The situation in the Red Sea is a worrying development for international shipping and trade. The US-led initiative to form a multinational naval force could help to deter further attacks and ensure the safe passage of vessels.
Amid Friday’s attacks and growing evidence of route delays and diversions, the share price of ocean carrier Zim (NYSE: ZIM) spiked 18% in more than quadruple average trading volume. Shares of Hapag-Lloyd surged 16%. Maersk’s stock closed up 8%.
Amid escalating tensions in the Red Sea, marked by attacks on Israeli and European-owned vessels, and ongoing war in the Black Sea, NATO has responded with a notable escalation in its budgetary commitments for 2024. The military budget is slated for a 12% increase, reaching 2.03 billion euros, and the civil budget is set to witness an 18.2% rise, amounting to 438.1 million euros. Concurrently, European maritime leaders have been vocal in their demands for increased naval protection for shipping routes. But who will pay for this protection and how will it be organized?
Swedish Ambassador to Indonesia Daniel Blockert recently said that Stockholm would like to import more goods from Jakarta.
Indonesia mainly exports goods such as palm oil and leather footwear to Sweden, according to the Observatory of Economic Complexity (OEC). Trade Ministry data shows that Indonesia is importing more than it exports to Sweden, putting Jakarta in a constant deficit worth hundreds of millions of American dollars over the past few years.
“We want to increase Indonesian exports to Sweden as well. It should go in both directions,” Blockert told the Jakarta Globe on the sidelines of the recent 2023 Sweden-Indonesia Sustainability Partnership conference in Jakarta.
Requirements to Label Pet Food as “Organic” Under Regulation 2023/2419, pet food can be labeled as “organic” in the sales description and in the list of ingredients if: o At least 95 percent of the agricultural ingredients of the product by weight are organic and o It complies with detailed production rules set in Annex II of Regulation 2018/848 for processed feed. If less than 95 percent of ingredients are organic, individual ingredients can be labeled as organic in the list of ingredients. The list of ingredients shall include an indication of the total percentage of organic ingredients in proportion to the total quantity of agricultural ingredients.
On December 7, 2023, the Veterinary Service at the Ministry of Agriculture of the Kyrgyz Republic informed the U.S. Department of Agriculture in writing that they will no longer accept the U.S. Department of Agriculture’s, Food Safety Inspection Service, 9060-5 Meat and Poultry Export Certificate of Wholesomeness. USDA is actively working to resolve this issue.
On December 8, 2023, the Government of Egypt filed a seventh addendum to the World Trade Organization’s (WTO’s) Committee on Technical Barriers to Trade (TBT) – G/TBT/N/EGY/313/Add.7 – extending the requirement for halal certification for imported milk and dairy products until December 31, 2024. This deadline has been extended several times already.
As China’s largest durian-import port in south China’s Guangxi Zhuang Autonomous Region, Youyiguan used to handle durians imported mainly from Thailand. However, since gaining market access to China last year, fresh durians from Vietnam are now quickly catching up.
Prices for U.S. imports decreased 0.4 percent in November following a 0.6-percent decline the previous month, the U.S. Bureau of Labor Statistics reported today. Lower fuel prices in November more than offset an increase in nonfuel prices. U.S. export prices fell 0.9 percent for the second consecutive month in November.
The United States consumes 1.3 million tons of table grapes per year on average, with imports accounting for slightly more than half. The main suppliers are Peru, Chile, and Mexico, which combined account for 98 percent of total imports. Almost all of Mexico’s shipments enter the United States overland through Arizona and Texas, but the majority of supplies from Chile and Peru enter East Coast ports, with the quickest and most economical transit being through the Panama Canal.
Global trade is projected to end the year 5% down compared to 2022’s record level, shrinking by about $1.5 trillion to below $31 trillion, according to UNCTAD’s latest Global Trade Update.
Cheers,
biased Bogdan
