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fangfeiyifei · 5 days

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May 30 INTERNATIONAL TRADE NEWS SUMMARY

The IMF raised its growth forecast for China to 5%

The International Monetary Fund (IMF) has raised its forecast for China's economic growth to 5% this year, taking into account the strong GDP growth in the first quarter of this year and related policy incentives, First Deputy Managing Director Geeta Gopinath said Wednesday. Gopinath, speaking at a press conference on the 2024 China Article IV consultation in Beijing, said China's economic growth will remain resilient.

In the first four months of the year, foreign non-financial investment increased by 18.7% year-on-year

Ministry of Commerce spokesman He Yadong introduced China's overseas investment cooperation from January to April this year at a regular press conference. From January to April, China's foreign non-financial direct investment reached 343.47 billion RMB, up 18.7% year on year. Among them, Chinese enterprises invested 77.77 billion RMB in non-financial direct investment in the "Belt and Road" jointly building countries, an increase of 20.4%.

On May 30, the offshore RMB strengthened against the dollar and euro and depreciated against the yen

The offshore RMB exchange rate against the US dollar appreciated sharply, as of press time, the offshore RMB exchange rate against the US dollar was 7.2531, compared with the previous trading day's close of 7.2715, an appreciation of 184 basis points.

Offshore RMB against the euro exchange rate rose slightly, as of press time, offshore RMB against the euro exchange rate of 7.8427, compared with the previous trading day's close of 7.8525, an appreciation of 98 basis points.

Offshore RMB against 100 yen unchanged, as of press, offshore RMB against 100 yen exchange rate of 4.6200, compared with the previous trading day's close of 4.6100, devaluation of 100 basis points.

On May 30, the onshore RMB strengthened against the dollar and euro and weakened against the yen

The onshore RMB strengthened slightly against the US dollar, trading at 7.2366 as of press time, up 117 basis points from the previous close of 7.2483.

The onshore RMB strengthened slightly against the euro, as of press time, the onshore RMB against the euro exchange rate of 7.8243, compared with the previous trading day's close of 7.8284, up 41 basis points.

The onshore RMB weakened sharply against the 100 yen exchange rate, as of press time, the onshore RMB to the 100 yen exchange rate of 4.6100, from the previous trading price of 4.5900, down 200 basis points.

On May 30, the central parity rate of the RMB depreciated against the US dollar and appreciated against the euro and the yen

The RMB depreciated against the US dollar, with the central parity rate of the RMB to the US dollar at 7.1111, 5 basis points weaker than the previous trading day's 7.1106.

The RMB appreciated sharply against the euro, with the central parity rate of the RMB to the euro at 7.7222, up 286 basis points from 7.7508 in the previous trading day.

The exchange rate of RMB against 100 yen slightly appreciated, the central rate of RMB against 100 yen was 4.5480, compared with the previous trading day 4.5519, an appreciation of 39 basis points.

According to data released by the Reserve Bank of India (RBI), the actual utilised foreign direct investment (FDI) in India fell to $26.6 billion in the 2023-24 fiscal year, down 37% from the previous fiscal year. The figure is the lowest since the 2006-07 financial year. The analysis found that the main reason for the decline in the actual utilization of foreign investment in India was the surge in foreign investment withdrawal.

Mexico's GDP grew 1.6% in the first quarter from a year earlier

Recently, Mexico's National Geographic Statistics and Census Bureau released preliminary GDP data for the first quarter of 2024. The data showed that excluding price factors, real GDP grew by 1.6% year-on-year, down 0.7 percentage points from the previous quarter and down 2.0 percentage points from the same period last year. On a seasonally adjusted basis, real GDP in the first quarter of 2024 increased by 0.28% quarter-on-quarter, or 1.1% annualized.

Ireland has announced a series of initiatives to support small and medium-sized enterprises

Ireland's Department of Enterprise, Trade and Employment has announced a series of support initiatives to help smes cope with rising cost pressures, including: The Innovation Grant will be doubled to €20,000, the Energy Efficiency grant will be increased to €10,000, the corporate share will be reduced from 50% to 25%, the microcredit limit will be increased from €25,000 to €50,000, and the Business Cost Increase scheme will be reopened for 14 days.

The penetration rate of e-commerce users in South Korea will increase to 53.2%

According to the latest data from Statista, South Korea's e-commerce market is showing strong growth momentum. According to the data in 2024, the penetration rate of e-commerce users will increase to 53.2%, and in the following five years, this proportion is expected to further climb to 63.7%. This means that in South Korea, which has a total population of about 51.682 million, more than 30 million consumers will choose e-commerce as a shopping method.

Walmart opens its fourth high-tech distribution center

Walmart has opened its fourth high-tech distribution center in Pennsylvania. The facility, located in Greencastle, Pennsylvania, will cover 1.5 million square feet (about 139,000 square meters) and employ more than 1,000 people. The high-tech facility will feature automated, high-density storage and retrieval systems to streamline operations.

The national port cargo throughput increased by 5.2% year on year

Recently, the Ministry of Transport released the national port throughput data for the first four months of 2024. Data show: From January to April 2024, ports across the country completed 5.552 billion tons of cargo throughput, an increase of 5.2%. Among them, the port of Shanghai completed a total container throughput of 16.64 million TEU in the first four months of this year, an increase of 7.4%; Ningbo Zhoushan Port ranked second with a total throughput of 12.35 million TEU, up 9.1% year on year.

Cma CGM's first-quarter net profit fell 61% from a year earlier

Recently, CMA CGM Group announced the results of the first quarter of 2024, achieving revenue of about 11.83 billion US dollars, down 7.0% year-on-year; Earnings before interest, tax, depreciation and amortization (EBITDA) of approximately $2.39 billion, down 30.3% year-over-year; Net income was approximately $790 million, down 61.0% year-over-year.

Samsung Electronics suffered its first strike since its founding

On the 29th, the national Samsung Electronics labor union announced the breakdown of labor negotiations and will launch the first strike in the 55-year history of Samsung Electronics on June 7 in the form of a collective annual leave. The National Samsung Electronics Union is the largest labor union within Samsung Electronics, with 28,400 members, accounting for about 22% of the company's total workforce. The representative of the national Samsung Electronics labor Union said that the main reason for the decision to officially strike was the company's "disregard for the union."

Burberry's revenues fell 4% year on year in 2024

Recently, the British luxury goods group Burberry announced the preliminary results of the 2024 financial year ended March 30. During the period, the group's revenue was £2.968 billion, down about 4% year-on-year; Adjusted operating profit was £418m, down about 34% from a year earlier and ahead of analyst expectations of £405m. Burberry's chief executive said that while the results were lower than initially expected, the group was making good progress in refocusing its brand.

The big dialect recognition model is online

Recently, at the 7th Digital China Construction Summit, China Telecom Artificial Intelligence Research Institute released a large speech recognition model that supports the free mixing of 30 dialects - Star super dialect speech recognition large model. This is the industry's first open source speech recognition model based on discrete speech representation. It is reported that the model can understand more than 30 dialects, including Cantonese, Shanghai, Sichuan and Wenzhou.

Read the full article and more international trade news sunmmary .

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fangfeiyifei · 29 days

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Today's news | crazy! Us sanctions on multinational companies; Depreciation of the renminbi; Global central banks buy gold; Vietnam's export growth; Iran sanctions against Britain and America; Amazon's profits soar; Smear Day is coming; Etc.

New US sanctions against Russia include multinational companies

The US government has imposed sanctions on nearly 300 entities and individuals it says are linked to Russia, including more than a dozen Chinese entities.

U.S. ADP NONFARM employment increased by 192,000

According to the US ADP employment report, the US ADP employment increased by 192,000 in April, higher than the expected 180,000, and March's previous reading was revised up from 184,000 to 208,000. ADP's wage data shows that wage growth is slowing for both those who change jobs and those who stay with the company, though the former remains at a high level.

Yesterday ,The offshore RMB depreciated against the US dollar and Euro, while appreciating against the Yen

Yesterday, the offshore RMB exchange rate against the US dollar slightly depreciated, as of press time, the offshore RMB exchange rate against the US dollar was 7.2011, compared with the previous trading day's close of 7.1897, a depreciation of 114 basis points.

The offshore RMB exchange rate against the euro depreciated sharply yesterday, as of press time, the offshore RMB exchange rate against the euro was 7.7653, compared with the previous trading day's close of 7.7364, a depreciation of 289 basis points.

The offshore RMB strengthened slightly against the 100 yen yesterday, as of press time, the exchange rate of the offshore RMB against the 100 yen was 4.6900, compared with the previous trading day's close of 4.7000, an appreciation of 100 basis points.

Yesterday ,The onshore RMB strengthened against the US dollar, Euro and Yen

The onshore RMB strengthened sharply against the US dollar yesterday, with the onshore RMB trading at 7.2046 as of press time, up 376 basis points from the previous close of 7.2422.

The onshore RMB strengthened sharply against the euro yesterday, as of press time, the onshore RMB against the euro exchange rate of 7.7591, compared with the previous trading day's close of 7.7913, an appreciation of 322 basis points.

Yesterday, the onshore RMB to 100 yen exchange rate rose sharply, as of press time, the onshore RMB to 100 yen exchange rate of 4.6800, compared with the previous trading price of 4.7300, an appreciation of 500 basis points.

Yesterday ,The RMB central parity rate appreciated against the US dollar and depreciated against the Euro and Yen

The RMB strengthened slightly against the US dollar yesterday, with the central parity rate of the RMB to the US dollar at 7.0994, up 69 basis points from 7.1063 in the previous trading day.

The RMB depreciated sharply against the euro yesterday, with the central parity rate of the RMB to the euro at 7.6632, 174 basis points weaker than the previous trading day's 7.6458.

The RMB depreciated sharply against the 100 yen exchange rate yesterday, with the central price of the RMB to the 100 yen exchange rate at 4.6550, 780 basis points lower than the previous trading day's 4.5770.

Net gold purchases by global central banks rose 1% in the first quarter from a year earlier

Recently, the World Gold Council released the "Global Gold Demand Trend Report" shows that in the first quarter of this year, global central banks bought 290 tons of net gold, an increase of 1%. This is the highest quarterly figure since quarterly data on global central bank purchases began in 2000, and 69% higher than the five-year average.

Vietnam's exports rose 10.6 per cent in April from a year earlier

Recently, the General Bureau of Statistics of Vietnam released data, in April, Vietnam's total foreign trade was 61.2 billion US dollars, down 5.2% from the previous month, an increase of 15%. From the import and export data, in April, Vietnam's exports of 30.94 billion US dollars, down 8.1% month on month, an increase of 10.6%; In the same period, Vietnam's imports reached 30.26 billion US dollars, down 2% from the previous quarter and up 19.9% year-on-year. The United States is its largest exporter

Iran sanctions US and UK individuals and entities for supporting Israel

Iran's Foreign Ministry has imposed retaliatory sanctions on 25 US and UK individuals and entities for "supporting Israel's human rights violations against Palestinians". According to the statement, the sanctions include freezing the assets and bank accounts of the sanctioned individuals and entities in Iran and barring the relevant persons from entering the country.

Amazon's first-quarter net profit jumped 229% from a year earlier

Recently, Amazon released the first quarter of the fiscal year 2024 financial results: net sales of $143.313 billion, an increase of 13%, excluding the impact of exchange rate changes is also an increase of 13%; Net profit of $10.431 billion, a sharp increase of 229%; Diluted earnings per share were $0.98, a significant increase from diluted earnings per share of $0.31 in the prior year period.

Aliexpress trial run traffic new play "Super explosion day"

A few days ago, AliExpress revealed that it is piloting a new traffic game called "Super Outbreak Day", which can quickly boost the sales of successful commodities by gathering traffic. It is understood that the project was set as a key project in the first half of the year within AliExpress to create the most efficient explosive product play method. The project is expected to be officially launched in May, and fully managed goods can be signed up to participate.

20% Container throughput at the Port of Houston is up 20 per cent year on year

Roger Guenther, chief executive officer of the Port of Houston,said that container throughput at the Port of Houston reached 360,991 TEUs in March, an increase of 20% compared to the same period last year. Throughout the first quarter, total cargo handled through the Port of Houston's two main container facilities, Barbours Cut and Bayport, increased 4 percent to a total of more than 1.06 million TEUs, an increase of 15 percent compared to the same period in 2023.

ONE23 fiscal year revenue fell 50% year over year

Recently, Ocean Network Shipping (ONE) announced the 2023 fiscal year (April 2023 - March 2024) performance report. During the reporting period, ONE achieved operating revenue of $14.536 billion, down 50% year-on-year; Net income was $974 million, down 94% from a year earlier. According to ONE, cargo volumes in the U.S. market are expected to recover, but a full recovery in the global economy is unlikely due to global geopolitical instability and persistent inflation.

Berkshire's net income fell 64.2% from a year earlier

Warren Buffett's Berkshire Hathaway recently released its first quarter results for 2024. Berkshire Hathaway's revenue for the first quarter of 2024 was $89.869 billion, up 5.2% year-over-year, versus market expectations of $85.92 billion and $85.393 billion in the year-ago quarter. Net profit for the first quarter was $127.02 billion, down 64.2% from the same period last year. The market expected $9.892 billion and $35.504 billion in the same period last year.

Luckin Coffee's total net revenue in the first quarter rose 41.5% year-on-year

Recently, Luckin Coffee announced the first quarter of 2024 financial results. Financial data show that Luckin Coffee's total net revenue in the first quarter was 6.278 billion yuan, an increase of 41.5%. A net 2,342 stores were added in the first quarter, bringing the total number of stores to 18,590. Smear Day is coming

"Yunnan Smear Festival" is trending again. "Yunnan Smear Festival" formerly known as "touch you black Carnival", the three words "touch you black" are transliterated from the "Wa language", meaning "here is what we pursue, what we expect, stick to it, stick to it forever." It is the custom of praying for peace on the forehead with the ash of the bottom of the pot, which expresses their optimistic and cheerful spirit of life.

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