Author: Editorial Desk

Germany’s Federal Association of Small and Medium-Sized Businesses (BVMW) has its sights set on Malaysia, with German SMEs recognizing it as a critical trade partner within ASEAN. The BVMW sees promising opportunities for closer ties with Malaysia to ensure shared, sustainable economic growth. During the Diplomatic Day of German SMEs, hosted by the Malaysian Embassy in Berlin on September 9, 2024, leaders from the Federal Economic Senate of BVMW gathered to explore avenues for bolstering collaboration. Ninety influential members of the Senate, led by BVMW executive board chairman Christoph Ahlhaus, took part. This Senate, comprising top business executives and entrepreneurs,…

The U.S. government’s decision to impose steep tariff hikes on specific Chinese imports, including a 100 percent duty on electric vehicles (EVs), has sparked global outrage from industry experts and businesses. Set to take effect on September 27, the tariffs also include a 50 percent increase on solar cells and 25 percent on EV batteries, critical minerals, steel, aluminum, and ship-to-shore cranes, as announced by the U.S. Trade Representative’s Office. Kuang Xianming, deputy head of the China Institute for Reform and Development, cautioned that this decision could have unintended consequences. He warned that the tariffs might not only damage U.S.…

Vietnam’s footwear and leather industries discussing a new raw materials centre for supporting the billion-dollar sectors and propelling Vietnam further up the global value chain. Recent figures from the General Statistics Office show that leather and footwear exports have reached $17.67 billion in the first eight months of this year, reflecting a growth of 10% compared to the previous year. Lefaso, the Vietnam Leather, Footwear and Handbag Association, reported that from January to July, footwear exports alone amounted to $12.8 billion, alongside a 7.9% increase in handbag exports, bringing their value to $2.35 billion. Phan Thị Thanh Xuân, deputy president…

Russian President Vladimir Putin revealed Moscow is contemplating restrictions on critical raw material exports—namely uranium, titanium, and nickel—responding to escalating Western sanctions. This potential move could send shockwaves through various industries, including nuclear energy, aerospace, and battery manufacturing, while offering Russia a strategic edge in geopolitical dealings. Nickel Prices Surge on Russian Threat The prospect of nickel export limitations has already triggered a notable reaction. The London Metal Exchange (LME) witnessed a 2.6% rise in nickel prices, pushing the metal to $16,145 per metric ton. As the world’s largest nickel refiner, primarily through Nornickel, Russia plays a pivotal role in…

Drewry Maritime Research expects Capesize shipping demand to grow by 3.3% in 2024, mainly due to Colombia shifting its coal exports to the Far East. This change will transform global trade routes, with Europe reducing its reliance on fossil fuels while Asia’s need for thermal coal rises. Colombia-ARA Route Freight Rate Changes The Colombia-ARA route, once central to Colombian coal exports, now faces a sharp reduction in freight rates. Europe’s pivot away from fossil fuels, coupled with declining electricity production, has undermined its importance as a key coal importer. By contrast, growing demand on the transatlantic route to Asia has…

Over $30 million worth of aircraft tyres from major Western manufacturers, including Michelin and Dunlop, entered Russia last year, despite sanctions designed to block such trade. According to a report from Ukraine’s National Agency on Corruption Prevention (NACP), intermediaries from countries like China, Turkey, and the UAE facilitated the shipment of these tyres, bypassing international trade restrictions imposed after Russia’s invasion of Ukraine. Russia remains heavily dependent on foreign-made aviation tyres, with customs data showing the bulk of 2023 imports originating from firms in France, the UK, the US, and Japan. Michelin accounted for 70% of these imports, valued at…

Looking back at history, a painful chapter for the New York City Fire Department (FDNY) deepens on this day. Nearly 3,000 lives were lost when 19 al-Qaida hijackers took control of four jetliners, crashing two into New York’s World Trade Center, one into the Pentagon in Arlington, Virginia, and the fourth into a field in western Pennsylvania. It remains the deadliest terror attack in history. More firefighters have now died from World Trade Center-related illnesses than the 343 who perished on September 11, 2001. Since the Twin Towers collapsed, 360 FDNY members have fallen victim to diseases caused by their…

Union Minister of Commerce and Industry, Shri Piyush Goyal, unveiled the Trade Connect e-Platform, signaling a major leap forward for Indian exporters. This digital initiative promises to revolutionize India’s trade engagement worldwide, opening the doors to new markets and increasing the nation’s export share. At the launch event, Shri Goyal stressed the platform’s potential to unlock global market access for Farmer Producer Organizations (FPOs), businesses, and entrepreneurs. By providing actionable insights into Free Trade Agreements (FTAs) and international market dynamics, it becomes a critical tool in advancing India’s vision of achieving $1 trillion in merchandise and services exports by 2030.…

U.S. corn exports have plunged sharply, with China cutting back significantly on purchases. Data from the U.S. Department of Agriculture (USDA) shows a 62.8% drop in corn exports to China for the 2023/2024 marketing year. As of late August 2024, shipments totaled just 2.82 million tons, compared to 7.54 million tons during the same period last year. A blend of reduced Chinese demand, stronger competition from Brazil, and policy changes aimed at lessening reliance on U.S. imports have reshaped the global corn trade landscape. This trend has increased pressure on U.S. producers, who now face the challenge of adjusting to…

China’s foreign trade achieved remarkable growth, with exports outperforming market predictions throughout August. The trade growth data released by the General Administration of Customs (GAC) reveals that the country’s total imports and exports reached 28.58 trillion yuan ($4.02 trillion) over the first eight months of 2024, reflecting a 6% year-on-year rise. Exports surged to 16.45 trillion yuan, registering a 6.9% uptick, while imports climbed by 4.7% to 12.13 trillion yuan. The resulting trade surplus expanded by 13.6%, reaching 4.32 trillion yuan over the period. August alone saw foreign trade reach 3.75 trillion yuan, increasing by 4.8% compared to the same…