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German exports in May still far below pre-crisis level

By Xinhuanet| 2020-07-10 11:08:44

German exports in May recovered by 9 percent compared with the previous month and reached 80.3 billion euros (91 billion U.S. dollars), the Federal Statistical Office (Destatis) announced on Thursday.However, compared with February, the month before COVID-19 measures were introduced in Germany, exports were down significantly by 26.8 percent, according to Destatis."Exports are recovering only cautiously and are still well below the previous year's level," said Joachim Lang, director general of the Federation of German Industries (BDI), adding that the coronavirus crisis was "far from over."Exports to non-European third countries even fell by 30.5 percent year-on-year and amounted to 37.7 billion euros in May, according to Destatis. Exports to other European Union (EU) member states fell by 29 percent to 42.4 billion euros.Germany's export-oriented economy had "to prepare for a difficult time," warned Lang. Also, growth prospects for Europe as a domestic market were "extremely gloomy.""The degree to which year-on-year exports were affected depended on the trading partner," noted Destatis. German exports to China only decreased "rather moderately" by 12.3 percent to 7.2 billion euros in May.At the same time, German exports to the United States, which had been hit particularly hard by the coronavirus pandemic, plummeted by 36.5 percent to 6.5 billion euros, according to Destatis.German imports in May also declined strongly, albeit not as much as exports. According to Destatis, imports in May were down 21.7 percent year-on-year to 73.2 billion euros.Imports to Germany from China in May even increased 23.4 percent year-on-year. With imported goods worth 10.7 billion euros, China was the single largest exporter for Germany, according to Destatis. (1 euro = 1.13 U.S. dollars) Enditem

More reforms from China's pilot FTZs to be adopted nationwide

By Xinhuanet| 2020-07-09 14:29:32

The State Council, China's cabinet, has decided to implement more reform measures experimented with at the pilot free trade zones (FTZs) across the nation.It is the sixth batch of measures tested by the pilot FTZs before being implemented in other areas, the State Council said in a new circular.To be replicated nationwide are measures covering five areas: investment management, trade facilitation, financial openness and innovation, operational and post-operational oversight, and human resources, the circular said.To reform investment management, green channels will be set up for approval procedures of electricity projects, registration of real estate will be made more convenient, and small-scale value-added tax declaration will be assisted by smart technologies. Enditem

China's land port sees cross-border railway freight exceeding 10 mln tonnes in H1

By Xinhuanet| 2020-07-08 11:34:15

Foreign trade volume by railway through Manzhouli, the largest land port on the China-Russia border, exceeded 10 million tonnes in the first half of this year, up 6.4 percent year on year, according to official figures.About 8.25 million tonnes of goods were imported by train via Manzhouli from January to June while the export volume was 1.79 million tonnes, said the Manzhouli railway station under China Railway Harbin Group Co., Ltd Monday.Major commodities involved coal, iron concentrate, chemical fertilizer, wood and large-scale construction machinery.A total of 1,505 China-Europe freight trains passed through the port in the first half, an increase of 19 percent compared with the same period last year, carrying 134,700 TEUs of goods in total.The China-Europe rail routes have become an important transport channel for stabilizing global trade and recovering production amid the COVID-19 pandemic. Authorities in Manzhouli port have facilitated customs clearance to increase efficiency and help enterprises reduce logistics and transportation costs. Enditem

Macao's land containerized cargo grows 45.8 pct in May

By Xinhuanet| 2020-07-06 10:03:41

The gross weight of containerized cargo by land to Macao in May grew 45.8 percent year-on-year to 1,953 tonnes, the special administrative region's statistic service said on Sunday.The latest report from the Statistics and Census Service (DSEC) indicated that the inward transit cargo leapt 666.6 percent to 1,098 tonnes.In the first five months, the gross weight of containerized cargo by land rose 28.6 percent year-on-year to 9,197 tonnes.The gross weight of port containerized cargo fell 37.2 percent year-on-year to 8,103 tonnes in May. The cargo handled at the Kaho Harbor plunged 86.0 percent to 851 tonnes, while that shipped through the Inner Harbour went up 6.3 percent to 7,252 tonnes.In the first five months, the gross weight of port containerized cargo dropped 30.3 percent to 42,210 tonnes.The air cargo totaled 2,525 tonnes in May, a drop of 19.0 percent year-on-year. The gross weight of inward cargo and transit cargo slumped 71.1 percent to 164 tonnes and 94.9 percent to 21 tonnes respectively, while that of outward cargo edged up 9.6 percent to 2,339 tonnes.In the first five months, the air cargo reduced 31.5 percent to 10,441 tonnes. Enditem

Yiwu-Madrid express links China, EU during pandemic

By Xinhuanet| 2020-07-02 11:46:24

Since the initial outbreak of COVID-19, trains between China and Europe have been operating a "green channel" for the transportation of medical and raw materials.This is what China's Ambassador to Spain Wu Haitao said in a recent interview with Xinhua, with protective masks and suits, as well as other medical materials, arriving in Madrid this week on Chinese-operated trains.The ambassador highlighted that the China-Europe trains, serving the transportation needs of the Belt and Road Initiative, have maintained stable operations and become an important link connecting China, Europe and other countries during the pandemic.They have also played an active and important role in stabilizing international supply and production chains and maintaining economic and commercial exchanges between countries.The medical materials acquired by the Spanish government, more than 250 tons, arrived in Madrid over the last three days. The commercial railway route of the Yiwu-Madrid freight train travels 13,052 km along eight countries including Kazakhstan, Russia, Belarus, Poland, Germany and France, making it the longest railway line in the world.According to Carlos Santana, managing director of the subsidiary of the Yiwu-Madrid train operator in Spain, medical materials have constantly been arriving in Madrid in recent months from Yiwu, the largest commodity distribution hub in the world, located in the eastern Chinese province of Zhejiang.He stressed that the transport of goods by rail has emerged as a reliable and trustworthy alternative in the months of confinement under the pandemic, allowing the easy import of medical materials and other goods from China.By May 31, the China-Europe trains from Yiwu have totaled up to 200, including 16,672 standard coaches, with volumes that represent an increase of 72 percent compared to the same period last year, according to statistics from the operating company of the trains.Xulio Rios, director of the China Policy Observatory based in Galicia, Spain, told Xinhua that the freight trains linking China and Europe have become a symbol of the satisfaction of mutual interests."In the EU, Spain should play a constructive role, also promoting cooperation with China. Such an attitude responds not only to its immediate interests but also to the demands of the post-pandemic world," Rios said.China is Spain's main commercial and economic partner in Asia, as well as the main destination of Spanish exports in the region. China is also currently Spain's largest trading partner outside the EU, while Spain is China's sixth largest trading partner within the EU bloc.According to official statistics, some 15,000 Spanish companies export to China and some 600 more are established in the Asian country in sectors such as energy, automobiles, financial services, industrial technology, agro-food and consumer goods.China is the seventh largest investor in Spain, while 150 Chinese companies have established themselves in different Spanish cities and have created 15,000 jobs, according to data from the Spanish government's Institute for Foreign Trade. Enditem

S.Korea's export posts double-digit fall for 3 months over COVID-19

By Xinhuanet| 2020-07-01 17:24:47

South Korea's export posted a double-digit fall for three straight months through June on an economic fallout from the COVID-19 outbreak across the world, a government report showed Wednesday.Export, which takes up about half of the export-driven economy, came in at 39.21 billion U.S. dollars in June, down 10.9 percent from the same month of last year, according to the Ministry of Trade, Industry and Energy.Import slipped 11.4 percent over the year to 35.55 billion dollars in June, sending the trade surplus to 3.66 billion dollars. In May, the trade surplus was 446 million dollars.The outbound shipment continued to fall for the fourth straight month, keeping a double-digit decline for the third consecutive month with falls of 23.6 percent in May and 25.5 percent in April each.The daily average export plummeted 18.5 percent in June from a year earlier, after sliding 18.3 percent in May.The daily average shipment stood at 1.67 billion dollars in June, 1.62 billion dollars in May and 1.65 billion dollars in April respectively.The ministry said the falling pace of export slowed down in June compared to the previous two months while the trade surplus expanded in June from the previous month despite the continued effect from the COVID-19 outbreak.It noted that the country's export to China rebounded in six months amid the gradual recovery of the world's No.2 economy, caused by the Chinese government's stimulus measures and the expanded investment in social overhead capital (SOC).The ministry added that shipments to the United States, the European Union (EU) and the Association of Southeast Asian Nations (ASEAN) fell in a slower pace in June after tumbling more than 20 percent in the prior month.Export to China expanded 9.5 percent in June from a year earlier after sliding 2.4 percent in May.Shipments to the United States, the EU and the ASEAN declined 8.3 percent, 17.0 percent and 10.8 percent each in June after dropping over 20 percent in the previous month.Export to Vietnam dipped 2.3 percent in June after plunging 20.1 percent in May, while shipment to Japan fell 17.8 percent in June after diving 29.0 percent in the prior month.Semiconductor export lost 0.03 percent in June from a year earlier due to weak demand for smartphones and the sale of DRAM chip inventory. In May, the chip shipment grew 7.0 percent.Computer shipment jumped 91.5 percent in June, keeping an upward trend for the ninth consecutive month as the COVID-19 outbreak encouraged students and office workers to study and work at home.General machinery shipment slipped 6.9 percent in June, but it was down from a double-digit reduction in the prior month thanks to demand from China that showed a recovery in the construction sector.Export for cars and auto parts tumbled 33.2 percent and 45.0 percent each last month due to weak demand from the United States and Europe.Oil products export plunged 48.2 percent amid the weak global demand and the supply glut. Petrochemical export reduced 11.8 percent in June after skidding 33.9 percent in May owing to stronger demand from China.Shipment of telecommunication devices, such as smartphones, diminished 11.6 percent last month on weak demand stemming from the coronavirus pandemic.Display panel shipment declined 15.9 percent in the month on soft demand for TVs, while export for textiles, steel products and ships all shrank more than 20 percent.Export for bio-health products jumped 53.0 percent in June, continuing to increase for the 10th consecutive month on the back of demand for locally-made testing kits for the COVID-19 and newly launched biosimilars.Cosmetics product export advanced in double figures on demand from China, the United States and the ASEAN.Secondary battery shipment added 1.4 percent in June after shrinking 10.3 percent in May. Enditem

New high-speed railway connects east, central China

By Xinhuanet| 2020-06-30 16:14:29

June 28, 2020. A new high-speed railway route connecting east and central China started operation on Sunday. With a designed speed of 350 kph, the route connects the city of Shangqiu in central China's Henan Province, and Hefei and Hangzhou, the capital cities of east China's Anhui and Zhejiang provinces. HEFEI, June 28 (Xinhua) -- A new high-speed railway route connecting east and central China started operation on Sunday.With a designed speed of 350 kph, the route connects the city of Shangqiu in central China's Henan Province, and Hefei and Hangzhou, the capital cities of east China's Anhui and Zhejiang provinces.The northern section of the railway, from Shangqiu to Hefei, went into operation in December 2019, according to the China Railway Shanghai Group Co., Ltd.Covering a distance of 794.55 km, the Shangqiu-Hefei-Hangzhou high-speed railway can help further promote the development of central China and the regional integration of the Yangtze River Delta, with the latter involving Shanghai and the provinces of Jiangsu, Zhejiang and Anhui. Enditem

Australian resources exports hit record high despite coronavirus pandemic

By Xinhuanet| 2020-06-30 16:11:17

The Resources and Energy Quarterly shows that despite COVID-19, Australia's export earnings from resources are still on track to reach a record high in 2019/20.Minister for Resources, Water and Northern Australia Keith Pitt said in a statement on Monday that the new report confirms the resources sector continues to underpin the country's economy and has helped cushion the blow.According to the official figures, Australia's resources and energy exports are expected to reach a record 293 billion Australian dollars (200.9 billion U.S. dollars) in financial year 2019/20, which ends on Tuesday."Iron ore demand has almost fully recovered in China and it remains on track to be first single Australian commodity to break the 100 billion AUD (68.5 billion USD) mark in annual export value," Pitt said."On current trends, Australia will overtake China next year as the world's top gold producing country to reach 30 billion AUD (20 billion USD) in exports."The sector has always been a key contributor to Australia's economic success and now it's playing a vital role in protecting the country from a much more severe downturn as a result of COVID-19," said the minister.The report also found mining directly accounted for 25 percent of the growth in Australia's GDP in the 12 months to the March quarter.Compared to 6.2 percent across all industries, employment in resources fell by 3.1 percent between February and May, according to the statement."Our government's focus will be all about jobs as we emerge from the COVID-19 economic downturn, particularly for younger Australians, and the resources sector is well positioned to play its part," Pitt said. Enditem

U.S. considers new tariffs on 3.1 bln USD of European imports amid aircraft subsidy dispute

By Xinhuanet| 2020-06-28 17:20:37

The United States is considering new tariffs on 3.1 billion U.S. dollars of European imports amid the aircraft subsidy dispute, according to the Office of the United States Trade Representative (USTR)."The U.S. Trade Representative is considering an additional list of products of France, Germany, Spain, and the United Kingdom that may be included on a final list of products subject to additional ad valorem duties of up to 100 percent," the office said in a notice published late Tuesday."The additional list of products contains 30 tariff subheadings with an approximate value of $3.1 billion in terms of the estimated import trade value for calendar year 2018," the notice said, inviting the public to submit comments with respect to the additional tariffs on specific products by July 26.The office said the latest move is part of a review of its action being taken in the Section 301 investigation involving the enforcement of U.S. WTO (World Trade Organization) rights in the large civil aircraft dispute.After WTO ruling on aircraft subsidies last year, the United States levied additional tariffs on 7.5 billion dollars of European goods, which took effect on Oct. 18, a move that has fueled trade tensions between the two sides.In February, the office announced that it would increase the additional tariff imposed on aircraft imported from the European Union (EU) to 15 percent from 10 percent, effective from March 18. It also modified the list of European products subject to additional 25 percent duties.USTR Robert Lighthizer said at a congressional hearing last week that the United States will "continue those tariffs in place" until it resolves the aircraft subsidy dispute with the EU.But EU Trade Commissioner Phil Hogan told European trade ministers earlier this month that the United States has stepped back from the settlement talks in recent weeks. "If this remains the case, the EU will have little choice but to exercise its retaliation rights and impose our own sanctions," he said.The EU had hoped that the WTO would reach a decision this month on how much retaliation the EU can take against the United States, but trade officials said that the decision may not come until September, according to the Financial Times.In 2004, the United States filed a case with the WTO, accusing the EU of providing illegal subsidies to Airbus in various forms. The EU has since filed a similar case over allegedly illegal U.S. subsidies to Boeing. The WTO has ruled that both the United States and the EU have provided illegal subsidies for their respective airlines. Enditem

Finland's trade statistics for Q1 shows COVID-19 impacts

By Xinhuanet| 2020-06-23 18:28:32

Statistics Finland on Monday published the Finnish trade statistics for Q1 of 2020, showing the gradual impact of the COVID-19 epidemic this spring.Finnish balance of payments showed a deficit in the first quarter of 2020. The value of goods exports of Finland fell by 12 percent from Q1 in 2019. The fall in goods imports was more moderate. Service exports fell by 5 percent.In the first quarter of 2020, the current account deficit of Finland was 1.6 billion euros, and the balance of goods and services showed a deficit of 1.2 billion euros, said Statistics Finland.As part of the export of services, tourism to Finland declined by 16 percent compared to Q1 in 2019. Tourism out of Finland declined by 9 percent. Finland began restricting cross-border travel as an anti-COVID-19 measure in March, both the airline and cruise ship industries then began closing their services.Meanwhile, Statistics Finland on Monday said the Finnish GDP showed a decline of 1.9 percent in January-March 2020 from the previous quarter, correcting the figure of 4.6 percent it had given last Thursday.Commenting to Finnish business daily Kauppalehti, Pasi Kuoppamaki, the chief economist of Danske Bank, said the decline in GDP was understandable in the light of the forest industry strikes in early 2020 and the impact of COVID-19 in March. (1 eruo = 1.12 U.S. dollars) Enditem

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