Author: Editorial Desk

India embarks on an ambitious journey to double its value-added seafood production by 2030, setting a target of $1.6 billion. The Marine Products Exports Development Authority (MPEDA) spearheads this initiative, recognizing the growing global demand and higher profit margins associated with value-added seafood products. MPEDA Chairman D V Swamy highlights the strategic focus on this sector, aiming for a 20 percent value addition by 2030. This move responds to shifting consumer preferences and increasing competition from nations like Thailand, Vietnam, and China. India’s seafood exports have already marked significant achievements, reaching $8.09 billion in the most recent fiscal year, with…

The diamond industry, especially in Antwerp’s bustling diamond district, is embracing cutting-edge technology to ensure the ethical sourcing of gemstones. This pivotal shift, primarily to circumvent the repercussions of Russia’s 2022 Ukraine invasion, involves using blockchain for authenticating diamond origins, confirming they originate from legitimate mines in Africa, Australia, or Canada, rather than Russia. This move is crucial as Russian diamonds, previously a third of the global market, face G7 sanctions. Belgian industry insiders predict a gradual implementation of these sanctions to mitigate market disruption. Major traders and jewelry brands are now implementing sophisticated tracking technologies to ascertain the origins…

Saudi Arabia’s housing market showcased remarkable vigor during the third quarter of 2023, with total transactions soaring to $12.23 billion (SR45.9 billion). This trend, revealed in a CBRE report, highlights the Saudi real estate sector’s strength against a backdrop of global economic fluctuations. Market Overview: CBRE’s report details a notable surge in apartment prices in Saudi Arabia’s capital, witnessing a 16.1% year-over-year increase, reaching SR4,780 per square meter. This growth reflects robust demand within the residential property sphere, particularly in urban areas. Alkhobar and Dammam also experienced upticks in apartment prices, albeit more modestly, with increases of 2.9% and 2.4%…

Indian exporters are meticulously tracking the influenza developments in China, concerned about its potential repercussions on international supply chains and trade. The Indian government assures preparedness for any complications from this health crisis, focusing on the outbreak of H9N2 and respiratory illnesses in children in China. The Union Health Ministry considers the immediate threat to India from China’s H9N2 avian influenza cases and respiratory illness clusters as minimal. The World Health Organization’s acknowledgment of the situation adds a layer of international attention. Business leaders from India’s export sector express caution. Rafeeq Ahmed, Chairman of Farida Group, underscores the criticality of…

At the international summit on food security in Kyiv, Ukrainian President Volodymyr Zelenskiy emphasized the urgent need for enhanced air defenses to protect the nation’s vital grain export routes and regions bordering Russia. This statement comes in the wake of Russia’s most extensive drone attack on Ukraine, underscoring the escalating tensions and their potential impact on global food security. At the summit, attended by leaders like Swiss President Alain Berset and Lithuanian Prime Minister Ingrida Simonyte, Zelenskiy outlined a stark deficit in air defense. An air raid siren, interrupting their joint press conference, served as a real-time echo of these…

2023 witnesses a continued downtrend in the European Union’s iron ore imports, mirroring intricate global trade dynamics. This article explores the latest data and trends shaping the EU iron ore market, referencing a report from shipbroker Banchero Costa, and casts light on the wider impact on the global iron ore trade. Global Iron Ore Trade Sees Uplift Contrasting with the EU’s slump, the worldwide iron ore trade marks an overall growth. From January through October 2023, there’s a 5.1% year-on-year rise to 1,343.8 million tonnes, surpassing the previous record set in 2021. This growth mainly stems from heightened exports from…

Elevating its cashew industry, India’s Agricultural and Processed Food Products Development Authority (APEDA) marked National Cashew Day with a significant export initiative. This move cements India’s status as a formidable player in the global cashew market. The Ministry of Commerce and Industry announced the commencement of cashew nut shipments to strategic markets like Bangladesh, Qatar, Malaysia, and the USA, reinforcing India’s role as a prominent exporter. Holding the world’s second-largest share in cashew production and export, India is pivotal in fulfilling global demands for this versatile commodity. Under the Union Ministry of Commerce’s guidance, APEDA spearheads new market alliances and…

South America’s verdant rice fields are in the midst of a rice crisis. It is the battleground against nature’s fury, with floods engulfing Paraguay’s farmland and erratic weather across the continent. This alarming situation, detailed by S&P Global Commodities Insights, casts a pall over the region’s agriculture, particularly impacting the 2024 harvest prospects. Skyrocketing prices accompany these rising waters. Brazil’s dwindling rice stocks have forced it to import 30,000 metric tons from Thailand, a stark testament to the crisis’s magnitude. This urgent measure reflects the dire need for stable rice supplies. The Paraguayan Federation of Rice Producers, as reported by…

Korea’s defense market is rapidly expanding on the global stage, capitalizing on the rising needs for military equipment due to geopolitical conflicts. The country’s defense exports soared to a record $17.3 billion in 2022, a drastic surge from $7.25 billion the previous year. This leap largely stemmed from a major deal with Poland, involving the purchase of K-2 tanks, K-9 howitzers, FA-50 aircraft, and K-239 rocket launchers, all aimed at strengthening Poland’s defense in the wake of the Russia-Ukraine conflict. The ongoing war in Ukraine has fueled a global arms demand spike, positioning Korea as a burgeoning power in the…

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