Chinese Coal Imports: All Fired Up Or Under Fire?

Chinese seaborne steam coal imports have grown significantly in the last decade, from 17mt in 2008 to over 160mt in 2016. However, it has not been a smooth ride, with imports dropping by over 30% in 2015 to 128mt as a result of increased environmental regulations and weak domestic demand. Now, following a strong start to 2017, imports could again be subject to a range of pressures in the rest of the year.
After the sharp drop in Chinese seaborne imports of steam coal (including lignite) in 2015, imports rebounded by 28% in 2016 to total 164.9mt. Imports continued to grow robustly in 1H 2017, with Chinese seaborne steam coal imports rising 25% y-o-y to reach 83.4mt. This strong expansion partly reflected the lower base in early 2016, when coal demand from power plants was weak. However, a gradual recovery in thermal power output has supported import volumes, with thermal power generation rising 7% y-o-y so far in 2017, driven by rising industrial output, favorable steam coal prices and lower hydro power generation. Meanwhile, limited domestic coal supply has also stimulated demand for foreign coal.
The rise in imports so far this year has been supported by greater shipments from both of China’s major coal suppliers: Indonesia and Australia. Around two thirds of the increase in Chinese imports in 1H 2017 was accounted for by Indonesia, with Chinese imports from the country rising 27% to 50.8mt. While the majority of this growth was accounted for by lignite (or low-quality coal), Chinese imports of higher-quality coal from Australia have also risen firmly, by 29% y-o-y to 22.8mt. Imports from other suppliers remained relatively steady y-o-y.
Turning Up The Heat
However, the Chinese government has in recent times appeared keen to provide support to the domestic coal industry through a series of policies, as well as increase the country’s usage of ‘cleaner’ fuels into the long-term. In the latest example of this, China introduced a ban on coal imports into ‘tier-2’ ports (those approved by local governments) at the start of July 2017. As most of these ports are owned by coastal thermal power plants, steam coal and lignite imports are likely to be affected by the ban.
Run Out Of Steam?
Indeed, imports do appear to have started to ease back in recent months, with total Chinese coal imports falling y-o-y in July for the first time this year. Pressure from competition with domestic supply has also risen, with Chinese steam coal production increasing 6% y-o-y in 1H 2017, reflecting supportive policies and the improved coal price environment.

Keeping Burning?
So, Chinese coal imports have been volatile in recent years, with a range of factors impacting volumes. While there have been clear examples in recent months of positive short-term drivers, there remain a number of risks to the outlook for China’s coal imports both in the rest of 2017 and further ahead. While a gradual move towards cleaner fuels could undermine import demand in the long-term, it wouldn’t be a surprise to see Chinese coal imports continue to run hot and cold.

Chinese Coal Imports

Rising volume of New Zealand fresh milk airfreighted to china

Milk New Zealand's Theland-branded fresh milk is now available in China.More New Zealand fresh milk is winging its way to China as another company enters the market, bringing the total amount to more than 60,000 litres a month.

Chinese-owned Milk New Zealand has secured a trading agreement with the world's largest online retailer Alibaba to market its fresh milk direct to Chinese consumers.

Company managing director Terry Lee said it was anticipating production of about 20,000 bottles per month until the end of 2017 when production would lift to about 80,000 bottles per month by the end of 2018.There will be a two-price structure, with regular Alibaba members paying $8 per litre, but there would be a special price to "VVIP" members of $8 per two litres.

Cloud over india china trade may now Blow over

NEW DELHI: With tension in Doklam de-escalating, the rising temperature over trade may also cool down, although the government is unlikely to hesitate to use the security clause to check the advancement of Chinese goods into the Indian market in future.
Despite having the flexibility to restrict imports on security, safety or environmental concerns, India has refrained from using the clause in agreements of the World Trade Organisation (WTO). But the government certainly toyed with the idea of checking the entry of made-in-China power and telecom equipment besides mulling ways to curb use of Chinese mobile phones.
"It is permitted and countries realise that it can be used in case tension persists. We can't allow our networks to be compromised," said a source.
The government, however, refused to comment. The Chinese government had strongly reacted after the Centre released data to show the number of trade defence measures against cheap Chinese imports. Traditionally, Chinese goods have faced the maximum anti-dumping actions in the country.
India runs a massive trade deficit with China mostly due to the import of power equipment, electrical machinery, electronic goods, chemicals and plastics. During 2016-17, bilateral trade was estimated at over $71 billion, with the deficit pegged at $51 billion.
China accounted for nearly 16% of India's imports estimated at $384 billion. While it may seem prudent to check imports, there are threats too. For instance, Indian pharmaceuticals rely hugely on imported chemicals and if China hits pause, supply of essential medicines may suffer, warn experts.

For India, which is seeking investments to improve infrastructure and develop a world-class manufacturing base, investment by Chinese firms is also essential. In fact, it was part of the NDA government's strategy to court Chinese investors. Already, some large investments have been made in Indian startups and the engagement will only increase as it can also counter the rising trade deficit.

Exports Imports India & China 

India 10th largest trading partner of Australia, can grow further'

Though Australia-India economic ties have grown significantly in the last decade, there is scope for further growth, Australian High Commissioner to India Harinder Sidhu said on Monday.

India is Australia's 10th largest trading partner, with two-way trade valued at A$21 billion and two-way investment valued at A$24 billion in 2015-16. India is Australia's sixth largest export market, comprising nearly A$15 billion in goods and services.

"Even though these are very significant figures, more can be done to increase exports and attract foreign investment in both directions as India takes a more active approach to engaging with the global marketplace," Sidhu said in a statement issued by the Australian High Commission ahead of the visit of Australian Minister for Trade, Tourism and Investment Steven Ciobo, who will be leading a delegation of over 170 Australian businesses for Australian Business Week India (ABWI) to be held from August 28 to September 1 across New Delhi, Mumbai, Kolkata, Bhopal, Bengaluru and Hyderabad.

According to the statement, Australia is committed to exploring ways to expand its engagement even further and it is making practical efforts to help Australian businesses develop personal connections with Indian counterparts in business and government.

ABWI is designed to grow commercial links and highlight Australian capability in a range of industries including agribusiness and food, higher education and research, smart cities and infrastructure, innovation and resources and mining technology and services.

"ABWI 2017 builds on an earlier business mission to India, ABWI 2015, which delivered 20 significant deals worth millions of dollars," the statement said. "Moreover, it comes at a crucial time for Australia's blossoming commercial relationship with India."
The Australia-India CEO Forum will also be held alongside ABWI on August 29.

"A Prime Ministerial initiative, the Forum will bring together business leaders from many key sectors. The Forum will present both governments' recommendations to enhance economic linkages," the statement said.

Australia to help India become a pulses-processing hub

Australia is learnt to be exploring ways to help India transform into a 'pulses-processing hub'. Towards this objective, the Australian government and that country’s agri-business companies will hold talks with the Government of India and Indian companies including those into processing, retail and imports of pulses, on the sidelines of the 'Australia Business Week in India' (ABWI), sources close to the development told The Hindu.
The ABWI is slated to be held from August 28 to September 1 with an aim to “promote Australian capability and expand Australia’s trade, investment and education relationships.” During the event, Australian agri-business firms will be given the latest information regarding the Indian pulses market including the trends in demand. They will also be provided the details of opportunities available in India that Australian firms can take advantage of using their expertise in food grain production and processing as well as in methods to improve productivity, nutritional value and packaging. The idea also is to attract Australian investments into India in processing of these items.
The ABWI is likely to see the participation of Grain Growers (a ‘grain farmer representative organisation with 17,500 members across Australia’), Grain Trade Australia (an organization aiming to ‘ensure efficient facilitation of commercial activities across the grain supply chain’), GrainCorp Limited (a ‘listed public company with business in production, storage and processing of grain and related commodities, as well as providing logistics, testing and marketing services for these commodities’), Southern Cross Agricultural Exports (which ‘certifies sustainably grown agricultural produce and processing plants’) and Special One Grain (‘an Australian grain marketer major’).
The Indian agriculture and farmers welfare ministry had informed Parliament in February that production of pulses in the country was affected in 2014-15 and 2015-16 due to drought. It said the major initiatives undertaken for increasing pulses production include increased allocation of funds from total allocation of 'National Food Security Mission' (NFSM) for 'NFSM-Pulses', as well as ensuring additional area coverage under cultivation of pulses and creation of pulses seed hubs. The ministry informed Parliament in July that "150 pulses seed hubs" have been "established" to produce quality seeds of important pulse crops, as per a government statement. Also, production of additional quantity of breeder seed of different pulses was undertaken to attain self-sufficiency in pulses, it stated. According to an April 2016 report by International Crops Research Institute for the Semi-Arid Tropics (or ICRISAT -- an international non-profit body doing scientific research for development), “India is the largest producer (18.2 million tons), consumer (over 22 million tons) and importer (3-5 million tons per year) of pulses. The current initiative is an effort to bridge this gap.” It further said, “The target set for (pulses) production is 23.5 million tons by 2020 and 27.5 million tons by 2025, while the target for average yield has been set at 900 kg per ha by 2020 and 1,000 kg per ha by 2025 against the current average yield of 750 kg per ha. The area under pulse crops is targeted to reach 26 million ha by 2020 and 27.5 million ha by 2025, against the current area of 24 million ha.”

raw sugar up on brazil ethanol import tax ,Arabica Hits Low

LONDON: Raw sugar futures on ICE climbed on Thursday on news that Brazil will tax ethanol imports, while arabica coffee touched a fresh six-week low as fund selling persisted.
SUGAR 
October raw sugar was up 0.09 cent, or 0.7 percent, at 13.76 cents per lb by 1349 GMT, after hitting a high of 14.00 cents.
Dealers pegged the bounce on Brazil's move late on Wednesday to approve taxing ethanol imports for the first time in a move to protect local producers from growing shipments coming from the United States.

This would make ethanol more attractive for Brazilian mills, potentially convincing them to switch more of their production away from sugar.

A looming global surplus of sugar remained in focus, with market participants sceptical the news was enough for a lasting recovery in prices.

"It's certainly friendly for the market," said one dealer. "But it doesn't wipe out the kind of surplus we're facing."

Sugar Exports Imports

Dealers said ethanol demand in Brazil remained subdued while stocks were ample after strong imports into the country up to now.
"It's not certain to us that Brazil needs that much more ethanol," the dealer said. "And as the (production) mix starts to change, the domestic ethanol price would start to crumble fairly quickly and that will likely encourage people back to sugar."

The Brazilian government on Thursday raised its estimate for total sugar production in the current crop to 39.38 million tonnes.

October white sugar rose $2.80, or 0.8 percent, to $377.40 a tonne.

COFFEE

December arabica coffee fell 1.20 cent, or 0.9 percent, to $1.2750 per lb, its lowest since July 12 on technical selling.

November robusta coffee also fell $20, or 1 percent, to $2,080 per tonne.

Dealers said the premium for the spot contract over further positions had widened, signalling potentially tightening nearby supplies.

The September contract was down $11, or 0.5 percent, at $2,120 per tonne.

"The structure is backwardating even further," said one dealer. "So although it's coming off, it's still showing signs of strength."
The September contract was at a premium of about $40 per tonne to the November position and about $90 to the March contract.

COCOA 

December London cocoa fell 2 pounds, or 0.1 percent, to 1,487 pounds a tonne.

December New York cocoa eased $6, or 0.3 percent, to $1,865 a tonne. 

Trade hails ban on gold imports from South Korea

MUMBAI: Trade bodies such as India Bullion & Jewellers Association (IBJA) and Association of Gold Refineries and Mints (AGRM) hailed the "timely "action taken by the government in banning all duty free gold and silver imports from South Korea, which they allege was distorting the market. But, they are concerned about traders shifting such imports from South Korea to other nations like Indonesia, with which India has signed free trade agreements. Such FTAs facilitate imports and exports at at concessional or nil duty.
"The ban on gold imports from South Korea has happened faster than we expected and is most welcome , " said Surendra Mehta, national secretary, IBJA. " We hope, though, that traders don't misuse FTAs with other countries to recommence such imports."

India has signed a Comprehensive Economic Partnership Agreement with South Korea which allows each country to import or export their goods at concessional or nil duty , and thereby promote trade.But, much of what was being imported from South Korea recently was gold bullion , trade bodies allege, in the guise of coins, medallions and ornaments at zero duty. This was distorting trade as bullion imports from elsewhere attract 10% import duty.

Asked whether such a restriction would be extended to ASEAN nations such as Indonesia, Thailand or Malaysia with which India has signed FTAs, Rajesh Khosla, president, AGRM, said that he believed the government would deal " likewise " with imports from other FTA partners.

Khosla through AGRM had appealed to the government to curb duty free gold imports from South Korea as they were " distorting" the market. He said that from July 1 through August 18, 21 tonnes of gold coins, articles and medallions were imported duty free from South Korea. Though such imports at zero duty themselves were not illegal, the misuse took place as certain traders began melting coins and jewellery into bullion, against the rules of the CEPA that goods should not change their form.
Last year the government imposed a Countervailing duty of 12.5% on gold article and coin imports from FTA destinations to curb misuse by traders who converted them into bullion for a neat arbitrage against duty- levied gold at 10% . However, after GST was introduced from July 1, such imports recommenced from South Korea as Excise along with VAT was subsumed in GST. The importers had only to pay 3% IGST on gold, which was recovered from the customer.

U.S. sells soybeans to China, Egypt buys soyoil

Aug 24 (Reuters) - Snapshot of the global export markets for grains, oilseeds and edible oils as reported by government and private sources as of the end of business on Thursday:
SOYBEAN SALE: The U.S. Department of Agriculture said private exporters sold 132,000 tonnes of U.S. soybeans to China for delivery during the 2017/18 marketing year that begins Sept. 1, 2017.
SOYOIL PURCHASE: Egypt's state buyer GASC said it bought 35,000 tonnes of soyoil in a tender. It made the purchase in Egyptian pounds. GASC also tendered for sunflower oil but said it did not buy any.
CORN PURCHASE: South Korea's Major Feedmill Group (MFG) purchased about 60,000 tonnes of corn to be sourced from optional origins in an international tender for up to 70,000 tonnes which closed on Wednesday, European traders said. The corn was bought at about $184.60 a tonne c&f plus a $1.20 a tonne surcharge for additional port unloading. The seller was trading house C.J. International, they said.
SOYMEAL TENDER: Iranian state-owned animal feed importer SLAL issued an international tender to purchase about 200,000 tonnes of soymeal, European traders said. Offers in the tender must be submitted on Oct. 2. The soymeal can be sourced from Argentina or Brazil only and prices must be submitted in euros.
COPRA MEAL PURCHASE: South Korea's largest feedmaker Nonghyup Feed Inc. (NOFI) rejected offers and made no purchase in a tender for 12,000 tonnes of rapeseed animal feed meal, 12,000 tonnes of canola meal and 12,000 tonnes of palm kernel meal, European traders said. But NOFI did buy 6,000 tonnes of copra feed meal also sought in the tender at $156 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading, they said.
WHEAT PURCHASE: Iraq's state grains board bought 50,000 tonnes of wheat to be sourced from the United States and 50,000 tonnes from Australia in an international tender, European traders said. The tender had sought wheat sourced only from the United States or Australia. The U.S. wheat was all purchased at $297 a tonne c&f free out and the Australian wheat was bought at $298.77 a tonne free out, the traders said.
WHEAT PURCHASE: Japan's Ministry of Agriculture bought a total of 133,791 tonnes of food-quality wheat from the United States and Canada in a regular tender that closed late on Thursday.
WHEAT TENDER: Tunisia's state grains agency issued an international tender to purchase 167,000 tonnes of soft milling wheat, European traders said. The origin was optional and the tender deadline is Aug. 25, they said.
WHEAT TENDER: Jordan's state grains buyer issued an international tender to purchase 100,000 tonnes of hard milling wheat which can be sourced from optional origins, European traders said. The tender closes on Sept. 6. A new tender had been expected after Jordan bought just 50,000 tonnes in a tender for 100,000 tonnes on Wednesday.
WHEAT TENDER: The Ethiopian government issued an international tender to buy about 70,000 tonnes of milling wheat, European traders said. The tender deadline is Sept. 7. Origin is optional and shipment is sought around a month after contract signing.
BARLEY TENDER PASSED: Jordan's state grain buyer made no purchase in an international tender for 100,000 tonnes of feed barley which closed on Thursday, European traders said. A new barley tender is expected to be issued in coming days closing on Sept. 7, they said. Only two trading companies were said to have participated in Thursday's barley tender.
RICE TENDER: Bangladesh's state grains buyer issued another international tender to purchase 50,000 tonnes of rice, traders said, stepping up the country's rice import program. The tender deadline is Sept. 12. The latest tender on Thursday sought non-basmati parboiled rice with offers to be made in CIF liner-out terms, including cost, insurance, freight and ship unloading costs.
PENDING TENDERS:
FEED WHEAT AND BARLEY TENDER UPDATE: Japan's Ministry of Agriculture said it received no offers for feed-quality wheat or barley in a simultaneous buy and sell (SBS) auction that closed late on Wednesday. The ministry had sought 120,000 tonnes of feed wheat and 200,000 tonnes of feed barley to be loaded by Nov. 30 and arrive in Japan by Jan. 31, 2018, in the tender that is usually conducted weekly. It is seeking the same amounts for each grain in a similar tender that will be held on Aug. 30.
WHEAT TENDER: Algeria's state grains agency OAIC issued an international tender to buy milling wheat to be sourced from optional origins, European traders said. The tender sought a nominal 50,000 tonnes but Algeria often buys considerably more in its tenders than the nominal volume sought. Tender deadline is Aug. 24.
RICE TENDER: Mauritius' state purchasing agency issued an international tender to buy up to 6,000 tonnes of long grain white rice sourced from optional origins, European traders said. The rice was sought for delivery between Oct. 1 to Dec. 31 in shipping containers. Tender deadline is Aug. 24.
RICE TENDER: Iraq's state grain buyer issued an international tender to buy 30,000 tonnes of rice, a government source said. The deadline for offers is Aug. 27 and rice is being sought from all origins, the source said. Offers should remain valid until Aug. 31.
FEED BARLEY, CORN TENDER: Iranian state-owned animal feed importer SLAL issued two international tenders to buy up to 200,000 tonnes of feed barley and 200,000 tonnes of corn, European traders said. The tenders close on Sept. 11.

India asks Uzbekistan to cut duties on leather, fabrics

India has requested Uzbekistan to cut import duties on leather goods, engineering products and some textile items to promote trade between the countries, the commerce ministry said today.The issue was raised by Commerce Minister Nirmala Sitharaman during her meeting with Uzbekistan's Foreign Affairs Minister Abdulaziz Kamilov and Foreign Trade Minister Elyor Ganiev here yesterday.
Sitharaman requested "for reduction of import duty on leather goods and footwear in Uzbekistan from current 30 per cent to 10 per cent, which is the current most favoured nation rate in India," the ministry said in a statement.
She mentioned that India could source finished leather from Uzbekistan.
The minister also urged the Uzbek ministers to consider reducing import duty on Indian engineering exports to the central Asian nation.
Besides, Uzbekistan was asked to look at reducing import tariff on fabrics and made-ups.
Sitharaman stated that existence of non-tariff barriers such as import quotas, licensing, price and foreign exchange control, complex customs and administrative procedures and harsh sanitary norms have been limiting inter-regional trade between the countries.
The Foreign Trade Minister of Uzbekistan said his government was "seriously" working to liberalise and simplify various procedures, systems and norms.
He expressed hope that most of the difficulties faced by Indian exporters would get resolved shortly.
Further, Sitharaman pitched for simplify procedure for granting visa to Indian businessmen and tourists.

India import duties on leather goods

The Indian minister also suggested setting up and activation of a private industry led Joint Business Council to develop and enhance business relations at all levels.
Uzbek India Trading House has been formed here with a view to promote trade and investments.
The bilateral trade between the countries stood at USD 155.76 million in 2016-17. Both the sides have aimed at taking this figure to USD 1 billion in the next three years.

basmati rice is now India’s top export commodity

Around 1.3 million tonnes of the rice was exported in the April to June quarter, up from 1.18 million in the corresponding months in 2016.
After nearly two years, basmati rice has replaced buffalo meat as India’s top export commodity.

According to data from the Agricultural and Processed Food Products Export Development Authority, India exported basmati rice worth $1.26 billion (Rs 8,168 crore) in the June 2017 quarter, while buffalo meat exports were $849 million (Rs 5,473 crore). Around 1.3 million tonnes of basmati rice was exported in the April-June quarter, up from 1.18 million in the corresponding months in 2016. Export of buffalo meat, however, declined to 2.79 lakh tonnes from the earlier 2.8 tonnes.

Buffalo meat had overtaken basmati rice because Iran, which uses almost a quarter of India’s export, had stopped new orders. This year, however, Iran imported basmati rice even during its harvest season. The Centre’s ban on the sale of cattle for slaughter also affected imports and exports, Business Standard reported on Tuesday.

Exporters of buffalo meat said that the growth of the market depends a lot on the government’s policies and their consistency.

India exports basmati rice

Import duty norms may benefit edible oil sector

HYDERABAD: Increased import duties is likely to see Indian edible oil refining industry up capacity utilisations by at least a third, forcing the industry to crush more domestic oil seeds, which saw higher production this year, and prompt domestic players import more crude oil stocks and refine it locally.
Industry representatives and sector analysts say that the shift towards crushing of domestic oil seeds and improved capacity utilisations after several years is expected over the next two to three quarters, thus giving a fillip to profit margins of the domestic sector.

Care Ratings said India is the world's largest importer of edible oils and imports 67% of its requirements from Indonesia and Malaysia. However, over the years the industry had seen financial stress due to droughts, rising production costs and cheaper oil imports, forcing several small firms to shut shop.
India consumes nearly 22 million tonnes of edible oil. Domestic production is about 7 million tonnes, the rest is imported.
“We are currently refining nearly 6 lakh tonnes of edible oil and with the increase in duty differential between crude and refined palm oil. It will go up by another 22.5 lakh tonnes. This will help increase the refining industry's capacity utilisation, which fell to 3040% due to higher import of refined edible oil,“ said Atul Chaturvedi, president, Solvent Extractors' Association.
The government recently raised the import duty on crude palm oil to 15% from 7.5% and on refined palm oil to 25% from 15%. While palm oil accounts for highest share of imports, taxes were also increased on other major oil imports like soya and sunflower. “Companies weren't making good margins earlier when the duty differential between imported crude and refined palm oil was low as the refineries turned into packers instead of carrying out refining operation,“ said Arindam Saha, associate directo ..

Importer of edible oils and imports

India’s coal import falls 6.37% due to higher production by Coal India

The overall domestic production of coal was 659.27 million tonnes against the demand of 884.87 million tonnes.

India’s coal import declined by 6.37% to 191.95 million tonnes in the last fiscal of 2016-17 on account of higher production by Coal India Ltd (CIL) which indicates that the country has moved to a regime of coal surplus.

In the fiscal of 2015-16, imports of coal stood at 203.95 million tonnes, according to official data. “On enhanced production by CIL, the country has moved from a regime of coal scarcity to a coal surplus situation,” a media statement by CIL said. The overall domestic production of coal was 659.27 million tonnes against a demand of 884.87 million tonnes, it reads.The Government has announced that it is planning to boost the annual production capacity of CIL to 1 billion tonnes by 2019 in order to meet the increasing demand of fuel.So far, the Government has allocated 30 mines to private sector firms through auction for specified end purposes, under the Coal Mines (Special Provisional) Act, 2015.

In the current fiscal, imports of thermal coal also shows a declining trend.
Steam and thermal coal imports have declined 17.37% at the 12 major ports to 29.82 million tonnes during the April-July period of 2017-18, as per the Indian Ports Association (IPA).
Government controlled ports handled around 36 million tonnes of steam and thermal coal during the similar period of the last fiscal.
Thermal coal is the backbone in the energy programme of India as 70% of power generation is reliant on dry fuel.
Handling of coking coal has declined by 4.45% to 16.51 million tonnes, according to the recent data by the IPA. Coking coal is mainly used in steel-making.
These major ports had handled around 17.27 million tonnes of coking coal during the period April-July 2016-17.
Collectively, they handled around 46.33 million tonnes of coal in April-July period this fiscal compared to 53.36 million tonnes in the same period a year ago.
India is the third largest coal producing country after China and the US. The country has about 299 billion tonnes of coal resources and proven reserves of 123 billion tonnes, which may last for more than 100 years.

India’s coal import declined by 6.37%

Govt puts urad, moong dal imports under restricted category

India is the world’s largest pulse producer and importer.Earlier this month, the government had also put imports of pigeon peas and toor dal under the restricted  category.
The government on Monday put imports of urad and moong dal under the restricted category and fixed a cap for its in-bound shipments up to three lakh tonnes. The move will help in stabilising domestic prices that have fallen below the minimum support level and are hurting farmers. The Directorate General of Foreign Trade (DGFT), under the commerce ministry, also said import of this dal is subject to annual quota of three lakh tonnes.
“Import of urad and moong dal is revised from free to restricted,” the DGFT said in a notification. It, however, said this restriction will not apply to the government’s import commitments under any bilateral and regional agreement.
Moong production touched a record 2.07 million tonnes (mt) in 2016-17 crop year that ended June as against 1.59 mt in the previous fiscal. India is the world’s largest pulse producer and importer. Earlier this month, the government had also put imports of pigeon peas and toor dal under the restricted category.

imports of urad and moong dal

Flood of Cheap Chinese Imports May Hurt India's Factories

India mainly ships electronic products, engineering goods and chemicals from China, its biggest trading partner, with whom its trade deficit has ballooned nine-fold over the past decade to $49 billion in 2016.
A troop standoff along the border with China isn't the only worry for Indian policy makers.

The weaker yuan is intensifying a flood of cheap Chinese goods into the country, threatening to hurt India's struggling factories and blow out its biggest bilateral trade deficit. So authorities should take steps to support domestic companies as well as curb gains in the rupee, said Soumya Kanti Ghosh, chief economic adviser at State Bank of India, the nation's biggest lender and one of its top currency traders.

India must "reduce dependence on such frivolous Chinese imports," Ghosh said. Failing to do so would erode competitiveness at Indian companies and put at risk Prime Minister Narendra Modi's flagship 'Make in India' campaign, he said.

The comments follow years of U.S. threats to brand China a currency manipulator and come as Indian and Chinese soldiers face off in a remote area of the Himalayas. The risks to India's economy are more pronounced as a new national sales tax disrupts supply chains. Factory output contracted in June for the first time in four years, official data show, mirroring subdued private surveys. That stands to only burnish the appeal of inexpensive Chinese imports.
India mainly ships electronic products, engineering goods and chemicals from China, its biggest trading partner, with whom its trade deficit has ballooned nine-fold over the past decade to $49 billion in 2016. This figure was about $51 billion for the fiscal year through March 31, on imports of $61.3 billion.
India's central bank does not comment on day-to-day currency fluctuations and doesn't target a particular exchange rate for the rupee. But it has been intervening in the currency market to curtail the rupee's gains, traders say.

The rupee has strengthened 6 percent versus the U.S. dollar this year, while the yuan has gained 4 percent. China's currency has weakened some 2 percent against the rupee, extending last year's 4 percent decline, the steepest fall among 10 major Asian currencies.
These rupee gains could trigger expectations of further appreciation, lulling importers into leaving their currency exposures unhedged, Ghosh warned. At least 40 percent of current portfolios aren't protected against exchange-rate swings, according to State Bank of India projections.

"If this trend of rupee appreciation continues, thereby making goods from China cheaper, our imports from China could very well exceed the level of $61.3 billion attained in financial year to March 2017," Ghosh said.

China's top major imports and exports products

China Export Import Data Online
The top five exports of China are computers, broadcasting equipment, telephones, office machine parts and integrated circuits. China's top five imports are crude petroleum, integrated circuits, iron ore, gold and cars.

China is the world's greatest exporter of computers, broadcasting equipment, telephones, office machine parts, insulated wire, video displays, rubber tires, low-voltage protection equipment, valves and semiconductor devices. Other major exports include electrical transformers, furniture, knit sweaters, trunks and cases, video displays, vehicle parts, seats, insulated wire and video recording equipment.
Other major imports of China include soybeans, refined petroleum, LCDs, refined copper, coal briquettes, vehicle parts, computers, petroleum gas and copper ore.

China exports partners countries are :Japan, Germany, South Korea, the United Kingdom, Mexico, France, Russia and India

Most of China's imports countries are : Japan, South Korea, various other Asian countries, the United States and Germany.

Government bans export of gold items above 22-carat purity

Gold Jewellery Exports Imports

NEW DELHI: The government has banned exports of gold jewellery, medallions and other articles above 22- carat purity in a bid to check round tripping of the precious metal.
In a notification, the Directorate General of Foreign Trade (DGFT) has said certain provisions of the foreign trade policy (2015-20) are "amended to allow export of gold jewellery (plain or studded) and articles containing gold of 8 carats and above up to a maximum limit of 22 carats only from domestic tariff area and export-oriented units, electronics hardware technology parks, software technology parks and bio technology parks".
This means that export of gold jewellery, medallions and other articles of the precious metal above 22 carat purity is not permitted by any exporter, including from these parks, which are meant for sector-specific shipments.
The DGFT also stated that only those exporters can avail of incentives who are shipping gold jewellery and other articles containing gold of 8 carats and up to a maximum limit of 22 carats and not beyond.
According to an official of the Gems and Jewellery Export Promotion Council (GJEPC), some exporters were availing of export incentives by claiming export of gold items of above 22 carat purity with some value addition.
"This is not possible as India is a net importer of gold and no trader would import above 22 carats gold and export it as it is without value addition. This is not a financially viable business," the GJEPC official, who did not wish to be named, said.
Sharing similar views, an official of the Federation of Indian Export Organisations (FIEO) said that through this notification, the government has banned export of the jewellery above 22 carats and this decision will not impact shipment of gold jewellery as there is significantly less demand for these items in the international market.
The decision came at a time when Indian gold jewellery traders have raised concerns over a surge in gold imports from South Korea.
Gold import from South Korea jumped to USD 338.6 million during July 1 and August 3 this year. The import in 2016-17 stood at 470.46 million.
Under the free trade pact between India and South Korea, basic Customs duty on gold was eliminated.

Further, the 12.5 per cent countervailing duty on gold imports has been subsumed in the Goods and Services Tax (GST). Accordingly, imports now attract only 3 per cent integrated GST.

Countries impose this duty to discourage import of a product.

India is the world's second-biggest gold consumer after China. The imports mainly take care of demand by the jewellery industry.

Palm edges down as exports fall, tracks related edible oils

* Market in line for second straight session of losses * Bearish sentiment on India raising import duty hike continues to weigh on market - Trader * Palm faces resistance at 2,687 rgt/T, may retrace towards 2,687 rgt/T - Technicals KUALA LUMPUR, Aug 15 (Reuters) - Malaysian palm oil futures slid on Tuesday, tracking a decline in exports and weaker performance among other related edible oils. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 0.8 percent at 2,644 ringgit ($616.03) at the midday break, poised for its second consecutive session of declines. Traded volumes stood at 27,468 lots of 25 tonnes each at noon. "Palm was down due to weaker exports as well as softening external prices," said a Kuala Lumpur-based futures trader, referring to the export data from a cargo surveyor, and fall in soyoil prices on the Chicago Board of Trade and China's Dalian Commodity Exchange. Exports of Malaysian palm oil products for Aug. 1-15 loading fell 14.6 percent to 512,039 tonnes from 599,414 tonnes shipped between July 1 and July 15, cargo surveyor Intertek Testing Services said on Tuesday. Another trader noted that demand for palm oil futures has softened ahead of India's imposition of a higher import duty tax. India, the world's biggest buyer of vegetable oils, announced last Friday a raise in import taxes on crude and refined edible oils to protect local oilseed farmers from cheaper imports from top suppliers Malaysia and Indonesia. Palm oil prices are impacted by the movements in related edible oils including soy, as they compete for a share in the global vegetable oils market. The October soybean oil contract on the Chicago Board of Trade slipped as much as 0.5 percent, while the January soybean oil on the Dalian Commodity Exchange dipped up to 0.25 percent. The January palm olein contract fell up to 0.85 percent. The palm oil November contract faces a strong resistance at 2,687 ringgit per tonne, and it may retrace towards a support at 2,614 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao. Palm, soy and crude oil prices at 0557 GMT Contract Month Last Change Low High Volume MY PALM OIL AUG7 0 +0.00 0 0 0 MY PALM OIL SEP7 2640 -21.00 2640 2665 956 MY PALM OIL OCT7 2644 -21.00 2643 2671 11122 CHINA PALM OLEIN JAN8 5382 -48.00 5374 5446 560120 CHINA SOYOIL JAN8 6272 -14.00 6250 6304 371782 CBOT SOY OIL DEC7 33.6 -2.90 33.6 33.75 3083 INDIA PALM OIL AUG7 497.40 -2.90 496.90 507.8 3137 INDIA SOYOIL AUG7 642.5 -3.35 642.2 655 13130 NYMEX CRUDE SEP7 47.60 +0.01 47.49 47.70 26109 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.2920 ringgit) ($1 = 64.1050 Indian rupees)

Japan’s exports rise 13% to $59 billion in July

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 quarter but likely would provide a slight boost for the year,” said Marcel Thieliant of Capital Economic – an independent macroeconomic research firm.

Thieliant forecasts an increase of 6% in export volumes, whereas volumes of import will rise by around 3%.

Earlier this week, Japan reported that its economy has expanded at a rate of 4% annually during April-June. The rate of growth for the year is likely to be lower, at less than 2%.

In the month of July, Japan's shipments to the US rose 11.5% to 1.3 trillion yen ($12 billion), mainly comprising machinery, cars, and car parts. Imports jumped 14% to 671.7 billion yen ($6.1 billion), with increase in the shipments of fish and meat.

Japan’s exports to China surged 18% to 1.2 trillion yen ($11 billion).
The country’s exports to the Association of Southeast Asian Nations (ASEAN), a 10-member bloc, also surged 18%, to 1 trillion yen ($9 billion), on the back strong demand for appliances and other devices.

Japan’s imports of oil jumped 26% year-on-year to 1.2 trillion yen ($11 billion), while the imports of liquefied natural gas (LNG) rose 47% from a year earlier. The country’s coal imports surged 68%.

Centre looks to trim drug input imports from China

In the wake of heightened tensions in Indo-China relations, the Centre is working to reduce the Indian pharmaceutical industry’s dependence on Chinese raw material imports.

“All government agencies are keen on this. On the directions of the Ministry of Commerce, Pharmexcil and the CSIR-Indian Institute of Chemical Technology (IICT) are working on a Detailed Project Report,” R Udaya Bhaskar, Director-General, Pharmexcil, told Business Line.

The Ministry of Commerce recently conducted a meeting and roped in research laboratories and other stakeholders to work on a roadmap to realise this strategic objective. The Council for Scientific and Industrial Research (CSIR) will take up the matter with domain experts on August 12.

Indian drug exports to China are insignificant in value terms, but Indian drug manufactures import raw materials worth $6 billion, according to the Pharmaceuticals Export Promotion Council (Pharmexcil).

Import substitution
China is the main supplier of raw materials for Active Pharmaceutical Ingredients and key standing materials. “In some case, including in the life-saving drugs category, the dependence on Chinese imports is as much as 90 per cent. We have identified about 50-60 drugs for import substitution,” Udaya Bhaskar said.

While the drug industry faces no disruption from recent border tensions, there is concern over the fallout of these developments. This assumes significance in the wake of India’s decision to keep in abeyance a $1.3-billion deal under which Chinese company Shanghai Fosun Pharmaceuticals was to take over Hyderabad-based Gland Pharma.

“If tensions escalate, we worry it will cast a shadow on business,” said an executive whose company imports raw materials from China.

Deals inked for export of $325m worth of goods to China

ISLAMABAD: Pakistan and China on Thursday signed over three-dozen trade pacts for exporting $325 million worth of goods to Beijing, aimed at addressing private sector’s concerns about adverse implications for their businesses of government-to-government trade deals.

The signing ceremony for the Pakistan-China Trade Cooperation Projects was held in Islamabad in which 18 Chinese companies signed about 38 trade agreements valued at $325 million.

These agreements would facilitate exports of electrolytic copper, fish meal, seafood, pine nuts, guar products, leather, frozen fresh food, castor, chrome ore, zircon ores, coarse copper, hazelnut, sauces, crustaceans and marble blocks from Pakistan, China’s Department of Foreign Trade Deputy Director Wang Dongtang stated.

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