Transatlantic:
China/East Asia – North America West Coast increased with 3% and the sub-index sits at 1609$;
China/East Asia – North America East Coast closed at 2357$, up 7% WoW;
Corss Suez:
China/East Asia – North Europe: 1249$, +18% (4th consecutive week of appreciation); China/East Asia – Mediterranean: 1551$, + 13%.
The overall index for the same week last year (2022) was at 3363.78$.
Korea: Exports rebound for the first time in thirteen months (link)
Exports rebounded in October, driven mainly by solid vehicle and machinery exports, along with signs of improvement in chip exports, suggesting that global demand conditions are holding up well. However, the weak manufacturing PMI hints that the expected export recovery will only be modest
China: Momentum waned in October (link)
PMI data for October showed momentum in China’s economy waned following recent improvements in hard activity data. The manufacturing PMI dropped back into contraction territory and the non-manufacturing PMI also fell
India sets $800 per ton minimum export price on onions till end-December (link)
India has set a floor price of $800 per metric ton minimum export price on onions up to December 31, the government said on Saturday, in a bid to ensure adequate domestic availability and to stabilise prices.
EU-Australia free trade deal collapses (link)
Australia walked away from the latest round of negotiations for a free trade deal with the European Union saying it was unable to secure enough for its farm exports. Ministers said it could take years for a deal to be reached.
VN’s exports to the UK encounter challenges amid shifting policies and global conditions (link)
The export of Vietnamese goods to the United Kingdom is currently facing several challenges, attributed to both unfavourable international conditions and shifts in the trade and economic policies of the United Kingdom. Overcoming these hurdles will require increased proactive efforts from domestic businesses and regulatory authorities.
Eurozone economy braces itself for prolonged sluggishness (link)
Economic sentiment dropped in October as the first countries reported somewhat better-than-expected GDP growth in the third quarter, making a technical recession in the second half of the year unlikely – but a decline in 4Q is a realistic prospect. Businesses report a slight tick-up in selling price expectations, but hard data still looks benign
German economy remains stuck in stagnation (link)
According to the just-released first estimate, the German economy remains stuck in stagnation. In the third quarter, German GDP growth fell by 0.1% quarter-on-quarter, from a slightly upwardly revised +0.1% QoQ in the second quarter. First quarter GDP growth was also revised upwards from -0.1% QoQ to zero. On the year, the German economy shrank by 0.3% in the third quarter. GDP details will only be released at the end of November but available monthly data as well as the statistical agency’s press release suggest that private consumption was the main drag on the economy.
more bad news for Germany…
German exports disappoint once again (link)
Things are still looking pretty downbeat for Germany’s economy. German exports disappointed again and dropped by 2.4% month-on-month in September. The only positive of this data release is that the August drop was revised into an increase of 0.1% MoM. September imports fell by 1.7% from -0.3% MoM in August. As a consequence, the trade balance narrowed to €16.5 billion from €17.7 billion in August. Don’t forget that this is in nominal terms and not corrected for high inflation. To warp up another disappointing macro morning from Germany, exports were down by 7.5% compared with September last year.
Turkey – Customs Duty Increase on Almonds and Walnuts (link)
Customs tariffs for walnuts and almonds from all origins have increased to 15 percent. The 10 percent Section 232 retaliatory tax on U.S.-originated walnuts and almonds continues. The Additional Financial Responsibility (AFR) for in-shell walnuts has been increased to 406 USD/MT. For shelled walnuts the AFR is increased 1,099 USD/MT. The AFR for in-shell almonds has been raised to 580 USD/MT, and the AFR for shelled almonds was raised to 416 USD/MT. FAS/Turkiye.
The Radical Reshaping of Global Trade (link)
The world is shifting from a global trade order to a devolved one in which bilateral agreements, multiple spheres of influence, and self-interested government policies are likely to loom large. Companies should prepare now for a new, fragmented, non-system that will operate in a “permissionless” manner, where organizations will leverage technology to provide coordination amongst stakeholders. The view of globalization as an arm-in-arm march forward has officially been shattered. As companies navigate the reality of new spheres of influence, and bilateral, rules-based trading agreements, those who can build organizations that are resilient and permissionless will benefit the most.
This issue word cloud:
