Author: Editorial Desk

Hong Kong will boosts its strength in gold imports and exports to become a major international gold trading hub, according to John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR). Delivering his third policy address on Wednesday, Lee highlighted Hong Kong’s status as one of the world’s largest gold import and export markets by volume, making it an attractive location for investors. Lee pointed out that Hong Kong’s political stability and security, especially amid current global geopolitical complexities, enhance its appeal for gold storage, trading, settlement, and delivery. “This will spur development of the related industry chain,…

A surge in drug crisis is ravaging the South Pacific, as international cartels and crime syndicates exploit remote island nations to move narcotics globally, according to senior police and United Nations officials. Fiji, Tonga, and other Pacific islands are becoming key transit points for smuggling operations, with cocaine from Latin America and methamphetamine and opioids from Asia flowing through these largely unpatrolled regions. Tonga Police Commissioner Shane McLennan highlighted the challenges posed by the islands’ strategic location and vast, under-protected ocean territory. “We’re a victim of our geographical location. An ideal transit point for vessels crossing the Pacific,” McLennan said,…

India is considering tightening its steel import regulations to address dumping, where foreign companies sell goods below market prices. This move aims to protect the domestic steel industry by enforcing stricter quality controls and certification for imported steel. Concerns have risen over the influx of low-cost steel, particularly from China, which undercuts India’s steel producers. As the world’s second-largest steel producer, India’s industry has struggled with cheaper imports affecting demand for locally produced steel. The proposed measures include stricter checks to ensure imported steel meets Indian safety and quality standards. This is intended to curb substandard imports and protect consumers…

Tanzania’s growing cashew nut industry is set to benefit from a newly launched shipping service tailored to support the country’s growing export demands. Danish shipping giant Maersk has introduced the ‘Korosho Express,’ a dedicated ocean freight service for ease the export of Tanzanian cashews to key markets in India, Vietnam, and China. Running bi-weekly from the Port of Mtwara, the service will operate from late October through February 2024, aligning with the peak cashew harvesting season. Babafemi Jay Aderounmu, Maersk’s East African market division head, highlighted that the service was specifically designed to boost the capacity of Tanzania’s cashew exports…

China’s export growth slowed in September due to extreme weather, global shipping congestion, and base effects, with shipments to the US outpacing those to the EU. Customs data showed exports grew by 2.4 per cent year-on-year to $303.71 billion in September, falling short of the 6.18 per cent forecast and below August’s 8.7 per cent rise. Customs spokesman Lu Daliang attributed the slowdown to ‘short-term incidental factors,’ including frequent typhoons in key port cities, last year’s higher base, and global shipping congestion. “Some data shows that the peak export season for some Chinese products in previous years was in the…

Japan is considering measures to address the increasing steel imports from China, which are raising concerns about their impact on the domestic steel industry. A senior official from Japan’s Ministry of Economy, Trade, and Industry confirmed the government is evaluating the situation and may introduce trade policies to protect local manufacturers from cheaper Chinese imports. Chinese steel exports, supported by subsidies and lower production costs, have increased competition for Japanese producers, putting pressure on prices and profitability. Japan’s steel industry is crucial to the economy, supporting industrial production and jobs. The ministry is considering tariffs or other import restrictions to…

The Philippines is projected to retain its status as the world’s top rice importer this year and next, largely due to the adverse effects of extreme weather conditions, including El Niño, La Niña, and recent typhoons, on domestic rice production. According to the latest report from the US Department of Agriculture (USDA), the Philippines’ rice imports for 2024 are estimated to reach 4.7 million metric tons (MT), representing a 2.2% increase from the earlier forecast of 4.6 million MT. This rise is attributed to strong demand, particularly for rice sourced from Vietnam. Looking ahead, rice imports are expected to further…

Taiwan’s Mainland Affairs Council (MAC) has condemned China’s ‘economic oppression’ following Beijing’s warning of countermeasures against Taiwan’s trade restrictions. China’s Ministry of Commerce criticized Taiwan for not addressing trade barriers affecting Chinese goods. The Ministry of Commerce announced that Taiwan’s restrictions on over 2,000 Chinese products were identified as trade barriers and urged their removal. In response, Taiwan’s MAC expressed regret but committed to minimizing the impact on the island. Zhu Fenglian, spokesperson for China’s Taiwan Affairs Office, supported possible further actions and attributed Taiwan’s inaction to the Democratic Progressive Party’s stance on independence. She blamed the rejection of the…

Vietnam is set to improve its legal framework to boost digital tech exports, according to Lê Nam Trung, Deputy Director of the Authority of ICT Industry and Communications. The Ministry of Information and Communications is developing the Law on Digital Technology Industry to create a favorable environment for companies to expand internationally. Vietnam ranked first globally in high-tech exports, imports, and creative goods in the Global Innovation Index 2024 (GII), announced by the World Intellectual Property Organization (WIPO) in September. Overall, the country moved up two places to rank 44th, continuing its rise as one of the fastest-growing middle-income economies…

Pakistan is committed to expanding its trade ties with Saudi Arabia. Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal underscores the importance of bolstering economic ties between the two nations. In a meeting with Saudi Investment Minister Khalid Bin Abdulaziz Al Faleh on Friday, Iqbal emphasized the need to strengthen trade as a means of enhancing the longstanding political relationship between the countries. Iqbal highlighted that the trade volume between Pakistan and Saudi Arabia stood at $4.6 billion in 2022. However, he stressed the need for both countries to adapt to modern economic realities. “Our political relationship will…