Monday, May 27, 2024

Govt app to allow live tracking of cargo across land, rail, sea & air

India will launch an app that will enable companies to track live their cargo moving over land, rail, sea, and air, according to a report by the Economic Times (ET). The app has garnered interest from over 700 companies in courier, logistics, shipping, and manufacturing. These companies have signed up on the app that will be launched soon by the government.

This app aims to enhance tracking capabilities, providing real-time visibility into the movement of trucks, trains, and air couriers. This initiative is part of India's plan to streamline logistics, and reduce costs. India's logistics cost in Financial Year 2022 was 7.8-8.9 per cent of the country's gross domestic product (GDP). India wants to bring this down to 5-6 per cent. This app also aligns with India's broader plan to improve its ranking in the World Bank's Logistics Performance Index, which currently stands at 38, to below 25.

Reports said the app will be launched soon, however, the exact date of the launch and name of the app are still unknown. It is reportedly being developed by the National Industrial Corridor Development Corporation (NICDC), which will use specific tracking codes to track and trace consignments. They will also measure the reliability of consignment movement to provide real-time tracking details and vehicle visibility. This visibility is crucial as it would significantly lower lead time for the import-export cycle. This in turn would reduce inventory carrying costs, as well as improve empty container management.

The government is also separately working on ways to reduce the movement of empty trucks and containers. This will improve overall efficiency of logistics and reduce operations and maintenance costs..

If you face any issue with your bank and it cannot be solved by the bank's branch officials or its head office, then you may choose to file a complaint against the bank in the Reserve Bank of India (RBI). The name of the scheme under which such complaints can be filed is RBI Banking Ombudsman Scheme.

Retail, ecommerce create job openings for freshers and experienced professionals

Sonali De Sarker, VP, HR, Epsilon India, says, “Careers in the adtech and martech fields offer an exciting blend of creativity and technology. The sector allows individuals to collaborate with diverse teams to craft cutting-edge solutions that have the perfect balance of art and science. Over the years, the need for qualified engineers as well as senior professionals in these fields has increased tremendously, owing to the countless opportunities on offer. This exciting new frontier offers oppor ..

Friday, May 17, 2024

China's share in India's industrial goods imports jump to 30% from 21% in last 15 yrs: GTRI

Updated - April 28, 2024 at 01:23 PM. | New Delhi

“The Indian Government and industries must evaluate and potentially recalibrate their import strategies, fostering more diversified and resilient supply chains” - GTRI founder Ajay Srivastava With increasing India's dependence on Chinese industrial goods like telecom, machinery and electronics, Beijing's share in New Delhi's imports of such goods rose to 30 per cent from 21 per cent in the last 15 years, a report said.

According to the report by the economic think tank Global Trade Research Initiative (GTRI), the growing trade deficit with China is a cause of concern and the strategic implications of this dependency are profound, affecting not only economic but also national security dimensions.

From 2019 to 2024, India's exports to China have stagnated at around $16 billion annually, while imports from China have surged from $70.3 billion in 2018-19 to over $101 billion in 2023-24, resulting in a cumulative trade deficit exceeding $387 billion over five years.

“The Indian Government and industries must evaluate and potentially recalibrate their import strategies, fostering more diversified and resilient supply chains”, says, GTRI founder Ajay Srivastava .

This is imperative not only to mitigate economic risks but also to bolster domestic industries and reduce dependency on single-country imports, especially from a geopolitical competitor like China, he added.

"Over the last 15 years, China's share in India's industrial product imports has increased significantly, from 21 per cent to 30 per cent.

"This growth in imports from China has been much faster than India's overall import growth, with China's exports to India growing 2.3 times faster than India's total imports from all other countries," the report said.

In 2023-24, India's total merchandise imports amounted to $677.2 billion, with $101.8 billion of that coming from China.

This means China accounted for 15 per cent of India's total imports.

Out of these imports from China, $100 billion or 98.5 per cent were in major industrial product categories.

"When compared to India's global imports of these industrial products, which total $337 billion, China's contribution is quite significant, representing 30 per cent of India's imports in this sector. Fifteen years ago, China's share was just 21 per cent," it added.

The key sectors where New Delhi's dependence is rising significantly, include electronics, telecom and electrical; machinery; chemicals and pharmaceuticals; products of iron, steel and base metal; plastics; textiles and clothing; automobiles; medical, leather, paper, glass, ships, aircraft and remaining categories.

During April-January 2023-24, the electronics, telecom and electrical products sectors had the highest import value at $67.8 billion, with China contributing $26.1 billion.

"This represents a substantial 38.4 per cent of the total imports in this category, indicating a heavy dependence on Chinese electronic goods and components," it said.

In the machinery sector, China accounts for $19 billion, which is 39.6 per cent of India's imports in the sector.

This underscores China's key role as a supplier of machinery to India, Srivastava said.

Also read:Dumping duty imposed on industrial laser machines from China

India's chemical and pharmaceutical imports during the period stood at $54.1 billion. Out of this, $15.8 billion came from China.

This resulted in a Chinese share of 29.2 per cent, highlighting the importance of Chinese chemical and pharmaceutical products in India.

Similarly, the report said the total imports for plastics and related articles stand at $18.5 billion, with China providing articles worth $4.8 billion.

This accounts for 25.8 per cent of the total imports in this sector.

Srivastava also said that half of the imports from China consist of capital goods and machinery, indicating a critical need for focused research and development in this area.

Intermediate goods like organic chemicals, APIs (Active Pharmaceutical Ingredients) and plastics, which represent 37 per cent of imports, show a pressing need for upgrading these industries, he said, adding that consumer goods make up 12 per cent of the imports, while raw materials are less than 1 per cent.

The report added that many products imported from China, such as textiles, apparel, glassware, furniture, paper, shoes and toys are from categories dominated by micro, small and medium enterprises (MSMEs), and most of these items could potentially be produced domestically.

"Overall, India imports a broad array of products from China, from high to low technology items, highlighting significant gaps in India's industrial capabilities across various sectors," it added.

Chinese companies are involved in India's energy, telecommunications, transportation sectors and they play critical roles in smartphones, electronics, electric and passenger vehicles, solar energy, engineering projects and many other sectors, it said.

The report said that so far, imports were carried out by Indian firms but now with the entry of Chinese firms into the Indian market, India's industrial product imports are set to rise at an accelerated pace.

"As the Chinese firms operating in India will prefer sourcing most requirements from their parent firms, Indian imports will rise sharply. For example, in the next few years, every third electric vehicle (EV) and many passenger and commercial vehicles on Indian roads could be those made by Chinese firms in India alone or through joint ventures with Indian firms," the report said.

Also read:FinMin imposes anti-dumping duty on optical fibre imports from China, Korea, Indonesia

The large-scale entry of Chinese automakers into India will impact the domestic auto/EV manufacturers, firms working in the EV value chain space and battery development, it added.

Red Sea crisis: Maersk warns of major impact in Q2

Updated - May 06, 2024 at 05:21 PM.

Maersk said that effects of the situation in the Red Sea are widening and continuing to cause industry-wide disruptions Global shipping giant Maersk has warned that the knock-on effects of the Red Sea situation include bottlenecks and vessel bunching, as well as delays and equipment and capacity shortages. It estimated an industry-wide capacity loss of 15-20 per cent on the Far East to North Europe and Mediterranean market during the second quarter of 2024.

The situation also affects India as ships that start from Far East or China and heads to Europe or the Mediterranean and vice versa, transit via the transshipment ports of Singapore and Colombo, which are used by shippers in India. Containerised cargo from India is sent by smaller ships to these transshipment ports where they are carried on board ‘mother’ ships to destinations in Europe or UK or to the Far East.

Denmark’s Maersk, which has a large presence in India, said that effects of the situation in the Red Sea are widening and continuing to cause industry-wide disruptions. We are developing solutions with the goal of offering our customers greater reliability for their supply chains.

Also read: Maersk enhances ME2 service between India and North Europe, ensuring shorter transit times

“The complexity of the situation in the Red Sea has intensified over the last few months. To safeguard our crew, vessels, and your cargo, we are rerouting around the Cape of Good Hope for the foreseeable future. However, the risk zone has expanded, and attacks are reaching further offshore. This has forced our vessels to lengthen their journey further, resulting in additional time and costs to get your cargo to its destination for the time being,” the line said.

The knock-on effects of the situation have included bottlenecks and vessel bunching, as well as delays and equipment and capacity shortages. We estimate an industry-wide capacity loss of 15-20 per cent on the Far East to North Europe and Mediterranean market during Q2.

Maersk said that to boost reliability, including sailing faster and adding capacity, it has added additional capacity where possible, in line with customers’ needs. So far, the line has leased more than 1,25,000 additional containers.

Also read: Maersk increases rates by $1,000 per container to US and Canadian ports from India and West Asia

“You will see relevant surcharges on your latest invoices. These are to offset the costs of the longer journeys, increased sailing speed, and additional fuel costs. For example, we are currently using 40 per cent more fuel per journey and charter rates are currently three times higher, often fixed for five years,” the line said.

While Maersk reduced the Peak Season Surcharge (PSS) recently, it has been increased again to help cover the additional costs outlined above. “We will continue to review the surcharges regularly and will keep you up to date of any changes,” the line said.

A leather exporter said the surcharges have been increasing every month since the Red Sea crisis started in October 2023. The freight rate has more than doubled from India to destinations in Europe and the US, he said.

Tuesday, May 14, 2024

Welcome to Exim India

EXIM INDIA is a reputed and all-India recognised premier publishing house. It publishes a daily newspaper "Exim Newsletter" from Mumbai + Western India, Gujarat, New Delhi / NCR / North India and Exim India - 'Shipping Times' from Kolkata, Chennai, Cochin and Tuticorin for the last 46 years.

Through these daily editions, a wide coverage is given to all important news, views and reviews related to shipping, ports, maritime trade, imports and exports in India and abroad. The combined circulation/readership of all editions is over 2, 00, 000 copies daily.

The special feature of all these daily editions of EXIM is that it is mainly dedicated in publishing up-to-date shipping schedules of all major ports in India along with the news on exports and imports.

The regular features in our publications include:

News, views and analysis related to shipping, ports, ICD’s, CFC and other maritime trade, etc.
Forward Sailing Schedules of all Major ports in India
Indian Products for World Market
Overseas Trade Enquiries
Foreign Exchange Rates
Customs Exchange Rates for Import & Export
Customs, JCCIE & EPC notices, trade notification and Public notices (Notice to consignee)

Besides, EXIM INDIA also brings out regular Special Issues on all Major Ports in India.

The other publications of EXIM INDIA include Port Directory, and exclusive 'World Route Maps' and 'Pocket Atlas' for the use of Importers-Exporters, Shipping lines, Freight forwarders and other Logistics sector players. Besides, EXIM INDIA also brings out regular Special Issues on all Major Ports in India!

Candle stick graph chart with indicator showing bullish point or bearish point, up trend or down trend of price of stock market or stock exchange trading, investment and financial concept. thin focus. istock photo for BL | Photo Credit: pookpiik

Stock Market| Share Market Updates - Find here all the updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 14 May 2024.

Welcome to Exim India

The regular features in our publications include:

News, views and analysis related to shipping, ports, ICD’s, CFC and other maritime trade, etc.
Forward Sailing Schedules of all Major ports in India
Indian Products for World Market
Overseas Trade Enquiries
Foreign Exchange Rates
Customs Exchange Rates for Import & Export
Customs, JCCIE & EPC notices, trade notification and Public notices (Notice to consignee)

Besides, EXIM INDIA also brings out regular Special Issues on all Major Ports in India.

Russia certifier steps in after India drops safety cover for sanctioned ships

in International Shipping News 14/05/2024

India’s ship certification agency has withdrawn safety cover issued to Russian oil tankers that have been placed under U.S. sanctions, according to its website, with the vessels instead turning to a domestic provider.

Major insurers and ship engine makers have already withdrawn cover for Russia’s tanker fleet, which Moscow is relying on to maintain the country’s oil trade after Washington and its allies including the European Union imposed a raft of sanctions for its invasion of Ukraine in February 2022.

Classification societies provide services including the seaworthiness checks that are necessary for securing entry to port and services such as insurance.

The Indian Register of Ships (IRClass) – among the world’s top ship certifiers that form The International Association of Classification Societies (IACS) – had emerged as a provider of safety certification for Russian vessels over the last two years.

But in February, while designating Russian shipping giant Sovcomflot, the U.S. Treasury’s Office of Foreign Assets Control, also placed 14 vessels that had been certified by IRClass under sanctions.

IRClass still provides safety cover for two of the 14 vessels, the NS Consul and NS Creation, according to its website, while cover has been withdrawn from the other 12.

Those 12 vessels have been transferred to the Russian Maritime Register of Shipping (RSClass) since April, according to separate data on RSClass’s website.

IRClass and RSClass did not respond to requests for comment.

IACS withdrew RSClass’s membership in March 2022. Not having IACS cover could complicate entry into some ports, including in India, even with other certification in place.

The majority of the tankers, some of which have changed their name since losing the IRClass certification, are currently anchored in or sailing to Russian ports, including Nakhodka and Vladivostok in Asia and Ust-Luga and Novorossisk in the Black Sea, ship tracking data on LSEG showed.
Source: Reuters (Reporting by Nidhi Verma in New Delhi, Jonathan Saul in London and Gleb Stolyarov; Editing by Kirsten Donovan)

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Monday, May 27, 2024

Govt app to allow live tracking of cargo across land, rail, sea & air

Friday, May 17, 2024

China's share in India's industrial goods imports jump to 30% from 21% in last 15 yrs: GTRI

Red Sea crisis: Maersk warns of major impact in Q2

Tuesday, May 14, 2024

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