International Trade Weekly Recap

South Korea:

In the first 7 months of 2024, South Korea's exports to China surged, surpassing exports to the US, making China South Korea's largest export market again. Exports to China reached $74.8 billion, while those to the US totalled $74.5 billion.

Argentina:

China remained the top destination for Argentine beef in the first half of 2024, absorbing 76.1% of the country's beef exports. Argentina exported 371,800 tons of beef, marking a 13.1% increase.

Argentina:

Argentina's grain by-product exports surged by 75% in the first half of 2024, reaching 45.9 million tons.

Japan:

According to data recently released by Japan's Ministry of Agriculture, Forestry and Fisheries, the export value of Japan's agricultural, forestry, and fishery products experienced its first decline in four years during the first half of 2024, decreasing by 1.8% year-on-year to a total of 701.3 billion yen.

Notably, exports to mainland China plummeted by 43.8%, amounting to only 78.4 billion yen, with seafood exports experiencing a steep drop of 92.3%, totalling just 3.5 billion yen.

Philippines:

According to 'PhilStar', Guatemala has overtaken the Philippines as the world’s second-largest banana exporter. Despite a 3.4% rise in export volume, Guatemala's banana exports are now leading.

Source: PhilStar

Myanmar:

According to ‘Global New Light of Myanmar’, Myanmar exported 62,000 tons of natural rubber from April to June 2024, with a value exceeding $87 million. The country aims to export over 300,000 tons this fiscal year.

Kazakhstan:

The Caspian International Transport Corridor saw a remarkable 65% increase in cargo volume in H1 2024, reaching 2.1 million tons.

Azerbaijan:

According to local media, Azerbaijan's wheat imports dropped significantly by 27% to 328,500 tons from January to May 2024. Imports amounted to US$72.7 million, down 46.1% year over year.

Sri Lanka:

Starting August 2024, Sri Lanka will gradually ease car import restrictions, prioritizing vehicles for commercial and transport purposes.

Denmark:

According to a recent report by ‘Politiken’, electric vehicle registrations in Denmark surged by 69% in July 2024, making up 52% of all new car registrations. ⚡

Source: Mankana

Germany:

Germany’s industrial new orders rose by 3.9% in June 2024, ending a five-month decline.

Russia:

According to Fesco, Russia's Shipping Company, the container market in Russia grew by 9.8% year-on-year in the first half of the year, reaching 3.3 million TEUs. Imports increased by 6% to 1.415 million TEUs, while exports rose by 10% to 0.907 million TEUs.

USA:

The U.S. trade deficit narrowed by 2.5% in June, totalling $73.1 billion, with the largest increase in goods and services exports this year, according to the Commerce Department.

Panama:

Panama Canal's daily ship transits are set to normalize from September 2024, with 36 vessels expected daily.

Mexico:

According to a recent report by Mexico's Economista, a World Trade Organization report released recently shows that Mexico’s share of exports to China reached a record 2.4% in 2023.

Brazil:

Brazil's soybean production and export volumes are forecasted to hit new highs in 2024/2025, with production reaching 165 million tons.

Source: ©JJ GOUIN Adobe Stock

Colombia:

Colombia experienced a 2.9% drop in goods exports in H1 2024, influenced by sluggish performance in fuel and mining sectors.

Stay tuned for more updates on global trade trends!

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