Author: Editorial Desk

Indonesia’s batik exports fell by 8.39% year-on-year in the second quarter of 2024, according to the Ministry of Industry (Kemenperin). The decline in fabric exports is linked to global geopolitical influences, explained Reni Yanita, Director General of Small and Medium Industries and Various Industries (IKMA). “The decreased exports are suspected to be due to global or geopolitical influences, as batik is not only a fashion item but can also be applied as home decor,” Reni told Tempo on October 5, 2024. Despite the government’s relaxation of batik imports through Trade Minister Regulation (Permendag) Number 36 of 2023, Reni clarified that…

As Russia’s conflict with Ukraine nears its third year, economic pressures have begun to weigh heavily on the country. Financial, technological, and demographic challenges are undermining Russia’s economic stability, leading to fears of a potential collapse. Since 2014, and especially after 2022, Russia has faced increasingly stringent international sanctions. While Russian President Vladimir Putin claims the sanctions have strengthened the economy, the Kremlin continues to call for their removal. Estimates suggest these sanctions reduce GDP by 2-3% each year, limiting economic growth. Russia’s economy has grown by only 1% annually on average since 2014, with GDP dropping from $2.3 trillion…

Malaysia is set to import halal meat and basmati rice from Pakistan, declared Malaysian Prime Minister Anwar Ibrahim. The announcement came during a joint media briefing after Anwar Ibrahim and Prime Minister Shehbaz Sharif’s bilateral meeting on Thursday where they explored enhanced cooperation across key sectors including trade, investment, agriculture, tourism, education, and defence. “As a result of our discussions, Malaysia has agreed in principle to import 100,000 tonnes of halal meat and basmati rice from Pakistan,” PM Anwar Ibrahim said. Prime Minister Shehbaz highlighted that the halal meat export alone could generate $200 million annually for Pakistan. Ensuring the…

Party General Secretary and State President Tô Lâm called for Vietnam and Ireland to boost their bilateral trade turnover to $5 billion by 2026. Speaking during a meeting with Irish business leaders on Thursday, Lâm emphasized expanding economic ties as part of his official visit to Ireland from October 1 to 3. Lâm congratulated Irish companies for their successful investments in Vietnam, particularly in agriculture, healthcare, energy transition, low-carbon energy, and biotechnology. He noted that these sectors align with Vietnam’s development priorities. He expressed hope that Irish investments would continue to grow, adding to the current 41 projects in Vietnam,…

Türkiye’s trade deficit widened by 0.5% year-over-year in September, as both exports and imports fell, Trade Minister Ömer Bolat announced Wednesday. The trade gap totaled $5.12 billion, with exports down 1.8% to $22 billion and imports decreasing 1.4% to $27.1 billion. In August, the trade deficit was $4.9 billion, the lowest in 34 months. Bolat noted that the gap had decreased in 11 of the past 14 months, showing a trend of narrowing deficits. In the third quarter, the deficit shrank 33.8% year-over-year to $17.4 billion. Exports rose 4.4% to $66.6 billion, while imports fell 6.8% to $84 billion. This…

New Zealand blueberries has secured market access to South Korea, with major export opportunities. New Zealand’s Minister for Trade and Agriculture, Todd McClay, announced the news on 1 October, estimating annual export potential of NZ$5 million ($3.15 million). “This is a win for our exporters and builds on our successful removal of NZ$190m in non-tariff barriers in the past year. We are steadfast in our efforts to reduce barriers, open new markets and return greater value to exporters’ back pockets,” McClay said. Increased market access is part of the government’s strategy to boost the trade value of New Zealand’s high-quality…

Nearly 50,000 union longshoremen began a port strike at midnight Tuesday, shutting down 14 major ports along the East and Gulf Coasts, which handle half of U.S. imports. The disruption is expected to cost the U.S. economy billions of dollars per day, leading to shortages and price increases, especially in the food and automotive sectors. The strike spans from Maine to Texas, affecting the Port of New York and New Jersey—the third-largest in the U.S. by cargo volume. General Motors, Glovis America, and LG Electronics are among the major importers impacted, according to ImportGenius data cited by CNBC. The affected…

The Indian government has notified new policy conditions for the export of halal meat and related products, which will take effect from October 16. The Directorate General of Foreign Trade (DGFT) announced on Tuesday that halal-certified meat and meat products can be exported to 15 specified countries, provided they are processed or packaged in facilities certified under the ‘India Conformity Assessment Scheme (I-CAS) – Halal’ of the Quality Council of India (QCI). The 15 countries covered under this policy include Bahrain, Bangladesh, Indonesia, Iran, Iraq, Jordan, Kuwait, Malaysia, Oman, the Philippines, Qatar, Saudi Arabia, Singapore, Turkey, and the United Arab…

The World Trade Organisation (WTO) is going to host Trade and Environment Week to connect trade policies with environmental sustainability. This event supports the Committee on Trade and Environment (CTE), gathering WTO members, business leaders, international organisations, scholars, experts, and civil society. A key feature will be a high-level event hosted by the WTO Secretariat and featuring WTO Director-General Ngozi Okonjo-Iweala, Celeste Saulo of the World Meteorological Organisation, Francesco La Camera of the International Renewable Energy Agency, and Inger Andersen from the UN Environment Program. Other notable participants include Bruce Gosper of the Asian Development Bank, Lord Adair Turner of…

The Vietnamese cashew industry, a major contributor to the nation’s export economy, faces a growing trade deficit due to rising raw material prices. Despite increased export volume and turnover, the narrowing gap between export and import values raises concerns about the sector’s sustainability. According to the General Department of Customs, cashew exports grew by 22.9% in volume and 21.8% in turnover year-on-year, with an average price of $5,706 per tonne. In 2023, the industry’s export turnover reached $3.64 billion, while raw material imports cost $3.1 billion, resulting in a $500 million trade surplus. The first eight months of this year,…