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The probe is being held with the aim of determining whether or not producers in those three countries were the recipients of unfair subsidies. According to information released by the Indian Ministry of Commerce, the investigation, which will be conducted by India’s Directorate General of Trade Remedies, could conclude with the imports facing a series of countervailing duties in line with World Trade Organization (WTO) rules. The Indian side will investigate copper tube and pipe imports that were shipped between April 1, 2019, and March 31 this year. The Indian Ministry of Commerce also received the import data of the customs relating to the subject goods over the previous four years. It said the figure indicates that the increased import figures from the three countries account for more than 90% of their total imports of subject goods. … [Read more...] about India probes Vietnamese copper tube imports

State budget collection from import-export activities reached 54.76 trillion VND (2.37 billion USD) in the first two months (Photo: VNA) Hanoi (VNA) – State budget collection from import-export activities reached 54.76 trillion VND (2.37 billion USD) in the first two months, or 17.38 percent of the estimate and a year-on-year rise of 7.53 percent, according to the General Department of Vietnam Customs. In February alone, the collection was 23.66 trillion VND. As Tet (Lunar New Year) holidays fell in the month, the customs department worked together with relevant agencies to combat smuggling and trade frauds while increasing inspections. The customs force detected 967 cases in total from January 16 to February 15, seizing goods of 258.67 billion VND and contributing 8.6 billion VND to the State budget. State budget collection was estimated at 220.5 trillion VND in total in the first two months of 2021, equivalent to 16.4 percent of the year’s estimate./. VNA … [Read more...] about Imports-exports contribute 2.37 billion USD to State budget in Jan-Feb

WASHINGTON: The US trade deficit narrowed more than expected in January as imports declined, and further decreases are likely as the coronavirus outbreak disrupts the flow of goods and services. The Commerce Department said on Friday the trade deficit dropped 6.7 per cent to US$45.3 billion also as exports fell. Data for December was revised slightly to show the trade gap widening to US$48.6 billion instead of US$48.9 billion as previously reported. Economists polled by Reuters had forecast the trade gap tightening to US$46.1 billion in January. When adjusted for inflation, the goods trade deficit fell US$2.3 billion to US$77.7 billion in January. While the smaller trade deficit would provide a boost to the calculation of gross domestic product, declining imports mean less inventory accumulation, which could offset the lift to GDP. Falling imports are also likely to lead to shortages, which could hurt both consumer and business spending. The coronavirus epidemic has … [Read more...] about US trade deficit narrows in January; exports, imports fall

BEIJING: Mainland China reported its first locally transmitted coronavirus case in three days and 54 new imported cases, as Beijing ordered airlines to sharply cut international flights fearing travellers could reignite the coronavirus outbreak. The 55 new cases reported on Thursday was down from 67 a day earlier, the National Health Commission said in a statement on Friday (Mar 27). There are now 81,340 confirmed cases in mainland China. The death toll stands at 3,292 with five new deaths. READ: World powers vow united front on coronavirus as death toll mounts Imported coronavirus cases, mostly Chinese nationals returning home, now pose the biggest concern for authorities. Shanghai reported the most new imported cases with 17, followed by 12 in Guangdong and four each in capital Beijing and nearby Tianjin. Hubei province, a region of some 60 million people where the virus first appeared late last year, reported zero new cases on Thursday - a day after lifting a … [Read more...] about China reports one local coronavirus case, 54 imported

SINGAPORE: China has begun buying US liquefied petroleum gas (LPG) again after a hiatus of nearly 20 months as Beijing waived punitive tariffs to boost imports of US goods as part of the Sino-US Phase 1 trade deal, industry sources said. Importers have rushed to apply for waivers for the 25 per cent tariff to buy the fuel, a by-product from US shale gas production, after Beijing started granting exemptions this month for nearly 700 US goods. About a dozen firms - including China Gas Holdings, a piped gas distributor and LPG trader, and Oriental Energy , a manufacturer using LPG to make petrochemicals - have been granted the tariff waivers, according to two veteran LPG traders, an investment officer and analysts at IHS Markit. With the exemptions, US LPG is subject only to a 1 per cent import duty, same as rival supplies from the Middle East. "US LPG provides us a diversified source of supply to keep our overall import cost low," said Tan Yuwei, an investor relation officer … [Read more...] about China to resume US LPG imports as Beijing waives trade-war tariff: Sources