Saudi exports declined 14 percent in Q4 and China remains leading trading partner
March 5, 2024
The International Trade Overview for the fourth quarter of 2023, recently published by the General Bureau of Statistics of Saudi Arabia (GASTAT), revealed that Saudi Arabias overall commodity exports fell 14.4% compared to the case of 29.79 billion rials. This decrease was largely affected by a decrease in oil exports, with oil exports falling 17.8% compared to 22.68 billion rials. Though non-oil exports (including re-exports) and...
The WTO predicts lower-than-expected global trade growth in 2024
March 1, 2024
At a major conference held in Abu Dhabi, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala issued a warning about the prospects for global merchandise trade. According to Reuters, Okonjo-Iweala said on February 26 that the growth rate of global merchandise trade in 2024 may not reach the expected target of 3.3%. This statement is significantly lower than the 3.3% forecast in October last year...
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
On the eve of the recent meeting of the G20 finance ministers, U.S. Treasury Secretary Janet Yellen showed clear optimism about the global economy this year at a press conference in Sao Paulo, Brazil. According to her, although the International Monetary Fund (IMF) and other agencies had previously predicted a total slowdown in the global economy in 2023, actual data showed...
Qatar expands LNG production capacity, plans to increase production by 85% by 2030
27 February 2024
Qatar announced an ambitious plan to significantly increase its production and supply of LNG, a move seen to strengthen its position in the global energy market while also preparing to respond to changing international energy needs.
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.
Red Sea crisis hits Suez Canal hard, Egypt's economy under pressure
22 February 2024
Tensions and ongoing conflicts in the Red Sea region, especially the increase in Houthi armed activity, have had far-reaching effects on the economic activity of the Suez Canal in Egypt.In February 2024, U.S. and British airstrikes on Houthi armed targets further aggravated regional instability, leading to large-scale shutdowns on international routes to the Red Sea and a cliff-down in Suez Canal revenue.
Chinas Spring Festival Trade Dynamics to Promote Global Supply Chain Stability
21 February 2024
During the Long Year Spring Festival, Chinas international trade activity was not slowed down by the festival, but instead showed unprecedented vitality and efficiency. Travelling through Central Europe, busy ocean freight ships, 24-hour cross-border e-commerce and overseas warehouses together make up a vivid picture of Chinas deep integration with the world. Especially in Shanghais Oaxaca Harbour, the uninterrupted operation during the Spring Festival,...
Vietnam's Ministry of Industry and Trade promotes export growth, strengthens global trade cooperation
February 20, 2024
The Ministry of Industry and Trade of Vietnam is taking a series of forward-looking measures to boost the country’s trade and export growth and respond to the challenges of changing global markets. In a recent interview, Minister Nguyen Hong Ying stressed that 2024 will focus on strengthening trade relations with major markets and helping explore emerging and potential export markets. These measures aim to ensure that Vietnam is in an uncertain global economy.
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