Govt moves sandalwood oil exports to restricted category
The Dollar Business Bureau The Government has now restricted the export of sandalwood oil, a move which is aimed to discourage the illegal shipments of the product from the country. “Export of sandalwood oil has been moved from 'Free' to 'Restricted' category',” the Directorate General of Foreign Trade (DGFT) said in a notification (no.15/2015-2020) dated July 5, 2017. Previously, there were no restrictions on the export of sandalwood oil. India has been a dominant exporter of sandalwood oil for many years. But the sales of the oil plummeted due to smuggling and over exploitation of the wood in the past decade. The sandalwood plantations in India have been taken over by the government restricting the sale and exports of the sandalwood. Trade of sandalwood illegally sourced from natural forests ...
Malaysia-Indonesia keen to boost trade ties, investments
The Dollar Business Bureau Malaysia’s Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said that in the last decade, Malaysian firms have created a strong presence in Indonesia in major sectors such as banking, construction, plantation, energy, toll-road and telecommunications. He said while referring to a roundtable business meeting, co-chaired by himself and Eko Putro Sandjojo, a Minister in the government in charge of facilitating Malaysian investments in Indonesia, where Malaysian firms expressed their keenness to continue to play a major role in the socio-economic growth of Indonesia. The roundtable meeting was the first joint discussion between the two countries with maximum number of high-profile government and business delegates. “The huge participation from Malaysian companies at the event indicated their keen interest to keep doing ...
Rising production cost hampering Indias tea exports
The Dollar Business Bureau Increased supplies from countries like Sri Lanka, Kenya and Indonesia and rising input costs for Indian tea industry seem to be taking toll on India’s tea exports which have been witnessing a downfall for the past few months. In September this year, India’s tea exports reduced to $68.79 million, registering a fall of 11.72% as against $77.92 million recorded in the same month last year, the latest government data showed. In August 2015, the shipment of Indian tea saw a marginal growth of 3.57% year-on-year. According to Indian Tea Association (ITA), while the global tea production during Jan-August, 2015 was registered 1,288 Million Kg (MKg), India stood as a leading producer with 705 MKg yield. Though the country’s ...
'Government must regulate import of natural rubber to protect domestic industry
The Dollar Business Bureau The government should regulate the import of natural rubber during peak season through designated ports and must ensure quality check to protect the domestic industry, a parliamentary panel has said. “Imports should be need based and the quantum of imports may be determined on the basis of the gap between the domestic production and consumption,” said the parliamentary standing committee in its report presented in the parliament on Thursday. Expressing concern over steep fall in the price of natural rubber, the panel asked for an immediate intervention from the government. “Unless the necessary measures are taken, there is a possibility of growers shifting to other crops,” it said. The panel also took note of the challenges faced ...
Areca nuts: Hike in minimum import price to raise domestic demand
Sai Nikesh | The Dollar Business In a move to contain inbound shipments of Arecanuts, the Department of Commerce, Government of India, has decided to increase the Minimum Import Price (MIP) on import of Areca nuts from existing Rs 110/- per kg to Rs 162/- per kg with immediate effect. The government’s decision was taken on account of unabated imports of Areca nuts from countries such as Indonesia and Myanmar that are taking advantage of low import duty provided to them under South Asian Free Trade Area (SAFTA). Further to prevent entry of inferior quality of the commodity into Indian market that would de-stabilize the domestic prices, the Food Safety and Standards Authority of India (FSSAI) has also directed its officials to ...
