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India’s merchandise exports shrink 24% in Nov

NEW DELHI: India’s merchandise exports shrank for a 12th straight month in November, falling an annual 24.43 percent, government data showed on Tuesday. Indian exporters shipped goods worth $20.01 billion last month, lower than $21.35 billion provisionally reported in October. The trade deficit for November came in at $9.78 billion compared with a provisional $9.77 billion a month ago, the ... Read More »

New Zealand primary exports to increase $37.6b till June 2016

WELLINGTON: New Zealand’s primary sector export revenue is expected to increase to $37.6 billion in the year ending June 2016, up $1.9b from the previous year. That’s according to the Ministry for Primary Industries (MPI)’s updated Situation and Outlook for Primary Industries, released this morning. MPI said it expected meat and wool, horticulture and forestry export revenues to support New ... Read More »

Russian exports 23.3KMT of rapeseed oil in October

MOSCOW: Russia has exported 23.3 KMT of rapeseed oil in October against 28.7 KMT in September, and 39.7 KMT in October 2014. Within 4 months of 2015/16 rapeseed season (July-October) exports reached 87,3 KMT, that is almost two times less than during the same period in 2014/15 MY (159.7 KMT). In addition, according to preliminary data, rapeseed oil exports continued ... Read More »

Sunflower oil exports reduction in Kazakhstan within 2 months of 2015-16 season

ASTANA: Season 2015/16 began with a significant sunflower oil exports reduction in Kazakhstan. So, sunflower oil exports reached only 3 KMT within two months of 2015/16 MY (September-October). This is 33% less than in September-October of season 2014/15 being the minimum   exports volume for the specified period since   season 2008/09. It should be noted that sunflower oil exports decline from ... Read More »

Belgium’s polished diamond exports drop 12% YOY

BRUSSELS: Belgium’s polished diamond exports dropped 12 percent year on year to $920.4 million in November, according to the Antwerp World Diamond Centre (AWDC). By volume, exports slid 16 percent to 382,491 carats, while the average price fell 5 percent to $2,406 per carat. Among Belgium’s main trading partners, polished exports to Hong Kong increased 0.7 percent to $188.1 million. ... Read More »

Nigerian Customs collects 17,596 metric tonnes of imported rice through borders

ABUJA: The suspension of restrictions on the importation of rice through the land borders by the Comptroller-General, Nigeria Customs Service (NCS), Col. Hameed Ali (rtd), has paid off. The service has raked in N1.178 billion from the 17,596 metric tonnes of the item imported through the borders between October and November, this year. Speaking at a strategy session convened by ... Read More »

Malaysian Customs collects RM30b in GST revenue

KUALA LUMPUR: The Customs Department has collected over RM30 billion in goods and services tax (GST) since the tax system was implemented on April 1 this year. Deputy director-general (Enforcement and Compliance Division) of Customs, Datuk Matrang Suhaili, said the amount was collected from over 400,000 companies registered under the GST. “The figure collected exceeded our target and we expect ... Read More »

Agriculture Secretary estimates food exports to double in 2016

BEIJING: Food exports to China have been seeing big increases but bigger ones are expected: after his recent visit to China, the Agriculture Secretary forecast that those exports will double in 2016. José Calzada’s projection is consistent with the trend observed this year in which, on average, exports were up 25%. One product that recorded an impressive increase was avocados, ... Read More »

Pharmaceutical goods bring exports surge

WASHINGTON: Figures for surging exports, particularly for pharmaceutical goods, have underscored the exceptionally favourable factors currently benefiting Irish firms. The CSO said yesterday goods’ exports rose to almost €10.3bn on a seasonally-adjusted basis in October, increasing more than €1.53bn in the single month, and surging almost €2.43bn from October 2014. The slump in the value of the euro against sterling ... Read More »

China’s ad spend to surge 9.3% to $50b

BEIJING: China’s overall advertising expenditure this year is estimated to grow 9.3 percent from a year ago to US$50 billion, and set to be more than double the 3.9 percent pace globally over the same period, a report has showed. In 2016, China’s ad budget is forecast to grow 9 percent compared with the 4.7 percent growth globally, according to ... Read More »

Bulgarian Customs foils attempt to smuggle ancient coins

SOFIA: Bulgarian customs authorities have prevented the smuggling of thousands of ancient coins and archaeological artifacts from Bulgaria into England. Figurines made from metal and clay, coins and fragments of agricultural tools were discovered stashed in cardboard boxes inside a minibus registered in Silistra, in northeastern Bulgaria. When customs officers in Ruse, on the border with Romania, started an inspection ... Read More »

China outbound direct investment rises 16% to $104bn in Jan-Nov

BEIJING: The Chinese mainland made around $104 billion in non-financial investment in overseas markets in the first 11 months of 2015, up 16 percent year on year, an official of the Ministry of Commerce (MOC) said on Tuesday. Outbound direct investment (ODI) in the period covered almost all sectors, with $11.8 billion going to the manufacturing sector, up 95.4 percent ... Read More »

Russia grain exports reduce 6% compare to last year

MOSCOW: Russia’s Agriculture Ministry announced on Dec. 14 that as of Dec. 9 it has exported 17.79 million tonnes of grain this season. Exports were down 6% compared to the 18.96 million tonnes exported in the same season last year. Russia’s season begins on July 1. According to the operative data of the Federal Customs Service of Russia, 13.38 tonnes ... Read More »

China to spend $93b relocating 10 million people

BEIJING: China will spend 600 billion yuan ($93 billion) in the next five years to relocate about 10 million impoverished people, an official said on Tuesday. The investment at all government levels should match the determination of the central government in fighting poverty, Su Guoxia, spokesperson of the State Council Leading Group Office of Poverty Alleviation and Development, said at ... Read More »

Egypt’s central bank inserts foreign currency liquidity in banking system

CAIRO: Egypt’s central bank sold between $750 million (Dh349.85 billion) and $1 billion in an exceptional dollar auction on Sunday, the head of the Egyptian Federation of Industries Mohammad Al Suwaidi said on Tuesday. Egypt’s central bank injected the foreign currency liquidity into the banking system on Sunday in a surprise operation, the latest in a series of steps aimed ... Read More »

Suzuki announces to introduce new 660cc cars in Pakistan

ISLAMABAD: With the aim to grab a huge potential market of small vehicles, the Suzuki Motor Company has announced to introduce 660cc cars in Pakistan with better safety feature and fuel efficiency. This announcement was made by Suzuki Motor Company’s global head Kinji Saito during a meeting with Federal Minister for Industries and Production Ghulam Murtaza Khan Jatoi. The minister ... Read More »

China to coordinate transcontinental trade initiatives with Russia

BEIJING: Beijing and Moscow renewed their pledges on Tuesday to align the construction of the China-proposed Silk Road Economic Belt with the Russia-initiated Eurasian Economic Union. In a meeting with Russian Prime Minister Dmitry Medvedev on Tuesday evening, President Xi Jinping said that the two economies are facing a key period of transformation and structural adjustment. The meeting took place ... Read More »

Gas reservoir discovered in Matiari

KARACHI: A huge reservoir of gas has been discovered in District Matiari, Sindh by the Pakistan Petroleum Limited (PPL). The gas discovery was made at the PPL’s exploration well Hatim X-1. The company is the operator of Gambat South Block with 65 percent working interest along with its joint venture partners Government Holdings Private Limited and Asia Resources Oil Limited ... Read More »

CGN inks nuclear agreement with Kazakhstan’s Kazatomprom

GUANGZHOU: China General Nuclear Power Corp (CGN) announced that it signed an agreement Monday with Kazakhstan’s Kazatomprom to jointly build a nuclear fuel assembly plant and mine uranium deposits in the central Asian country. The largest nuclear power supplier in China said the main business terms, and construction and development schedules had been agreed upon with the Kazakh company. CGN ... Read More »

Nishat Mills submits EoI to acquire Fesco’s control

KARACHI: Nishat Mills Limited has expressed its interest in acquiring management control of Faisalabad Electric Supply Company (Fesco). According to a bourse filing, the Mills has submitted expression of interest (EoI) with the Privatisation Commission of Pakistan to take part in the selloff process of 74 percent shareholding in Fesco. The government is privatising all 68 public sector entities approved ... Read More »