Retailers such as Walmart and Nordstrom will close 900 stores
22 May 2023
According to a report by CNN, the wave of store closures by retailers such as Walmart and Nordstrom in the United States will continue this year, involving complex reasons. Walmart plans to close about 20 stores, and Nordstrom will close 15 stores. The pharmacy chain CVS announced in 2021 that it plans to close 900 stores within 3 years. According to a report by UBS, in the next five years...
Russia's Vladivostok Port has become a domestic trade transit port in my country!
17 May 2023
Recently, the General Administration of Customs issued an announcement to implement the national strategy for revitalizing Northeast Chinas old industrial bases and to promote cross-border transportation cooperation for domestic trade goods using overseas ports. The decision was made to further expand the scope of cross-border transportation of domestic trade goods in Jilin Province. According to the announcement, the General Administration of Customs has agreed to expand the existing scope of cross-border transportation for domestic trade goods in Jilin Province to include Russia...
U.S. extends tariff exemption for 81 Chinese medical protection products until May 31
17 May 2023
The Office of the United States Trade Representative (USTR) issued a notice on May 12 local time, stating that the additional tariff exemptions for 81 Chinese medical protective products imported into the United States are about to expire, and an additional 16-day transition period will be provided, extending the validity period to May 31, 2023. Previously, in February of this year, the USTR temporarily extended the additional tariff exemption period for these 81 products by 75 days, to May 1...
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 rands exchange rate against the US dollar recently hit a record low, attracting market attention. Last Friday, the South African rand depreciated by 1.8% against the US dollar during trading, closing at 19.32 rand per 1 US dollar, reaching a record low. Throughout the week, the South African rand fell nearly 4.7% against the US dollar, the largest single-week depreciation in nearly 9 months. So, what caused...
Ecuador and China sign the first free trade agreement between Asian countries
15 May 2023
China and the relevant departments of the two countries officially signed the Free Trade Agreement via video on May 11, which is the first free trade agreement signed by Ecuador and Asian countries. It is that the China-Ecuador Free Trade Agreement includes a preamble and 17 chapters, through which the agreement, the two sides will a high level of mutual openness and promote China-Ecuador economic and trade cooperation in all aspects.
Export to Argentina issued the latest food standard requirements
12 May 2023
The Argentine Secretariat for Agriculture, Livestock and Fisheries and the Secretariat for Health Quality issued a number of resolutions on April 20-21, 2023, aimed at regulating food production and business activities, preventing food safety incidents, and ensuring food safety. These resolutions revised the Argentine Food Code and released the latest standard requirements. Among them, Joint Resolution No. 5/2023...
Brazil will exempt 628 types of machinery and equipment from import tariffs
12 May 2023
On May 9, 2023, the Executive Management Committee of the Brazilian Foreign Trade Commission issued an important decision to exempt 628 types of machinery and equipment products from import duties. The duty-free policy will last until December 31, 2025. This decision aims to promote Brazils economic development, enhance the competitiveness of enterprises, and stabilize domestic prices and reduce inflationary pressures. According to the committees announcement...
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