Trade alert

  • Coated paper: The United States made the second double-reverse sunset review final ruling on industrial damage. Recently, the US International Trade Commission voted to make the second anti-dumping and anti-subsidy sunset review of the coated paper imported from China and Indonesia.
  • India: The export tariff of iron ore is raised to 45%-50%; the import tariff on anthracite, PCI and coking coal is cancelled; the tax rate of some plastic products raw materials is lowered.

Trade

  • South Korea’s trade deficit widened in the first 20 days of May. According to the Korea Customs Service (Customs), South Korea’s exports in the first 20 days of May increased by 24.1% year-on-year to US$38.617 billion. Imports increased by 37.8% year-on-year to $43.444 billion. As a result, South Korea’s trade balance showed a deficit of US$4.827 billion, a sharp increase from US$425 million in the same period last year.
  • On May 23, US President Biden officially announced the launch of the “Indo-Pacific Economic Framework” IPEF in Tokyo, Japan. The United States, South Korea, Japan, India, Australia, New Zealand, Indonesia, Thailand, Malaysia, the Philippines, Singapore, Vietnam, Brunei13 countries become initial members.
  • Uruguay: Beef and mutton exports to China continued to grow. According to a recent report by Uruguay’s “Monitor”, data from the National Meat Association of Uruguay showed that from the beginning of this year to May 7, China accounted for 67% of Uruguay’s beef exports and 55.3% of mutton exports, accounting for 60% of cumulative income; imports from the Chinese market Ukrainian meat reached US$721 million, a year-on-year increase of 63.3%.
  • Nordic ports are heavily congested and there are a lot of delays in shipping schedules. Vessels on the Asia-Europe routes returned to China an average of 20 days later than scheduled.
  • CMA CGM announced a surcharge for dangerous goods containers. CMA CGM, the world’s third largest liner operator, recently announced that it will implement a new hazard surcharge in the Chilean market – $2,800 per box. This high hazard surcharge currently applies to shipments from Northern Europe, the UK, Scandinavia, Poland and the Baltic Sea to Punta Arenas in Chile.

Industry

  • Southeast Asian e-commerce reports that 70% of consumers shop online. Recently, the “2021 Southeast Asia E-commerce Market Report” released by the Southeast Asian express delivery company Ninja Van Group pointed out that the number of online shoppers in Southeast Asia has increased significantly, and the increase has reached about 7 million so far, and 70% of consumers have begun to shop online. Among them, Vietnamese consumers ranked first in the number of online shopping.

Company

  • Xiaopeng Motors: In the first quarter, revenue was 7.45 billion yuan, a year-on-year increase of 152.6%, maintaining a year-on-year growth rate of more than 150% for seven consecutive quarters; net loss was 1.70 billion yuan, compared with 787 million yuan in the same period last year. Vehicle deliveries in the first quarter reached 34,600 units, a year-on-year increase of 159%. Deliveries in the second quarter are expected to range from 31,000 to 34,000.
  • SpaceX: A new round of large-scale financing is underway. This round of financing will raise its valuation to about 127 billion US dollars, making it the top three startups in the world by market value, second only to Douyin Group and Ant Group. According to the closing price of US stocks on Friday, the current market value of e-commerce giant Alibaba is about 235.2 billion US dollars, and its valuation has exceeded half of Alibaba.
  • The SpaceX Starlink Internet speed has exceeded 300Mbps.
  • Walmart is launching the Walmart+Weekend promotion, which is designed to attract more people to subscribe to Walmart+ memberships and will run from June 2 to June 5.
  • Zurich Insurance, McDonald’s announced to sell Russian business.

World

  • Spanish Meteorological Service: Parts of Spain are experiencing the warmest May on record, with temperatures exceeding 40°C in some places, and the heat will continue into May as the African air mass moves into the Iberian Peninsula.
  • Malaysia will stop exporting 3.6 million chickens a month from June 1 until chicken prices and production stabilize, the Prime Minister said. The price of chicken, the most consumed meat in Malaysia, has soared by 45% recently, and there has been a shortage of chicken.
  • BRICS New Development Bank: It will provide 30 billion US dollars of financial support to member countries.
  • Africa: An energy bank will be established.
    South Africa: The central bank announced to raise interest rates to 4.75%.
  • Afreximbank and the African Organization of Petroleum Producers (APPO) recently signed a protocol in Angola to jointly establish an energy bank to provide necessary financing for African oil and gas projects and the oil and gas industry chain, according to the Swiss media African Financial News Agency. Promote private capital investment.
  • Iran: Will jointly develop Hungam oil field with Oman.
  • Lithuania: Announced a complete cut off of Russian energy imports. The Nordic electricity exchange Nord Pool has decided to stop trading electricity with Russia’s Inter RAO. This means that Lithuania completely cuts off Russian energy imports, including oil, electricity and natural gas.
  • Brazil: Approved to advance the privatization of the national electricity company. According to Brazilian media reports recently, the plenary session of Brazil’s Federal Court of Audit has approved the privatization of the state-owned electricity company Eletrobras. The new shares of Eletrobras will be issued on the stock exchange without the participation of the Brazilian government.