Author: Editorial Desk

The International Air Transport Association (IATA) has reported an ongoing recovery in the global air cargo markets for July 2023, despite various worldwide challenges including inflation and supply chain delays. Although the growth of air cargo is still trailing behind global trade, the gap has shrunk to -0.8 percentage points in June, the smallest margin since January 2022. IATA’s Director General, Willie Walsh, noted that despite many fundamental drivers of air cargo demand remaining weak or deteriorating, the strengthening demand gives reason for cautious optimism. Walsh highlighted that while there are growing concerns over China’s economic development, shorter delivery times,…

A joint briefing was presented to the G7 trade ministers by The Aluminium Association of Canada, European Aluminium, The Aluminium Association, and the Japan Aluminium Association. It comes ahead of the scheduled meetings in Osaka, Japan, in October. Entitled ‘Aluminium Supply Chain Pathways to Net Zero GHG Emissions and Fair Global Markets: Priority Action Areas,’ the document underscores aluminum’s critical role in the transition to a low-carbon economy and green transition. It also outlines strategies for sector decarbonization while addressing market distortions caused by non-market economies like China. The report states that the global demand for aluminum is expected to…

The aggregate revenue of the public enterprises headquartered in China among the top 10 Asia-Pacific (APAC) cities, in terms of GDP, amounted to $8.4 trillion (47.9%) in 2022, finds GlobalData, a leading data analytics and research company. An analysis of GlobalData’s Company Profiles Database reveals that five cities from China—Beijing, Shanghai, Shenzhen, Guangzhou, and Chongqing—featured in the list of top 10, followed by Japan with two cities—Tokyo and Osaka. GlobalData ranked the cities based on the total revenue generated by the public companies headquartered in each city in 2022. The sample size considered for the research was about 29,000 public…

The World Trade Report 2023, themed ‘Reglobalisation for a Secure, Inclusive and Sustainable Future’, recently released in Geneva, Switzerland, sheds light on a significant shift in Bangladesh’s export sector. The growth rate of digital services exports is eclipsing that of traditional goods, underlining the potential of digital services in the nation. although this sector remains relatively nascent and requires a policy push for full potential realization. The report, citing World Trade Organisation (WTO) estimates, reveals that since 2005, Bangladesh’s exports of digitally delivered services have grown annually at a rate of 15%, compared to a slower 11% growth rate for…

President Xi Jinping declared a fortifying of Sino-Venezuelan ties during a meeting with Venezuelan President Nicolas Maduro, on Wednesday as per state-run media. Following a tour of Shanghai and other Chinese metropoles, Maduro landed in Shenzhen before proceeding to the capital for his initial official visit since 2018. His stay, scheduled until Thursday, is part of an effort to secure Venezuela’s inclusion in BRICS, a coalition of burgeoning economies, Brazil, Russia, India, China, and South Africa. As Venezuela’s principal creditor, China has maintained a steadfast alliance with the diplomatically estranged nation, despite its hyperinflation woes. President Xi reaffirmed China’s backing…

The World Trade Organisation (WTO) has issued a stark warning against the global trade split into separate blocs, labeling it as ‘extremely costly’ and a potential trigger for global instability. A recent report from the organization highlights the repercussions of geopolitical tensions on trade flows and challenges the rising belief that the integration of the global economy over the past 25 years was ill-advised. Ngozi Okonjo-Iweala, WTO Director-General, conceded the organization’s shortcomings yet contended that fortifying the trading system is far more beneficial than forsaking it. She stated, “The alternative to rules-based integration is power-based fragmentation and a world of…

Despite the backdrop of significant tariffs, China persists as the primary market for Australian grain and agriculture products. Exports to the People’s Republic have climbed to an unprecedented $16.6 billion, an increase of over 20%, as indicated by a Rural Bank report. Utilizing data from the Global Trade Atlas until June 30, 2023, the report underscores the agricultural sector’s enduring dependence on its most profitable customer, notwithstanding political discord and trading obstacles. This unparalleled export figure is striking, given that several crucial agricultural products, including wine, seafood, hay, and until recently, barley, encountered hefty tariffs and trading prohibitions in China.…

A significant meeting between Prime Minister Narendra Modi and Saudi Arabian Crown Prince Mohammed bin Salman Al Saud took place at Delhi’s Hyderabad House, emphasizing the necessity of the India-Saudi Arabia partnership for the stability and welfare of not only the region but the world at large. The focal points of the discussion during the Crown Prince’s state visit encompassed trade, economy, defense, and cultural cooperation. Both distinguished leaders co-chaired the inaugural meeting of the Strategic Partnership Council, a pivotal bilateral agreement inked in Riyadh in 2019. PM Modi articulated, “We are adding a new dimension to our ties in…

To stem the swift decline of its limited foreign exchange reserves, Pakistan’s interim government is contemplating the implementation of stringent regulatory Import duties on an extended list of luxury and non-essential items. This initiative is one aspect of a comprehensive strategy that also encompasses the revitalization of regionally competitive gas and electricity rates for sectors oriented towards exports, as well as other measures to bolster foreign exchange inflows via exports. These measures were recently deliberated upon during meetings of the Special Investment Facilitation Council (SIFC), an authoritative body consisting of members from both the civilian and military sectors. Leading this…

Greece and China are on course to deepen their collaboration on shipping finance, as revealed at a recent conference at the significant Greek port of Piraeus. The event, a joint effort by the Association of Banking and Financial Executives of Hellenic Shipping (ABFEHS) and the Chinese embassy in Greece, took place within the framework of China’s Belt and Road Initiative (BRI), a worldwide infrastructure development strategy. George Xiradakis, President of ABFEHS, pointed out that Greece represents a secure investment platform for seagoing trade, accessible to both financial institutions and private investors. He emphasized the expansion of the Greek-owned fleet and…