Author: Editorial Desk

Germany’s upcoming Low Emission Steel Standard (LESS), expected to roll out by late 2024, presents a formidable challenge for India’s steel industry, already facing turbulent times. This new standard seeks to classify steel based on carbon emissions, aligning with the global trend towards sustainable practices. India’s steel sector, once a net exporter, now grapples with a steep decline in exports and a sharp rise in imports. Data from the Global Trade Research Initiative (GTRI) shows a major drop in steel exports—down 31.2 per cent from $31.7 billion in 2021-22 to $21.8 billion in 2023-24. Concurrently, steel imports have surged 37…

Valenciaport stands as a pivotal gateway for Spanish wine, connecting the country’s rich viticulture with markets across 132 nations. With over 1 million tonnes of wine shipped through its docks in the first half of 2024, this strategic hub plays an indispensable role in fueling Spain’s export economy. Valenciaport’s extensive maritime network links nearly 1,000 ports across 168 countries, positioning it as a cornerstone for global trade. The port’s capability to facilitate rapid and efficient distribution ensures that Spanish wine reaches the farthest corners of the globe, solidifying Spain’s status as a leading wine exporter. Europe remains the foremost destination…

AliExpress, a major online retail service by Alibaba Group, will soon enter the Ethiopian market, marking a significant development in the country’s digital commerce landscape. Abiyot Bayu, PhD, Senior Advisor to the Minister of Innovation and Technology, confirmed to Shega (Integrated media and research company) that an agreement has been finalized, with an official announcement imminent. A virtual meeting on August 7, 2024, between Ethiopian officials and an Alibaba team led by Chandee Zhuang, Senior Advisor at Alibaba Global Initiatives, laid the groundwork for this expansion. Alibaba and AliExpress have driven the success of many e-commerce businesses. Alibaba targets businesses…

The African Continental Free Trade Area (AfCFTA) agreement, discussed at the recent Africa Unlocked conference in Cape Town, marks a major milestone for the continent. Intra-African trade currently stands at a modest 16% of Africa’s exports, starkly contrasting with 55% in Asia, 49% in North America, and 63% within the EU. Panel members highlighted the urgency of evaluating AfCFTA’s effectiveness and devising strategies to enhance the appeal of African products in global and intra-African markets. A key obstacle to progress lies in the continent’s economic complexity—or lack thereof. Unlike developed nations, African countries have yet to fully harness their resources…

The Export-Import Bank of Thailand (Exim Bank) and the Islamic Bank of Thailand (IBank) have launched a collaborative effort to establish Thailand as ASEAN’s leading halal hub by 2028. Their new initiative offers low-interest loans to halal product entrepreneurs, aiming to bolster the nation’s halal export capabilities. On August 6, representatives from Exim Bank, IBank, the Sheikhul Islam Office (Chularatchamontri), and various industry stakeholders signed an agreement to support the ‘Support and Promote Halal Product Entrepreneurs to Export’ project. This program is designed to enhance the international market reach of small and medium-sized enterprises (SMEs) by providing both financial support…

Canada recorded a surprising trade surplus of C$638 million ($461 million) in June, defying economists’ predictions of a fourth consecutive monthly deficit. This surge stemmed from increased energy and gold exports, reflecting global demand and the benefits of expanded infrastructure. Economists surveyed by Bloomberg had anticipated a median deficit of C$2.04 billion, highlighting the unexpected nature of this surplus. Statistics Canada noted that the surplus size fell within typical bounds for monthly revisions, with the previous month’s trade balance also revised upward by about C$320 million. Exports jumped 5.5% in June, outpacing a 1.9% rise in imports. The surge in…

The Philippines is encountering major hurdles in its global trade, with June’s data showing a contraction in total external trade and a widening trade deficit. Country’s Statistics Authority (PSA) reports that the Philippines’ trade in goods totaled $15.44 billion in June, down 11.3 percent from $17.4 billion a year earlier. This marks a continuation of a downward trend, following a 0.5 percent decrease in May and a 9.7 percent decline the previous June. Of the total trade in June 2024, 63.9 percent were imports, underscoring the country’s dependency on foreign goods. June’s exports reached $5.57 billion, a significant drop from…

Widespread public protests triggered the suspension of trade activities at South Dinajpur’s Hili international land port. Trucks loaded with green chillies and onions, ready to cross the border, were abruptly halted by the Hili Exporters Association in response to Bangladesh unrest. The former Bangladeshi government declared a three-day national holiday, imposed an indefinite curfew, and suspended internet and mobile services, cutting off communication between exporters and their Bangladeshi counterparts. Dhiraj Adhikari, Joint Secretary of the Hili Exporters Association, remarked: “The situation in Bangladesh is highly volatile. Mobile internet services and banking services are down. We have temporarily halted the dispatch…

Australia exported a record-breaking 129,998 tonnes of beef in July, surpassing the previous monthly record set in March 2015. This beef exports underscores Australia’s important role in the global beef market, driven by surging demand, especially from the United States. Meat and Livestock Australia’s Tim Jackson noted that strong international demand, combined with increased carcass weights, fueled the remarkable performance in July. “It’s the most beef ever exported by Australia in any month, and is up 34 percent compared to July last year and up about 5 percent on the previous record set in 2015,” he stated. Soaring U.S. Demand…

India aims to secure customs duty concessions on various goods, including cars, commercial vehicles, and machinery, from Sri Lanka under an expanded free trade agreement (FTA). This push comes as part of ongoing efforts to deepen economic ties, an official revealed. Efforts also include proposals for easier visa norms, enhancing the mobility of professionals and further strengthening bilateral relations. Senior officials from both nations recently concluded the 14th round of FTA talks in Colombo. Discussions centered on rules of origin, goods, services, and technical trade barriers. Sri Lanka, pursuing its interests, requested the removal of apparel export quotas to India…