DP World and Dubai Customs to assess opportunities to develop trade links between UAE and Israel ..See Back Pg. Bahri shares key achievements of the year with shareholders on Investor Day ..See Back Pg. YEARS Gujarat approves letter of intent for Vol. LX No. 165 World’s first CNG Terminal at Bhavnagar THURSDAY 17th SEPTEMBER 2020 ..See Pg. 11
E-Mail: dailyshipping@gmail.com
SCI to set freight rates for India-Maldives Direct Service in line with market MUMBAI: The Shipping Corporation of India (SCI) will “review” the rates for shipping cargo containers/bulk cargo from India to Maldives as its prepares to launch a direct cargo service between the two countries from September 21, linking Thoothukudi and Kochi with Kulhudhuffushi and Male. Munshid Ali, owner of Kozhikode-based exporting firm Ceekey Global Trading, told an online trade meet organised jointly by the Federation of Indian Chambers of Commerce and Industry (FCCI) and SCI that despite the close proximity
between the two countries, the freight rate for shipping a cargo container from India to Maldives was $850-1,000. In comparison, the container shipping freight was onethird or even lower to Colombo and Dubai. “We can’t compete with products imported into Maldives from China unless the freight rate is reduced,” Ali told the trade meet. “We will review the rates; it can’t be outside of the market, it has to be as per the market only,” said Inderjeet Nagar, Senior Sales Manager, SIC. Cont’d. Back Pg.
India's August Exports fall 12.66%, Customs Authorities to monitor imports Imports contract 26%; trade deficit under FTAs to curb duty evasion narrows to $6.77 billion NEW DELHI: Contracting for the sixth straight month, India's exports slipped 12.66 percent to $22.7 billion in August, on account of decline in the shipments of petroleum, leather, engineering goods and gems and jewellery items, according to the government data released on September 15. The country's imports too declined 26 percent to $29.47 billion in August, leaving a trade deficit of $6.77 billion, compared to a shortfall of $13.86 billion in the same month last year, as per the data. Oil imports declined by 41.62 percent to $6.42 billion in the month under review. Gold imports jumped to $3.7 billion in August this year as against $1.36 billion in August 2019. During the April-August period, exports declined by 26.65 percent to $97.66 billion, while imports fell 43.73 percent to $118.38 billion. Trade deficit during the period stood at $20.72 billion.
NEW DELHI: Benefits of duty waiver may be denied to importers of mobile phones, white goods, set-top box, agarbatti, camera and other electronic products if misuse of free trade agreements (FTAs) is found during verification based on rules of origin. Customs authorities would be closely watching imports of these products coming from countries with which India has FTAs, from September 21, officials in the finance ministry said, in order to curb evasion of custom duty and rampant misuse of such agreements that was hurting domestic industry. "Customs may also ask for supporting documents and information and when in doubt, deny the benefit of the FTA duty concession or allow it provisionally pending verification," one of the officials added. While India’s exports to FTA partner countries remain almost flat under major agreements, imports rose rapidly leading to a widening trade deficit. Cont’d. Pg. 11