Author: News Desk

India’s textile and apparel exports fell in January compared to the same month last year, primarily due to the high U.S. tariffs that remained in place until February 7. The tariffs affected the competitiveness of Indian exports, resulting in reduced shipments for the month. Data from the Confederation of Indian Textile Industry (CITI) shows that textile exports in January 2026 dropped by 3.68%, while apparel exports fell by 3.84% compared to January 2025. Combined textile and apparel exports totaled $3,275.44 million in January 2026, down from $3,403.19 million a year earlier, marking a 3.75% decline. The drop was most evident…

China’s oil imports from Russia are projected to reach a record level, exceeding 2 million barrels per day in February, as India reduces its spot purchases, making supplies more heavily discounted for Chinese independent refiners. According to Reuters, citing data from Vortexa and Kpler, China is expected to import between 2.07 and 2.08 million barrels per day of crude oil from Russia this month, marking a record level. The figure represents a new record high and surpasses the estimated 1.7 million bpd of Russian oil imported by China in January. The development comes as India reduces its intake of Russian…

The Philippines Department of Agriculture (DA) plans to restrict rice imports to approximately 300,000 metric tons for March and April, marking the lowest level in five years, in an effort to shield local farmers from cheaper imported rice during the harvest season. Agriculture Secretary Francisco Tiu Laurel stated that he has gained support from rice importers and traders to voluntarily cap purchases of foreign rice at 150,000 metric tons per month over the two‑month period. If the DA manages to persuade importers to limit rice shipments to 300,000 MT for March and April, it would mark the lowest import level…

Ghana will purchase cocoa using its domestic currency and will ban the export of raw mineral ores by 2030, President John Mahama revealed on Saturday. Mahama declared the decision in Addis Ababa at the conclusion of his high-level side event, ‘Accra Reset’s Addis Reckoning,’ held alongside the 39th African Union (AU) Assembly of Heads of State and Government. He noted that a major decision is to end reliance on foreign funding for cocoa purchases, emphasizing that Ghana possesses sufficient cedis to finance its own cocoa. The policy represents a major departure from decades of relying on external financing, which required…

China has revealed that it will grant zero-tariff access to imports from 53 African countries to deepen trade and economic ties. According to state media, Chinese President Xi Jinping declared that China will eliminate tariffs on imports from nearly all African countries starting May 1 to elevate trade ties between Beijing and the continent. For 33 African least developed countries (LDCs), China had granted zero-tariff treatment on 97% to 98% of tariff lines before expanding coverage in 2024 to include all products originating from these LDCs. Under the expanded framework, zero tariffs will now apply to nearly all African nations…

President Donald Trump is preparing to scale back certain steel and aluminum tariffs as rising costs weigh on the economy. Officials are reportedly considering narrowing the scope of existing duties on these products, signaling a shift in trade policy. According to reports from the Financial Times and Bloomberg, the U.S. Trade Representative’s Office is reviewing options to reduce steel and aluminum tariffs. Last year, President Trump sharply raised tariffs on steel and aluminum imports to as high as 50%, driving up the cost of domestic appliances such as washing machines and microwave ovens. The U.S. government has not issued any…

India on Friday approved exports of wheat and processed products, totaling 2.5 million tons of grain and 500,000 tons of processed products, citing sufficient domestic stocks and a favorable production outlook. “In view of higher stock availability, softening prices, the expectation of a higher production this season, and the need to prevent distress sales during peak arrivals, the government has decided to permit the export of 2.5mt of wheat and 500,000 tons of wheat products,” the ministry said in a statement. The approval comes nearly four years after India imposed a blanket ban on wheat exports. According to the Ministry…

South Korea on Friday established a government committee to conduct an initial review of possible investment projects in the United States as part of a bilateral trade agreement, the industry ministry declared. The Korea-U.S. Strategic Investment MOU Implementation Committee convened its first meeting to identify potential projects, while the Korean National Assembly is considering a special bill to facilitate these investments, the Ministry of Trade, Industry, and Energy said. The ministry stated that the committee will act as a centralized ‘single window,’ overseeing investment consultations with the United States and evaluating the commercial viability and economic value of proposed projects.…

China has cut tariffs on dairy products imported from the European Union in its final ruling after an 18‑month anti‑dumping probe, reducing the duties considerably from the previously proposed rates while continuing to safeguard domestic producers. According to China’s Commerce Ministry, the tariffs on EU dairy imports will range from 7.4% to 11.7% for five years starting Friday. These rates are far lower than the 21.9% to 42.7% duties outlined in a preliminary ruling issued last December. The investigation covered EU dairy shipments valued at more than $506 million, underscoring the scale of the trade dispute. The decision comes against…

Chinese e-commerce platform Temu has resumed shipments to Türkiye, shifting to a company-managed import system following the elimination of the previous low-value customs exemption. To manage its operations in Türkiye, the platform established a local entity called WhaleCo, which oversees imports and completes customs clearance on behalf of buyers. Under this revised system, customers pay applicable taxes during checkout, while the company handles customs procedures and ensures direct delivery to recipients. Under the new arrangement, WhaleCo serves as the official importer in Türkiye, ensuring goods enter under commercial import status rather than individual consumer shipments. Instead of customers submitting customs…