Trade alert

  • Resin-bonded thin grinding wheels: India does not impose anti-dumping measures. On November 7, the Ministry of Commerce and Industry of India issued an announcement stating that the Ministry of Finance of India issued an office memorandum on November 4, 2022, and would not accept its responsibility for resin-bonded thin grinding wheels originating in or imported from China on August 5, 2022. The final ruling made a decision not to impose anti-dumping duties on the products involved in China.

Trade

  • The Export-Import Bank of China has set up a special quota of 200 billion yuan to support imports from RCEP member countries. Focus on key areas such as foreign trade and manufacturing, and make every effort to meet the capital needs of relevant enterprises. It is understood that the Export-Import Bank of China will create a special financial service plan for the 5th China International Import Expo this year – “Easy Global+”, providing a package of financial services for domestic importers, overseas exporters, exhibitors, etc. The whole process of a market and a cross-border supply chain.
  • Customs Tariff Commission of the State Council: From December 1, the preferential tax rate of zero will be applied to imported products of 98% tax items originating in 10 least developed countries including Afghanistan, Benin Republic, and Burkina Faso. Among them, 98% of the tax items are tax items with a tax rate of 0 in the annex to the Announcement No. 8 of 2021 by the Tax Commission, totaling 8,786.
  • China: From January to September, the total value of seaborne imports and exports increased by 18.2% year-on-year. According to data released by the Ministry of Natural Resources recently, China’s marine economy has generally stabilized and rebounded in the first three quarters, and the main economic indicators are in a reasonable range. From January to September, China’s total seaborne imports and exports increased by 18.2% year-on-year, which was 8.3 percentage points higher than the national growth rate of total exports during the same period. The import and export volume of aquatic products increased by 23.6% year-on-year.
  • Algeria: Formally applied for membership in the BRICS.
  • Argentine RMB clearing bank service was officially launched.
  • Bank for International Settlements: RMB transaction volume rose to fifth in the world.

Industry-China

  • China Chain Store & Franchise Association: Released the 2022 China Instant Retail Development Report. It is estimated that by 2026, the size of the instant retail-related market will exceed 1 trillion yuan.
  • China and the International Bamboo and Rattan Organization jointly launched the “Bamboo instead of plastic” initiative, which will deepen the “Bamboo instead of plastic” cooperation in the world, and give better play to the outstanding advantages and role of bamboo in replacing plastic products.

Industry

  • Gartner: predicts that global IT spending is expected to reach $4.6 trillion in 2023, a year-on-year increase of 5.1%.
  • Eugene Investment & Securities: The global DRAM market sales in the third quarter were US$17.973 billion, down 29.3% from the previous quarter. Among them, Samsung Electronics’ DRAM sales fell from $11.121 billion in the second quarter to $7.371 billion in the third quarter, a drop of 33.7%. Samsung Electronics’ share of the global DRAM market has fallen to an eight-year low.
  • Global: The civilian drone market will reach 500 billion yuan in 2025. The “White Paper on the Development of General Aviation Industry (2022)” released by Aviation Industry Corporation of China on November 9 pointed out that in 2021, the global civilian UAV market will exceed 160 billion yuan, a year-on-year increase of 61.6%, of which industrial-grade UAVs account for 60% or so. With the continuous expansion of downstream application fields, it will continue to grow in the future, and it is expected to reach 500 billion yuan in 2025.
  • Brazil: Car production in October this year increased by 15.1% year-on-year. According to data released by the Brazilian Automobile Manufacturers Association on November 8, local time, in October this year, Brazil’s car production was 206,000 units, a month-on-month decrease of 0.8% and a year-on-year increase of 15.1%; Brazil’s car exports were 42,700 units, a month-on-month increase of 49.8% , a year-on-year increase of 43.5%. In the first 10 months of this year, Brazil exported a total of 406,300 vehicles, a year-on-year increase of 32.4%.
  • U.S. containerized imports continued to plummet, down 13% year-on-year. According to data released by Canadian consulting firm Descartes, U.S. container imports continued to plummet year-on-year in October due to a decline in imports from China, which continued to affect throughput at West Coast ports. U.S. containerized imports in October were 2,220,331 TEUs, down 13% year-on-year.

China

  • Bureau of Statistics: In October, the CPI rose by 0.1% month-on-month and 2.1% year-on-year, a decrease of 0.7 percentage points from the previous month. Among them, food prices rose by 7.0%, a decrease of 1.8 percentage points from the previous month, affecting the CPI increase of about 1.26 percentage points. The price of pork rose by 9.4% month-on-month, an increase of 4.0 percentage points from the previous month; a year-on-year increase of 51.8%, an increase of 15.8 percentage points from the previous month. PPI increased by 0.2% month-on-month and decreased by 1.3% year-on-year, mainly due to the high comparison base in the same period last year.
  • Bureau of Statistics: In October, the ex-factory price of Chinese industrial producers decreased by 1.3% year-on-year and increased by 0.2% month-on-month; the purchase price of industrial producers increased by 0.3% year-on-year and 0.3% month-on-month. On average from January to October, the ex-factory price of industrial producers rose by 5.2% over the same period last year, and the purchase price of industrial producers rose by 7.5%.
  • Three Gorges Group(长江三峡集团): Up to now, the Three Gorges Group has an installed capacity of 120 million kilowatts, of which renewable resources account for more than 96%. The installed capacity of new energy such as wind power and photovoltaics exceeds 30 million kilowatts, of which the installed capacity of offshore wind power is 4.87 million kilowatts. The largest and the second largest offshore wind power development and operation company in the world.

Company

  • Samsung will continue to diversify its global production base. The proportion of smartphone production in Vietnam will drop from 50% this year to 40% next year. Last year, the Vietnamese plant accounted for 60 percent of Samsung’s total smartphone production.
  • Salesforce: It has cut hundreds of employees from its sales force, and demand for its software products is slowing.
  • Barclays has started laying off workers in its investment banking division.
  • Amazon employees in 30 countries are brewing a “Black Friday” strike.
  • eBay releases its 2022 Small Business Report.
  • Recently, BYD officially announced the name of its high-end car brand “仰望（Looking Up)”. It is expected to be released in the first quarter of 2023, and its products are expected to be priced at 800,000 to 1.5 million yuan, subject to the announcement when the relevant models are launched.
  • Disney’s revenue of $20.15 billion missed expectations.
  • Evergreen buys Panama Terminal for $268 million. Evergreen Shipping, a shipping company, acquired 100% of the equity of Panama’s Chalang Container Terminal, with a transaction value of US$268 million. The Panama Container Terminal is one of the most important shipping hubs for Evergreen Shipping on routes between Asia and the Americas.
  • Mount Everest in Tibet: Increase investment in Argentine lithium mines. China’s Tibet Everest Resources Co., Ltd. recently announced that it will invest a total of US$2.2 billion in two lithium exploration projects in the Salta province of Argentina, of which US$700 million will be used in the Diabris Salt Lake Project, which plans to produce 5 10,000 tons of battery-grade lithium carbonate; another US$1.5 billion invested in the Arizaro Salt Lake project, which is expected to produce 50,000 to 100,000 tons of battery-grade lithium carbonate per year by 2024.

World

  • The European Union’s Copernicus Climate Change Service said October was the warmest month on record in Europe and nearly 2 degrees Celsius above the 1991-2020 average.
  • France’s trade deficit hit a record high of 16.8 billion euros in September. According to data released by French customs, the country’s trade deficit in September was 17.487 billion euros, compared with an expected 14.3 billion euros and the previous value of 15.301 billion euros. France’s trade deficit hit a record high of 149.9 billion euros at the end of September, after monthly figures continued to deteriorate since the end of 2020.
  • Turkey: Some Russian gas bills have been paid in rubles.
  • Diaz, the Chilean consul general in Chengdu, said: The Chilean government is planning to establish a new system to regulate and rectify lithium mining in China, promote the sustainable development of the lithium industry, allow technology transfer, and make it an environment-friendly industry. In addition to resource development, it will also focus on the development of lithium technology and industries. In the future, Chile will carry out in-depth cooperation and exchanges with Chinese lithium battery companies to ensure the long-term stability and security of the lithium resource supply chain and value chain.
  • Australia’s trade surplus surged 50% month-on-month to A$12.4 billion ($7.8 billion) in September. In addition, the value of exports rose by 7% in September, while the value of imports was little changed. (PS: Rising ore and energy prices)
  • Uzbekistan: The unified information platform for national enterprise supervision was officially launched.
  • Australia: CPI growth hit a 32-year high. According to data released by the Australian Bureau of Statistics recently, the Australian Consumer Price Index (CPI) in the third quarter of this year increased by 1.8% month-on-month and 7.3% year-on-year, the highest year-on-year increase since 1990. The increase was mainly due to rising prices for new homes, natural gas, and furniture.
  • South Korea: The business climate index continued to decline. The Bank of Korea recently released the “October Business Climate Survey Index (BSI) and Economic Psychological Index” report, which showed that due to high prices, high-interest rates, and slowing exports, business sentiment continued to decline. The somatosensory sentiment index fell to its lowest level in 1 year and 8 months. The manufacturing BSI decreased by 2 percentage points month-on-month, the lowest since September 2020, and the non-manufacturing BSI decreased by 2 percentage points month-on-month, the lowest since September 2021.