EU plans to raise concerns about Chinas retrospective tariffs on electric vehicles
March 7, 2024
As global electric vehicle (BEVs) market competition intensifies, the European Commission’s latest initiative could further tighten trade relations with China and Europe.According to Reuters reports on Tuesday, the European Commission has issued an emergency notice announcing plans to customs registration of pure electric vehicles imported from China, as part of its counter-subsidy investigation.This measure could lead to...
Bangladesh Surpasses China to Become Britains Largest Exporter of Clothing
March 6, 2024
In recent months, Bangladesh and China have been in fierce competition on the UK clothing export market. According to the latest data released by the British government, between January and November 2023, Bangladesh has surpassed China in four months, becoming the largest clothing exporter on the UK market. This achievement marks Bangladesh’s position in the global textile industry is continuing to grow.
Egypt continues to expand Suez Canal to meet shipping challenges
March 6, 2024
Despite the challenges of sea navigation caused by the Houthi attacks, Egypt continues to expand and improve the Suez Canal. Since December last year, tensions in the Red Sea region have had a significant impact on the Suez Canal traffic, reducing sea traffic into the Mediterranean Sea by more than 60 percent.
Saudi exports declined 14 percent in Q4 and China remains leading trading partner
March 5, 2024
The General Authority for Statistics (GASTAT) of Saudi Arabia recently released the Q4 2023 international trade overview, revealing a 14.4% year-on-year decline in the countrys total merchandise exports to SAR 297.9 billion. This decrease was primarily driven by reduced oil exports, which fell by 17.8% year-on-year to SAR 226.8 billion. Although non-oil exports (including re-exports) showed...
The WTO predicts lower-than-expected global trade growth in 2024
March 1, 2024
At a key meeting in Abu Dhabi, WTO Director-General Ngozi Okonjo-Iweala issued a warning about the outlook for global merchandise trade. According to Reuters, Okonjo-Iweala stated on February 26 that global merchandise trade growth in 2024 may not reach the projected target of 3.3%.
India raises import duty on precious metals and jewellery accessories to 15%
29 February 2024
The Government of India has taken new steps in its ongoing economic reform and fiscal adjustment.Since January 22, 2024, the Central Tax and Customs Commission of India has made major adjustments to the import policy of precious metals and jewelry accessories, significantly increasing the import tariff rate, especially for gold and silver accessories and precious metal coins, with the new tax rate set at 15%, which includes 10%.
Yellen optimistically predicts global economic growth in 2024, inflation is expected to decline
29 February 2024
This statement is significantly lower than the...
Qatar expands LNG production capacity, plans to increase production by 85% by 2030
27 February 2024
Ahead of the recent G20 Finance Ministers meeting, U.S. Treasury Secretary Janet Yellen expressed notable optimism about the global economy this year during a press conference in S?o Paulo, Brazil. According to her, despite earlier predictions by the IMF and other institutions of a broad slowdown in the global economy in 2023, actual data showed that...
The United States has intensified sanctions against Russia, and global trade tensions have risen.
23 February 2024
As U.S. President Biden announced the imposition of so-called “second-tier sanctions” on financial institutions globally supporting Russia’s special military operations in Ukraine, international financial markets rapidly tightened their attitudes toward Russia, and multinational banks began to review business transactions with Russia, especially cross-border transactions.
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