India’s growing population, rising incomes, and increasing rates of urbanisation are driving demand for agricultural, fisheries and forestry (AFF) products, according to Austrade.

The ‘grocery and food retail market’ is the largest segment of the Indian retail sector, valued at US$570 billion in 2021. This is forecast to rise to US$850 billion by 2025.  Indian imports of AFF products reached a record US$37.3 billion in 2021.

The value of Australian AFF exports to India peaked at $2.57 billion in 2017. The value of exports in 2021 was $634.8 million, 75.3% lower than 2017 levels. This decline was due to lower pulse and wheat exports.

Austrade says Australian exporters are well positioned to capitalise on new commercial opportunities in India. This is due to the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA), counter-seasonality and geographical proximity. More... Source: Austrade | Photo: Austrade India ['Taste of Australia' in-store promotion in India, to increase profile of Australian food and beverages and wine.]

In Rabobank's Global Ocean Freight Outlook report released last week, the specialist agribusiness bank says while global container freight prices are set to continue to gradually decline over the coming 12 months – from the “irrational” highs reached late last year – they are not expected to return to pre-pandemic lows. It says the global container shipping industry is now impacted by broader structural factors, including a weaker global economy, higher operational costs, geopolitical uncertainty and imbalanced trade flows.

The report says even though the record-breaking high ocean freight rates seen in the past two years, driven by pandemic-related disruptions, have already begun to soften – with “spot rates having retreated from irrational high levels in the first quarter of 2021” – they remain three to five times above pre-2020 levels. Long-term contract rates have also risen significantly and remain elevated.

Speaking on a newly-released podcast, When will container shipping get cheaper and smoother again?, RaboResearch global supply chain analyst Viet Nguyen said while shipping container prices were “never” expected to return to the low pre-pandemic rates of approximately US$3000 a container, they would decline from the current US$7000 to US$8000 per container mark in the year ahead. More... Source: Rabobank | Photo: Hanson Lu / Unsplash [Port of Singapore]

There's strong demand in Peru for a range of Australian products such as cereals, rice, dairy, seafood, meat, beverages, fruit, vegetables and sugar.

Find out more in the latest Peru Economic and Trade fact sheet from the Department of Foreign Affairs and Trade. Source and Image: DFAT

An improved version of the online international trade alert system ePing was launched on 13 July 2022, providing a single-entry point for users to submit and track information on export product requirements while enhancing coordination among government agencies and the private sector. 

Facilitating the tracking of sanitary and phytosanitary (SPS) and technical barriers to trade (TBT) measures, the new ePing SPS and TBT Platform makes it easier for users to notify and follow changes in product requirements. ePing can provide support for small businesses facing hurdles to import or export.

Mr Jean-Marie Paugam, Deputy Director-General of the World Trade Organisation (WTO), highlighted the importance of ePing in making crucial trade information available. He said: "Transparency is the founding pillar of global trade. Businesses, governments and traders want early alerts and better information on changing product requirements in one place. Now, they have it with the new ePing platform. It provides access to critical information on product requirements impacting their exports."

The platform is a result of collaboration between the United Nations Department of Economic and Social Affairs, the WTO and the International Trade Centre. More... Source and Graphic: WTO

Growth in advanced economies is projected to sharply decelerate from 5.1% in 2021 to 2.6% in 2022 and further moderate next year, according to the World Bank.

It its June 2022 Global Economic Prospects report, the World Bank says the slowdown largely reflects the relaxing of fiscal and monetary policy supports provided during the pandemic.

Russia’s invasion of Ukraine and its effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. More... Source and Graphic: World Bank