Sri Lanka’s jewellery and gem sector remains optimistic about its growth prospects despite potential U.S. tariffs, with industry leaders predicting only a minimal impact on exports. The confidence comes as the industry recorded an 8.2% drop in export earnings to $195.1 million during the first half of the year. Speaking in Colombo on Tuesday at the launch of the FACETS Sri Lanka 2026 exhibition, Sri Lanka Gem and Jewellery Association President Akram Cassim said the proposed 20% duty was manageable compared to rates faced by competitors. “It’s not too bad in comparison to some of the other countries that compete…

Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo, HoSE: DPM), a subsidiary of state-owned Petrovietnam, is handling its largest export order of the year, a 45,000-ton shipment of granular urea to India, one of the world’s biggest fertilizer markets. The vessel has docked and commenced unloading operations, which are expected to conclude by August 20. The company said the deal reflects its strong production capabilities, efficient supply chain, and high product quality, while marking a significant step in its strategy to boost exports, diversify supply sources, and optimize business efficiency. PVFCCo reiterated that exports are undertaken only after meeting domestic demand, and…

China has announced a preliminary anti-dumping duty of 75.8% on Canadian canola imports, marking a sharp escalation in the yearlong trade dispute triggered by Ottawa’s tariffs on Chinese electric vehicles last August. The provisional duty will take effect on Thursday, effectively shutting Canadian canola out of the world’s largest market for the crop. The decision follows a September 2024 investigation by China’s Ministry of Commerce, which concluded that Canada’s canola industry had benefited from significant government subsidies and preferential policies. While the probe is set to conclude in September, Beijing can extend it by six months, potentially altering or overturning…

India has effectively shut its land borders to jute imports from Bangladesh, directing all consignments through the Nhava Sheva seaport. The move follows a phased tightening of trade measures over recent months. In April 2025, India withdrew Bangladesh’s transshipment facility for most overseas-bound goods, except those destined for Nepal and Bhutan. By May, restrictions were extended to certain non-jute products, including garments, processed foods, plastics, and wooden furniture. In June, all jute imports via land routes were banned. The latest update widens the list of restricted items to include bleached and unbleached jute fabrics, twine, cordage, ropes, sacks, and bags.…

Vietnam’s Ministry of Agriculture and Environment has rolled out a comprehensive food safety control process for fresh durian exports to meet global standards and strengthen its agricultural competitiveness. The measures, announced by the Department of International Trade Promotion, cover the entire production chain, from cultivation and harvesting to storage, transport, packaging, and quality certification. Under the new regulations, each export batch must be registered, inspected, and certified. Durian growers are required to meet food safety criteria and implement full traceability systems to track products throughout the chain. Clear procedures must also be in place for recalling or disposing of non-compliant…

World merchandise trade is expected to rise by 0.9% in 2025, according to the World Trade Organization (WTO), marking an improvement from the 0.2% contraction forecast in April. The revised outlook, however, remains below the 2.7% growth estimate made before recent tariff hikes. WTO economists said the upgrade is largely due to the frontloading of imports in the United States ahead of anticipated tariff increases. While this short-term boost has lifted projections, higher tariffs are expected to slow trade over time, with 2026 trade volume growth now forecast at 1.8%, down from the earlier 2.5% estimate, WAM reported. A sharp…

The proposed Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is in its final stages, with an announcement expected shortly, according to an official cited in media reports. The text of the trade agreement is currently being translated into Arabic in Oman, after which it will require cabinet approval from both countries. “Both countries have, in principle, decided to announce the conclusion and signing together,” the official said, adding that the timeline for completion is much less than the two to three months initially speculated. Negotiations for the CEPA began in November 2023, aiming to strengthen trade and investment…

Gold futures surged to an all-time intraday high of $3,534.10 an ounce on Friday after reports that certain gold bars imported from Switzerland will face steep U.S. tariffs. The Financial Times revealed that Washington had classified one-kilogram and 100-ounce bars, the most traded forms on Comex, the world’s largest futures market, as subject to ‘reciprocal’ rates, triggering a 39% levy on imports from Thursday. The news sent shockwaves through commodities markets, with Han Tan, chief market analyst at Nemo.Money, citing ‘shock and confusion’ among traders. Prices later eased to around $3,454 an ounce. Switzerland, a major global hub for gold…

Customs officials from across the Asia-Pacific Economic Cooperation (APEC) bloc convened in Incheon, South Korea, for the second 2025 meeting of the Subcommittee on Customs Procedures (SCCP). The gathering aimed to promote technological innovation and digital transformation in customs operations to streamline border management and bolster global trade facilitation. The SCCP, a technical body comprising representatives from all 21 APEC member economies, including the United States, Canada, Chile, Mexico, and Peru, focuses on harmonizing customs processes while respecting each nation’s sovereignty. Key discussions this year centered around using artificial intelligence (AI) and digital innovation to enhance the efficiency, security, and…

Brazil has marked the 50th anniversary of its first official chicken export, commemorating a milestone that began on August 1, 1975, with a shipment to Kuwait. This historic move laid the foundation for Brazil’s rise as the world’s largest chicken exporter, a position it has held through decades of steady growth and international trust, according to the Brazilian Animal Protein Association (ABPA). Since that first shipment, Brazil has exported nearly 100 million tons of chicken meat to over 150 countries. In 2024 alone, the nation exported 4.9 million tons, generating close to $10 billion in revenue. Key markets now include…