Malaysia’s Plantation and Commodities Ministry has described India’s recent increase in palm oil import duties as a ‘temporary challenge’ to the resilience and competitiveness of Malaysian exports. The ministry expressed confidence that the impact would be short-lived and highlighted its strategic measures to address the situation. The import duty hike, effective immediately, raises crude palm oil (CPO) tariffs from 5.5% to 27.5% and processed palm oil tariffs from 13.75% to 35.75%. The increase includes basic import duties and additional taxes, such as the agriculture infrastructure development cess and social welfare cess. The move is part of India’s strategy to stabilise…

Algeria is positioning itself as a major force in trade insurance across Africa and the Arab-Muslim world, reflecting its commitment to fostering fair and dynamic international trade. The announcement came from Algeria’s Finance Minister, Laaziz Faid, during the 14th Annual General Assembly of the AMAN Union, held in Algiers from December 1 to 3. Minister Faid highlighted the pivotal role of risk management in international commerce, stating that it creates a climate of confidence and serenity in favour of economic operators while converting trade opportunities into productive activities. This, he asserted, strengthens regional trade and promotes economic growth. Algeria’s ambitions…

Bangladesh’s reliance on India for essential commodities like potatoes and onions has long been a source of concern, with recent food price hikes exposing the vulnerabilities of this dependency. Factors such as poor harvests, export restrictions, and increased domestic demand in India have disrupted supplies, leaving Bangladesh grappling with inflation and scarcity. India’s competitive pricing and swift delivery have made it Bangladesh’s primary trading partner for these staples. However, India’s frequent export restrictions, including minimum export prices (MEP) and outright bans, often destabilise the Bangladeshi market. Recent disruptions, including a September 2023 onion export ban, caused prices in Bangladesh to…

Brazil’s poultry meat exports in November reached 465,100 metric tons (mt), generating over $893 million in revenue, according to the Brazilian Association of Animal Protein (ABPA). These poultry export figures reflect substantial year-on-year growth of 23.2% in volume and 32.1% in revenue compared to November 2023, when exports totaled 377,400mt, earning $676 million. ABPA President Ricardo Santin attributed the significant improvement partly to weaker performance during the same month last year. However, he emphasised that exports to eight of Brazil’s top 10 chicken meat destinations saw hikes compared to November 2023. China retained its position as Brazil’s largest market…

Copper prices are set to face mounting pressures in 2025 due to escalating US trade tariffs and economic uncertainties in China, key factors driving down market expectations. Citigroup projects copper prices will average $8,750 per ton in 2025, a sharp decline from its earlier forecast of $10,250 per ton. Analysts attribute this to a restrictive monetary environment in developed economies and reduced policy support for electric vehicles, which are delaying a recovery in global manufacturing activity until beyond 2025. On the London Metal Exchange, copper prices recently stood at $9,100.50 per ton in Shanghai, marking a significant 20% decrease from…

The United Nations General Assembly has adopted a resolution calling for enhanced global efforts to combat the illegal trade in cultural artefacts. Highlighting the significance of cultural heritage as a symbol of human identity and history, the Assembly urged member states to develop robust legal frameworks to protect such property and support international cooperation to address this persistent issue. The resolution expressed grave concern over the illegal removal of cultural artefacts, monuments, and manuscripts, particularly those taken before the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export, and Transfer of Ownership of Cultural Property.…

Fenjiu, a renowned Chinese liquor brand with a history spanning thousands of years, took center stage at the 2024 Belt and Road Commerce Chambers and Associations Conference (GCCAC) on December 5 in Fuzhou, Fujian Province. As the general co-organizer, Shanxi Xinghuacun Fenjiu International Trade showcased its cultural legacy and international aspirations, promoting Chinese liquor culture to a global audience. Championing Cultural Exchange Fenjiu’s vice chairman, Li Zhenhuan, addressed the opening ceremony, emphasizing the role of cultural identity in taking Chinese liquor to international markets. Li highlighted that brand internationalization, underpinned by cultural appreciation, is pivotal for the global success of…

Africa’s pharmaceutical industry is emerging as a major investment opportunity, driven by population growth, rising healthcare demand, and trade policies under the African Continental Free Trade Area (AfCFTA). With the population projected to surpass 2.5 billion by 2050, combined with urbanisation and growing health awareness, the sector offers substantial potential for innovation and expansion. The AfCFTA, the world’s largest free trade agreement by member countries, aims to establish a single market across Africa. Eliminating tariffs on 90% of goods and addressing non-tariff barriers reduces costs, improves supply chain efficiency, and supports market expansion, particularly benefiting the pharmaceutical sector. Fragmented markets…

Malaysia has called for timely reforms to the World Trade Organisation (WTO), emphasising fairness and security in global trade. Prime Minister Dato’ Seri Anwar Ibrahim highlighted these priorities during discussions with WTO Director-General Dr Ngozi Okonjo-Iweala, who visited Malaysia from 6 to 8 December 2024. The visit, hosted by the Ministry of Investment, Trade, and Industry (MITI), marks her inaugural trip to the country. The Prime Minister stressed the urgency of restoring the WTO’s dispute settlement mechanism and fostering inclusive dialogue to address the concerns of all members, especially developing nations. Their discussions also covered pressing issues, including rising trade…

India is set to recalibrate its import-export policies to bolster domestic businesses and consumers amidst evolving global market trends. The government is engaging in interministerial and industry consultations to identify opportunities to expand the value and volume of Indian exports, sources told CNBC-TV18. This strategic shift aligns with efforts to secure competitive advantages for Indian exporters, especially in light of US President-Elect Donald Trump’s proposal to impose a 60% tariff on Chinese goods. Officials are targeting specific regional trade groups to enhance India’s export reach and are exploring sub-sectors within services to improve overall export performance. The move comes as…