July 11, 2023 Today’s Economic and Trade Consulting

  

1. China's June CPI was flat year-on-year, and consumption was weak

On July 10, the National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Industrial Producer Price Index) data for June. From a year-on-year perspective, the CPI turned flat from a 0.2% increase in the previous month. Among them, food prices rose by 2.3%, an increase of 1.3 percentage points over the previous month. Non-food prices declined by 0.6% from flat in the previous month.

  

2. The President of Nigeria is elected as the new Chairman of ECOWAS

On July 9, local time, the Economic Community of West African States held the 63rd meeting of the Committee of Heads of State and Government in Guinea-Bissau, at which Nigerian President Tinubu was elected as the new chairman of ECOWAS for a one-year term. Tinubu succeeds Guinea-Bissau President Embalo, who assumed the position in July 2022.

   

3. The EU and New Zealand sign a free trade agreement

The European Union signed a free trade agreement (FTA) with New Zealand on July 9, local time. The agreement is now before the European Parliament for consideration and will enter into force after the EU and New Zealand have completed the ratification process. The EU expects the agreement to boost bilateral trade by 30% over a decade, with annual EU exports to New Zealand expected to increase by €4.5 billion and EU investment in New Zealand expected to increase by 80%.

   

4. THE Alliance will adjust the Asia-Transpacific-West Coast route

Container shipping alliances comprising Hapag-Lloyd, Yang Ming Shipping, Ocean Network Express (ONE) and HMM today announced adjustments to the Asia-Transpacific-West Coast network. The THE Alliance will temporarily discontinue the PS5 service and will update the existing PS3, PS6 and PS7 services.