Author: Editorial Desk

Iran exported $925 million worth of non-oil commodities to Turkey during the seventh Iranian calendar month (September 22 – October 21), according to Ruhollah Latifi, spokesman for the International Relations and Trade Development Committee of Iran’s House of Industry, Mining, and Trade. This positions Turkey as Iran’s third-largest export destination for the period. Meanwhile, Iran imported $1.755 billion worth of goods from Turkey, making it the third-largest source of Iranian imports. The overall non-oil trade between Iran and Turkey reached $9.9 billion in the first seven months of the Iranian calendar year (March 20 – October 21), as per former…

The global Cold Rolled Coil (CRC) market has shown divergent trends this month, reflecting region-specific economic and industrial dynamics. While prices in the USA and China have declined, Germany has maintained stability, supported by steady production and balanced demand. The USA CRC market experienced a challenging period, with weekly price declines driven by an imbalance in supply and demand. Domestic production remained stable, but subdued export activity, reduced domestic demand, and evolving trade policies compounded the issue. Exports to key markets, including Canada and Mexico, continued to decline, while domestic demand weakened due to sluggish construction and manufacturing sectors. Additionally,…

Vietnam’s cinnamon industry is focusing on building a robust ecosystem to capitalise on opportunities created by free trade agreements (FTAs), including the UK-Vietnam Free Trade Agreement (UKVFTA), to enhance its global exports sustainably. With 16 FTAs in place, such as the EU-Vietnam FTA (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP), Vietnam has established a competitive edge in tariffs, opening new avenues for cinnamon exports. Vietnam is the world’s largest producer of cinnamon, with 180,000 hectares under cultivation. It has also maintained its position as the leading exporter since 2021. In…

The General Administration of Customs (GAC) has announced a series of regulatory enhancements aimed at supporting the growth of cross-border e-commerce exports. The new measures, which take effect on December 15, 2024, align with efforts by China’s Ministry of Commerce (MOFCOM) to bolster foreign trade stability and development. The announcement, released on Wednesday, introduces several key updates to simplify procedures and increase operational efficiency for businesses involved in cross-border e-commerce. Key Regulatory Changes Simplified Filing for Overseas Warehousing Enterprises operating overseas warehouses for cross-border e-commerce exports will no longer be required to file their business model with customs authorities. Pre-Inspection…

U.S. President-elect Donald Trump has named Jamieson Greer as his trade envoy, marking a significant step in shaping his administration’s economic policies ahead of his inauguration on 20 January 2025. The announcement follows Trump’s renewed threats to impose tariffs on major trading partners, including China, Canada, and Mexico, to address issues such as the illegal flow of people and drugs into the United States. Greer, a seasoned trade lawyer and veteran of Trump’s first presidency, played a pivotal role in the administration’s earlier efforts to impose tariffs on Chinese goods. In his statement, Trump outlined Greer’s mandate to address the…

The UK art market continues to face significant challenges, with imports of fine art and antiques falling 16% year-on-year in 2023, according to the latest United Nations figures published in the Art Basel/UBS Survey of Global Collecting 2024. This decline has reduced Britain’s global share of art imports to 7%, a steep drop from 30% in 2010. Concurrently, Hong Kong’s imports rose by 9%, further solidifying its position in the global market. Sharp Decline in Exports UK art exports also saw a 16% decline in 2023, marking a dramatic 60% drop since 2019. The country now holds 15% of the…

India, a key player in the $800 billion global textile trade, currently exports $35 billion annually. The country has set an ambitious goal to increase exports to $100 billion by 2030. Growth Plan The Indian government’s plan requires a 19% compound annual growth rate (CAGR) over six years, supported by ₹200,000 crore in investments and the creation of three million jobs. India’s textile industry grew at a 9% CAGR between 2001 and 2014, but progress stalled in recent years due to the expiry of the European Union (EU) trade treaty, COVID-19 disruptions, and high inventory levels. Opportunities and Challenges Despite…

Donald Trump, the U.S. president-elect, has warned Canada and Mexico of a 25% tariff on all imports unless they take action to curb drug trafficking and irregular migration. Trump announced the tariff would take effect on January 20, 2025, his inauguration day, and remain until drugs, particularly Fentanyl, and illegal aliens stop entering the U.S. He stated on Truth Social, “This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” Economic and Political Impact The announcement caused the Canadian dollar to dip before recovering. Analysts warned…

The global shipping industry is witnessing a short-term surge, driven by a wave of preemptive exports from China to the United States ahead of anticipated tariff hikes. Container shipping rates from Asia to India have doubled in the past month, with the cost of shipping a 20-foot container (TEU) from Shanghai to Mumbai’s Nhava Sheva Port climbing from $800–$900 to $1,600–$1,900. This increase is attributed to vessels being redirected to meet the growing demand for ‘push exports’ from China to the U.S., disrupting services to other regions like India. The surge is underpinned by record-breaking U.S. imports from China. In…

As Donald Trump returns as the next US President, India is poised to strengthen its position in global supply chains, particularly in technology sectors such as artificial intelligence (AI) and semiconductors. A report by Motilal Oswal Private Wealth (MOPW) highlights how previous investments and strategies like the ‘China+1’ policy could help India capitalize on shifting trade dynamics. The report suggests that potential US corporate tax cuts under Trump could boost IT spending, benefiting Indian IT companies. Additionally, Indian businesses in pharmaceuticals and defence could gain from closer US-India collaboration, particularly within the framework of a strengthened Indo-Pacific defence strategy. Trump’s…