Vietnams tax cuts are delayed to help the economy recover!
18 July 2024
Extension of Value-Added Tax Reduction Policy According to the Vietnamese Ministry of Finance, the ministry is actively coordinating with relevant departments to apply to the government and the Prime Minister to extend the value-added tax (VAT) reduction policy until the end of 2024. Specifically, from July to December 31, 2024, a 2% tax rate reduction will be implemented for some goods and services subject to a 10% VAT. It is estimated that this policy will reduce national budget revenue by approximately...
China's imports and exports of synthetic rubber have doubled, and demand for key rubber species is strong!
17 July 2024
Recently, the China Synthetic Rubber Industry Association released data on Chinas synthetic rubber imports and exports from January to May. The data shows that in the first five months of this year, both the total import and export volume of Chinas synthetic rubber achieved year-on-year growth. The main imported rubber types were styrene-butadiene rubber (SBR), butyl rubber (IIR), and butadiene rubber (BR). According to statistics, from January to May, China imported a total of 587,000 tons of major synthetic rubber...
The United States and Mexico have joined forces to build trade barriers, pointing directly at China's steel and aluminum products!
July 15, 2024
On July 10th, local time, the United States and Mexico announced a new measure to implement the so-called North American melt and pour steel standard, aimed at preventing China and other countries that ship products through Mexico from circumventing U.S. tariffs on steel and aluminum. Background and Content of the New Measures According to a Reuters report, the White House stated that under the authority of U.S. President Biden...
In the Russian foreign exchange market, the RMB’s share soared to 99.6%!
12 July 2024
Bloomberg reported on July 10th that the latest report released by the Central Bank of Russia shows that the share of the Chinese yuan in the Russian foreign exchange market has reached 99.6%. This phenomenon indicates that after the new round of U.S. sanctions against Russia, Russia is accelerating its move away from the U.S. dollar and the euro, and is instead relying on the yuan for foreign exchange transactions. Renminbi Share Reaches 99.6% On July 9th, the Central Bank of Russia released its 6...
South Korea's exports to China have recorded the largest decline in 40 years, and the trade deficit has appeared!
11 July 2024
According to a report by Yonhap News Agency on July 1st, a report released by the Korea International Trade Associations Institute for International Trade and Commerce on July 1st showed that South Koreas exports to China (mainland China) decreased by 19.9% year-on-year last year, the largest drop in nearly 40 years. During the same period, South Koreas trade balance with China shifted from surplus to deficit for the first time since 1992. Significant Decline in Exports to China The report shows that in 2023, South Koreas exports to China...
Shipping market earthquake: the truth behind the drop in shipping prices and the backdrop of stock prices!
July 10, 2024
Recently, the container shipping market price hike plan, scheduled to be implemented on July 1, triggered a market price hike due to the Mediterranean Shipping (MSC)ining the original price on the U.S. West Line, and most companies have reduced shipping prices. The U.S. East Line price hike is basically implemented, but there is a possibility of a future reduction. MSC announced shipping prices will beined until the end of July, bringing a breath for shippers. At the same time, the European line has slowed down, and the port congestion in Singapore has changed.
The surge in China's home appliance exports: Opportunities and challenges under the global market recovery!
July 9, 2024
Since the beginning of this year, driven by the recovery of international market demand, Chinas home appliance exports have achieved steady growth. While exports continue to improve, it is also important to recognize that home appliance exports still face a complex and severe external environment. On the one hand, international market demand is weak and the world economy is sluggish; on the other hand, trade protectionism is rising, geopolitical conflicts are intensifying, and inflation is spilling over in the European market...
South Korea's chip exports hit a record, and AI demand detonated the global market!
July 4, 2024
According to the Korean Associated Press, local time on July 1, data released by the Ministry of Industry and Commerce Resources of South Korea showed that with the global demand for artificial intelligence (AI) boom, the export of Korean chips recorded a record high. data showed that South Koreas exports increased by 5.1% in June, reaching $ 57 billion, achieving growth for the ninth consecutive month. while imports dropped by 7.5% in June, to $ 49 billion.
China's photovoltaic exports face new challenges in carbon footprint. How can companies break through?
July 3, 2024
In recent years, Chinas photovoltaic products have not only played an important role in promoting domestic and foreign trade quality increase and stability, optimizing foreign trade structure, but also contributed positively to leading global green development and energy innovation.H, with several countries in succession put forward carbon footprint accounting standards and requirements for photovoltaic component products, Chinas photovoltaic industry development and product export is facing new challenges.
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