In the Russian foreign exchange market, the RMB’s share soared to 99.6%!
12 July 2024
Bloomberg reported on July 10 that the latest report from the Russian Central Bank shows that the share of the Chinese yuan in Russias foreign exchange market has reached 99.6%. This phenomenon indicates that after the latest round of U.S. sanctions against Russia, Russia is accelerating its shift away from the U.S. dollar and euro, relying instead on the Chinese yuan for foreign exchange transactions.
South Koreas exports to China have recorded the largest decline in 40 years, and the trade deficit has appeared!
11 July 2024
According to a July 1 report by Yonhap News Agency, a report released by the Korea International Trade Associations International Trade and Commerce Research Institute on July 1 showed that South Koreas exports to China (mainland) decreased by 19.9% year-on-year last year, the largest decline 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.
Shipping market earthquake: the truth behind the drop in shipping prices and the backdrop of stock prices!
July 10, 2024
32. Recently, China Synthetic Rubber Industry Association released the import and export situation of synthetic rubber from January to May. Data shows that in the first five months of this year, Chinas total synthetic rubber imports and exports achieved year-on-year growth, with the main imported rubber types being styrene-butadiene rubber (SBR), butyl rubber (IIR) and butadiene rubber (BR).
The surge in Chinas home appliance exports: Opportunities and challenges under the global market recovery!
July 9, 2024
This year, driven by the recovery of international market demand, Chinas home appliance exports have achieved steady growth.
South Koreas chip exports hit a record, and AI demand detonated the global market!
July 4, 2024
According to a report by Yonhap News Agency, data released by South Koreas Ministry of Trade, Industry and Energy on July 1 local time showed that with the surge in global demand for artificial intelligence (AI), South Koreas chip exports hit a record high. The data showed that South Koreas exports in June increased by 5.1% year-on-year to $57 billion, marking the ninth consecutive month of growth. Meanwhile, imports in June decreased by 7.5% year-on-year to $49 billion...
Chinese photovoltaic exports face new carbon footprint challenges - how can enterprises 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.
The negotiation on the upgrade of the China-Secret free trade agreement has been completed, and new opportunities for economic cooperation have ushered in!
July 2, 2024
On June 28, Chinas Commerce Ministry Minister Wang Ventao and Perus Foreign Trade and Tourism Ministry Minister Gardo jointly signed the Memorandum of Understanding between the Ministry of Commerce of the Peoples Republic of China and the Ministry of Foreign Trade and Tourism of the Republic of Peru on the substantial completion of the China- Peru Free Trade Agreement upgrading negotiations.
ExxonMobil and SK On sign a 100,000-ton lithium supply agreement!
27 June 2024
On June 25, 2024, U.S. energy giant ExxonMobil announced a non-binding agreement with Korean SK Group’s battery manufacturing subsidiary SK On. Under the agreement, ExxonMobil will supply SK On with lithium from its proposed Arkansas state project. This partnership marks the two companies’ important strategic layout in the electric vehicle battery supply chain and is expected to...
Shipping prices have tripled, so where will global trade go?
June 26, 2024
In the field of international trade, fluctuations in shipping prices often affect the nerve of the global economy. In June 2024, the flat shipping market saw a surge in shipping costs. According to Freightos’s main shipping platform, the container cash price index FBX shows that international shipping charges rose from about $1,200 per flight in 2023 to $4,500 today, compared to January by Red Bull.
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