Author: Editorial Desk

In a decisive enhancement of economic sanctions against Russia, the United Kingdom and the United States have declared new initiatives aimed at stifling Russian revenues from metal exports, a primary source of Kremlin’s military financing. These measures integrate the world’s leading metal exchanges—the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME)—into the ambit of extant prohibitions, effectively ceasing the trade of newly produced Russian aluminium, copper, and nickel on these platforms. As Russia’s second-largest export commodity after energy, metals experienced a marked devaluation since the initiation of Russia’s military engagements in Ukraine. The valuation of Russian metal exports…

The European Union’s recent measures against Chinese wind turbine manufacturers might sabotage international efforts to combat climate change, states China’s Ministry of Commerce. Announced this past Thursday, this action involves the EU probing Chinese wind turbine suppliers under the newly minted Foreign Subsidies Regulation. The investigation focuses on the construction of wind parks across Spain, Greece, France, Romania, and Bulgaria, scrutinizing whether subsidies have unduly favored Chinese companies. During a Beijing press conference, Ministry spokesperson He Yadong lambasted the EU’s decision as a breach of free trade tenets and a resurgence of protectionism within the bloc. He declared that These…

China has signaled readiness to diversify Namibian Imports, marking an evolution in the trade relationship between these two nations. With bilateral trade exceeding $1.3 billion in 2023, a 16.5% increase from the previous year, China remains a pivotal market for Namibia’s primary exports including minerals like uranium and lithium, as well as agricultural staples such as beef and oysters. Recent negotiations seek to extend the range of exported goods, incorporating Namibian deep-sea red crab, abalone, mutton, grapes, and frozen lobster into the Chinese market. Shen Jian, Chargé d’affaires at the Chinese Embassy, conveyed this during an information session at the…

The United Kingdom’s decision to temporarily suspend the 8% Global cut flower tariff marks a significant development for Kenya’s floriculture sector. Announced by the British High Commission, this two-year elimination of the UK Global Tariff (UKGT), effective from April 11, 2024, to June 30, 2026, promises zero tariffs on unlimited quantities of flowers, even those transiting through third countries. This policy adjustment aims to streamline trade and reduce costs for East African growers and others worldwide. Previously subjected to an 8% tariff when transiting through third nations, flower exports can now reach the UK market under more favorable economic terms.…

The World Trade Organization (WTO) unveiled predictions on Wednesday, forecasting a progressive surge in global commerce throughout the current year, extending into 2025. This rebound signals an easing of the negative impacts associated with elevated inflation rates, as delineated in the organization’s ‘Global Trade Outlook and Statistics’ report. Projections indicate a 2.6% escalation in total global trade volumes for 2024, with an additional 3.3% upswing anticipated for 2025. These figures contrast sharply with the preceding year’s 1.2% contraction, a consequence primarily attributed to the fallout from inflationary pressures and the repercussions of escalated interest rates on international commerce. Ralph Ossa,…

China has announced its intention to strengthen cooperation with Russia, particularly in maintaining international industrial supply chains, in light of the sanctions imposed by Western countries. This announcement came during a joint news conference in Beijing, where Chinese Foreign Minister Wang Yi and his Russian counterpart, Sergey Lavrov, had discussions. Wang emphasized China and Russia’s mutual stance against economic decoupling and the creation of barriers in supply chains. This comes as the United States has intensified restrictions on exports of advanced semiconductors to China among other economic security measures. Lavrov highlighted the unprecedented level of partnership and strategic interaction between…

Uzbekistan’s Ministry of Agriculture, addressing concerns regarding potential sugar scarcities due to Russian export restrictions, confidently asserts the nation’s sugar supply stability. Annual sugar consumption within Uzbekistan ranges from 650,000 to 700,000 tonnes, a demand comfortably surpassed by the country’s prolific sugar production infrastructure. Leading entities like Angren Shakar and Xorazm Shakar elevate national output beyond 900,000 tonnes annually, not merely satisfying local requirements but also fortifying reserves against global market shifts. These industrial powerhouses collectively dispatch around 2,100 tonnes of sugar into the marketplace daily, a stark contrast to the modest average sales tally of 300 tonnes. Such productive…

Era-defining globalization coupled with the imperatives of streamlined supply chains heralds Vietnam’s emergence as a critical logistics nexus. Demonstrating unequivocal commitment to enhancing its logistics framework—a linchpin of economic advancement—forty-five provinces and cities across Vietnam have unfurled logistics service development plans. Concurrently, forty-seven locales report on robust logistics activity implementation over the preceding annum, showcasing a national endeavor towards infrastructural fortification. A recent convocation in Hà Nội by the Agency of Foreign Trade (AFT) under the Ministry of Industry and Trade (MoIT) brought together municipal and provincial departments to deliberate on logistics sector oversight. AFT Director Nguyễn Anh Sơn spotlighted…

The Philippine Department of Trade and Industry (DTI) recently announced the dispatch of the second mango export to Australia. This event is not only a significant achievement for the Philippines’ agricultural sector but also a strong indicator of the growing trade relationship between the Philippines and Australia. The announcement highlighted the trade partnership’s remarkable progress, with bilateral commerce reaching an impressive $4.1 billion in 2023, demonstrating a 20% increase compared to the previous year. Trade Secretary Alfredo Pascual articulated confidence in the venture’s capacity to bolster the bilateral trade framework, noting the global acclaim of Philippine mangoes for their superior…

A remarkable resurgence characterizes Bangladesh’s leather export sector, as evidenced by recent data from the Export Promotion Bureau (EPB). The nation secured $100.40 million from sales of semi-finished leather during July-March of the 2023-24 fiscal year, registering a 9.8 percent ascent over the corresponding period the previous year. This uptick in exports predominantly stems from increased Chinese demand for semi-finished leather, a strategic move to maintain competitive edge amidst US trade tensions. Industry experts highlight China’s import strategy, involving the procurement of semi-finished leather from Bangladesh for further processing and manufacturing into finished goods in Vietnam and Cambodia. This method…