Trade alert

  • Zipper: Turkey made the third anti-dumping sunset review final ruling. Recently, the Turkish Ministry of Trade issued Announcement No. 2022/29, making the third anti-dumping sunset review final ruling on zippers originating in China, and decided to continue to levy anti-dumping duties of US$3/kg on Chinese products involved in the case, valid for 5 years. The products involved include base metal zippers and other zippers, involving products under Turkish tariff headings 9607.11 and 9607.19.

Trade

  • China-Kosovo region: The import and export situation from January to August is released. From January to August 2022, the total import and export volume between China and Kosovo was 362 million euros, a year-on-year increase of 30.8%, or about 367 million US dollars. Among them, the Kosovo region imported 361 million euros from China, a year-on-year increase of 31.0%, or about 366 million U.S. dollars. It is the third largest source of imports in the Kosovo region, accounting for 10.1% of total imports, an increase of 0.6 percentage points over the same period in 2021.
  • United States: Expand sanctions on Nicaragua. Sanctions include prohibiting U.S. companies from doing business in Nicaragua’s gold industry and blocking the import of certain Nicaraguan products or the export of certain items to Nicaragua.
  • Iran-Turkey: Plan to extend gas export deal.
  • India’s holiday season e-commerce sales will reach as high as 68 billion US dollars. According to Shopify, India’s gross online merchandise sales (GMV) will reach $68 billion in the 2022 holiday season, up 30% year-on-year ($52 billion in 2021). Among them, e-commerce sales of retailers such as Amazon and Flipkart will increase by 28% year-on-year to $11.8 billion, a record high.

Industry

  • Photovoltaic glass is the main auxiliary material of photovoltaic modules, which provides high light transmittance and protection performance in the module. At present, ultra-white rolled glass is the mainstream production process. During the “14th Five-Year Plan”, the newly installed photovoltaic capacity maintains a relatively high growth rate, and at the same time, the cost of double-glass modules decreases. CPIA expects that the penetration rate will rapidly increase from 12% in 2018 to 60% in 2025. It is estimated that the CAGR of the photovoltaic glass market space (by weight) in 2021-2023 is 22.62%. The price of new orders for photovoltaic glass has been raised for three consecutive months from March to May. We expect that the main reasons for the increase are: 1) The cost of soda ash and natural gas continues to run at a high level; 2) The downstream demand has picked up, and the export data has been dazzling. However, the price of new orders was reduced in July, and the mainstream orders for 3.2mm original films were 20 yuan per square meter, a month-on-month -4.8%.
  • Spain: Will increase investment in electric vehicle production. On October 24, local time, Spanish Prime Minister Sanchez said that the Spanish government has promised to provide about 2 billion euros of funds for the auto industry to increase the production of electric vehicles.
  • The price of natural gas in the Permian Basin, a major oil and gas producing area in the United States, is approaching zero indefinitely. It fell 85% on Monday to close at $0.41/million British thermal units, and the lowest was as low as $0.2/100. million British thermal units.

China

  • Ministry of Finance: From January to September, the national general public budget revenue was 15,315.1 billion yuan, a decrease of 6.6% in natural terms. The national general public budget expenditure was 19,038.9 billion yuan, a year-on-year increase of 6.2%. The stamp duty on securities transactions was 224.9 billion yuan, a year-on-year decrease of 2.3%.
  • State-owned Assets Supervision and Administration Commission: In the first three quarters, the central enterprises achieved a cumulative operating income of 29.0 trillion yuan, a year-on-year increase of 10.9%; the cumulative total profit was 2.1 trillion yuan, a year-on-year increase of 5.7%, and the growth rate rebounded by 0.7 percentage points from January to August.
  • China moves up to 17th in the 2022 IMD World Digital Competitiveness Rankings.
  • The sea-rail combined transportation business volume of Ningbo-Zhoushan Port exceeded last year’s total. China Railway Shanghai Bureau Group announced that the business volume of container sea-rail intermodal transportation at Ningbo Zhoushan Port has reached 1.205 million TEUs this year, exceeding the total last year and an increase of 25.5% year-on-year. Among them, the container loading and unloading volume of Chuanshan Port Station of the Port Area Railway reached 2,768 TEUs on that day, a record high of single-day loading and unloading volume.

Company

  • CRCC International: Undertook the construction of the Qatar World Cup final stadium.
  • Baotou Steel Co., Ltd. plans to adjust the price of rare earth concentrates supplied to northern rare earths to 37,230 yuan/ton excluding tax. For every 1% increase or decrease in REO, the price excluding tax will increase or decrease by 744.60 yuan/ton, which will be implemented from July 1.
  • Mitsubishi Electric: From February 1, 2023, the prices of its industrial robots, industrial computers, controllers and other industrial products will be increased by 10-20%. Among them, the price of industrial robots will increase by 15%, the price of industrial computers will increase by 20%, the price of controllers will increase by 10%, the price of “servo motors” as key parts of robots will increase by 15%, and the price of UPS will increase by 20%.
  • Tongwei shares: in the first three quarters, the revenue was 102.084 billion yuan, a year-on-year increase of 118.60%; the net profit was 21.73 billion yuan, a year-on-year increase of 265.54%. The main reason is that the market demand for high-purity crystalline silicon products continued to be strong, the prices rose year-on-year, and the company’s new production capacity quickly ramped up and reached production, achieving a substantial increase in volume and profit.
  • The Ministry of Finance and other three departments: issued an announcement on the collection of consumption tax on electronic cigarettes, included electronic cigarettes in the scope of consumption tax collection, and added electronic cigarette sub-items under the tobacco tax item. Electronic cigarettes are subject to ad valorem pricing to calculate tax. The tax rate for the production (import) link is 36%, and the tax rate for the wholesale link is 11%. Taxpayers exporting electronic cigarettes shall be subject to the export tax rebate (exemption) policy. Add e-cigarettes to the list of non-tax-exempt imported goods in the border-cigar market and tax them according to regulations.
  • Apple: Raised prices for streaming services such as Apple Music and Apple TV+, effective Monday. Apple Music is up $1 per month to $10.99; Apple TV+ is up $2 per month to $6.99; the entry-level price of the Apple One bundle is up from $14.95 to $16.95. The increase in Apple Music subscription prices is due to increased licensing costs.
  • Meta: Its longtime shareholder Altimeter Capital said it should limit spending on Metaverse projects, cut staff expenses by 20%, and limit Metaverse spending to $5 billion a year, rebuilding investor, employee and tech confidence to attract, Inspiring and retaining the world’s best talent.
  • Hermes Group: It plans to adjust the prices of its products in 2023, with an increase of between 5% and 10%. Exchange rate fluctuations and rising production costs are the main reasons for the new round of price hikes.
  • Wish has announced a new global marketing campaign for its rebranding.
  • UPS has announced a 6.9% increase in shipping rates for 2023. Global courier giant UPS said it will increase the freight rate (GRI) announced in 2023 by 6.9%, effective December 27. At the same time, the company announced a 6.2% increase in heavier air freight rates for shipments within the U.S. and between the U.S., Canada and Puerto Rico.
  • Musk plans to cut 75% of Twitter’s workforce.
  • Hyundai Motor’s sales rose sharply and net profit fell. South Korea’s Hyundai Motor released its financial report for the third quarter of 2022. Data show that Hyundai Motor’s sales reached 37.71 trillion won (about 190 billion yuan), a year-on-year increase of 30.6%; net profit was 1.41 trillion won, a year-on-year decrease of 5.1%.

World

  • The initial value of manufacturing in the euro zone fell to 46.6, a new low.
  • The Central Bank of Vietnam announced another 100 basis point rate hike.
  • On October 25, local time, Sunak was appointed and officially became the Prime Minister of the United Kingdom.
  • Brazil’s external account deficit tripled to $29.6 billion in the first three quarters.
  • Moody’s: Downgraded the long-term deposit ratings of many Pakistani banks from B3 to Caa1, and lowered the banks’ long-term foreign exchange counterparty risk rating (CRR) from B3 to Caa1. This was mainly due to the deterioration of the country’s economic outlook, increased government liquidity, external vulnerability risks and increased debt.