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Author Archives: CT Report

Indonesia cocoa export to be fall 37% in 2016

JAKARTA: Shipment of Indonesia’s cocoa to overseas is forecast to decline this year as the government imposes new export tariffs and taxes. The country’s cocoa association disclosed that the export of the commodity is projected to be down by 37 percent to 25,000 tons this year, said Zulhefy Sikumbang, chairman of the association. That compares with 40,000 tons’ shipment to ... Read More »

Australia’s trade deficit narrow by $2.4bn in Nov

SYDNEY: Australia’s trade deficit marginally narrowed in November to 2.9 billion Australian dollars (2.04 billion U.S. dollars) from the 3.2 billion Australian dollar blowout in October, official figures released on Thursday show. While Australian imports decreased by 1 percent for the month of November on seasonally adjusted terms, Australia’s exports rose 1 percent, the Australian Bureau of Statistics said. Local ... Read More »

GM vehicle sales in China rise 5.2% to 3.6m in 2015

BEIJING: General Motors Co’s vehicle sales in China rose 5.2 percent to 3.61 million in 2015, the US carmaker said yesterday. GM and its Chinese joint venture partners sold 445,227 vehicles in December, a 14 percent rise from a year earlier, matching its growth rate for November. The automaker plans to launch 13 new or revamped models in China in ... Read More »

Apple losing its ‘edge’ as iPhone sales nosedive

NEW YORK: Less than six months after Apple Inc debuted its latest series of iPhones, the United States company is cutting production because of lackluster sales. Analysts said iPhone shipments in China, Apple’s biggest market, are set to fall in the coming months. James Yan, a Beijing-based smartphone analyst with IDC China, said shipments for January will face “a significant ... Read More »

China targets cross-border e-commerce to boost exports

BEIJING: The central government is looking to cross-border e-commerce to provide more support for Chinese exporters. At an executive meeting of the State Council on Wednesday, government officials said more cross-border e-commerce comprehensive pilot zones should be set up in China to provide more support for export development. Such zones should be set up in cities in East, Central and ... Read More »

China’s Wanda to invest $2.3b in 3 UK-run hospitals

BEIJING: Dalian Wanda Group Co is venturing into the healthcare sector with a 15 billion yuan ($2.3 billion) investment in three hospitals in China, to be managed by a United Kingdom company. Wanda, led by Asia’s richest man Wang Jianlin, has joined hands with the UK-based International Hospitals Group for hospitals in Shanghai, Chengdu, Sichuan province, as well as Qingdao, ... Read More »

Trade bodies asked to cooperate for engaging BISP beneficiaries

ISLAMABAD: Benazir Income Support Program (BISP) Chairperson Marvi Memom has said that the cooperation of chambers of commerce and employer associations was of paramount importance to engage BISP beneficiaries in domestic labour market. She said this while exchanging views with ICCI Senior Vice President Sheikh Pervez Ahmed and Vice President Sheikh Abdul Waheed during a meeting in her office. She ... Read More »

Salman Faruqui advises business community to approach Tax Ombudsman

KARACHI: Federal Ombudsman M. Salman Faruqui has advised the business and industrial community of Karachi to take up the issue of pending refund claims of genuine cases with the Tax Ombudsman who is empowered to take decision within 60 days. Exchanging views during his visit to Karachi Chamber of Commerce and Industry (KCCI), Federal Ombudsman reiterated that the business and ... Read More »

US lifting oil export ban unlikely to change global market

NEW YORK: The United States has abolished the 40-year restriction on oil exports. While American oil producers are enthusiastic about the decision, market reality may dictate otherwise. Besides the obvious problem facing oil exporters such as low prices due to global oversupply, US producers are facing a number of other obstacles. Despite being a major oil producer, the US still ... Read More »

Maldives to ban HCFC gas imports

MALÉ: Maldives is set to ban hydrochlorofluorocarbon (HCFC) gas import from June as it looks to reduce the amount of ozone-depleting substances used in the Maldives. President Abdulla Yameen Abdul Gayoom ratified the Bill on Protection of the Ozone Layer last month which has also been designed to promote the replacement of ozone-depleting substances with environmentally friendly substances. The bill ... Read More »

Sri Lanka exports, imports fall; trade gap shrinks in Oct.

COLOMBO: Sri Lanka’s exports fell 6.0 percent to 847.3 million US dollars in October 2015 from a year earlier while imports fell at a faster 6.4 percent to 1.64 billion US dollars, official data showed. The trade gap fell 6.8 percent to 791.0 million US dollars from a year earlier. The Central Bank said continued decline in demand for tea ... Read More »

Indonesia mulls rice imports from India

JAKARTA:The government is considering importing rice from India, the world’s second-largest rice producer, in anticipation of insufficient supply in the near future. Trade Minister Thomas Lembong said on Wednesday his ministry was seeking to diversify import sources for rice, the country’s main staple food. “We also encourage the signing of a memorandum of understanding [MOU] with India, because India has ... Read More »

Italy pork imports decrease by 1% year on year

ROME: Italy imported 757,200 tonnes of pork from January to September 2015, a decrease of 1 per cent year on year, according to the latest data released by Istat. The average unit value of shipments to Italy over the same time period decreased by 11 per cent compared to a year earlier, with the value of imports also down 11 ... Read More »

China to remove gold import license for industrial purposes: Customs

SHANGHAI: Gold imported into China for industrial use will not require a central bank permit from the beginning of this year, the General Administration of Customs said on Thursday. Industrial use includes the processing of gold in making watches and coins, for example, according to the statement. Read More »

US Customs seizes US$145k from smugglers near St. Thomas

NEW YORK: The United States Customs and Border Protection (CBP) agency says its Air and Marine Operations (AMO) agents seized US$145,000 from a vessel operated by three US citizens near St. Thomas. According to the CBP, “all subjects were released pending further investigation.” The officials report that during a maritime patrol, a St. Thomas-based marine crew located a vessel with ... Read More »

Entrepreneurs obtain one more opportunity for customs clearance of goods

BAKU: APA-Economics. State Customs Committee took a new step on customs clearance of goods and transport facilities. The entrepreneurs will be able to use e-declaration on their imported goods and transport facilities for transparency in customs activity. Chief of Main Department for Activity Assessment and Development Programs of the State Customs Committee, customs service Major-General Igbal Babayev told APA-Economics that ... Read More »

Nigeria Customs collected N903b cash in 2015

ABUJA: The Comptroller-General, Nigeria Customs Service (NCS) Col. Hameed Ali (rtd), yesterday said the Service collected a total of N903 billion last year out of a target of N954 billion. He spoke while fielding questions from reporters after the decoration of newly promoted senior officers of the NCS in Abuja. He said the Central Bank of Nigeria (CBN) policy that ... Read More »

India Customs launches system to monitor unclaimed cargo

CHENNAI: A new system to track and monitor unclaimed and un-cleared cargo at ports or customs freight stations has been launched. Vanaja Sarna, member, Central Board of Excise and Customs, launched the system at a function at the Chennai Custom House on Tuesday. A release from the customs said the new system would provide a secure, digital interface with customs ... Read More »

Malaysia Customs estimates 100,000 companies not registered for GST

KUALA LUMPUR: Customs director-general Datuk Seri Khazali Ahmad said an operation called “Ops Jejak GST 2016” would be held from January 17 onwards, involving 1,500 enforcement officers. “This is the first large-scale operation launched this year where our goal is to educate, not punish,” Khazali said at the Customs headquarters in Putrajaya. “We are doing this so that our officers ... Read More »

Thai Customs considers cutting import duties on luxury goods

BANGKOK: The Customs Department is considering decreasing import duties on luxury items like clothing and accessories to make shopping cheaper. Director Kulit Sombatsiri said the department will study the the pros and cons of a import duty cut and ensure it will not affect local businesses. As a result, it may reduce import duties for certain products which are not ... Read More »