Author: Editorial Desk

Ethiopia is intensifying efforts to diversify its agricultural exports by implementing strategic policy measures aimed at boosting global competitiveness and improving product quality, according to Minister of Trade and Regional Integration, Kasahun Gofe. The country is currently hosting the 13th International Conference on Pulses and Oilseeds, the largest event of its kind in East and Sub-Saharan Africa. The conference has drawn a wide range of participants, including international buyers, importers’ associations, value chain companies, agro-processors, and grain traders. The event, organised with support from ENA and TV BRICS, underscores Ethiopia’s growing role in the global agricultural market. Recent data from…

Bangladesh’s cotton and yarn imports plummeted in the first nine months of 2023, driven by declining demand in global and local markets, erratic gas supplies, and the ongoing US dollar crisis. Sharp Decline in Imports According to the Bangladesh Textile Mills Association (BTMA), cotton imports fell by 28% year-on-year to 9.87 lakh tonnes from January to September, compared to 13.66 lakh tonnes during the same period in 2022. Similarly, yarn imports dropped 26%, reaching 6.29 lakh tonnes compared to 8.51 lakh tonnes a year earlier. The slump comes as Bangladesh’s readymade garment (RMG) sector—accounting for over 80% of the country’s…

Japan’s trade balance remained in the red for the fourth consecutive month in October, as high import costs driven by a weaker yen and surging energy prices outpaced recovering exports. The trade deficit for the month stood at ¥461 billion ($3 billion), according to data released by the Ministry of Finance on Wednesday. Exports showed signs of recovery, growing 3.1% year-on-year in October, primarily due to an uptick in semiconductor production equipment shipments. However, imports also increased by 0.4% from the previous year, maintaining the deficit trend. Challenges and Uncertainties Japan’s trade outlook is clouded by several factors, including…

French farmers escalated their protests against the European Union-Mercosur trade agreement on Monday, citing concerns over unfair competition and risks to their livelihoods. The agreement, aimed at bolstering trade between Europe and South America, has triggered widespread demonstrations as farmers argue it could overwhelm the French market with South American agricultural imports that do not meet stringent EU environmental and health standards. In Beauvais, northern France, around 50 tractors blocked traffic, and protesters barricaded a government office with manure and tires. Later, they moved to the local prefecture, setting up a noisy camp. Similar demonstrations occurred across the country, with…

Officials from Turkmenistan and Kyrgyzstan are advancing plans for a multimodal transportation corridor through the Caspian Sea to bolster trade between Central Asia and Europe. This strategic initiative, discussed during a virtual meeting on November 13, aims to enhance regional connectivity and international trade routes. The meeting, attended by Mammetkhan Chakyyev, head of Turkmenistan’s Transport and Communications Agency, and Bakyt Torobayev, Kyrgyzstan’s Minister of Water Resources, Agriculture, and Processing Industry, also covered potential collaboration in energy, transport, infrastructure, agriculture, and trade. The discussions underscored the importance of strengthening trade relations and increasing cargo flow through the Caspian Sea, creating new…

Iran’s pistachio industry, a key export sector, faces a major setback after the European Union rejected over two dozen shipments due to high aflatoxin levels. The crisis threatens not only EU exports but also the global reputation of Iranian pistachios. Despite stricter EU aflatoxin standards introduced in 2022, Iranian authorities failed to act promptly, leading to the rejection of 26 shipments out of 7,500 tons exported annually to the EU. “This issue should have been resolved six months ago instead of looking for solutions now,” said Abdollah Mohajer Darabi, a board member of the Iranian Chamber of Commerce. Deputy Minister…

Russia has imposed temporary restrictions on the export of enriched uranium to the United States, escalating tensions in the ongoing geopolitical and energy resource disputes between Moscow and Washington. The decision, signed on November 14, 2024, took effect on November 15 and is seen as a direct response to US sanctions on Russian uranium products. In August 2024, US President Joe Biden enacted a law banning the import of unenriched and low-enriched uranium from Russia. The legislation also closed loopholes, prohibiting mechanisms such as swap transactions involving Russian uranium. A complete ban on all Russian uranium imports to the US…

Kenya imported goods and services worth $3.481 billion from China in 2023, making it the country’s largest trading partner. This figure is lower than the 2021 peak of $4.22 billion, according to the ‘Overview of Kenya’s Trade Landscape, 2023’ report commissioned by the UK government. The report lists the UAE, India, Saudi Arabia, Malaysia, the United States, Japan, Russia, South Africa, and Egypt among Kenya’s top import sources. Petroleum products accounted for 23% of imports in 2023, followed by industrial machinery (7%), iron and steel (6%), and edible oil (5%). Kenya-China Trade Overview Total trade between Kenya and China in…

The FAO’s biannual report projects the global food import bill will exceed $2 trillion in 2024, driven largely by rising costs of cocoa, coffee, and tea. These commodities account for over half of the 23% increase in food import expenditures, with significant disparities across income levels. Commodity Price Increases Cocoa prices have reached nearly four times their ten-year average, coffee prices have almost doubled, and tea prices are 15% above long-term levels. High-income countries, comprising two-thirds of the global food import bill, are expected to see a 4.4% increase in costs. Meanwhile, middle- and low-income countries may benefit from reduced…

Dr. Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO), has called on G20 nations to halt the imposition of new trade restrictions, warning that such measures could exacerbate global economic uncertainty. Her statement follows findings from the 31st WTO Trade Monitoring Report, revealing a significant increase in the scope of trade-restrictive measures implemented by G20 economies over the past year. The report, released on Wednesday, highlighted that while G20 economies introduced both trade-facilitating and trade-restrictive policies, a growing tendency toward inward-looking and unilateral decisions is raising concerns. Dr. Okonjo-Iweala stressed that these actions create uncertainty, contribute to shortages,…