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 $1 for $20,077 to a record low. Since this year, the lira has fallen by more than 7% and devalued by more than 90% over the last decade. Turkey is struggling to cope with the crisis of cost of living, currency crash and exhaustion of foreign exchange reserves. Because of the limited foreign exchange reserves in Turkey, the actual interest rate is considerable.
Responding to the EUs Carbon Tariff”: Opportunities and Challenges for Chinese Companies
1 June 2023
On May 15, 2023, the European Union’s Carbon Border Regulation Mechanism Act, also known as the “Carbon Tariff” (CBAM), came into effect. The implementation of this bill indicates that “carbon tariffs” could become an important factor affecting international trade in the future.
Analysis of Vietnams 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 of great importance. This article explains in detail the import and export data of Vietnam in the first five months, as well as the continued sluggish export prospects. I. Export Data Reuters reported that data released by the General Statistics Office of Vietnam shows that Vietnams export value in the first five months of this year decreased by 1I. 6% year - on - year to 136I. 7 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 serious shortage of US dollars, and it cant even afford to pay the gas bills, and the import payments are repeatedly delayed. The Bangladesh Petroleum Corporation (BPC) owes more than $300 million in debt to six overseas companies, and some of these companies have sent fewer goods than the scheduled quantity or threatened to stop supplying. 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 strengthen its intra - Asian network, provide more convenient direct - sailing services, shorten transshipment times and increase capacity. This upgrade plan will come into effect in June 2023, providing customers with more efficient freight services. The following are the upgraded services and maiden voyage arrangements of MSC: Seagull -...
India plans to file a complaint with the WTO against the EUs carbon border adjustment mechanism
May 25, 2023
India has recently taken strong countermeasures against the EUs Carbon Border Adjustment Mechanism (CBAM). Commonly referred to as the EU carbon tariff, CBAM is scheduled to enter its transitional phase on October 1 this year. However, senior Indian government and industry sources reveal that India intends to file a complaint with the WTO against the EUs carbon tariff. Developing countries including India argue that the EUs introduction of trade...
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...
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