Author: Editorial Desk

Hong Kong will broaden its market reach in the latter half of this year, aiming to strengthen connections with investors across Europe, the United States, Australia, and the Middle East. This initiative was announced by Hong Kong Special Administrative Region Financial Secretary Paul Chan on Sunday. Despite global economic uncertainties, Hong Kong’s economy remains stable. The city’s GDP experienced a 3.3 percent year-on-year growth in the second quarter of 2024, according to Chan’s blog post reported by Xinhua news agency. Changes in consumer spending patterns and the relatively strong Hong Kong dollar have exerted pressure on private consumption. Chan encouraged…

Bangladesh has held onto its rank as the world’s second-largest exporter of ready-made garments (RMG), claiming a 7.4% slice of the global market. The World Trade Organization’s ‘World Trade Statistics 2023’ report, published on July 31, shows Bangladesh’s garment exports totaling $38 billion in 2023. Conflicting figures emerged from Bangladeshi sources. The Export Promotion Bureau (EPB) initially cited garment exports at $47.38 billion. Subsequent audits by Bangladesh Bank (BB) and the National Board of Revenue (NBR) found overestimations due to customs double-counting, leading to a revised, lower figure. China remains the dominant player, exporting $165 billion in apparel and securing…

The Bari Brahmana Industrial Association (BBIA) has urgently appealed to Piyush Goyal, India’s Minister of Commerce and Industry, highlighting a growing threat to the nation’s carpet industry from surging imports and widespread duty evasion. This call emphasizes the severe challenges faced by one of the world’s leading carpet producers, with imports from China and Turkey, alongside illegal imports from Bangladesh and Nepal, intensifying pressure. Tarun Singla, Senior Vice President of BBIA, stressed the necessity of government intervention to protect domestic manufacturers and national security. Singla asserted that the carpet industry, employing millions and significantly contributing to export earnings, is under…

China announces an enhancement of its free trade agreements (FTAs) and free trade zones (FTZs), as revealed by the Ministry of Commerce (MOFCOM) during a press conference on Friday. China’s unwavering dedication toward high-level opening-up and multilateralism, aiming to stabilize foreign trade during a volatile global economic climate. MOFCOM targets increasing trade volume with FTA partners to approximately 40% of China’s total foreign trade by 2030. Current negotiations include the ASEAN-China FTA 3.0 Upgrade, discussions with Honduras, El Salvador, and New Zealand, and the promotion of the China-Japan-South Korea FTA. Additionally, significant efforts are directed toward FTAs with the Gulf…

The global pork market presents a mixed outlook, with positive factors tempered by significant risks. A recent report by Rabobank highlights this duality. Supportive Factors Lower feed costs are poised to drive farming expansion, with Rabobank forecasting a rise in pork consumption in the latter half of 2024, driven by seasonal demand. Chenjun Pan, a senior analyst at Rabobank, underscores the benefits of abundant global supplies of grains and oilseeds, which are expected to maintain low feed prices. This favorable cost environment supports herd expansion and boosts farming profitability. Ongoing Challenges Despite these positive indicators, several challenges remain. Disease pressures…

Dutch cocoa imports nearly doubled in the first quarter of 2024, signaling major changes in the global cocoa landscape. Statistics Netherlands (CBS) reports an 84 percent increase in import value over the same period last year, driven by higher volumes and prices. In Q1 2024, the Netherlands imported cocoa worth 1.3 billion euros, compared to 0.6 billion euros in Q1 2023. Import volumes rose by 32 percent, with average prices for cocoa and related products jumping by 40 percent. Poor harvests in Ivory Coast and Ghana, major suppliers, due to heavy rains and crop diseases, contributed to these price increases.…

Vietnamese Prime Minister Pham Minh Chinh aims for $20 billion bilateral trade goal with India, seeking to strengthen economic ties. At the Vietnam-India Business Forum, organized by FICCI and the Embassy of Vietnam, Chinh highlighted Vietnam’s economic progress and invited Indian investment in sectors like infrastructure, digital technology, and pharmaceuticals. Reflecting on a friendship spanning over 2,000 years, Chinh called for a comprehensive partnership to foster collaboration. He underscored Vietnam’s dedication to independence, self-reliance, and multilateralism, presenting the nation as a dependable global ally. Chinh urged Indian investors to focus on high-tech areas such as semiconductors, digital transformation, green hydrogen,…

Leapmotor International, a collaboration between Stellantis and China’s Leapmotor, has launched its first export of electric vehicles (EVs) to Europe. On July 30, 2024, C10 SUVs and T03 cars departed from Shanghai, marking Leapmotor’s debut in the European market, powered by Stellantis’ robust regional network. Leapmotor’s C10 and T03 models feature cutting-edge EV technology, delivering remarkable performance, efficiency, and range. June 2024 saw Leapmotor secure its position as the fourth-largest Chinese new energy vehicle (NEV) startup by sales, setting the stage for its global aspirations. Stellantis CEO Carlos Tavares highlighted the significance of this event: “The shipment of Leapmotor C10…

The global walnut market currently grapples with significant adversity. Major production regions face persistent drought, stringent water regulations, logistical obstacles, increasing competition, and subdued demand, collectively exerting downward pressure on walnut prices. A recent RaboResearch report suggests these difficulties will lead to reduced walnut acreage in critical regions, with Chile and China expected to decelerate their export activities while the US maintains its market share. Walnut producers aim to balance the supply-demand equation by reducing acreage, particularly in areas with less competitive walnut varieties and more severe water constraints. David Magaña, Senior Analyst for Fresh Produce and Tree Nuts at…

Russian lawmakers have approved a groundbreaking law allowing cryptocurrency for international payments, a strategic response to severe financial sanctions from Western nations due to the Ukraine conflict. The State Duma, Russia’s lower house of parliament, passed the legislation on Tuesday. Anatoly Aksakov, head of the Duma, declared this a “We are taking a historic decision in the financial sphere,” as reported by Reuters. This law empowers Russian businesses to engage in cross-border trade using cryptocurrencies, aiming to alleviate the sanctions’ impact. Mati Greenspan, CEO of Quantum Economics, emphasized the advantages of this shift. “Bitcoin transactions cannot be censored or blocked…