Author: Editorial Desk

The Dangote Refinery’s fuel production is reshaping global fuel markets, with major effects on Europe’s petrol imports, according to the Organisation of the Petroleum Exporting Countries (OPEC). The refinery’s increased output has reduced Nigeria’s dependence on fuel imports, creating noticeable shifts in the international gasoline trade. Since commencing operations in September 2024, the 650,000-barrel-per-day refinery has started producing Premium Motor Spirit (PMS), contributing to a rebalancing of global supply chains. Traditionally, Nigeria relied heavily on European gasoline imports, but the Dangote Refinery’s growing production is freeing up gasoline volumes, disrupting the flow of petroleum products into Europe. OPEC’s report underscores…

The United Nations Security Council has approved a resolution co-authored by Greece and the United States, focusing on strengthening maritime security in the Red Sea. Passed with 12 votes in favor and abstentions from China, Russia, and Algeria, the resolution highlights the urgency of addressing rising Houthi threats in the region. The resolution opposes ongoing Houthi attacks on merchant vessels and oil terminals, which have significantly impacted Yemen’s economy and aggravated the country’s humanitarian crisis. It emphasizes the Red Sea’s strategic importance to global supply chains and calls for an immediate halt to Houthi aggression to safeguard this critical maritime…

India, Russia, and Indonesia have reached an agreement on the pricing for a $450 million deal to supply BrahMos cruise missiles to the Indonesian armed forces, according to sources familiar with the matter. This development comes ahead of Indonesian Defence Minister Prabowo Subianto’s visit to New Delhi, where he will attend the Republic Day celebrations as the chief guest on January 26. The BrahMos missile, a joint venture between India and Russia, has been under negotiation between New Delhi and Jakarta for over seven years. Russia’s Rosoboronexport, the state agency overseeing arms exports, has played a key role in the…

India and Oman have entered the fifth round of negotiations for a Comprehensive Economic Partnership Agreement (CEPA), reflecting the deepening economic ties between the two nations. The two-day dialogue follows the official commencement of CEPA talks in November 2023, highlighting the mutual commitment to strengthening economic collaboration. Oman holds strategic importance as India’s third-largest export destination within the Gulf Cooperation Council (GCC) region. The Global Trade Research Institute (GTRI) projects that the proposed CEPA could deliver substantial benefits to Indian exporters, particularly in sectors such as gasoline, iron and steel, electronics, and machinery, with potential gains estimated at $3.7 billion.…

China’s chip imports saw a sharp rise in 2024 as businesses moved swiftly to stockpile advanced semiconductors ahead of new US export controls. The measures, announced on Monday by the outgoing Biden administration, aim to curb China’s access to high-tech semiconductors critical for applications such as AI data centers. According to the General Administration of Customs, China imported 549.2 billion integrated circuits (ICs) last year, marking a 14.6% increase compared to 2023. The total value of these imports reached $385 billion (£315 billion), representing a 10.4% year-on-year growth. This figure surpassed China’s annual crude oil imports, valued at $325 billion…

The global organic meat market, valued at USD 26.59 billion in 2023, is projected to grow significantly, reaching USD 51.04 billion by 2032, with a compound annual growth rate (CAGR) of 7.5% during the forecast period. This surge is driven by increased consumer awareness about health, sustainability, and ethical farming practices. Healthier, Sustainable Choice The demand for organic beef, in particular, has experienced remarkable growth in recent years. As consumers become more health-conscious, they are increasingly opting for foods that are produced sustainably and without harmful chemicals. Organic beef, sourced from cattle raised in natural environments and without the use…

The Saudi Zakat, Tax and Customs Authority (ZATCA) has unveiled advancements to the ‘Saudi Authorized Economic Operator Program,’ developed in collaboration with 14 government agencies. This initiative aims to boost Saudi Arabia’s logistics sector and enhance the efficiency and competitiveness of its trade ecosystem. The program categorizes its benefits into three tiers for importers and exporters, with a fourth category dedicated to logistics service providers, including customs brokers, shipping agents, and related entities. Participants gain access to administrative, procedural, and financial advantages designed to streamline trade operations and strengthen global market accessibility. Key objectives of the program include simplifying and…

India is positioning itself as a significant beneficiary of China-US trade conflicts, leveraging global shifts in supply chains and geopolitical dynamics to redefine its role in international trade. According to a recent report, India is projected to achieve a compound annual growth rate (CAGR) of 6.4 per cent in trade over the next decade, aligning closely with its robust GDP growth. The ongoing trade tensions between China and the United States have prompted many global businesses to seek diversified and resilient supply chains. This shift has positioned India as a preferred alternative production hub. The nation’s ‘China+1’ strategy, combined with…

British Finance Minister Rachel Reeves has emphasized the importance of fostering ‘pragmatic and predictable’ relations with China to stimulate economic growth and trade during her two-day visit to the country. This represents the restoration of high-level economic and financial discussions between the two nations, which have been stalled for nearly six years. Reeves defended her fiscal strategy amidst rising British interest rates, which have increased government borrowing costs. Speaking at a Brompton bicycle shop in Beijing, she stated, “The fiscal rules that I set out in my budget in October are non-negotiable, and growth is the number one mission of…

Vietnam has maintained its position as the world’s largest exporter of cashew nuts for the 18th consecutive year, with export volumes in 2024 estimated at 730,000 tons, valued at $4.37 billion. Compared to the previous year, Vietnam has bolstered its dominance in cashew exports within the global cashew industry. Vietnamese cashew nuts now reach over 90 countries and territories, with robust growth recorded in key markets such as the United States and China. Exports to the US surpassed 179,000 tons, generating $1.07 billion, a notable rise compared to the same period last year. Similarly, exports to China experienced significant growth…