Author: Editorial Desk

Malaysia’s Plantation and Commodities Minister, Datuk Seri Johari Abdul Ghani, addressed concerns on Tuesday regarding India’s recent hike in palm oil import duties, describing the move as a ‘temporary aberration.’ He assured that the demand for the commodity remains robust despite these changes. During a press conference at the Malaysia Palm Oil Forum, in response to a query from PTI, Ghani clarified there were no ongoing negotiations concerning palm oil supplies in exchange for fighter aircraft transfers between Malaysia and India. On September 14, 2023, India, the world’s largest importer of edible oils, revised its import duties, increasing the tariff…

China has imposed taxes on European brandy imports, widely viewed as retaliation for the European Union’s recent imposition of steep tariffs on Chinese electric vehicles. The European Commission has condemned China’s brandy tariffs, labeling it an ‘abuse’ of trade defense mechanisms, and plans to challenge the new duties at the World Trade Organization (WTO). China, however, defended its decision, describing it as an ‘anti-dumping’ measure aimed at safeguarding its domestic producers. The new tariffs will significantly affect major French brandy brands such as Hennessy and Remy Martin, sparking concerns in France. French trade officials and industry representatives have expressed alarm…

A recent study highlights the need to regulate the parrot breeding industry, specifically the commercial breeding of threatened parrots, to prevent further harm to wild populations. Conducted by the World Parrot Trust and World Animal Protection, the research calls for stricter regulations to ensure that the trade in captive-bred parrots does not negatively impact conservation efforts. The global trade in captive-bred parrots is surging rapidly, with countries like China poised to ease production laws and South Africa actively breeding endangered species. These developments raise concerns about potential risks to wild parrot populations. Published in Conservation Biology, the study found that…

Thailand remains the world’s top exporter of mangosteen, generating 17 billion baht ($502 million) annually, according to the Ministry of Commerce. However, growers are being urged to maintain quality in response to increasing competition. Poonpong Naiyanapakorn, Director of the Office of Trade Policy and Strategy (TPSO), noted that in 2024, Thailand continues to export 91% of its mangosteen production, with only 9% consumed domestically. China is the largest importer, accounting for over 90% of exports, driven by the fruit’s high demand. In 2023, Thailand exported 248,612 tons of mangosteen, a 20.8% increase from the previous year, earning $502.24 million (17.19…

Egypt has expressed its support for French President Emmanuel Macron’s recent call to halt arms exports to Israel for use in Gaza, citing severe violations of international law and humanitarian principles by the Israeli military in both Gaza and Lebanon. The Egyptian foreign ministry, in a statement released on Sunday, highlighted that these violations have resulted in tens of thousands of civilian casualties, with the majority being women and children. The ministry affirmed that Macron’s stance aligns with the principles of international humanitarian law and reflects growing international disapproval of Israel’s actions in Gaza and Lebanon. Egypt also urged the…

Indonesia’s batik exports fell by 8.39% year-on-year in the second quarter of 2024, according to the Ministry of Industry (Kemenperin). The decline in fabric exports is linked to global geopolitical influences, explained Reni Yanita, Director General of Small and Medium Industries and Various Industries (IKMA). “The decreased exports are suspected to be due to global or geopolitical influences, as batik is not only a fashion item but can also be applied as home decor,” Reni told Tempo on October 5, 2024. Despite the government’s relaxation of batik imports through Trade Minister Regulation (Permendag) Number 36 of 2023, Reni clarified that…

As Russia’s conflict with Ukraine nears its third year, economic pressures have begun to weigh heavily on the country. Financial, technological, and demographic challenges are undermining Russia’s economic stability, leading to fears of a potential collapse. Since 2014, and especially after 2022, Russia has faced increasingly stringent international sanctions. While Russian President Vladimir Putin claims the sanctions have strengthened the economy, the Kremlin continues to call for their removal. Estimates suggest these sanctions reduce GDP by 2-3% each year, limiting economic growth. Russia’s economy has grown by only 1% annually on average since 2014, with GDP dropping from $2.3 trillion…

Malaysia is set to import halal meat and basmati rice from Pakistan, declared Malaysian Prime Minister Anwar Ibrahim. The announcement came during a joint media briefing after Anwar Ibrahim and Prime Minister Shehbaz Sharif’s bilateral meeting on Thursday where they explored enhanced cooperation across key sectors including trade, investment, agriculture, tourism, education, and defence. “As a result of our discussions, Malaysia has agreed in principle to import 100,000 tonnes of halal meat and basmati rice from Pakistan,” PM Anwar Ibrahim said. Prime Minister Shehbaz highlighted that the halal meat export alone could generate $200 million annually for Pakistan. Ensuring the…

Party General Secretary and State President Tô Lâm called for Vietnam and Ireland to boost their bilateral trade turnover to $5 billion by 2026. Speaking during a meeting with Irish business leaders on Thursday, Lâm emphasized expanding economic ties as part of his official visit to Ireland from October 1 to 3. Lâm congratulated Irish companies for their successful investments in Vietnam, particularly in agriculture, healthcare, energy transition, low-carbon energy, and biotechnology. He noted that these sectors align with Vietnam’s development priorities. He expressed hope that Irish investments would continue to grow, adding to the current 41 projects in Vietnam,…

Türkiye’s trade deficit widened by 0.5% year-over-year in September, as both exports and imports fell, Trade Minister Ömer Bolat announced Wednesday. The trade gap totaled $5.12 billion, with exports down 1.8% to $22 billion and imports decreasing 1.4% to $27.1 billion. In August, the trade deficit was $4.9 billion, the lowest in 34 months. Bolat noted that the gap had decreased in 11 of the past 14 months, showing a trend of narrowing deficits. In the third quarter, the deficit shrank 33.8% year-over-year to $17.4 billion. Exports rose 4.4% to $66.6 billion, while imports fell 6.8% to $84 billion. This…