Trade alert

  • Cement: Philippines ends safeguard. Recently, the Philippine Department of Trade and Industry issued an announcement to make a negative final ruling on the sunset review of safeguard measures for imported cement, and decided to terminate the safeguard measures for the products involved and not extend them. The Philippine tax numbers for the products involved are 2523.2990 (Portland cement) and 2523.9000 (mixed cement).

Trade

  • OECD: G20 trade in goods fell for the first time in two years. According to data released by the Organisation for Economic Co-operation and Development (OECD), the Group of 20 (G20) trade in goods fell for the first time in two years in the third quarter. In current dollar terms, G20 exports and imports contracted by 1.3% and 1.1%, respectively, as global demand began to slow and most commodity prices retreated from highs, the data showed. (OECD=Organization for Economic Co-operation and Development)
  • The total foreign trade volume of WAEMU in 2021 will increase by 14.6%. According to the news from the Swiss media Africa Business News Agency and the Central Bank of West Africa, the total foreign trade of the West African Economic and Monetary Union in 2021 will increase to 42.12 trillion West African francs (about 66 billion US dollars), a year-on-year increase of 14.6%. Among them, exports were 20.47 trillion CFA francs (about 32.1 billion U.S. dollars), an increase of 11.8% year-on-year; imports were 21.65 trillion CFA francs (about 33.9 billion U.S. dollars), an increase of 17.4% year-on-year; the trade deficit was 1.18 trillion CFA francs (about 1.8 billion U.S. dollars) ), a year-on-year increase of 718.2%. (WAEMU=West African Economic and Monetary Union)

Industry

  • U.S. e-commerce: According to the U.S. Department of Commerce, U.S. e-commerce sales reached $1.02 trillion in the past 12 months, a market that has nearly doubled in size in three years. But e-commerce growth could fall to single digits in 2022 for the first time since 2009.
  • From the 26th local time, ski resorts in the Alps in southeastern France will open their doors one after another to welcome guests. Faced with rising energy prices, many ski resort operators have said they will rely mainly on natural snowfall this year and reduce the use of machines for artificial snowmaking. Nearly half of France’s ski resorts will have to renegotiate long-term electricity contracts with power companies in response to a future energy crisis that could worsen. By 2023, the annual energy bills of ski resorts are expected to increase by around three to six times on average.
  • World Cup procurement has become one of Alibaba’s five major procurement trends.

Company

  • Tesla: Reduced Supercharger fees in several regions. One owner said Tesla should have reduced Supercharger fees by 5 cents per kilowatt-hour throughout Los Angeles and parts of California. In the past, a full charge at a Tesla Supercharger cost over $5 or $10. In addition, prices in parts of Europe fell by as much as 10 cents per kWh.
  • TikTok expands against the trend, recruiting 3,000 engineers worldwide.
  • Credit Suisse Group (Credit Suisse) announces results for the third quarter of 2022. Quarterly revenue was CHF 3.8 billion, down 30% year-on-year; net loss attributable to shareholders was CHF 4.034 billion, compared with a net profit of CHF 434 million in the same period last year.
  • TCL Central: Following the price reduction on October 31, the price for monocrystalline silicon wafers was lowered again on November 27. Among them, the quotations of 150μm thickness P-type 210 and 182 silicon wafers are 9.30 yuan/piece and 7.05 yuan/piece, respectively, down 0.43 yuan/piece and 0.33 yuan/piece from October 31; 150μm thickness N-type 210, 182 silicon wafers The latest quotations are 9.86 yuan/piece and 7.54 yuan/piece, respectively, down 0.46 yuan/piece and 0.36 yuan/piece from the previous round of quotations.

China

  • Bureau of Statistics: From January to October, the total profits of industrial enterprises above designated size nationwide were 6,976.82 billion yuan, a year-on-year decrease of 3.0%. The operating income was 111.78 trillion yuan, a year-on-year increase of 7.6%; at the end of October, the total assets were 154.15 trillion yuan, a year-on-year increase of 9.0%; the asset-liability ratio was 56.8%, a year-on-year increase of 0.2 percentage points.

World

  • California Department of Food and Agriculture: California, the largest agricultural state in the United States, has lost at least $3 billion in agricultural losses due to drought in the past two years. Surface water supplies in California’s Central Valley have dropped 43 percent since the beginning of last year, and the lack of water has left about 530,000 hectares of farmland unproductive on a rare scale. The United States is the world’s largest exporter of agricultural products, and California’s Central Valley produces a quarter of the United States’ agricultural products, of which fruit and dried fruit production accounts for 40% of the United States.
  • According to the British “Times” report on the 25th, in order to reduce the number of immigrants, the British government is considering raising the threshold for studying in the UK to reduce the number of visas for foreign students. The British government has recently considered introducing a plan whereby foreign students who want to study in the UK will not be able to obtain UK study visas unless they have an offer of admission from a top UK university.
  • EU: No agreement has been reached on the natural gas price limit mechanism, and a meeting will be held again in mid-to-early December to discuss.
  • The Bank of Korea announced a 25 basis point rate hike to 3.25%.
  • French manufacturing PMI was 49.1 in November, higher than expected. Recently, S&P Global released data, the initial value of the French manufacturing PMI in November was 49.1, the expected 47, and the previous value of 47.2. The initial value of the composite PMI was 48.8, the expected value was 49.5, and the previous value was 50.2. The lowest level in 21 months. The initial value of the service PMI was recorded at 49.4, expected to be 50.6, and the previous value of 51.7. The lowest level in 20 months.
  • Canadian inflation was 6.9%, unchanged from September. The data shows that gasoline prices related to residents’ lives continued to rise, up 17.8% year-on-year and 13.2% month-on-month; food prices rose 10.1% year-on-year and 10.3% month-on-month.
  • The Central Bank of Nigeria has announced the launch of large new banknotes. Recently, the Central Bank of Nigeria announced the redesigned new denomination banknotes in the capital Abuja. Banknotes in denominations of 200, 500 and 1,000 naira were announced that day. The bank called on the domestic public to exchange existing banknotes for new banknotes before January 31 next year.