The Turkish lira exchange rate against the US dollar has fallen to a record low. Chinese foreign trade companies need to beware of risks
1 June 2023
On May 29, 2023, the Turkish lira fell to a record low of 20.077 lira per US dollar. The lira has fallen by more than 7% this year and has depreciated by more than 90% in the past decade. Turkey is struggling to cope with a cost-of-living crisis, a currency crash, and depleted foreign exchange reserves. Due to Turkeys limited foreign exchange reserves and significantly...
Responding to the EU's "Carbon Tariff”: Opportunities and Challenges for Chinese Companies
1 June 2023
On May 15, 2023, the European Unions Carbon Border Adjustment Mechanism (CBAM) law, also known as the “carbon tariff,” officially came into effect. The implementation of this law indicates that the “carbon tariff” may become an important factor affecting international trade in the future. In this context, how should Chinese export companies respond? For Chinese export companies, this is both an opportunity and...
Analysis of Vietnam's import and export data in the first five months: Export prospects continue to be sluggish
31 May 2023
In global trade, understanding and analyzing import and export data is crucial. This article explains in detail Vietnams import and export data for the first five months, as well as the continued sluggishness of the export outlook. I. Export Data According to Reuters, data released by the General Statistics Office of Vietnam shows that in the first five months of this year, Vietnams exports decreased by 1I. 6% year-on-year to 136.17 billion US dollars; among them, exports in May...
Bangladesh is facing a serious foreign exchange reserve crisis, and banks may not be able to pay for imports on time
30 May 2023
According to Reuters, Bangladesh is currently facing a severe shortage of US dollars, and cannot even afford to pay for gas bills, with import payments being repeatedly delayed. The Bangladesh Petroleum Corporation (BPC) owes more than 300 million US dollars to six overseas companies, some of which have shipped less than the scheduled amount or threatened to stop supplies. Bangladesh is struggling to cope with the damaged...
MSC announces upgrades to 11 intra-Asia routes
26 May 2023
Mediterranean Shipping Company (MSC) has announced the upgrade of 11 intra-Asia routes to further enhance its intra-Asia network and offer more convenient direct services, reduce transit times, and increase capacity. This upgrade initiative will take effect in June 2023, providing customers with more efficient freight services. The following are MSCs upgraded services and maiden voyage schedules: Seagull ...
India plans to file a complaint with the WTO against the EU's carbon border adjustment mechanism
May 25, 2023
India has recently taken a tough counteraction to the European Union’s Carbon Border Adjustment Mechanism (CBAM). CBAM is commonly referred to as the “EU Carbon Tariff” and the EU plans to launch a transitional period on October 1 this year. However, Indian government and industry senior sources have revealed that India intends to file a complaint with the World Trade Organization (WTO) about the EU’s carbon tariffs. Developing countries such as India believe that the EU has introduced...
Vietnam's foreign trade faces challenges, with declining exports becoming the focus
May 25, 2023
Vietnams foreign trade has faced a series of challenges, with exports down 11.9% year-on-year in the first quarter and a further 17.19% drop in April. Vietnams economy is highly dependent on exports, which has also led to a GDP growth of only 3.32% in the first quarter, the lowest in twelve years. However, the economic growth target of 6.5% this year has proven to be challenging. Vietnams export share by country Compared to...
China and Uzbekistan signed AEO mutual recognition agreement
24 May 2023
China Customs became Uzbekistan’s first “certified operator” (AEO) mutual recognition partner, announced at the “China-Central Asia Summit” held on May 18. The two sides signed the “Customs Agreement between the General Administration of the People’s Republic of China and the Customs Commission of the Ministry of Economy and Finance of the Republic of Uzbekistan on the “certified operator” system”, which marks China’s mutual recognition.
U.S. supply chains resume efforts but face material shortages and workforce challenges
23 May 2023
According to reports, the US supply chain is gradually recovering from the early pandemic shocks. However, more than three years later, the US is still facing material shortages and hiring difficulties. The past shocks led to a surge in transportation costs and squeezed the supply of various products from toilet paper to pasta. However, recently, as consumers shift their spending from big-ticket items such as furniture...
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