Govt. extends anti-dumping duty on carbon black imports from China, Russia
The government extended the anti-dumping duty on imports of carbon black from China and Russia till December 31, 2020.
In trade terms, dumping means a country exports a commodity at a price lower than the price in its domestic market
The duty was first imposed on a complaint of the Carbon Black Manufacturers Association in November 2015. The association had alleged that China and Russia are dumping at rates far lower than in their countries.
Dumping impacts the margins and profits of domestic firms in a country. Hence, the importing country can impose an anti-dumping duty. This will provide a level playing field to local manufacturers.
We understand that the matter is currently under investigation. The Directorate General of Trade Remedies could keep the anti-dumping duty intact. until it reaches a logical conclusion.
Pfizer vaccine: Mass distribution is a huge hurdle
US-based Pfizer and German biotech company BioNTech announced their new Covid vaccine. It is a positive surprise for the world.
Based on their Phase 3 clinical study, the vaccine candidate is 90% effective. Yet, it could be too early to celebrate. The company has described it as ‘early results’. An adverse reaction on even one volunteer could undo all the good work. Besides, the vaccine requires a temperature as low as -94 Fahrenheit (-70 Celsius) for storage.
In our opinion, a vaccine that demands a big and costly cold storage facility is a big hurdle. This hurdle could hinder its viability. Even developed countries are likely to find it challenging. For a developing country like India, it will be a costly affair to make it available to the general public. The Indian government has announced that it will bear the complete cost of vaccination for its citizens. Arranging funds for this vaccine in prevailing conditions will be a herculean task.
Exports pick up in November again; restores faith in recovery:
India's exports are again picking up in November after a slump in October. In the first week of November, exports have grown 22.47% since last year to USD 6.75 billion.
Pharmaceuticals, gems & jewellery and engineering sectors drive the growth. Exports of pharmaceuticals grew at 32% and gems & jewellery at 88.8%. Engineering goods' export increased by 16.7% during the week.
India's export had also recorded positive growth in September but declined 5.4% in October. The October slump had created doubts over the sustainability of the recovery. But, the initial trend of November has come as a reassurance that trade activities are getting back on track.
Improvement in export also signifies a revival in the global trade sentiments. It is a sign that the world is now willing to put the effects of Covid-19 behind and return to normalcy.