Red Sea Disruptions Challenge Egyptian Citrus Exports (link)
Attacks by Houthi rebels in Yemen on commercial vessels have resulted in many shipping companies rerouting away from two of the world’s busiest shipping routes — the Red Sea and Suez Canal. The risks posed by these attacks (primarily in the Bab al-Mandab corridor) have disrupted global trade and the supply chain, including Egyptian citrus exports. Given the challenges of accessing certain key markets, primarily in Asia, FAS/Cairo is amending its forecast for Egyptian orange exports for marketing year 2023/2024 (October to September) – reducing the forecast by 250,000 metric tons (to 1.75 million metric tons).
Top 10 trading partners for Nigeria’s exports (link)
When talking about Africa’s natural endowments, Nigeria stands out. With this wealth of natural resources Nigeria relies heavily on exports to balance its trade and generate foreign exchange.
China Has Never Canceled This Many Shipments of US Wheat (link)
(Bloomberg) — China canceled another batch of US wheat export shipments, adding to an already record number of cancellations that have weighed on Chicago futures.
The US Department of Agriculture in a Monday statement said private exporters exited purchases of 264,000 metric tons of US soft red winter wheat to China. It was the third straight session with such an announcement, bringing the cancellation total to 504,000 tons, the most in USDA data going back to 1999.
Egypt expects IMF deal to activate 3 bln USD additional World Bank funding: minister (link)
CAIRO, March 10 (Xinhua) — Egypt expected to receive a 3-billion-U.S. dollars loan from the World Bank after the country reached an initial agreement with the International Monetary Fund (IMF) to expand the latter’s loan arrangement, Egyptian Minister of Finance Mohamed Maait told a press conference on Sunday.
India signs a trade accord with 4 European nations for $100 billion investment over 15 years (link)
NEW DELHI — India signed a trade agreement with Iceland, Liechtenstein, Norway and Switzerland on Sunday that includes a commitment of $100 billion in investments and creating 1 million direct jobs in India in the next 15 years.
US manufacturing outlook: Better times are coming (link)
The US economy as a whole has been consistently surprising to the upside, but the manufacturing sector has been languishing. Even so, a growing belief in a soft landing and the potential for significant interest rate cuts could bring renewed vibrancy to the sector. Politics, trade and policy missteps are all potential threats to be aware of
Report: Turkiye – Oilseeds and Products Annual (link)
Assuming the return of more favorable growing conditions and yields that are in line with historical averages, Turkey is expected to produce more sunflowerseed, cottonseed, and soybeans in MY 2024/25 compared to the previous year, which was marked by dry weather conditions in parts of the country. To stabilize local market conditions and curb inflationary pressures, the government instituted a lower-duty import quota for sunflowerseeds and sunflower oil from January-April 2024. The surge in sunflower oil imports, most of which is crude sun oil, is expected to continue in MY 2024/25. Most of this imported sun oil will be refined and re-exported to neighboring markets.
