Latest news with #TradeMinistry
Yahoo
3 days ago
- Business
- Yahoo
India to reinstate tax refund benefits for exporters from June to boost competitiveness
NEW DELHI (Reuters) -India will restore benefits under a key scheme that reimburses exporters for embedded duties, taxes, and levies not covered by any other government refund programme in an effort to boost export competitiveness, the trade ministry said on Tuesday. The benefits under the Remission of Duties and Taxes on Exported Products were introduced on January 1, 2021, but ended on February 5 this year. They will now be applicable for all eligible exports from June 1, covering sectors including textiles, chemicals, pharmaceuticals, cars, agriculture, and food processing, the ministry said in a statement. "Their reinstatement is expected to provide a level playing field for exporters across sectors," the statement said, adding the scheme would use a digital platform "to ensure transparency and efficiency". Total disbursements under the programme exceeded 579.77 billion Indian rupees ($7 billion) as of March 31, the ministry said. The benefits were earlier paused to review the support required by exporters, an official who did not want to be named told Reuters. "In the current environment, the government has felt the need to continue to give such benefits," the official said. The announcement comes days after India clinched a trade agreement with Britain and as it races to seal a trade deal with the U.S. before the end of the 90-day pause on hefty additional import tariffs imposed by U.S. President Donald Trump. ($1 = 85.2520 Indian rupees) Sign in to access your portfolio
Zawya
4 days ago
- Business
- Zawya
Turkey starts dumping probe on some Chinese imports: Report
Turkey has launched an anti-dumping investigation into the import of certain Chinese products, a media report said. The products include solar panel junction boxes, sodium gluconate and aluminum frames for photovoltaic panels, Daily Sabah newspaper reported, quoting a trade ministry communique. These imports have caused material damage to domestic producers, the report said. Last year, Ankara imposed anti-dumping duties on some steel imports from China, Russia, India and Japan, with the highest tariffs on Chinese imports. The duties imposed will range between 6.10 percent to 43.31 percent of the cost, insurance and freight (CIF) prices. (Writing by P Deol; Editing by Anoop Menon) (
Reuters
23-05-2025
- Business
- Reuters
Singapore's core inflation edges up in April; price risks seen tilted to downside
SINGAPORE, May 23 (Reuters) - Singapore's key consumer price gauge came in above expectations in April, data showed on Friday, but it remained at a low level and authorities said the risks to inflation were tilted to the downside given the uncertain global economic environment. The annual core inflation rate, which excludes private road transport and accommodation costs, was 0.7% in April, above the median forecast of 0.5% in a Reuters poll of economists and also the March reading of 0.5%. Headline inflation was 0.9% in annual terms in April, steady with March's reading and a notch higher than economists' forecast of a 0.8% rate. The rise in the annual core inflation rate was the first since September last year, when it had ticked up to 2.8%. The Monetary Authority of Singapore loosened monetary policy for the second time this year at a review in April, reflecting concerns about its growth outlook amid economic uncertainty from U.S. tariffs. It also reduced its forecasts for both core and headline inflation to 0.5% to 1.5%. "The risks to inflation are tilted towards the downside given heightened uncertainties in the external environment," the MAS and Trade Ministry said in a statement on the data. Singapore last month also downgraded its GDP forecast for 2025 to 0% to 2% from the previous 1% to 3%, citing the direct and indirect impacts of the U.S. tariffs, and officials have said there is a risk of recession in the city-state.
Yahoo
22-05-2025
- Automotive
- Yahoo
South Korean exports to US plunge 20% in April
The value of built-up vehicles exported from South Korea fell by 4% year-on-year to US$ 6.53 billion in April 2025, according to data released by the Ministry of Trade, Industry and Energy, due mainly to a sharp fall in shipments to the US after the Trump administration hiked import duties to 25% in late March. Exports to the US plunged by almost 20% to US$ 2.89 billion in April, which was offset in part by higher shipments to other markets in Asia, the European Union (EU), the Middle East and Latin America. An official at the Ministry confirmed that exports to the US declined sharply last month due mainly to the higher US import tariffs, and also as a result of the ramp up of production at Hyundai Motor Group's new assembly plant in Savannah, in the US state of Georgia. By volume, total exports fell by 2.2% to 385,621 vehicles last month, with Hyundai Motor Group encompassing the Hyundai, Genesis and Kia brands, and General Motors Korea, accounting for most of the shipments. In the first four months of 2025 the value of new vehicles exported from South Korea fell by 2% year-on-year to US$ 23.8 billion. "South Korean exports to US plunge 20% in April" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
22-05-2025
- Business
- CNA
Vietnam says more tariff negotiations with US needed
HANOI: The United States and Vietnam have concluded a second round of trade negotiations on tariffs and agreed to continue the talks to address unresolved issues, Vietnam's trade ministry said in a statement on Thursday (May 22). The second round of talks took place in Washington on May 19-22 involving Vietnam's Trade Minister Nguyen Hong Dien and the US Trade Representative Jamieson Greer, the Vietnamese ministry said on its website showing pictures of meetings. "At the end of the negotiation round, Vietnam and the United States made positive progress, identifying groups of issues on which consensus was close, and groups of issues that needed further discussion to reach consensus in the coming time," the statement said, without elaborating. It noted that talks will need to continue in early June. The US Trade Representative did not immediately reply to a request for comment outside of US business hours. Vietnam heavily relies on exports to the US and faces one of the highest "reciprocal" tariff rates set by the White House at 46 per cent.
