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The Dollar Business Bureau Exporters’ body Apparel Export Promotion Council (AEPC) has asked the Ministry of Finance for the refund of Integrated Goods and Service Tax (IGST) paid on the import of machinery used by apparel manufacturer exporters. AEPC, in a letter written to Ministry of Finance, has stated that after the implementation of GST from July 1, 2017, apparel exporters are required to pay IGST up to 18% on assessable value plus basic customs duty (BCD) while clearing shipments of capital goods under the Export Promotion Capital Goods (EPCG) scheme. “The incidence of a very high IGST without any corresponding relaxation for export obligation has rendered the EPCG scheme unattractive,” AEPC said in a statement. In the letter written to GK Pillai, Chairman ...

The Dollar Business Bureau  Japan's exports increased at a fast pace in July, indicating a revival in demand from China, the US and Southeast Asia, though the prices rose faster compared to the volumes for several products.  Exports rose over 13% in July to 6.5 trillion yen ($59 billion) compared to a year earlier, according to a data released on Thursday.  On the other hand, the imports into the country rose 16% to 6.1 trillion yen ($55 billion), supported by an increase in the shipments of oil and coal, the data said.  This resulted in declining of trade surplus by 17% to 419 billion yen ($3.8 billion) compared to a year earlier.  “Trade actually dragged on growth in the world's third-largest economy in the April-June ...

The Dollar Business  Bureau  Key US-made consumer durable goods shipments showed an increase in June for the 5th consecutive month indicating that business spending on equipment has increased boosting the economic growth in the second quarter.  That the US economy is bettering gained weight as data gathered showed a sharp narrowing of the trade deficit in goods while there has been an increase in retail and wholesale inventories.  Government reports on the second quarter GDP estimates on Friday prompted economists to raise growth forecasts to 3.5% annual rate.  Voicing cautioned optimism, Chris Rupkey, the Chief economist at Mitsubishi UFJ Financial Group (MUFG), New York told reporters that, ‘the economy still has legs in this long expansion from the end of the recession. The ...

The Dollar Business Bureau Malaysia’s exports witnessed a double-digit growth of 13.6% to RM70.24 billion (around $15.76 billion) in the month of January 2017, the highest ever export value in a month ever achieved, Ministry of International Trade and Industry said on Friday. The exports figures surpassed the last high of RM64.05 billion recorded in January 2014. The exports in January grew consecutively for the third month, increasing by its fastest rate in over a year on account of strong demand for manufactured goods and commodities, the government data said. The country’s imports have increased by 16.1% to RM65.53 billion. In January, the country registered a trade balance of RM4.71 billion ($1.05 billion). This is consecutively for the last 231 months that the country had a trade surplus. It ...

The Dollar Business Bureau India’s merchandise exports rose for the fifth straight month in January, albeit sill lingering at a single-digit growth rate, as escalated shipments of raw materials such as iron ore and petroleum products helped the country cloak a 4.32% growth to $22.11 billion. The country’s January exports growth contradicted the industry’s earlier predictions that Prime Minister Narendra Modi-led demonetisation drive could significantly pull back the total exports. However, the overall impacts of the November 8 announcements were evidently marginal, as imports, too, rose a strong 10.7% to $31.96 billion, triggering an expansion of trade deficit to $9.84 billion as against $7.66 billion a year ago.The total exports during April-January 2016-17 stood at $220.93 billion compared to $218.53 billion, accumulating ...

The Dollar Business Bureau Vietnam’s cuttlefish and octopus exports are slated to grow by 4% to reach $470 million in 2017, the Vit Nam Association of Seafood Producers and Exporters (VASEP) said. According to Trng ình Hòe, general secretary, VASEP , Vietnam’s cuttlefish and octopus exports in 2016 stood at $440 million, registering an annual  growth of 3%. The outbound shipments of frozen cuttlefish contributed 34%, while exports of octopus contributed 32% of the country’s total exports. The remaining 34% shares were made up by processed and dried products. Last year, South Korea, Japan and the European Union (EU) remained the largest import markets for Vietnam’s cuttlefish and octopus exports. There was a significant rebound in the overall demand in Japan and other major markets. ...

The Dollar Business Bureau The government is planning to merge all the commodity boards and establish an umbrella organisation, a decision aimed at improving production and exports of crops such as coffee, tea and spices. The Ministry of Commerce pointed out that some of these commodity boards were established prior to independence, but their merger could harmonise their activities, leading to enhanced exports. The five commodity boards are responsible for output, development and outbound shipments of coffee, rubber, spices, tea and tobacco. “India has a huge potential to boost agri exports. One board will provide better services. So, we are working to form one specialised body with different verticals,” according to a senior commerce ministry. The Coffee Board was constituted in accordance with the Coffee ...

The Dollar Business Bureau India has of late emerged as one of the biggest net importer of wheat, buying over five million tonnes since mid-2016, the country’s biggest annual purchase in over a decade.  Last year, the government had focused on importing wheat in a colossal quantity in order to meet the rising demand of the commodity in the domestic market.  India’s total wheat production registered a shortfall in the last two years due to unfavourable weather conditions. This year’s production, however, seems to be meeting the domestic expectations, as the government is also looking to cut down on the inbound shipments of the commodity as the harvest season approaches in April.  The government will contemplate over the future purchases of wheat, depending upon the ...