Author: Editorial Desk

The Association of Southeast Asian Nations (ASEAN) has rallied together to address a pressing rice crisis caused by the steep rise in global rice prices. Given rice’s pivotal role in the diets of Southeast Asians, there’s an intensified push within the member states for potential price caps to stave off inflation. Encompassing ten Southeast Asian countries, ASEAN includes major rice exporters like Thailand and Vietnam, as well as prominent rice importers such as Indonesia, Malaysia, and the Philippines. These import-dependent nations face the brunt of escalating rice prices. During the 45th ASEAN Ministers of Agriculture and Forestry (AMAF) meeting in…

Recent skirmishes between Israel and Hamas could escalate costs for Indian exporters shipping to Israel. Industry experts anticipate increased insurance premiums and shipping expenses in light of the conflict. Last Saturday, Israel faced an unexpected assault on multiple fronts from Hamas, which governs the Gaza Strip. This intricate attack, encompassing land, air, and sea, has raised concerns among trade circles about its potential impact. While current confrontations might dent profits for Indian exporters, overall trade volumes are expected to remain consistent unless the situation amplifies, according to international trade analysts. The Global Trade Research Initiative (GTRI) recently shed light on…

The Food and Agriculture Organization of the United Nations (FAO) recently enhanced its forecast for 2023’s global cereal production. New figures reveal an impressive output of 2,819 million tonnes, representing a 0.9 percent surge from the previous year’s numbers. This promising revision stems predominantly from uplifting yield predictions for the Russian Federation and Ukraine. Both territories have experienced a sequence of favorable weather conditions, leading to encouraging outputs. On the opposite spectrum, Canada faces challenges with unrelenting dry spells curtailing production in crucial cultivation zones. Delving into FAO’s Cereal Supply and Demand Brief, the anticipated wheat yield globally stands at…

Recent activities at Akhaura Land Port reveal a noticeable drop in revenue collection, drawing attention to its diminishing vibrancy. Both analysts and traders attribute this downturn to a confluence of factors which is a restrictive product import list and a tapering off of trade with neighboring India. Currently, Akhaura permits over 50 different items for import, spanning from cattle and fish fry to agarbatti and cumin. Traders, expressing their concerns, mention that many of these items don’t garner significant demand or profits within the prevailing market. They advocate for an expansion of permissible products as a solution. Fresh port data…

The horizon for UAE-Malaysia bilateral relations gleams with potential as key figures from both nations convened at an Abu Dhabi business roundtable. Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, engaged with Malaysia’s Prime Minister Anwar Ibrahim, Minister Tengku Zafar Tengku Abdul Aziz, and a selection of pivotal government and business representatives. Central to the dialogue was the mutual desire to enhance trade, investment, and industrial collaboration. “The UAE greatly values our economic, social, and cultural bonds with Malaysia, the strength of which is a reflection of the shared will of the nations’ respective leadership…

Pakistan’s Ministry of Commerce announced a halt on the export of 212 products to its neighboring country Afghanistan, as disclosed by ARY News. The embargo list is comprehensive, covering 17 categories of apparel, diverse vehicle tires, tea leaves, cosmetics, and an expansive array of toiletries. A broad selection of nuts, dried or fresh fruits, and household gadgets like fridges, air conditioners, and juicers join the list. This pivotal decision shadows another crucial policy alteration. Just 24 hours prior, Pakistan introduced a ten percent processing fee on numerous items imported under the Afghan transit trade agreement. Elaborating on this new…

A pivotal announcement from Ukraine highlighted the temporary suspension of its ongoing legal disagreements on grain disputes with European Union (EU) members at the World Trade Organization (WTO). This pause follows Ukraine’s earlier intimations of potential legal action against specific EU countries related to grain export restrictions. Poland, Hungary, and Slovakia implemented restrictions to protect their agricultural industries from a surge of exports from Ukraine, a major player in the grain industry, following Russia’s blockade of Ukrainian ports in the Black Sea. Taras Kachka, Ukraine’s trade representative, articulated the core of the issue, emphasizing the dynamics of trade between Ukraine…

New Delhi was abuzz with strategic conversations as India and the UAE set their sights on enhancing the rupee-dirham trade mechanism, a development signaling their deepening economic partnership. The discussions took place during the 11th meeting of the India-UAE High-Level Task Force on Investments. Piyush Goyal, India’s Commerce and Industry Minister, revealed the joint strategy crafted by the central bank of the UAE and the Reserve Bank of India (RBI). Goyal remarked that, this refined mechanism aims to streamline the remittance channels between two nations, ensuring both efficient and cost-effective funds transfer. By emphasizing trade in their respective domestic currencies,…

After experiencing a period of stagnation, the global poultry sector could soon be seeing a resurgence, as indicated by a recent Rabobank report. With enhanced demand and reduced costs on the horizon, the tail end of 2023 and the beginning of 2024 offer promising prospects. Nan-Dirk Mulder, a senior analyst of animal protein at Rabobank, expressed, “After a period of slow poultry consumption growth due to a weak global economy and rising prices resulting from cost increases, global demand has room for some recovery.” This potential boost is attributed mainly to declining feed costs, which in turn make chicken more…

Japan Proactively seeking mediation from the World Trade Organization (WTO) on China’s recent seafood ban. The ban came in the wake of the release of treated radioactive wastewater from the Fukushima Daiichi nuclear plant, even though Japan has consistently provided assurances of safety. While seafood makes up only a small fraction of Japan’s exports, the ban’s impact is deeply felt. China was a major recipient of these exports, and its embargo has significantly impacted the revenues of Japanese seafood merchants. To mitigate these effects, the Japanese government set up a 20.7 billion yen ($141 million) emergency fund last month. This…