Author: Editorial Desk

President-elect Donald Trump has restated his commitment to universal tariffs, refuting claims that his administration may narrow the scope of proposed import duties. These tariffs, potentially ranging from 10% to 20% on goods from all countries, have raised concerns across industries, particularly agriculture and pork production. Trump dismissed a Washington Post report suggesting his administration might scale back the tariff policy, calling the claims false. In a Truth Social post on Monday, he stated, “The story in the Washington Post, quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back. That is wrong.”…

Since the start of 2025, export of Vietnamese rice prices have experienced a sharp decline, pushing the nation behind Thailand in the global rice export market. The prices of Vietnam’s 5% and 25% broken rice varieties have fallen below $500 per ton, marking a significant drop. Even premium fragrant rice varieties have dipped below $600 per ton, the lowest figures recorded in two years, triggering concerns among farmers and exporters. Association (VFA) revealed that the export price of Vietnam’s 5% broken rice decreased by an additional $7 per ton, settling at $460 per ton, approaching a two-year low. Similarly, the…

The Global Trade Research Initiative (GTRI) has warned that any reduction in customs duty on smartphone components in the upcoming Union Budget for FY26 could substantially impact India’s burgeoning electronics ecosystem. The think tank highlighted risks such as discouraging investment, increasing imports, and making local firms uncompetitive, which could ultimately lead to job losses. India’s smartphone manufacturing sector is widely regarded as a success story under the ‘Make in India’ initiative. In FY2023-24, the sector achieved production worth $49.2 billion, with exports contributing $15.6 billion, making smartphones the fourth-largest export category after diesel, aviation fuel, and polished diamonds. However, industry…

Brazil reported a trade surplus of $74.55 billion for 2024, marking a 24.6% decline from the record-breaking $98.9 billion in 2023, according to the Ministry of Development, Industry, Trade, and Services (MDIC). Despite the drop, 2024 achieved the second-largest trade surplus since records began in 1997. Experts anticipate a similar or slightly higher surplus for 2025, though still significantly below 2023’s peak. The Ministry’s Foreign Trade Secretariat (SECEX) reported exports of $337 billion and imports of $262.48 billion in 2024. The narrower surplus was attributed to declining commodity prices and rising import volumes. Economists foresee a complex trade scenario in…

The Indian government has introduced mandatory certification procedures for organic exports under the National Program for Organic Production (NPOP). According to a public notice by the Directorate General of Foreign Trade (DGFT), products will only qualify as ‘organic’ if accompanied by a Transaction Certificate (TC) issued by an accredited certification body under the NPOP of the Department of Commerce. The initiative aligns with India’s target of achieving $2 billion in organic food exports by 2030. To be certified for export, these products must be produced, processed, packaged, and labelled according to NPOP standards. The revised edition of the NPOP standards will…

Penalties for breaching the US Department of Commerce’s import and export regulations have surged over the past six months, with further increases set to take effect next week. The heightened penalties include violations related to the import or export of seafood and wildlife, breaches of foreign trade zone rules, and infractions under the 2018 Export Controls Act. While most penalty increases are relatively modest, often rising by a few hundred dollars per violation, the uptick comes amid growing scrutiny and enforcement actions within the supply chain sector. Hugo Pakula, CEO of Tru Identity and a seasoned customs expert, emphasised the…

South Korea achieved a historic milestone in 2024 as its cosmetics exports exceeded $10 billion for the first time, driven by the global appeal of K-beauty and the influence of Korean cultural content, according to government data released on Monday. The Ministry of Food and Drug Safety reported that the country’s combined shipments of cosmetic products surged by 20.6% year-on-year, reaching an unprecedented $10.2 billion. The remarkable growth was attributed to the increasing popularity of K-pop, K-dramas, and other Korean cultural exports, which have significantly bolstered the global demand for South Korean beauty products. “The government will enhance cooperation with…

India’s engineering goods exports maintained their growth trajectory for the seventh consecutive month in November 2024, driven by robust performances in key product categories such as aircraft, spacecraft and parts, and ships, boats, and floating structures, according to the Engineering Export Promotion Council (EEPC) of India. Export growth extended across various sectors, including iron and steel, which turned positive for the second consecutive month in FY2024-25. Other contributors to this impressive performance included electric machinery and automobiles, which showed significant year-on-year increases during the period. In November 2024, engineering goods exports grew 13.75% year-on-year to $8.90 billion, up from $7.82…

The Apparel Export Promotion Council (AEPC) has called on the Indian government to introduce tax incentives and policy changes in the upcoming Union Budget to strengthen the country’s apparel export sector. The AEPC’s recommendations aim to address critical challenges, enhance competitiveness, and spur growth in the industry. Among its key proposals, AEPC has requested the removal of Section 43B (H) of the Income Tax Act, which mandates payments to Micro, Small, and Medium Enterprises (MSMEs) within 45 days to claim tax deductions. The council highlighted that this provision has disrupted exporters’ cash flow and increased their tax liabilities. Additionally, AEPC…

The Vietnamese government has issued Decree No. 01/2025/ND-CP, introducing amendments to Decree No. 107/2018/ND-CP, which regulates the rice export business. These changes, effective from March 1, 2025, tighten oversight and accountability measures for rice export traders. Under the revised regulations, the Ministry of Industry and Trade will revoke a trader’s Certificate of Eligibility for Rice Export Business if the trader fails to submit a report within 45 days of receiving a written request from the ministry. This adds to the existing list of seven revocation criteria outlined in the 2018 decree, which include: The trader voluntarily requests revocation of their…