Author: Editorial Desk

Global trade faces major hurdles with surging protectionism and fragmentation threatening its foundation. Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), recently highlighted these concerns during a BBC interview. She emphasized, “Global trade is really part of the lifeblood for making countries resilient – and also for underpinning growth, so we are concerned about that.” Rising protectionism and the undermining of WTO rules are leading to fragmentation, causing serious concern. Recent actions by major economies underscore these challenges. The European Union (EU) imposed provisional tariffs up to 37.4% on imports of Chinese electric vehicles (EVs), following the United…

South Korea’s auto industry has achieved a momentous milestone, with export values reaching $37.01 billion in the first half of the year. This marks a 3.8% increase from the same period last year, as reported by the Ministry of Trade, Industry and Energy and the Korea International Trade Association on July 7. This new record surpasses the previous high of $35.65 billion set last year. The surge is driven by robust demand for high-value vehicles, including electric vehicles (EVs), hybrid cars, and SUVs, particularly in markets such as North America and Europe. Exports to the United States saw a remarkable…

Global import markets now enforce stricter environmental and social responsibility standards. Vietnamese firms must pivot to green manufacturing to maintain export levels, as emphasized at a recent conference in Ho Chi Minh City. Ho Thi Quyen, Deputy Director of the Investment and Trade Promotion Centre of HCM City (ITPC), highlighted Vietnam’s growing integration with global markets, presenting new trade opportunities. During the conference, titled “Current Foreign Trade Transactions: Changes in Business Strategies and Disputes Management,” it was noted that Vietnam’s imports and exports surpassed $190 billion in the first half of 2024, reflecting a 14.5% year-on-year rise and a trade…

Rabobank’s Global Poultry Quarterly Q3 2024 report signals a return to normal conditions for the poultry market, driven by rising consumption and disciplined supply growth. The industry is set to grow by 1.5-2% this year, nearing historic levels after four years of disruption. Higher beef and pork prices have made chicken meat more competitive, with chicken prices rising only 2% compared to 4% for beef and 5% for pork. This price stability, along with increasing demand for processed poultry products, bodes well for the industry. Consumers are not only opting for more poultry but are also seeking higher-value products. Despite…

Spain has once again gained dominance in the global citrus trade, maintaining its status as the world’s top trader of fresh citrus fruits. During the 2023-2024 season, Spanish citrus exports outpaced imports by 2,509 million euros, amid major weather-related challenges. Spain commands a 25% share of global citrus exports, underscoring its vital role in the international market. A recent analysis of the 2023/24 citrus campaign reveals exports totaling 2.34 million tons, a 3.1% decline from the previous season and a 17.8% drop from the five-year average. Yet, the export value soared to 2,662 million euros, surpassing figures from both last…

Chairperson of the Export Processing Zone Authority (EPZA), Saifuddin Junejo, has urged the business community to leverage the EPZA’s latest initiatives which are private and public-participated Export Processing Zones (EPZs). These innovative concepts aim to boost investment and enhance Pakistan’s export potential. Private and Public-Participated EPZs Private EPZs offer potential investors the opportunity to develop, maintain, and operate export zones if they possess the necessary capital and land. Public-participated EPZs, by contrast, allow investors to develop and maintain these zones, with operations managed exclusively by the EPZA. During a presentation at the Karachi Chamber of Commerce and Industry (KCCI), Junejo…

Iran’s Central Bank Governor, Mohammad Reza Farzin, has announced plans for a joint financial institution with BRICS nations during a recent gathering of Russian economists in St. Petersburg. Farzin underscored the dedication of Iran and Russia to enhance bilateral financial collaboration by promoting national currencies over the US dollar. Farzin highlighted that using the ruble, yuan, dirham, and rial in transactions would help surmount trade barriers between Iran, Russia, China, and other nations. The proposed institution, modeled after the Financial Action Task Force (FATF), seeks to deepen financial ties among BRICS members. Additionally, Farzin invited Russia to join the Asian…

The Automotive Tyre Manufacturers’ Association (ATMA) reported a severe shortage of domestic natural rubber, warning of potential disruptions to tire production unless supply issues are urgently addressed. Despite soaring natural rubber (NR) prices, availability has dwindled, with ATMA suspecting that some segments of the rubber industry might be withholding supplies in anticipation of further price hikes. ATMA Director General Rajiv Budhraja said the tire industry has been experiencing tightness in the domestic availability of natural rubber for some time. Currently, a severe crunch is being witnessed despite NR prices reaching a multi-year high. The lack of natural rubber must be…

South Korean Minister of Trade Ahn Dukgeun plans to expand trade with Vietnam via major infrastructure projects and a sustainable supply chain. Speaking at the South Korea and Vietnam Business Forum in Seoul, Ahn highlighted the 32-year relationship between the two nations and their growing friendship. Ambitious Trade Goals Ahn called for collaboration on large infrastructure projects and the establishment of a sustainable supply chain to boost bilateral trade from $76 billion last year to $100 billion by 2025 and $150 billion by 2030. He emphasizes Vietnam’s rare earth resources and South Korea’s advanced manufacturing technology as complementary strengths that…

Israel’s global trade dropped 18% during the last quarter of 2023, while trade with Arab nations saw only a 4% decrease. This resilience underscores the Israel-Arab’s evolving economic relationships. A joint investigation by Middle East Eye (MEE) and Arabic Post revealed that hundreds of food products from various Arab countries are certified kosher and sold in Israel. Despite international condemnation and calls for boycotts over alleged genocide and the deaths of over 37,000 Palestinians in Gaza, 3367 kosher products from Arab and Muslim countries have been imported to Israel, including 442 products from 80 companies based in Arab countries. The…