Trade alert

  • Dicyclohexylcarbodiimide: India imposes anti-dumping duties. The Revenue Department of the Ministry of Finance of India recently issued a notice saying that the anti-dumping duties on dicyclohexylcarbodiimide originating in or imported from China will be imposed for a period of 5 years. Shandong Huihai Pharmaceutical Chemical Co., Ltd. is 493.73 US dollars / metric ton,other producers were at $826.75/metric ton.

Trade

  • China implements a provisional tax rate on coal imports of zero. The Customs Tariff Commission of the State Council recently issued an announcement that from May 1, 2022 to March 31, 2023, a provisional import tax rate of zero will be implemented for coal.
  • China, Myanmar: RCEP officially entered into force. The General Administration of Customs of China recently issued an announcement stating that from May 1, the Regional Comprehensive Economic Partnership Agreement will take effect between China and Myanmar. Myanmar will be added to the list of members mentioned in Article 2 of the Measures for the Administration of Origin of Imported and Exported Goods under the Customs of the People’s Republic of China under the Regional Comprehensive Economic Partnership Agreement.
  • India, United Arab Emirates: Free trade agreement entered into force. Recently, the India-UAE Free Trade Agreement came into force. India’s Ministry of Commerce and Industry said the agreement would help boost bilateral merchandise trade to $100 billion a year within five years from the current $60 billion a year.
  • Vietnam: It is predicted that the trade volume of goods this year may exceed 700 billion US dollars. According to statistics from the General Administration of Vietnam Customs, in the first quarter of this year, Vietnam’s import and export trade volume of goods was nearly 180 billion US dollars.
  • Panama: Agricultural product exporters are subject to online review of exports to China. The Panamaon website of Panamaon recently reported that the Ministry of Agriculture and Animal Husbandry Development of Panama said that in the first quarter of this year, a total of 112 coffee export farms were registered on the website of China Customs. It is reported that some agricultural product exporters have recently accepted the review of their exports to China through online means.
  • The U.S. Trade Representative’s Office announced that the two actions that imposed 25% tariffs on Chinese goods exported to the United States four years ago based on the results of the “Section 301 investigation” will end on July 6 and August 23, respectively. U.S. industry representatives have until July 5 and August 22, respectively, to apply to maintain the additional tariffs; the office will review the application, during which time the tariffs will be maintained.
  • China-EU bilateral trade surged 12.2% year-on-year in the first quarter. According to data released by the Ministry of Commerce, in the first quarter, the bilateral trade volume between China and the EU reached 205.87 billion US dollars, a year-on-year increase of 12.2%. Among them, Sino-European trade in mechanical and electrical products, light industrial commodities and high-tech products increased by 10%, 19% and 31% respectively. China-EU trade in intermediate goods reached US$84.26 billion, accounting for 40.9% of China-EU trade.
  • Turkey’s foreign trade deficit in March increased by 75.1% year-on-year. According to data jointly released by the Turkish Statistics Agency and the Ministry of Commerce, in March this year, Turkey’s exports increased by 19.8% year-on-year to US$22.709 billion; imports increased by 30.7% year-on-year to US$30.878 billion. In March, Turkey’s foreign trade deficit increased by 75.1% year-on-year, from $4.666 billion to $8.169 billion.
  • The foreign trade throughput of China’s ports fell by 4.7% year-on-year. Recently, data released by the Ministry of Transport showed that in the first quarter, the domestic and foreign trade trends of China’s ports were significantly different, and the port’s cargo throughput was 3.63 billion tons, a year-on-year increase of 1.6%. Among them, domestic trade throughput increased by 4.6% year-on-year; foreign trade throughput decreased by 4.7% year-on-year.

Industry

  • Canalys: In the first quarter, global spending on cloud infrastructure services was $55.9 billion, an increase of 34% year-on-year. Benefiting from the increase in cloud computing adoption and the expansion of the scale of use, the three cloud service providers AWS, Microsoft and Google together accounted for 62% of global user spending, an increase of 42% year-on-year.
  • In the first quarter, more than 7,000 “fresh food stores” were added across China, a year-on-year increase of 51.27%. With the rapid expansion of offline fresh food stores, the demand for freezers has also increased significantly. Since the beginning of the year, the sales and sales of major appliances such as color TVs and air conditioners have declined to a certain extent year-on-year, but the sales of refrigerators and freezers over 500 liters have risen against the trend. Among them, the sales volume of refrigerators above 500 liters increased by 14.3% year-on-year, and the sales volume of freezers increased by 11.6% year-on-year.
  • Counterpoint Research: In the first quarter, Samsung Electronics’ share of the U.S. smartphone market was 28%, a record high in nearly eight years, significantly narrowing the gap with Apple. Apple’s market share fell 7 percentage points year-on-year to 47%, but it still ranks first. In addition, Motorola (12%), TCL (3%), ONEPLUS (2%) and Google (2%) ranked next.

China

  • A number of key foreign-funded enterprises in Shanghai have resumed work. Gao Feng, a spokesman for the Ministry of Commerce, said recently that among the first batch of 666 companies on the “white list” released by Shanghai, 247 are foreign-funded companies, involving key industries such as integrated circuits, automobile manufacturing, equipment manufacturing, and biomedicine.
    This year, in the consumption list of young people aged 18-35, tourism, education and training and health care ranked the top three.

Company

  • Amazon posted a total net loss of $3.8 billion in the first quarter. Amazon released its financial report for the first quarter of fiscal 2022: net sales were $116.444 billion, a year-on-year increase of 7%; net product sales were $56.455 billion, compared with $57.491 billion in the same period last year. The total net loss for the quarter was $3.8 billion, compared with a net profit of $8.107 billion a year earlier.
  • ONE released its annual financial report, and its profits soared to a record. According to the 2021 fiscal year performance report released by Ocean Network Shipping (ONE), the company achieved operating income of about US$30.1 billion, a year-on-year increase of 109%; net profit after tax was US$16.75 billion, a year-on-year increase of 381%; before interest, tax, depreciation and amortization Profit (EBITDA) was $18.28 billion, up 276% year over year.
  • Nissan and Toyota have announced the start of using Metaverse technology. Nissan has recreated a physical showroom in Ginza, Tokyo, in a virtual space for corporate promotion and merchandising. Toyota has set up virtual offices for vehicle development meetings and daily employee interactions.
  • Coca-Cola’s first-quarter net revenue rose 16% year over year. The Coca-Cola Company’s financial report for the first quarter of 2022 showed that revenue was US$10.491 billion, a year-on-year increase of 16%, compared with market expectations of US$9.83 billion; operating profit was US$3.405 billion, a year-on-year increase of 25%; net profit was US$2.793 billion , an increase of 24% year-on-year.
  • Airbnb: In the first quarter, its operating income was US$1.51 billion, a year-on-year increase of 70%; the net loss was US$19 million, compared with a loss of US$1.17 billion in the same period last year, and the loss narrowed significantly; free cash flow was US$1.2 billion, a record high; Room nights and experiential activities booked 102 million, breaking the 100 million mark for the first time, a year-on-year increase of 59%.
  • ByteDance will raise its 2022 sales target for its subsidiary Pico’s VR products to 1.8 million units, from an earlier target of around 1 million units.

World

  • United States: In April, ADP employment was 247,000, the previous value was 455,000, and the expected 382,500, the smallest increase in employment since February last year.
  • U.S.: U.S. crude exports to Europe totaled 48.8 million barrels in April, the highest monthly record since the U.S. ended its ban on crude exports in 2016, and accounted for about half of U.S. Gulf of Mexico crude exports last month.
  • United States: The Federal Reserve announced a 50 basis point rate hike and significantly reduced its balance sheet. The U.S. Federal Open Market Committee (FOMC) announced its latest interest rate decision on Wednesday, local time, raising the benchmark interest rate by 50 basis points to a range of 0.75%-1.00%, in line with market expectations. It will begin to shrink the balance sheet at a monthly pace of US$47.5 billion from June 1, and gradually increase the cap of the reduction to US$95 billion per month within three months.
  • EU: Plans to completely ban oil imports from Russia within six months, reduce imports of Russian gas by two-thirds by the end of this year, and reduce it to zero by the end of 2027. Italy’s Minister of Ecological Transformation said that if the import of Russian natural gas is stopped now, Italy’s natural gas reserves will face serious problems, and this winter will face a severe situation.
  • France: Avian flu hits aquaculture hard. According to a recent report by Agence France-Presse, the French Ministry of Agriculture announced that since the outbreak of bird flu at the end of November last year, a total of 16 million poultry have been culled in France, which has severely impacted the poultry farming industry.
  • Italy: Extends fuel excise tax cut. The Italian cabinet recently passed a decree to extend the fuel excise tax cut until July 8, abolish the natural gas excise tax, and reduce the value-added tax to 5%.
  • India: The central bank announced that it will raise the key lending rate by 40 basis points to 4.4%, the first rate hike in nearly four years.
  • WHO: Overweight and obesity have reached “epidemic” levels in Europe, with nearly two-thirds of adults and one-third of children overweight or obese, and rates are still rising. The overweight and obesity rate for men was 63 percent, compared with 54 percent for women. In addition, the UK has the fourth largest overweight and obese adult population in Europe.
  • Food and Agriculture Organization of the United Nations: In 2021, about 193 million people in 53 countries or regions will experience food crises or further deterioration of food insecurity, an increase of nearly 40 million people year-on-year, a record high.
  • NASA: Russia did not withdraw from the International Space Station.

At twenty years of age, the will reigns; at thirty, the wit; and at forty, the judgment.
二十岁时起支配作用的是意志，三十岁时是机智，四十岁时是判断。