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U.S.-Iran tensions will impact India’s exports to Gulf, says export body

The prevailing tensions between the United States and Iran will have implications on India’s exports to the Persian Gulf nation

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U.S.-Iran tensions will impact India's exports to Gulf, says export body
U.S.-Iran tensions will impact India's exports to Gulf, says export body. Image: Pixabay
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The prevailing tensions between the United States and Iran will have implications on India’s exports to the Persian Gulf nation, Federation of Indian Export Organizations (FIEO) President Sharad Kumar Saraf said in a statement issued on Wednesday.

Iran is one of the key trading partners of India.

“So far exporters had not flagged any concerns related with exports to Iran, however, if the tensions escalate, it may have an effect on India’s exports to Iran,” said the FIEO chief.

FIEO is India’s apex body of the export promotion councils, commodity boards and export development authorities in India. Set up in 1965, it provides the crucial interface between international trading community of India and the central and state governments, financial institutions, ports, railways, surface transport and all engaged in export trade facilitation.

It serves the interests of over 100,000 exporters from various goods and services sectors in the country. FIEO’s members contribute more than 70 percent of India’s exports.

The export body’s chief also said that due to existing trade sanctions on Iran, Iranian shipping lines were only taking Indian consignments to that country.

Iran’s major exports to India are oil, fertilisers and chemicals, while it imports cereals, tea, coffee, basmati rice, spices and organic chemicals from India, said Saraf.

In 2018-19 India’s exports to Iran stood at 3.51 billion U.S. dollars, while imports were 13.52 billion U.S. dollars. The trade imbalance is mainly because of India’s import of oil from Iran.

Iran holds huge export opportunities in sectors such as agriculture, chemicals, machinery, pharmaceuticals, paper and paper products, man-made fiber and filament yarn and essential oils.

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China’s trade with Bulgaria up 5.1 pct in 2019

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China's trade with Bulgaria up 5.1 pct in 2019. Image: Pixabay
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China’s trade with Bulgaria grew by 5.1 percent year on year in 2019 to 2.72 billion U.S. dollars, said an official with the Ministry of Commerce.

Since the establishment of the China-Central and Eastern European Countries cooperation mechanism in 2012, China and Bulgaria have made positive progress in cooperation in trade, investment, agriculture, infrastructure and other fields, said Yu Jianhua, vice commerce minister and deputy China international trade representative, at the China-Bulgaria Business Forum.

So far, China’s investment in the country has amounted to 740 million U.S. dollars.

China is willing to work with Bulgaria to tap the huge potential of the Belt and Road and advance bilateral economic and trade cooperation to a higher level, Yu said.

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Guangdong’s trade with Belt & Road countries up 4.7 pct in 2019

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Guangdong's trade with Belt & Road countries up 4.7 pct in 2019. Image: Wikimedia/ ma luyao
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South China’s Guangdong Province witnessed a 4.7-percent increase in its trade with Belt and Road countries in 2019.

According to the government report delivered at the annual provincial legislative session, the China-Europe freight trains departing from Guangdong saw their annual cargo volume increase by 31.2 percent year on year in 2019.

The province also had five new friendship cities, and its friendship city network covered major countries along the Belt and Road by the end of last year.

According to the report, the province will continue to support its enterprises in participating in infrastructure projects and energy development in Belt and Road countries, and develop more businesses and transport modes for the China-Europe freight trains in 2020.

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Whistl to offer semi tracked import service from 220 countries

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Whistl to offer semi tracked import service from 220 countries. Image: Geograph/ Mark Anderson
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Whistl and One World Express have joined forces to offer eCommerce importers into the UK a tracked postal service, Insight, from 220 countries worldwide.

Under the agreement, eCommerce importers will be able to print one label for an individual item in the country of origin and track it through the various transit stages, including customs clearance. When Whistl receive the item in the UK it will be processed in the network and handed to Royal Mail for delivery to the end consumer.

Established in 1998, the then One World Express Group (OWE) started as a UK-based cross-border express carrier. Today, it has become a data-driven IT platform currently managing 10.000+ tariffs on behalf of its clients to destinations worldwide. In 2016 OWE started to extend its integration library, integrating with marketplaces like Amazon, eBay and Lazada and also various eCommerce platforms such as Magento, allowing its customers to manage orders from all their sales channels using a one-stop-solution through their technology platform “Smarttrack”.

Nick Wells, CEO Whistl, said:
“With the unprecedented expansion of the eCommerce industry globally and the rise of imports into the UK, consumers are looking for greater transparency on the delivery journey from country of origin to their home. Whistl is delighted that we will be working with One World Express to enable eCommerce importers from 220 countries to semi track every item they import into the UK before handover to Royal Mail via Insight.”

Atul Bhakta, CEO One World Express Group, said:
“By collaborating with the leading delivery management company in the UK, global customers who are importing into the UK, now have access to the experts who understand the importance of the customer experience from origin to handover to the consumer. We look forward to building our Insight relationship together.”

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