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Oil is poised to regain its position as Brazil’s leading export commodity in 2025, according to the Brazilian Institute of Petroleum and Gas (IBP). The oil exports surpassed soybeans in 2024, maintaining its dominance among Brazil’s key exports, and is expected to continue its strong performance this year, IBP President Roberto Ardenghy stated. Data from the Foreign Trade Secretariat of Brazil’s Ministry of Development, Industry, Trade, and Services (MDIC), compiled by IBP, indicates that Brazil’s oil exports totaled $44.8 billion in 2024, marking a 5.4% increase from $42.5 billion in 2023. Export volumes also grew significantly, reaching 640 million barrels…

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The Federal Government of Nigeria remains committed to balancing trade through policies that support local production while managing imports, according to the Minister of State for Industry, Trade, and Investment, Senator John Enoh. Speaking at the 2025 Renewed Hope Global Virtual Town Hall Conference, Enoh highlighted the importance of assessing Nigeria’s balance of trade—whether in surplus or deficit—when shaping economic policies. He acknowledged concerns about Nigeria’s import dependence and stressed the need to enhance domestic production to reduce reliance on foreign goods. “The real issue is not just the volume of imports but the fact that we are not producing…

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Canada is imposing retaliatory tariffs against the United States, signaling the onset of a trade war between the neighboring nations. Prime Minister Justin Trudeau introduced tariffs of 25% on $155 billion Canadian dollars’ ($106.6 billion; £86 billion) worth of American goods, affecting a wide range of products, including beer, wine, household appliances, and sporting goods. The decision mirrors the 25% tariff imposed by US President Donald Trump on Canadian and Mexican imports, alongside an additional 10% duty on Chinese goods, citing concerns over illegal immigration and drug trafficking. Trudeau, emphasizing his commitment to defending Canadian interests, stated, “We don’t want…

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The Indian government has unveiled a new initiative under the FY25 Budget to position India as a global hub for toy manufacturing. The scheme, unveiled by Finance Minister Nirmala Sitharaman on Saturday, will focus on cluster development, skill enhancement, and a robust manufacturing ecosystem to produce high-quality, innovative, and sustainable toys under the ‘Made in India’ brand. “Building on the National Action Plan for Toys, we will implement a scheme to make India a global hub for toys,” Sitharaman stated during her budget speech. India’s toy exports declined from $177 million in 2021-22 to $152 million in 2023-24, primarily due…

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China will take necessary measures to protect its legitimate interests following Japan’s decision of new export bans, including sanctions on over a dozen Chinese companies. In a statement on Friday, China’s Ministry of Commerce condemned what it described as the misuse of national security concerns to justify export controls aimed at curbing the country’s semiconductor industry. “For some time, certain countries have broadened the concept of national security and abused export controls to suppress China’s semiconductor industry,” the ministry said. “China reserves the right to take necessary measures and will firmly safeguard its legitimate interests.” The response came after Tokyo…

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The 2024-25 Economic Survey has highlighted the urgent need to improve India’s textile exports, setting an ambitious target of reaching $150 billion by 2030, up from $34 billion in 2023. The report calls for structural reforms to improve the sector’s competitiveness, including developing localized value chains, reducing regulatory hurdles, and prioritizing man-made fiber (MMF) over traditional cotton textiles. The survey points to India’s lagging global market share—currently at 2% compared to China’s 30% and Vietnam’s 7%—as a key concern. One of the major challenges identified is the fragmented nature of India’s textile supply chain. Unlike China and Vietnam, which have…

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An investigation has revealed that delays in enforcing post-Brexit border checks may have put British consumers at risk of consuming diseased meat. Internal discussions among UK health and food safety officials acknowledged the absence of border inspections, raising concerns over public health risks. The Bureau of Investigative Journalism (TBIJ) has previously documented failures in handling outbreaks of drug-resistant salmonella, particularly in supermarket chicken imported from Poland. Between 2020 and 2024, illnesses linked to contaminated poultry and eggs peaked as post-Brexit border controls were repeatedly postponed. Documents seen by TBIJ show that in late 2023, the UK Health Security Agency (UKHSA),…

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US President Donald Trump has said that his administration will impose a 25% tariff on imports from Canada and Mexico starting February 1. However, he clarified that a final decision on whether these tariffs would include oil imports from the two nations has yet to be made. Speaking from the Oval Office, Trump stated that the move aims to address undocumented migration, the flow of fentanyl into the US, and trade imbalances with its neighboring countries. “With China, I’m also thinking about something because they’re sending fentanyl into our country, and because of that, they’re causing us hundreds of thousands…

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An undercover investigation by British non-profit Earthsight has exposed the large-scale laundering of Belarusian and Russian timber into the EU. This violates sanctions imposed in response to Russia’s invasion of Ukraine. Since the sanctions took effect in July 2022, over €1.5 billion worth of illegally sourced timber has reportedly entered the EU, with an estimated 20 container-loads arriving daily. Earthsight’s nine-month investigation involved posing as buyers to gather testimonies from traders involved in the illicit trade. The findings reveal that seven of the ten largest Moscow-based manufacturers and exporters of birch plywood continue to supply the EU, bypassing sanctions by…

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The recovery of Australian wine exports following China’s removal of tariffs faces fresh challenges amid declining global consumption, according to Wine Australia, the country’s wine regulatory body. While the lifting of trade restrictions has triggered a sharp rise in shipments to China, long-term demand remains uncertain once initial restocking is completed. Australia’s wine industry, one of the world’s largest exporters, suffered a major blow in 2020 when China—its primary market—imposed tariffs on bottled wine, effectively shutting down imports. This led to oversupply issues and falling grape prices, forcing many producers to remove millions of vines. The situation worsened with major…

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