Author: Editorial Desk

In the 1990s, America debated openness to international trade. Today, the discussion has reversed, with candidates exploring economic self-reliance. Donald Trump and Kamala Harris propose contrasting U.S. trade policies, both marking a shift from traditional free trade. Donald Trump’s stance is the more radical. Known for his ‘tariff man’ rhetoric, he has proposed tariffs that could transform American trade strategy. During his first term, Trump imposed tariffs on items like washing machines and steel, escalating to a trade war with China. For a potential second term, he plans a universal 20% tariff on all imports, with tariffs on Chinese goods…

The International Monetary Fund (IMF) forecasts 4.6% economic growth for Asia in 2024, highlighting risks from trade tensions, China’s property sector issues, and potential market turbulence. In its regional economic outlook, the IMF warned that price pressures from China could heighten trade tensions by affecting industries in neighboring countries with similar export structures. It urged Beijing to adopt policies for a more demand-driven recovery, noting that a significant slowdown in China could impact both regional and global economies. China’s growth forecast for 2024 was adjusted to 4.8%, slightly up from April’s estimate but down from last year’s 5.2%. “China’s policy…

The Brazilian and U.S. poultry industries have reached a significant agreement to collaborate on overcoming trade barriers in international markets. In late October, the Brazilian Association of Animal Protein (ABPA) and the U.S. Poultry and Egg Industry Export Council (USAPEEC) signed a cooperative agreement, pledging to address protectionism, health regulations, and other obstacles that hinder free trade. The partnership covers key areas such as promoting environmental sustainability in poultry production and trade, establishing science-based regulations on animal health and food safety, and supporting international poultry trade through cooperative relations. The agreement emphasizes mutual goals, despite competition, and aims to benefit…

Following a recent meeting with exporters, Russia has quietly imposed restrictions on grain exports. Only Russian companies are now allowed to sell grain directly to state buyers, sidelining international dealers unless they hold long-term agreements with Russian firms. The Grain Exporters and Producers Union, or Rusgrain, representing firms responsible for 80% of Russia’s grain exports, announced this framework. Acting as a channel for the government, Rusgrain’s statements align with the Ministry of Agriculture’s intentions, though the ministry itself has not issued formal regulations. “They are an association with which the ministry of agriculture has an agreement. They inform the market…

Vietnam maintains a strong position in the global cinnamon import, with Indonesia as its primary import partner. Preliminary data from the Vietnam Pepper and Spice Association (VPSA) shows that in September 2024, Vietnam imported 216 tons of cinnamon valued at $9 million, a slight 0.5% drop from the previous month. Indonesia supplied the largest share, contributing 146 tons and capturing 67.6% of the market. Over the first nine months of 2024, Vietnam’s cinnamon imports totaled 3,448 tons, worth $8.3 million, reflecting a 74% decline in volume and a 76% decrease in value from the previous year. Meanwhile, exports rose, with…

A recent RaboResearch report highlights a promising outlook for the global blueberry industry, with a series of transformative trends expected to drive ongoing success. The report identifies advancements in blueberry genetics and increased efforts toward labour productivity and efficiency as pivotal factors shaping the industry’s future. Export Growth on the Horizon The 2023/24 blueberry season marked an unusual setback, as adverse weather events led to a 10% decline in global exports – the first drop in 15 seasons. While recovery in production and exports may be slower than initially anticipated, experts foresee a turnaround. David Magaña, Senior Analyst for Fresh…

The EU’s trade in electric and hybrid vehicles has surged, with electric and hybrid cars now accounting for 43 per cent of EU car imports in 2023, a sharp increase from 8 per cent in 2017, according to recent Eurostat data. This trend underscores a growing shift toward sustainable transportation within the bloc and with its trading partners. Cyprus, though a smaller market, reflects these changes. Over half of Cyprus’ car imports now come from outside the EU, aligning with the broader trend of the EU’s increasing reliance on third-country imports for greener transport solutions. In 2023, the EU’s imports…

Poland is poised to dominate the global grave candle market, positioning itself as a formidable competitor in this niche industry. Currently, Poland ranks as the world’s second-largest exporter of candles and related products, contributing 17% of the global candle market, valued at EUR 764 million last year. Only China surpasses Poland in export value, but experts believe this lead may soon diminish, opening opportunities for Polish producers to secure the top position. Within Europe, Poland commands the grave candle export market, leaving traditional exporters like the Netherlands and Germany behind, with exports worth EUR 210 million and EUR 177 million,…

The Vietnam-UK Free Trade Agreement (UKVFTA) has bolstered Vietnam footwear sector, enhancing export opportunities through improved tariff incentives. Leveraging the agreement, the industry has expanded its reach to the UK and other international markets, achieving substantial growth in the first eight months of 2024. During this period, Vietnamese footwear exports to the UK surged by 25%, contributing nearly 8% to the EU’s total export turnover. Ms. Phan Thi Thanh Xuan, Deputy Director of the Vietnam Trade Promotion Agency, stated that the UKVFTA has provided the leather and footwear industry with competitive advantages, enabling accelerated exports. This has been echoed by…

Sri Lanka’s coconut sector, one of the nation’s key economic pillars, is facing severe setbacks as domestic production has dropped by approximately 40 percent, largely attributed to a combination of international conflicts, the impact of whitefly infestations, and restrictions on fertiliser use. Long queues have formed across Colombo and surrounding areas as coconut supplies have dwindled, pushing prices up and sparking concern among consumers. Last week’s coconut auction in Colombo underscored the production crisis, with total output plummeting to 400,000 nuts from the previous 600,000–800,000 range. The downturn has disrupted local markets, with producers and consumers alike feeling the strain…