Author: Editorial Desk

Vietnam’s vegetable and fruit imports surged significantly in the first ten months of 2024, reaching nearly $1.87 billion, a 15.7 per cent increase year-on-year, according to data from the General Department of Customs. The growth was driven by higher imports from key suppliers, including the United States, Thailand, and Myanmar, with respective increases of 30 per cent, 31.1 per cent, and 33.1 per cent. In October alone, Vietnam imported fruits and vegetables worth nearly $211.7 million, reflecting a 30.8 per cent year-on-year increase. China maintained its position as the largest supplier, contributing $794 million during the ten-month period, which accounted…

British food exports to the European Union have fallen by nearly £3 billion annually since Brexit, according to a report from the Centre of Inclusive Trade Policy (CITP). The decline, attributed to new border checks and regulatory requirements, reflects a 16% average drop in UK food and agricultural exports to the EU over the three years following the UK’s exit from the single market compared to the three years prior. The CITP report highlights how Brexit-related changes have compounded challenges posed by global events, including the Covid-19 pandemic and the Ukraine conflict. However, it notes that trade flows, particularly British…

China announced on Tuesday a ban on key rare mineral export to the United States, a move seen as a direct response to new U.S. export controls targeting China’s chip industry. The Chinese Commerce Ministry stated that gallium, germanium, and antimony—essential materials for advanced technologies and military applications—will now face export restrictions. The decision marks an escalation in the ongoing technological rivalry between the two superpowers. It follows the Biden administration’s announcement on Monday of stringent export controls on chip manufacturing equipment and software, aimed at curbing China’s ability to produce advanced semiconductors. Critical Materials in Focus China’s dominance in…

China has vowed to take decisive steps to protect its enterprises following the US’s announcement of new chip export restrictions. The measures, introduced on Monday, tighten controls on semiconductor manufacturing equipment, storage chips, and other items, while adding 136 Chinese entities to the US export control entity list. These actions also expand long-arm jurisdiction, affecting trade between China and third countries. A spokesperson from China’s Ministry of Commerce (MOFCOM) called the measures “economic coercion and non-market behavior,” stating that they interfere with global trade, destabilize supply chains, and undermine international market rules. “China firmly opposes this unilateral bullying,” the spokesperson…

The Indian government has removed the windfall tax on domestically produced crude oil and fuel exports including petrol, diesel, and aviation turbine fuel, effective immediately. This decision was prompted by a substantial drop in international oil prices and industry appeals for tax relief. Introduced in July 2022, the tax aimed to capture extra profits from private refiners who were favoring exports over domestic supply due to higher overseas demand. The Department of Revenue officially canceled the notifications levying the windfall tax, effective immediately, to serve the public interest. The decision was made after industry representatives argued that the sustained low…

The UK-Vietnam Free Trade Agreement (UKVFTA) has significantly increased Vietnam’s wood product and timber exports to the UK, according to the Vietnam Timber and Forest Products Association (VIFORES). Projected to reach $230 million this year, exports have risen from $195 million last year, with $182.1 million recorded in the first 10 months. Implemented in 2021, the UKVFTA has positively impacted Vietnam’s wood industry by gradually reducing tariffs to zero percent over five years. Vietnam’s timber products now hold a competitive edge over those from other countries. Ngô Sỹ Hoài, Deputy Chairman and General Secretary of VIFORES, emphasized the strategic importance…

The China-Europe freight train, a cornerstone of the Belt and Road Initiative, has completed its 100,000th journey, reinforcing its role as a crucial link in international trade and economic integration between China and Europe. The X8083 train, which left Chongqing’s Tuanjie Village Station for Duisburg, Germany on November 15, carries a diverse cargo including electronic products, home appliances, auto parts, and daily necessities. Scheduled to arrive in Duisburg on Tuesday, this landmark trip highlights the train’s significant contribution to global trade, having transported over 11 million twenty-foot equivalent units of goods worth more than $420 billion since its inception in…

Nepal’s carpet industry is showcasing signs of a significant revival and positioning itself as a key player in the nation’s export sector after enduring a long-term struggle. According to recent data from the Department of Customs, Nepal exported an impressive 832,517 square feet of carpets, worth approximately Rs 3.91 billion, in the first four months of the fiscal year 2024/25. Historically known for its dependence on imports, Nepal is witnessing a resurgence in one of its few export-driven industries. The U.S. emerges as the primary market, absorbing about 60% of these exports, as reported by the Nepal Carpet Manufacturers and…

Canadian Prime Minister Justin Trudeau returned from Florida without assurances from President-elect Donald Trump that the US would retreat from its threatened 25% tariffs on imports from Canada. The high-stakes meeting, held at Trump’s Mar-a-Lago resort, highlighted ongoing tensions over trade tariff and border issues between the two countries. Despite describing the Friday dinner as “an excellent conversation,” Mr Trudeau offered no details about specific agreements. Mr Trump, in a Truth Social post on Saturday, termed the discussions “productive” but reinforced his commitment to addressing issues such as the US trade deficit, drug trafficking, and immigration. Key Issues Discussed President-elect…

Indonesia is preparing for the economic ripple effects of Donald Trump’s potential re-election as U.S. president, which could reignite protectionist policies and escalate global trade tensions. According to the Institute for Development of Economics and Finance (Indef), Trump’s renewed focus on tariffs, particularly on Chinese imports, could disrupt international markets and strain global economic growth. Eko Listiyanto, Deputy Director of Indef, highlighted that while Indonesia is not a primary U.S. trading partner, Trump’s trade policies could indirectly impact the country. Chinese products, potentially excluded from the U.S. market, might flood Southeast Asia, increasing competition for local industries. “This underscores the…