Author: Editorial Desk

A recent shift in regional energy supply underscores the fragile balance in the Middle Eastern electricity trade. This week, Iran ceased electricity exports to Iraq, citing an acute domestic power deficit, shortly after Turkey began exporting electricity to the same neighbor. Power Outages in Diyala The National Iraqi News Agency reported a massive power outage in Iraq’s Diyala province on July 23 due to Iran halting its electricity supply. The cessation affected both transmission lines from Iran, which had been supplying 250 megawatts (MW) of electricity, far below the province’s 900 MW requirement during soaring temperatures. Declining Iranian Exports Iran’s…

Malaysia is set to introduce a comprehensive national shipping policy aimed at bolstering its domestic fleet and reducing foreign vessel dependency. This initiative seeks to modernize the shipping sector while accelerating the shift towards green shipping, addressing both economic and environmental imperatives. Transport Minister Anthony Loke announced on July 4 the impending policy, slated for cabinet review by year-end, which promises to guide the local shipping sector in handling exports and imports, as well as create new employment opportunities. This policy revision comes at a crucial juncture, with the Malaysian Shipping Masterplan (MSMP) 2017-2022 falling short of its targets and…

The World Trade Organization (WTO) has agreed to India and Chinese Taipei’s request to delay the adoption of a ruling against New Delhi’s import duties on certain information and technology products until the end of October. This decision by the WTO’s dispute settlement body (DSB) provides additional time for both parties to negotiate a resolution. The WTO dispute panel’s ruling, issued on April 17, 2023, determined that India’s import duties on specific high-tech goods contravene global trading norms. The European Union, Japan, and Taiwan initiated this case. During the DSB meeting in Geneva, India and Chinese Taipei reiterated their need…

Vietnam, a major coffee supplier to the United Kingdom, has experienced a dramatic increase in coffee export prices in the first half of 2024. The General Department of Customs reports that the average export price of Vietnamese coffee reached $3,941 per ton, reflecting a substantial 68.4% rise from the previous year. This price hike comes as export volumes fall. In June 2024, Vietnam shipped 2,180 tons of coffee to the UK, valued at $9.1 million. This marks a 44.6% drop in volume and a 17.5% decrease in value compared to June 2023. The sharp decline in volume has propelled prices…

Indonesia has solidified its status as the premier exporter of processed rattan, achieving a notable transaction value of $158.5 million. This accounts for 42.2 percent of the global processed rattan market, firmly establishing Indonesia as the industry leader. During a visit to Katingan, Central Kalimantan on July 26, 2024, Putu Juli Ardika, Director General of Agro-Industry, highlighted Indonesia’s preeminent role. “Indonesia is currently the world’s largest exporter of processed rattan, amounting to US$158.5 million or around 42.2 percent of the world’s processed rattan export value of US$375.6 million, followed by China and Vietnam,” Putu remarked. Indonesia’s success stems from its…

On Friday, July 26, the United Kingdom joined an innovative global agreement poised to boost the economy through enhanced digital trade. After five years of intensive negotiations, the UK, alongside 90 other nations, finalized the E-Commerce Joint Initiative at the World Trade Organization (WTO). This landmark agreement promises to revolutionize trade, making it faster, cheaper, fairer, and more secure, thereby unlocking new opportunities for British businesses, workers, and consumers. The Organisation for Economic Co-operation and Development (OECD) estimates the value of global digital trade at approximately £4 trillion, with projections indicating further growth. The agreement mandates the digitalization of customs…

Japan and Sweden have taken a step in bolstering defense cooperation, focusing on defense equipment and technology. This decision comes in response to the increasingly severe security challenges faced by both nations. During a meeting in Stockholm, Japanese Defense Minister Minoru Kihara expressed Tokyo’s support for Sweden’s strategic decision to join NATO. Swedish Defense Minister Pal Jonson welcomed Japan’s backing, emphasizing the importance of international cooperation in the current geopolitical climate. Sweden’s official NATO membership in March, following Russia’s full-scale invasion of Ukraine in February 2022, underscores its commitment to collective security and marks a departure from traditional nonalignment. The…

A decisive policy shift by India has halted concessionary silver and platinum imports from the United Arab Emirates (UAE). Benefiting from lower duties under the Comprehensive Economic Partnership Agreement (CEPA) between the two nations, these imports have now ceased following the reduction of import duties. India, the world’s second-largest bullion consumer, recently slashed import duties on gold and silver from 15% to 6%. This move removed the incentive to import silver and platinum under the CEPA, as confirmed by Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA). “Now that regular customs duty for silver is lower than…

Global trade in sports goods has surged dramatically over the past three decades, with annual imports jumping from $15 billion in 1996 to nearly $64 billion by 2022, according to the latest World Trade Organization (WTO) data. China has established itself as a powerhouse in sports goods exports, significantly shaping the global market. Back in 1996, China held 32 percent of the world’s sports goods exports, climbing to a peak of 59 percent by 2010. Even with a slight dip to 43 percent in 2022, China remains the dominant exporter. The United States has led the charge in imports since…

Indonesian Ministry of Maritime Affairs and Fisheries granted three Vietnamese companies the green light for lobster farming within Indonesian waters. This move signifies a partnership poised to reshape the international seafood industry. Five Vietnamese firms have joined forces with their Indonesian counterparts, aiming to cultivate and export clear lobster seeds—Director General of Capture Fisheries, Tb. Haeru Rahayu, confirmed the verification and certification of three companies by the Directorate General of Aquaculture. This approval empowers the companies to cultivate lobsters domestically and internationally. The entities with permits include PT Mutagreen Aquaculture International, PT Ratuworld Aquaculture International, and PT Gajaya Aquaculture International.…