Author: Editorial Desk

Switzerland’s Federal Council has ratified the ambitious trade deal between India and the European Free Trade Association (EFTA). This pact, signed in March, includes four European nations: Norway, Switzerland, Iceland, and Liechtenstein. Aimed at boosting trade across industries such as pharmaceuticals, manufacturing, technology, and machinery, the agreement sets the stage for deeper economic ties between India and EFTA countries. The trade deal holds immense promise, with a potential investment of $100 billion in India over the next 15 years from the four European states. However, before the agreement takes effect, each signatory country must ratify it individually. On Wednesday, the…

China’s decide to open its market to quality Nigerian products to boost bilateral trade and elevate Nigeria’s economic prospects. This development emerged after a high-level meeting between Nigerian President Bola Ahmed Tinubu and Chinese President Xi Jinping during Tinubu’s state visit to Beijing. Both countries have formalized their commitment through a joint statement, highlighting China’s readiness to increase imports of Nigerian goods. The move provides Nigeria with key opportunities to showcase its products at platforms like the China International Import Expo (CIIE), China-Africa Economic and Trade Expo (CAETE), and the China Import and Export Fair (Canton Fair). These venues are…

China announced on Tuesday an anti-dumping investigation into Canadian canola imports, following Canada’s decision to impose tariffs on Chinese electric vehicles (EVs). The move comes after Canada, aligning with the U.S. and European Union, introduced a 100% tariff on Chinese EVs and a 25% tariff on Chinese steel and aluminum imports. China’s Ministry of Commerce condemned Canada’s actions, calling them “discriminatory” and warning of potential repercussions, including investigations into other Canadian products such as chemicals. Canadian officials expressed concern. Agriculture Minister Lawrence MacAulay stated that Canada’s canola producers adhere to global trade rules and that the government will closely monitor…

Uganda’s global trade deficit increased in June 2024, widening to $247.9 million compared to the $92.58 million recorded in May. Data from the Ministry of Finance, Planning, and Economic Development, along with the Bank of Uganda, revealed that the sharp decline in exports was the main reason to this increase. Despite a reduction in imports, the export sector suffered a bigger hit, with total merchandise exports dropping from $940.9 million in May to $718 million in June. The steep decline in mineral exports, from $494 million in May to $253 million in June, significantly impacted the balance. However, excluding mineral…

The UK government halt certain arms exports to Israel, reflecting a strategic shift under the new Labour leadership. This action highlights a broader rethink of Britain’s stance on the Israel-Palestine conflict, setting the current government apart from its Conservative predecessor. Labour, while maintaining unwavering support for Israel’s security, has introduced measures that mark a clear departure from previous policies. This suspension represents the third significant deviation by the government since it assumed power in July. Earlier, Labour reinstated funding for UNRWA, the UN agency for Palestinian refugees, after a comprehensive review of alleged connections between its staff and terrorist organizations.…

The worldwide demand for pulses is on the rise, opening up new opportunities for both established and emerging market players. Rabobank’s recent report highlights the growing importance of pulses due to their environmental benefits, including improving soil quality and reducing greenhouse gases. Despite their significance, pulses remain a niche segment in the global grains and oilseeds market. The report stresses the need for increased market transparency to attract investment, meet the growing demand, and boost trade volumes. Key Drivers of Pulse Demand Vito Martielli, Rabobank’s senior analyst for grains and oilseeds, identifies two main factors driving the global demand for…

The Ammonium Sulphate market has so an uptick on price throughout August 2024, driven by a confluence of factors including raw material shortages, labor constraints, and robust export demand, particularly in Europe and Asia. Europe’s Ammonium Sulphate sector grapples with reduced production capacities, exacerbated by summer labor shortages and diminished raw material availability. Trade instability and export delays further compound the situation, leading to heightened import costs and severe supply chain disruptions. These pressures have contributed to a pronounced price escalation, straining the market considerably. In Asia, the scenario presents a similar pattern, with China at the epicenter of rising…

Rising imports of Chinese goods, including umbrellas, toys, and fabrics, are pressuring India’s Micro, Small, and Medium Enterprises (MSMEs), according to the Global Trade Research Initiative (GTRI). The report highlights the challenges domestic businesses face as they compete with cheaper Chinese products. From January to June 2024, India exported goods worth $8.5 billion, while imports reached $50.4 billion, resulting in a trade deficit of $41.9 billion. China remains India’s largest trade deficit partner. “China accounts for 29.8 per cent of India’s industrial goods imports. India must invest in deep manufacturing to cut dependence on import of critical industrial products from…

Malaysian Musang King durians have captivated Chinese consumers, commanding premium prices that eclipse offerings from other Southeast Asian countries. The fruit’s high value underscores Malaysia’s growing clout in China’s lucrative durian market, where these durians are fast becoming a status symbol. During a visit to Shenzen, Malaysia’s Agriculture and Food Security Minister, Datuk Seri Mohamad Sabu, observed Musang King durians being sold at an impressive RM350 (US$81) per fruit. These sought-after durians quickly sold out at Joy Ming Mau, a leading durian packaging and distribution company. The enthusiasm for Musang King durians isn’t confined to Shenzen. A supermarket in Zhengzhou…

The garment industry in Bangladesh, a dominant force in global clothing production, faces significant disruptions due to recent flooding. The situation has severely impacted cotton imports and garment exports further complicating an already stressed supply chain. As one of the world’s largest consumers of cotton, Bangladesh’s textile sector depends heavily on steady imports to sustain its operations. Flooding has now crippled transportation routes, with trucks and trains unable to move cotton from Chittagong port to factories, as reported by industry insiders and analysts. This supply chain disruption follows closely on the heels of political unrest and protests earlier in the…