Vietnams foreign trade faces challenges, with declining exports becoming the focus
May 25, 2023
Vietnams foreign trade faces multiple challenges, with Q1 exports down 11.9% year-on-year and April seeing a 17.19% decline. Vietnams economy remains highly export-dependent, resulting in Q1 GDP growth of just 3.32%, the lowest in twelve years. However, this years 6.5% economic growth target proves challenging. Vietnams export distribution by country Compared to...
China and Uzbekistan signed AEO mutual recognition agreement
24 May 2023
China Customs has become Uzbekistans first Authorized Economic Operator (AEO) mutual recognition partner, a news announced at the China-Central Asia Summit held on May 18. The two sides signed the Arrangement on Mutual Recognition of the Authorized Economic Operator System between the General Administration of Customs of the Peoples Republic of China and the Customs Committee of the Ministry of Economy and Finance of the Republic of Uzbekistan, marking a significant step in...
U.S. supply chains resume efforts but face material shortages and workforce challenges
23 May 2023
Reports indicate that U.S. supply chains are gradually recovering from early pandemic shocks, yet after more than three years, local areas still face material shortages and hiring difficulties. Past disruptions led to soaring transportation costs and squeezed supplies of everything from toilet paper to pasta. Recently, as consumers shift spending from big-ticket items like furniture...
Retailers such as Walmart and Nordstrom will close 900 stores
22 May 2023
According to a report by CNN, the store - closing trend of retailers such as Walmart and Nordstrom in the United States will continue this year, and it involves complex reasons. As planned, Walmart will close about 20 stores, and Nordstrom will close 15 stores. The chain pharmacy CVS announced in 2021 that it planned to close 900 stores within 3 years. According to a report by UBS, in the next five years...
Russias Vladivostok Port has become a domestic trade transit port in my country!
17 May 2023
Export scope restrictions
U.S. extends tariff exemption for 81 Chinese medical protection products until May 31
17 May 2023
The U.S. Trade Representative’s Office (USTR) announced on May 12 local time that the tariff exemption for 81 Chinese imported U.S. medical protection products is about to expire, providing an additional 16-day transition period, which will be extended until May 31, 2023.
China and Australia restart economic and trade dialogue mechanism
16 May 2023
China-Australia economic and trade relations have received positive signals, Chinas Ministry of Commerce Minister Wang Ventao and Australias Trade Minister Farel jointly presided over the 16th China-Australia Ministerial Economic Joint Committee on May 12. The two sides agreed to restart the Joint Committee of the Free Trade Agreement, the High-Level Trade Relief Dialogue and other economic and trade dialogue mechanisms, strengthen cooperation in the fields of green low-carbon, Olympic infrastructure construction, and promote cooperation.
Industrial data fell more than expected in March, and the risk of a German recession rose.
15 May 2023
The decline in industrial production data in Germany in March far exceeded market expectations, raising market concerns about further deterioration of the German economy. The Federal Bureau of Statistics released data on Monday showed that the decline in industrial production in Germany in March was 3.4% and 1.3% more severe than analysts expected. Among them, poor performance in the automotive industry was one of the reasons for the decline in motor vehicles and automotive parts in March.
South African currency exchange rate hits a record low, beware of foreign exchange risks
16 May 2023
The South African Rand against the U.S. dollar exchange rate recently reached a new record low, attracting market attention. Last Friday, the South African Rand against the U.S. dollar exchange rate depreciated 1.8% in the plate, closing the Times 19.32 Rand against the U.S. Dollar, reaching a new record low. Thro the week, the South African Rand against the U.S. Dollar fell 4.7%, the largest weekly depreciation in 9 months.
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