Trade alert

  • Manual forklifts and their main accessories: The EU launched the third anti-dumping sunset review investigation. On November 29, the European Commission announced that in response to the application filed by EU companies on August 29, 2022, it launched the third anti-dumping sunset review investigation on manual forklifts and their main accessories originating in China. The EU CN codes of the products involved in the case are ex 8427 90 00 and ex 8431 20 00.

Trade

  • Vietnam: The new RCEP rules of origin will be implemented from 2023. According to the website of Vietnam “Investment News”, the Ministry of Industry and Trade of Vietnam recently issued a notice to revise the relevant provisions of the Regional Comprehensive Economic Partnership Agreement (RCEP) Rules of Origin, and the list of Product Specific Rules of Origin (PSR) will use the HS2022 version code (formerly HS2012 version code), the instructions on the back page of the certificate of origin will also be revised accordingly. The notice will come into effect on January 1, 2023.
  • South Korea: Steel exports and domestic demand shrink at the same time. According to a recent report by South Korea’s “Daily Economics”, South Korea’s steel exports have continued to decrease since 2020, and the export market continues to be depressed this year. tons) since the lowest export volume. It is also speculated that South Korea’s domestic steel demand this year will be 53.2 million tons, which is a sharp drop from last year’s 56 million tons.
  • According to the latest report released by market research organization eMarketer, the cross-border e-commerce market in Southeast Asia and Latin America ranks first and second in the global e-commerce market. They are the only two markets in the world where e-commerce sales have increased by more than 20% this year.

Industry-China

  • China Securities Journal: Tight supply and strong demand have driven the price of fluorite to continue to rise since September. The delivery price of fluorite 97 wet powder(萤石97湿粉) is 3100 yuan / ton – 3500 yuan / ton, an increase of about 550 yuan / ton from the beginning of September, reaching a new high since this year. The industry said that by 2025, the demand for new energy for fluorspar will reach 1.5-2 million tons, and in 2030 it may exceed 5 million tons. At present, the total annual output of fluorspar in the world is only 7 to 8 million tons. New energy may replace the traditional demand for refrigerants and become the largest demand area for fluorspar.
  • Economic Observer: The alarm for power battery overcapacity sounded. Industry organizations estimate that by 2025 China’s new energy vehicle market will require about 1,000 to 1,200 GWh of power battery capacity. However, the production capacity plans announced by battery factories, OEMs and other cross-border enterprises have reached 4800GWh, which is more than four times the expected production capacity.
  • Shanghai Securities News: In recent years, as the domestic carnival shopping festival has expanded to a global scale, more and more overseas consumers have begun to purchase products produced in China on cross-border e-commerce platforms. The number of China’s overseas warehouses will exceed 1,000 in 2019 and exceed 2,000 in 2021, with a total area of over 16 million square meters, and its business scope covers the world, 90% of which are distributed in North America, Europe, and Asia. Experts believe that the phenomenon of “reverse overseas shopping” is to some extent an affirmation of China’s manufacturing supply chain capabilities.
  • According to data released by the Ministry of Commerce on December 1, from January to October this year, China’s total service import and export volume was 4.91855 trillion yuan, a year-on-year increase of 17.2%. Among them, service exports were 2,358.15 billion yuan, an increase of 18.1%; imports were 2,560.4 billion yuan, an increase of 16.4%. Trade in knowledge-intensive services grew steadily, and the import and export of travel services continued to recover.
  • In November, China’s storage index fell back to 44.1%.
  • China has formed several new display industry clusters. The person in charge of the Ministry of Industry and Information Technology recently announced at the 2022 World Display Industry Conference that the annual production capacity of domestic display panels has reached 200 million square meters, and the revenue of the display industry will reach more than 580 billion yuan in 2021.

China

  • The State Council decided to conduct the fifth national economic census in 2023.
  • Shanghai issued: Optimizing and adjusting relevant measures for epidemic prevention and control. From 00:00 on December 5, people who take rail transit, ground buses, ferries and other public transportation in the city, as well as outdoor public places such as parks and scenic spots in the city, will no longer check for negative nucleic acid test certificates. However, consumers who enter commercial places such as catering services (including bars), shopping centers (including department stores), supermarkets, vegetable markets, beauty salons, and foot baths must hold a certificate of negative nucleic acid testing within 48 hours.

Company

  • Samsung Electronics: It is the first time to introduce the photoresist of Dongjin Smicon Semiconductor into its mass production line, which is the first attempt of local mass production of photoresist.
  • Ford: Facing resistance from many state dealers to its plans to sell electric vehicles. Improving its electric vehicle sales model previously required dealers to certify and invest in infrastructure.
  • Amazon: Is planning to restart advertising on Twitter for about $100 million a year. Musk said Apple had “fully reinstated” the ad on Twitter.
  • Maersk and IBM announced the discontinuation of TradeLens. A few days ago, Maersk announced that it will start to shut down the shipping blockchain platform TradeLens jointly launched with IBM in 2018, and it is expected to be officially offline in the first quarter of next year.
  • H&M announced 1,500 job cuts to cut costs.
  • Tims China’s net income was 306 million yuan, a year-on-year increase of 67.9%. The coffee brand Tims China announced its financial report for the third quarter of 2022. According to the data, the company’s total net income in the third quarter was 306 million yuan, a year-on-year increase of 67.9%; Both 113.1 million yuan and 76.4 million yuan were expanded.

World

  • The European Union: is deciding whether to allow flights to provide passengers with 5G services in the air, including using wireless data to listen to music, watch videos, swipe various apps and make calls. If the bill is passed, it means that the European Union will require airlines to provide passengers with 5G connections instead of requiring passengers to pay for Wi-Fi. If agreed, EU member states need to prepare for this 5G network by June 30, 2023.
  • Switzerland: In order to ensure energy security, Switzerland may become the first country in the world to restrict the use of electric vehicles, and will ban the use of electric vehicles except for “absolutely necessary trips”. Most of Switzerland’s electricity supply comes from France and Germany, but the power supply has been restricted this year due to the energy crisis.
  • Russia: Increase the compensation standards for infrastructure construction in industrial and technological parks. Park investors can obtain investment compensation according to the standard of 30 million rubles/ha (about 500,000 U.S. dollars/ha) for the park area and 120,000 rubles/㎡ (about 2,000 U.S. dollars/㎡) for the construction area. The upper limit of investment compensation available has been increased from 50% to 75%.
  • East Africa: It is expected that the economic growth rate will reach 4.7% next year.
  • United States: 263,000 new non-farm jobs were created in November, exceeding the expected 200,000, and the previous value was revised up to 284,000.
  • Turkey: According to data released by the Statistics Bureau, the gross domestic product (GDP) in the third quarter of 2022 grow by 3.9% year-on-year and contracted by 0.1% quarter-on-quarter.
  • According to data released by the Ministry of Industry, Trade and Energy of South Korea, exports in November decreased by 14% year-on-year to US$51.91 billion, while imports increased by 2.7% year-on-year to US$58.93 billion. The trade balance recorded a deficit of US$7.01 billion, the first time in 25 years that China has experienced a deficit for eight consecutive months.
  • Consumer prices in Sri Lanka rose 61% year-on-year in November.