Author: Editorial Desk

Bangladesh and Vietnam are set to experience serious growth in cotton consumption and trade over the next decade. Competitive labor and production costs drive this surge, as detailed in the ‘OECD FAO Agricultural Outlook 2024-2033’ report by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations. Demand from textiles and apparel sectors, combined with competition from synthetic fibers, will shape raw cotton consumption. The report predicts a 2.1% annual rise in world cotton trade, reaching 12.4 million tonnes by 2033. This increase is fueled by heightened mill use in Bangladesh…

Trade tensions between Beijing and Brussels have reached a new peak as China announced an investigation to counter the European Union’s (EU) probe into Chinese subsidies. This escalation marks a significant development in the ongoing trade dispute, with both sides accusing each other of unfair practices. The European Union recently targeted China’s support for its renewable energy and electric vehicle sectors, alleging market distortion through subsidies. In response, China’s Commerce Ministry declared on Wednesday the initiation of a trade and investment barrier investigation into the EU’s actions against Chinese enterprises. This investigation, requested by China’s Chamber of Commerce for Import…

Indonesian Trade Minister Zulkifli Hasan announced the shipment of areca nuts from Jambi province to Saudi Arabia and Bangladesh on July 13, 2024. Indonesia, the foremost global exporter of areca nuts, supplies 35% of the world’s demand, strengthening its market dominance with this move. At the export ceremony in Kumpeh, Muaro Jambi, Hasan emphasized the significance of Jambi as a major production hub. He declared that this region stands as a leading center for areca nut cultivation. The goal is to ensure this vital commodity remains competitive internationally. The Trade Ministry’s commitment extends to enhancing national exports by expanding market…

Global trade faces major disruption as exporters globally grapple with an unusual shipping container shortage, driven by escalating trade tensions between China and Western economies Tariffs Trigger Container Crunch The European Union’s 37.6% tariffs on Chinese electric vehicles (EVs) took effect on Friday, followed closely by impending US tariffs set to begin on August 1. These US measures are particularly severe, imposing up to 100% tariffs on Chinese EVs and 50% on semiconductors. Chinese exporters, racing to ship goods before these tariffs take hold, have dramatically increased the demand for shipping containers. China’s dominant role in global trade exacerbates the…

Pakistan’s government has taken a major step to regulate the wheat market by banning wheat imports and flour exports. This decision was announced on Friday following a notification from the Ministry of Commerce. A surplus caused by excessive wheat imports necessitated this policy change. The government has revised its Import and Export Policy Orders 2022 to enforce the ban, which now includes a prohibition on exporting flour made from imported wheat. Previously, the federal government had allowed conditional export of flour produced from imported wheat under the Export Facilitation Scheme 2021. This policy shift aims to address the current surplus…

Morocco has officially entered the global medical cannabis trade, sending its first legal cannabis shipment to Switzerland, one of the globe’s most lucrative cannabis markets. This consignment, valued at approximately 1,400-1,800 euros per kilogram, comprised cannabis resin with a THC content below one percent, as reported by Morocco World News. Following the establishment of a legal framework in 2021, the country has paved the way for a regulated cannabis industry. The National Agency for the Regulation of Cannabis Activities (ANRAC), oversees this burgeoning sector, unlocking economic opportunities for thousands of farmers who previously engaged in illicit cultivation. Legalization not only…

The Philippines is set to reap substantial benefits from India’s anticipated decision to lift rice export restrictions, as highlighted by Japan-based Nomura Global Markets Research. This policy shift is expected to stabilize global rice prices, providing critical relief to rice-importing nations, particularly the Philippines. Expectations of Policy Change India, which once accounted for 35% of global rice exports, may soon relax its export bans. Factors such as a promising harvest, ample rice buffer stocks, and softening rice price inflation in India underpin this potential policy adjustment. Implementation of this change is projected to cool global rice prices, aiding numerous rice-importing…

The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) aims to enhance the protection and sustainability of various rosewood species listed in CITES Appendix II. This appendix covers species not currently threatened with extinction but potentially at risk without stringent trade regulations. Rosewood species like Dalbergia, Afzelia, Khaya, and Pterocarpus play crucial roles in ecosystems and economies. Non-Detriment Findings (NDFs) ensure these species’ trade does not threaten their survival, supporting livelihoods in growing regions and industries globally. Maria Isabel Camarena, Scientific Support Officer of the CITES Secretariat Science Unit, stated, “Through robust scientific assessment NDFs…

His Highness Sheikh Mohammed bin Rashid Al Maktoum unveiled the largest logistics hub globally for foodstuffs, fruits, and vegetables trade in Dubai. This initiative of food logistics targets the world’s biggest market, marking a significant stride in Dubai’s quest to emerge as a global economic leader. This project plays a crucial role in the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy and place it among the top three global economic cities by 2033. The logistics hub aims to boost investment and economic opportunities, elevate residents’ quality of life, and bolster the city’s overall appeal…

The Biden administration has announced a strategic move to halt China’s evasion of American tariffs on steel and aluminum through Mexico. This decision targets a trade loophole that enabled subsidized Chinese steels to enter the U.S. market at reduced costs. Effective immediately, a 25 percent tariff will apply to Mexican steel melted or poured outside North America before becoming a finished product. Additionally, Mexican aluminum-containing metal smelted or cast in China, Belarus, Iran, or Russia will incur a 10 percent tariff, according to Lael Brainard, director of the White House’s National Economic Council. These new tariffs aim to protect American…