🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Apple, other U.S. goods from China held up at Indian ports: sources

Published 2020-06-24, 09:49 a/m
© Reuters. FILE PHOTO: Logo of U.S. technology company Apple is seen in Basel
F
-
CSCO
-
AAPL
-

By Aditya Kalra and Aditi Shah

NEW DELHI (Reuters) - Apple (NASDAQ:AAPL), Cisco (NASDAQ:CSCO) and Dell products are among the goods from U.S. companies being caught up in India's border tensions with China, as Indian ports hold up imports from China, two sources told Reuters on Wednesday.

Though no government notice has been issued, customs officers at major Indian port have held back containers coming from China, seeking additional clearances, government and industry sources have said.

The move comes amid heightened tensions between India and China after border clashes last week that saw at least 20 Indian soldiers killed.

The U.S.-India Strategic Partnership Forum (USISPF), a lobby group representing U.S. firms, told India's commerce ministry in a letter dated June 23 that lack of clarity and delays could disrupt business and manufacturing operations.

"Authorities have abruptly halted the clearance of industry consignments coming in from China (and perhaps other destinations) at most major ports and airports," USISPF said in the letter, seen by Reuters.

"This will send a chilling signal to foreign investors who look for predictability and transparency," it said.

The commerce ministry did not respond to a request for comment.

Two industry sources said Apple, Cisco, Dell and Ford Motor (NYSE:F) Co products were among those held up. Electronics components of Taiwan's Foxconn, a contract manufacturer for Apple in India, were also affected, a third source said.

It was not immediately clear which ports were holding back the goods.

Apple, Cisco and Foxconn did not respond to requests for comment. A Dell spokeswoman declined to comment, while Ford said a consignment of auto parts was held up at a port in the southern city of Chennai and the company was providing information sought by the authorities.

The delays come as India is restarting factory operations after a nationwide lockdown to tackle the COVID-19 pandemic.

Indian electronics and mobile industry group ICEA said its members had been told Chennai, Mumbai and Delhi Airports would have a new examination procedure for all consignments coming from China.

Normally, goods for regular importers are cleared automatically, ICEA said in a letter to the finance ministry, urging it to intervene.

© Reuters. FILE PHOTO: Logo of U.S. technology company Apple is seen in Basel

India's finance ministry, which oversees the customs department, did not respond to a request for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.