Trade alert

  • Aniline(苯胺): India launched an anti-dumping mid-term review investigation. On December 12, the Ministry of Commerce and Industry of India issued a notice stating that in response to the application submitted by the Indian domestic company NOCIL Limited, an interim anti-dumping review investigation on aniline originating in or imported from China was launched. Review whether it is necessary to continue to impose anti-dumping duties on the products involved. The Indian customs code of the products involved is 29214110. (PS, Aniline, a toxic aromatic amine, is a widely used industrial chemical, particularly in the manufacture of dyes, resins, varnishes, perfumes, pigments, herbicides, fungicides, explosives, isocyanates, hydroquinones, and rubber chemicals. F)

Trade

  • Russia: Replaced Iraq as India’s largest oil supplier for the first time. India’s oil imports from Russia rose for the fifth straight month, totaling 908,000 bpd in November, up 4% from October.
  • South Africa: Lower than expected citrus exports in 2022. According to a report on the South African money bag website on December 13, according to data from the South African Citrus Growers Association (CGA,南非柑橘种植者协会), the local citrus export volume in 2022 will be lower than expected. Although the South African citrus industry will pack 3.2 million more cartons of fruit for export markets in 2022, this is 5.7 million less cartons than expected in early 2022.
  • Poland: The total export value in the first three quarters maintained rapid growth. The latest report on the website of the Polish Institute of Economic Research (PIE,波兰经济研究所) shows that in the first three quarters of 2022, the export value of Polish goods will increase by 22.9% compared with the same period last year. From January to September this year, products with a year-on-year increase of more than 10% accounted for about a quarter of Poland’s total exports, including trucks, steel pipe fittings, aluminum, medical equipment, petroleum, yachts, automobiles, gasoline internal combustion engines, etc.
  • Equatorial Guinea: Significantly reduce the tax rate on the import of communication terminals, equipment and systems. According to Equatorial Guinea’s “Now” electronic news network, the government of Equatorial Guinea recently revised relevant tax laws and regulations on the information and communication technology industry, and significantly lowered the import tax rate of communication terminals, equipment and systems. According to the new regulations, related products imported from outside the Central African Economic and Monetary Community (CEMAC) should pay 10% tariff, 6% value-added tax and 5% commercial tax, with a total tax rate of 21%, which is 34 percentage points lower than the previous total tax rate of 55%. , which is lower than the average tax rate of 25% among CEMAC member countries.
  • The trade volume between China and Russia was 172.406 billion US dollars, a year-on-year increase of 32%. A few days ago, according to the statistics of the General Administration of Customs of China, from January to November 2022, the trade volume between China and Russia increased by 32.0% year-on-year, reaching US$172.406 billion. Among them, China’s exports to Russia were US$67.334 billion, an increase of 13.4%; China’s imports from Russia were US$105.072 billion, an increase of 47.5%.

Industry

  • GLOBAL: Cotton Subsidies (棉花补贴)Fall to Lowest Level in Nearly 10 Years. The Swiss media African Financial News Agency recently reported that the International Cotton Advisory Committee (ICAC国际棉花咨询委员会) announced in early December that in the 2021-2022 production season, the global government’s subsidy for cotton was 3.52 billion U.S. dollars, compared with the previous season’s subsidy (8.29 billion U.S. dollars). U.S. dollars) fell 57%, the lowest level in nearly 10 years, that is, the average subsidy per pound of lint fell to 9.3 cents from 22.3 cents a year ago. Despite the overall decline in subsidies in major cotton-supplying countries, India’s subsidy amount is still large at $1.92 billion, ranking first in the world.
  • TheElec: Prices of raw materials such as quartz(石英), used in the production of computer chips, are expected to rise another 10%, and some South Korean manufacturers will raise prices in the near future. Quartz suppliers said that the reason for the price increase is that their upstream suppliers will also increase prices. It is reported that in the production of chips, quartz is used for wafer etching（晶圆刻蚀）. As the requirements of advanced technology for etching increase, the demand for quartz will further increase.
  • Shanghai Securities News: Australian lithium miner Pilbara completed its 13th lithium concentrate auction on December 14, with a transaction price of US$7,505/ton FOB, down 3.84% from the auction price of US$7,805/ton FOB on November 16 . According to estimates, the produced lithium carbonate is expected to enter the market in the second half of the first quarter of 2023.

Industry -China

  • Fliggy（飞猪旅游）: In the past week, searches for “New Year’s Day元旦” and “New Year’s Eve跨年” related products have increased by more than 6 times from last week, and the number of air ticket bookings for New Year’s Day travel has increased by more than 3 times from last week. The number of product reservations for destinations has doubled in the past week.
  • HuaAn Securities(华安证券): In recent years, China’s Internet medical care has maintained a high growth trend, from 2.31 billion yuan in 2012 to 27.17 billion yuan in 2019, with a compound annual growth rate of 42.21%. In 2023, the scale of China’s Internet medical care market is expected to reach 87.61 billion yuan.
  • Hong Kong does not need to undergo nucleic acid testing at the port when traveling to the mainland and Macau.

China

  • Chinanews.com: As of the end of November, China had completed investment in water conservancy construction （水利建设投资）of 1,008.5 billion yuan, an increase of 33% over last year. The investment in water conservancy construction exceeded 1 trillion yuan, making it the year with the largest investment in water conservancy construction since the founding of New China. 2.36 million people were employed directly, including 1.92 million migrant workers.
  • Morgan Stanley: As China gradually optimizes its anti-epidemic policies, it has raised its economic growth forecast for next year from 5% to 5.4%.
  • Shangguan News: Shanghai State-owned Capital Investment Co., Ltd. （SH-SSCI，上海国有资本投资母基金有限公司，简称“上海国投公司”）was officially inaugurated on December 14. The total target size of the fund is 50 billion yuan, and the first phase size is 20 billion yuan. It focuses on serving major national strategies and major tasks of Shanghai. Led by the Municipal State-owned Assets Supervision and Administration Commission（市国资委 Shanghai State Investment Corporation(上海国投公司), SAIC Motor Corporation (上汽集团) and other municipal state-owned enterprises and Lingang New Area Management Committee(临港新片区管委会) and other units jointly funded the establishment. The fund management company of Shanghai State Investment Corporation is responsible for fund management.
  • The Central Committee of the Communist Party of China and the State Council: issued the “Strategic Planning Outline for Expansion of Domestic Demand (2022-2035)”, released the potential of travel consumption, strengthened the construction of supporting facilities such as parking lots, charging piles, power stations, and hydrogen refueling stations; increased consumption of elderly care and childcare services, To adapt to the process of population aging, promote the matching of childbirth policy and economic and social policies; better meet the consumption demand of high-end consumer goods, promote the healthy and orderly development of the duty-free industry, and further promote the construction of Hainan as an international tourism consumption center.
  • Ministry of Industry and Information Technology, Cyberspace Administration of China(工信部、网信办): Manufacturers should ensure that pre-installed application software in mobile smart terminals other than basic functional software can be uninstalled, and provide safe and convenient uninstallation methods for users to choose. Apps that cannot be uninstalled should be limited to a few software with basic functions such as system settings, multimedia recording, making and receiving calls, and app stores. This announcement will come into force on January 1, 2023.
  • According to the “Statistical Report on Internet Development in China中国互联网络发展状况统计报告”, as of June, the number of domestic online medical users reached 300 million, and the number of domestic Internet hospitals and the demand for online consultation continued to grow. The “14th Five-Year” National Health Informatization Plan shows that more than 1,700 Internet hospitals have been built in China, more than 7,000 public hospitals above the second level have access to the regional national health information platform, and more than 260 cities have realized medical institutions in the region. “One card (code) link”, more than 2,200 tertiary hospitals have initially realized inter-hospital communication. The “Plan” proposes that by 2025, a unified, authoritative, interconnected national health information platform support and guarantee system will be initially established, and the full coverage of public medical and health institutions and the national health information platform will be basically realized.

World

  • EU: Failed to reach consensus on natural gas price cap plan. Germany, Austria and the Netherlands have reportedly warned against caps on gas prices, and others including Greece, Belgium, Italy and Poland have called for caps. With countries still disagreeing on the details of the cap, the EU decided to hold another meeting on Dec. 19 to discuss the issue.
  • National Grid: More than a million UK households have signed up to a scheme that will pay them to reduce electricity use and prevent power shortages this winter. In total, households have saved around £2.8m across the five tests of the service carried out so far.
  • Sweden: In November, annual inflation was 11.5%, the highest since August 1981. The monthly inflation rate was 1%, up 0.2% month-on-month. Food and non-alcoholic beverages saw the biggest price increases, rising 18.6 percent.
  • President Yoon Seok-yue of South Korea: Since the establishment of the new government, the nuclear power policy forced by the previous regime has been abolished, and the nuclear power policy has returned to normal, and this year has been designated as “the first year that the nuclear power industry takes off again.” It also promised that the government will actively support the nuclear power industry so that it will become a pillar leading South Korea’s exports, and the Republic of Korea will once again stand as a global nuclear power country.