Global intermediate product exports will continue to decline in 2023
24 November 2023
In the second quarter of 2023, global exports of intermediate goods (Intermediate Goods, IG) showed a continuous downward trend, with a year-on-year decrease of 8%, totaling $2.3 trillion. This decline is due to reduced global consumer demand, mainly affected by high inflation and high interest rates, as well as stagnant commodity prices. In addition, the IG indicator of global supply chain activities, namely...
Thailand’s Land Bridge Project: Expected to Redirect the Global Shipping Pattern
22 November 2023
The Thai government recently launched a massive project worth $28 billion aimed at building a “l(fā)and bridge” to circumvent the bustling Malacca Strait. This initiative is expected to significantly reduce shipping time between the Indian and Pacific Oceans while reducing transport costs and has a profound impact on global shipping.
The impact of the growth of US oil exports on the global oil market
20 November 2023
In recent years, U.S. oil production has continued to grow, especially in the first nine months of 2023, with oil exports to overseas markets increasing by one-fifth compared to 2022, reaching about 4 million barrels per day. This growth has had a significant impact on the global oil market, especially against the backdrop of OPEC+ countries implementing production cuts.
Indias Ministry of Commerce and Industry Innovation Initiative: Automated Exporter Identity Certificate
16 November 2023
The Ministry of Commerce and Industry of India has taken a major step in improving the facilitation of foreign trade. Recently, Co-Minister Shri Piyush Goyal announced an innovative initiative, namely, the automated issuance of exporter identity certificates under the Foreign Trade Policy (FTP) in 2023. This change means that exporters will no longer need to submit applications to the General Administration of Foreign Trade (DGFT), but through...
Chinas steel exports increased by 34.8% in October
15 November 2023
Recently, data released by the General Administration of Customs of China showed that Chinas steel exports were strong in the ten months prior to 2023, up from 34.8% to 7473.2 million tons. This growth momentum has caused widespread attention in the market, especially in the context of the complex international political and economic situation.
US trade deficit widens in September: Challenges remain behind favorable export performance
13 November 2023
According to recent data released by the U.S. Department of Commerce, the trade deficit in commodities and services increased by 4.9 percent in September to $61.5 billion, above the $59.8 billion expected by economists. This growth is mainly due to the increased demand for foreign goods by U.S. consumers, the deficit in Chinese trade.
Bangladesh textile workers demand for wage increase sparks global garment industry debate
10 November 2023
Since the end of October, Bangladesh’s capital Dhaka and core industrial districts have continued to erupt in textile workers’ demonstrations demanding massive wage increases, sparking in-depth discussions about the world’s clothing industry’s highly dependent on low-cost labor. In Bangladesh, about 3,500 clothing factories employ 4 million workers, who frequently overtime to meet the needs of world-renowned brands, but only get the most.
The U.S. customs inspection rate has increased, and the U.S.-West route has returned to 2100.
November 8, 2023
On the eve of the trade boom, traders must not only deal with platform policy changes, but also with uncertainty in logistics delivery, such as overload of warehouse capacity and cabin tensions. More challengingly, the U.S. Customs Border Protection Agency (CBP) often increases check rates at this time, especially for checking the value of goods.
A major strike broke out at Australian ports, affecting logistics and transportation
7 November 2023
In a statement, the Australian Maritime Alliance announced a new round of protected strike operations at the Australian ports of the DP World Group, calling on trade unions to return to the negotiating table and noting that ongoing industrial operations have caused serious delays and disruptions in Australias import and export supply chain.
Follow Customer Service WeChat
