Trade alert

  • Rubber tires: Turkey launches the third anti-dumping sunset review investigation. On November 23, the Turkish Ministry of Trade issued Announcement No. 2022/35, which initiated the third anti-dumping sunset review investigation on new rubber tires for heavy-duty vehicles, agricultural vehicles and construction machinery originating in China in response to the application of Turkish domestic enterprises. The Turkish tax numbers for the products involved are 4011.20.90, 4011.70.00.00.00, 4011.80.00.00.00 and 4011.90.00.00.00.
  • USTR: In response to the coronavirus, the 301 tariff exemption for China’s epidemic prevention medical products will be extended for another 90 days until February 28, 2023. The previous waiver period will end on November 30, and related waivers have been extended several times. The tariff exemptions cover 81 medical products and start on December 29, 2020.

Trade

  • South Korea: Affected by the US “Inflation Reduction Act”, auto exports will decrease next year. According to Yonhap News Agency, South Korea’s auto exports will decrease by about 2.1 million units next year, or 4.2%, due to the impact of the U.S. “Inflation Reduction Act”, according to the “2023 Auto Industry Outlook” report released by the Korea Automotive Research Institute on November 21. The report predicts that global car sales will be 81.5 million this year, and next year’s sales will increase by as much as 4.7% to 85.3 million. While car sales in the U.S. and Europe are likely to decline, domestic sales in China are expected to continue to increase.

Industry

  • The United Nations World Tourism Organization: By the end of 2022, the level of international tourism should reach 65% of the pre-pandemic index. Between January and September, 700 million tourists traveled abroad worldwide, more than double the record for the same period in 2021 and equivalent to 63% of the 2019 level. This year, international tourism will reach 65% of its pre-pandemic level.
  • IC Insights: Worldwide semiconductor capital spending is estimated to have increased 19% year over year to $181.7 billion this year. According to the latest research forecast, after the semiconductor capital expenditure reaches a historical peak this year, it is likely to decline by 19% next year, and the annual decline will be the largest since the financial tsunami.
  • TrendForce: Samsung Electronics and SK Hynix both saw their sales of flash memory chips decline in the third quarter due to weaker demand. Samsung Electronics’ sales fell 28.1% month-on-month, but it still ranks first in the world. The market share of Japan’s Kioxia increased by 20.6% month-on-month, replacing SK Hynix in second place. SK Hynix’s sales decreased by 29.8% month-on-month, and its market share fell to 18.5%, ranking third.
  • eBay India cross-border export sellers have exceeded 100,000.

Industry China

  • The density of robots in China’s manufacturing industry has increased by about 13 times, reaching 322 units per 10,000 workers.
  • From January to October, China’s software business revenue was 8,421.4 billion yuan, an increase of 0.2 percentage points over the first three quarters. From January to October, the export of software business was 42.7 billion US dollars, a year-on-year increase of 5.1%, and the growth rate was 0.6 % lower than that of the first three quarters. Among them, the export of software outsourcing services increased by 10.1% year-on-year.
  • This year, 78 new routes have been opened in the new western land-sea corridor. Recently, a number of new channel trains have been launched intensively. On November 16th, the China-Laos Railway (Dazhou-Vientiane) of the new western land-sea channel will start its international freight train; on November 17, the new western land-sea channel (Jiuquan-Qinzhou Port-Rotterdam) will start its international freight trains)
  • According to the 2022 China Instant Retail Development Report recently released by the China Chain Store & Franchise Association, it is expected that China’s instant retail market will exceed 1 trillion yuan in 2026.
  • The Qatar World Cup has set off a consumption boom for watching football at home. Meituan(美团) data shows that on the opening day of the World Cup, the number of takeaway orders for beer, beverages, snacks, and fruits on the platform increased by 31% month-on-month. National beer takeaway orders increased by 43% month-on-month, and beverage takeaway orders increased by 25% month-on-month. In beer online orders, Yanjing Beer (燕京啤酒)increased by 81% month-on-month, Budweiser Beer(百威啤酒) increased by 65% ​​month-on-month, and Tsingtao Beer(青岛啤酒) increased by 56% month-on-month; in terms of geographical distribution, on the opening day of the 2022 World Cup, the top five provinces for beer takeaway sales are: Guangdong , Beijing, Jiangsu, Zhejiang, Shandong. FreshHema(盒马) data shows that in recent days, the sales of hot pot(火锅) orders have increased by 40% month-on-month, and the sales of semi-finished hot pot have increased by nearly 100% month-on-month.

China

  • Financial Times: Since November 23, large state-owned banks have intensively reached bank-enterprise cooperation agreements and provided credit for real estate companies. As of the evening of November 24, the six major state-owned banks, ICBC (12), Agricultural Bank (5), Bank of China (3), China Construction Bank (8), Bank of Communications (2), and Postal Savings (5), have cooperated with 17 Home and real estate companies reached a cooperation agreement, and the disclosed intentional credit line totaled 1,275 billion yuan.
  • China Weather Network: The cold wave weather is about to be launched. From November 26th, the strongest cold wave since this winter will sweep across most of China. By then, the rain, snow and strong wind will spread, and the temperature will drop sharply. The cumulative temperature drop in many places can reach 15°C or even Above 20 ℃, the degree of coldness is as many as nine cold days.
  • State Administration for Market Regulation: Publish a batch of national standards. Mainly involved in food, consumer goods, safety production, cross-border e-commerce and other fields. In the field of cross-border e-commerce, there are four standards including the “Management Specifications for Cross-border E-commerce Comprehensive Services for Small and Medium-sized Enterprises”, which stipulate cross-border e-commerce comprehensive services, multilingual description of smartphone and ceramic product information, and transaction service quality evaluation. requirements.
  • State Council: Agreed in Langfang City, Cangzhou City, Yuncheng City, Baotou City, Anshan City, Yanji City, Tongjiang City, Bengbu City, Nanping City, Ningde City, Pingxiang City, Xinyu City, Yichun City, Ji’an City, Zaozhuang City, Jining City and other 33 cities and regions have set up cross-border e-commerce comprehensive pilot zones. The names are China (city or region name) cross-border e-commerce comprehensive pilot zones. The specific implementation plans will be issued by the provincial people’s government.
  • Beijing Daily: The 45th meeting of the Standing Committee of the 15th Beijing Municipal People’s Congress conducted the first trial of the “Regulations on the Protection of Minors in Beijing (Revised Draft)”(《北京市未成年人保护条例（修订草案）》). Without the consent of the minor’s guardian, medical beauty services shall not be provided to minors. Violators will be ordered to make corrections by the health department, given a warning, and imposed a fine of more than 10,000 yuan but not more than 50,000 yuan.
  • Ningbo Zhoushan Port announced that this year’s container throughput has exceeded 30 million TEUs, reaching 30.07 million TEUs, an increase of 8.4% year-on-year. The time point is 33 days ahead of the first breakthrough of 30 million TEUs last year. By the end of October, the cargo throughput of Ningbo Zhoushan Port has exceeded one billion tons this year.

Company

  • Canadian start-up Stells(加拿大初创公司斯特尔斯航天公司) : It plans to send a robotic probe “Power Bank 1” weighing about 30 kilograms to the moon by 2025 to explore the shadow crater at the lunar south pole. The rover will place a “charging cube” in the crater, and the “Power Bank 1” can connect and charge wirelessly.
  • Xiaomi: Recently, Xiaomi released its financial report for the third quarter of 2022. The total revenue was 70.47 billion yuan, down 9.7% year-on-year; the net loss (period loss) was 1.5 billion yuan, compared with a profit of 788 million yuan in the same period last year; the adjusted net profit was 2.1 billion yuan, down 59.1% year-on-year.
  • Xiaomi: It is reported that, affected by factors such as positioning upgrades, costs, epidemics, exchange rate fluctuations, etc., the price of the upcoming Xiaomi new-generation flagship Mi 13 series is expected to be significantly increased by 15-20%, and the price of Xiaomi Mi 13 will be Around 4500 yuan. At present, this series of products has started mass production, and all series are equipped with 4nm chips.
  • TikTok’s double 11 (双11购物节)order volume increased by 141%, GMV increased by 137%, order volume increased by 141%, and new merchant orders increased by 158%. Among them, the TOP3 cross-border merchants are GMEELAN, inialife, yaboo; the TOP3 cross-border experts are @leeteng, @yanana.nayaya, @iou_bag.
  • DANAOS announced its results, and its net profit soared by 140.8%. Recently, DANAOS released its financial results for the first three quarters of 2022. Operating income was US$741 million, a year-on-year increase of 56.1%; adjusted net profit was US$569 million, a year-on-year increase of 140.8%; adjusted net profit per share was US$27.67. (PS, DANAOS is one of the largest independent container ship owners in the world)

World

  • Eurozone: The preliminary November manufacturing PMI was 47.8, a slight rebound from 47.3 in October, but the value was still in contractionary territory.
  • Russia: Companies say they have begun to settle fertilizers with Brazil in RMB.
  • Philippines: Introduced amendments to the Renewable Energy Law. According to a recent report by the Philippine Star, the Department of Energy of the Philippines announced the amendments to the Renewable Energy Law (2008), which removes restrictions on the proportion of foreign equity in the renewable energy industry and allows foreign citizens or foreign entities to participate in exploration, development and utilization. Philippine renewable energy resources such as solar energy, wind energy, biomass energy, ocean energy and tidal energy.
  • UAE: The World Bank expects the UAE to grow by 5.9% in real GDP in 2022. However, the World Bank expects its real GDP to slow to 4.1% in 2023 as slowing global demand and tighter financial conditions are likely to dampen growth.
  • India lifts restrictions on entry of foreigners. The Ministry of Home Affairs of India recently issued a document saying that from November 22, international tourists going to India for business, conferences, employment, study, research, medical treatment, etc. will no longer need to provide proof of vaccination or show a negative PCR test within 72 hours before departure result. All visas except electronic visas, tourist visas and medical visas will be resumed directly. The Indian government also stated that expired visas can no longer be used, and a new visa needs to be applied.
  • The Central Bank of Turkey: Announced a 150 basis point cut in the benchmark interest rate, from 10.5% in the previous month to 9%. This is the fourth time in a row that Turkey’s central bank has cut interest rates since August this year.
  • Lebanon’s CPI soared, up 158.46% year-on-year.
  • Statistics Korea: There were 20.205 million wage jobs in South Korea in the second quarter, a year-on-year increase of 628,000, of which nearly half were for people over 60 years old. The year-over-year increase in wages and salaries in the second quarter narrowed from the previous quarter. In terms of age, jobs for all age groups increased, with 295,000 jobs for people over 60 years old, accounting for 47% of the overall increase.
  • On the morning of November 24, affected by the recent price hike and other factors, the Bank of Korea once again announced an interest rate hike, raising the benchmark interest rate by 25 basis points to 3.25%. The Bank of Korea lowered its economic growth forecast for 2023 to 1.7% from 2.1% previously, and its inflation forecast was lowered to 3.6% from 3.7% previously.