Author: Editorial Desk

During Premier Li Qiang’s visit to Malaysia, the two nations signed a groundbreaking agreement to export fresh Malaysian durians to China, celebrating half a century of diplomatic ties. At the administrative capital of Putrajaya, Premier Li and Malaysian Prime Minister Anwar Ibrahim convened for discussions before witnessing the signing of numerous trade and economic agreements. These pacts aim to bolster collaboration across high-level manufacturing and the digital economy, signifying deeper economic integration. A notable accord included a protocol facilitating Malaysia’s initiation of fresh durian exports to China, diversifying Malaysia’s market engagement. Since exporting durian pulp and paste in 2011 and…

Oilmeal exports of India have fallen sharply by 17% in the first two months of the 2024-25 fiscal year, signaling trouble in the agricultural trade sector. The Solvent Extractors’ Association of India (SEA) reports that exports totaled only 7.67 lakh tonnes in April and May, a drop from 9.30 lakh tonnes during the same period last year. May 2024 saw a particularly steep decline, with exports at just 302,280 tons, 31% lower than the 436,597 tons shipped in May 2023. This reduction is closely linked to falling exports of key products such as rapeseed meal and castor seed meal. Diminished…

The European Union’s pork industry is in challenge following the announcement by China’s Ministry of Commerce (MOFCOM) to launch an anti-dumping investigation into EU pork and pig by-products. The investigation initiated at the behest of China’s domestic industry, threatens substantial repercussions for European pork producers. Experts within the industry predict severe and lasting harm if exports of pig by-products to China become restricted. These by-products, which include items like ears, noses, and feet, currently find a vast market in China. Spain’s pork export association, Interporc, has pledged to cooperate fully with the Chinese authorities, highlighting ongoing efforts to secure a…

China’s burgeoning self-sufficiency in dairy production has precipitated major changes across the global dairy trade landscape, according to a recent Rabobank analysis. From 2018 to 2023, China’s domestic dairy output surged by 11 million metric tons, resulting in a stark decrease in whole milk powder (WMP) imports—from an annual average of 670,000 metric tons to just 430,000 metric tons in 2023. Mary Ledman, Global Strategist for Dairy at Rabobank, describes the global dairy sector as dominos, with China’s demand as the pivotal starting point. “If China’s demand falls, it triggers a chain reaction, causing each subsequent domino to topple. This…

Escalating tensions prompted India to consider retaliatory tariffs under World Trade Organization rules, in responding to the European Union’s extension of safeguard duties on steel imports. Situation Overview: The European Union’s decision to prolong safeguard measures on steel until 2026, first enacted in 2018, significantly impacts India, a principal steel supplier to the EU. This year, India’s steel exports to the EU surged to $6.64 billion from $6.1 billion last year. Controversy Analysis: India challenges the EU’s extended safeguard duties at the World Trade Organization, arguing these measures violate international trading standards and the WTO’s Agreement on Safeguards. India put…

A new crisis grips the global shipping industry as severe congestion at the ports of Singapore and Shanghai/Ningbo disrupts trade, compounding existing tensions from the Red Sea route suspension. Linerlytica data reveals vessel bottlenecks: Singapore port hosts 51 ships, with 40 more at anchorage; Shanghai/Ningbo sees 92 docked and 81 waiting nearby. These ports, critical for international logistics, currently manage nearly 800,000 TEUs on-site, with another 650,000 TEUs in limbo nearby. This vessel accumulation disrupts the global shipping cadence, significantly delaying goods movement. Under normal conditions, ships would dock upon arrival or endure minimal waits—now, delays stretch beyond a week,…

Shanghai: Recent signs of recovery, global trade continues to grapple with significant headwinds in 2024. Last year saw a 1.2% decline in trade, primarily due to reduced imports from major markets like Europe and North America. While the easing of inflation and anticipated interest rate cuts have provided some optimism, substantial obstacles remain. Sluggish growth in developed economies, particularly the United States, threatens to dampen global demand. Recent US data reveals a concerning picture of weakened consumption, manufacturing, and labor markets, exacerbated by the lingering effects of high interest rates. Europe’s moderate growth is hampered by its limited economic autonomy,…

Prime Ministers Narendra Modi and Rishi Sunak expressed satisfaction with the progress of the Free Trade Agreement (FTA) discussions between India and the United Kingdom during a crucial meeting on the sidelines of the 50th G7 Summit. During the meeting, both leaders reviewed the advancements within the ambit of the Roadmap 2030, designed to strengthen the Comprehensive Strategic Partnership across multiple domains such as defense, trade, technology, and cultural exchanges. Contentment was noted regarding the progression in these sectors. Additionally, Modi extended his best wishes to the UK on the eve of its forthcoming snap general elections. Post-discussion, Modi utilized…

Republic of Korea has eliminated trade restrictions on beef imports from France and Ireland. This move follows sustained advocacy by the European Commission, highlighted by direct engagement from Executive Vice-President Valdis Dombrovskis during his visit to Seoul last November. The decision by Korea, one of the largest global markets for beef imports, to welcome products from these two EU member states marks a major expansion. Dombrovskis’s discussion with Korean ministers and legislators were effective in dismantling longstanding import barriers, ushering in a new phase of economic cooperation between the EU and Korea. This enhancement not only initiates beef exports from…

South African consumers face escalating rice prices, a staple food item, exacerbated by global market changes and the country’s substantial import reliance. Thabile Nkunjana, senior economist at the South African Government’s Trade Research Unit, noted the nation imported around 1.2 million tons of rice in 2023, marking an 8.4% increase from the previous year. The spike in prices largely stems from India’s recent restrictions on rice exports, a move that disrupted the global supply chain. As the world’s largest rice exporter, India’s policies heavily influence international pricing dynamics. “When India curtailed its rice exports in the second half of 2023,…