27, the tariffs also include a 50 percent increase on solar cells and 25 percent on EV batteries, critical minerals, steel, aluminum, and ship-to-shore cranes, as announced by the U.S. Trade Representative’s Office. Kuang Xianming, deputy head of the China Institute for Reform and Development, cautioned that this decision could have unintended consequences. He warned that the tariffs might not only damage U.S.…

Vietnam’s footwear and leather industries discussing a new raw materials centre for supporting the billion-dollar sectors and propelling Vietnam further up the global value chain. Recent figures from the General Statistics Office show that leather and footwear exports have reached $17.67 billion in the first eight months of this year, reflecting a growth of 10% compared to the previous year. Lefaso, the Vietnam Leather, Footwear and Handbag Association, reported that from January to July, footwear exports alone amounted to $12.8 billion, alongside a 7.9% increase in handbag exports, bringing their value to $2.35 billion. Phan Thị Thanh Xuân, deputy president…

Russian President Vladimir Putin revealed Moscow is contemplating restrictions on critical raw material exports—namely uranium, titanium, and nickel—responding to escalating Western sanctions. This potential move could send shockwaves through various industries, including nuclear energy, aerospace, and battery manufacturing, while offering Russia a strategic edge in geopolitical dealings. Nickel Prices Surge on Russian Threat The prospect of nickel export limitations has already triggered a notable reaction. The London Metal Exchange (LME) witnessed a 2.6% rise in nickel prices, pushing the metal to $16,145 per metric ton. As the world’s largest nickel refiner, primarily through Nornickel, Russia plays a pivotal role in…

Drewry Maritime Research expects Capesize shipping demand to grow by 3.3% in 2024, mainly due to Colombia shifting its coal exports to the Far East. This change will transform global trade routes, with Europe reducing its reliance on fossil fuels while Asia’s need for thermal coal rises. Colombia-ARA Route Freight Rate Changes The Colombia-ARA route, once central to Colombian coal exports, now faces a sharp reduction in freight rates. Europe’s pivot away from fossil fuels, coupled with declining electricity production, has undermined its importance as a key coal importer. By contrast, growing demand on the transatlantic route to Asia has…