Biparjoy cyclone effect: Adani Ports suspends vessel operations at Mundra, Tuna ports - Exportify Pulse Edition - June 16, 2023
Biparjoy cyclone effect: Adani Ports suspends vessel operations at Mundra, Tuna ports
In the wake of Cyclone ‘Biparjoy’ located over the east-central and adjoining southeast Arabian Sea, Adani Ports and Logistics Ltd has suspended vessels operations at its two ports. Those two ports where the Gautam Adani-owned company has suspended vessels operations are Mundra and Tuna ports. The Adani group company informed Indian stock market exchanges about the development in its latest exchange communication available on BSE.
Adani Ports informed Indian bourses on Monday about suspension of vessel operations at Mundra and Tuna ports citing, "With reference to the captioned subject (suspension of Vessel operations), we would like to inform that the Company has suspended its vessel operations at Mundra and Tuna Port earlier today. The suspension of vessel operations is being done in view of an advisory issued by India Metrological Department on expected cyclone storm “Biparjoy".
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India's seafood exports touch all-time high in 2022-23
India's seafood exports, both in terms of volume and value, achieved an all-time high in 2022-23. It shipped 1.7 million tonnes of seafood worth Rs 63,969.14 crore ($8.09 billion) during the financial year, growing 26.73 per cent in quantity terms and 4.31 per cent in value terms over 2021-22.
According to a press statement from the Ministry of Commerce & Industry, Frozen shrimp remained the major export item in terms of both quantity and value while USA and China turned out to be the major importers of India's seafood.
Frozen shrimp, which earned Rs 43,135.58 crore ($5481.63 million), retained its position as the most significant item in the basket of seafood exports, accounting for a share of 40.98 per cent in quantity and 67.72 per cent of the total dollar earnings. In rupee terms, shrimp exports during the period increased by 1.01 per cent.
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Customs to introduce additional disclosures for export-import of medicinal products from July 1
The Customs Department will introduce additional disclosures for the export and import of medicinal products from July 1 to fast-track clearances of shipments. These additional disclosures will reduce queries of Customs officials, which are frequently posed to EXIM traders dealing in medicinal plants and chemicals.
In a circular, the CBIC said in consultation with the Ministry of AYUSH and DGFT it has been decided that additional qualifiers like declaration of the name of the medicinal plant for exports of parts of plants has been made mandatory.
The CBIC had last month invited stakeholder views on the proposed introduction of additional disclosures for export-import trade in medicinal products.
The information currently provided by the importers/exporters of these products is inadequate and does not provide the complete details of the product, thus, leading to insufficient inputs for devising policies, multiple queries during assessment and examinations, certifications from technical agencies etc, with a resultant delay in assessment and clearance, the CBIC had said.
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India-UAE trade up 5.8% on-year in first 12 months of trade pact
Union cabinet minister Piyush Goyal on Monday announced India and the United Arab Emirates (UAE) have agreed to raise non-petroleum bilateral trade worth $100 billion by 2030."We have agreed to look at non petroleum trade instead of just petroleum products in this bilateral trade. We have agreed to double non petroleum trade in next seven years by increasing imports to $100 billion," said Goyal.
The remarks were made by the commerce minister in a joint press conference with UAE foreign trade minister Thani bin ahmed Al Zeyoudi which was held to discuss Comprehensive Economic Partnership Agreement (CEPA). Major imported items by India from UAE include petroleum crude (US$ 12,756 million) followed by petroleum products (US$ 6,862 million). CEPA which was signed between the two nations has earlier offered various benefits to the two nations. The agreement covers almost all the tariff lines dealt in by India (11,908 tariff lines) and the UAE (7581 tariff lines) respectively.
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Editor's Note
Shifts in global supply chains and sourcing to benefit India
The COVID-19 pandemic has had a significant impact on global supply chains. The pandemic has disrupted production, transportation, and distribution, leading to shortages of goods and higher prices. In response, many businesses are looking to diversify their supply chains and reduce their reliance on China.
India is well-positioned to benefit from these shifts. The country has a large and growing workforce, a skilled manufacturing sector, and a strategic location. In addition, India has made significant investments in infrastructure in recent years, making it easier to move goods and people around the country.
In an interview with The Economic Times, APM Terminals CEO Keith Svendsen said that India is "very well-positioned to take advantage of the global supply chain resilience and multi-sourcing shift." He noted that inventories have begun to normalize with the easing of the pandemic and restocking should begin by the end of the year.
Svendsen also said that APM Terminals, part of Maersk Group, plans to invest about ?3,500 crore (US$450 million) in its Pipavav port in Gujarat. The investment will be used to expand the port's capacity and improve its infrastructure.
The planned investment by APM Terminals is a vote of confidence in India's future as a global manufacturing and logistics hub. The country is well-positioned to benefit from the ongoing shifts in global supply chains.
In addition to the factors mentioned by Svendsen, India also has a number of other advantages that make it an attractive destination for businesses looking to diversify their supply chains. These include:
As a result of these factors, India is increasingly being seen as an alternative to China for global manufacturing and logistics. The country is well-positioned to benefit from the ongoing shifts in global supply chains and become a major player in the global economy.
Source: Economic Times