August 9, 2023 Today’s Economic and Trade Consulting
1. Customs statistics: Exports fell 13.6 per cent in US dollar terms in July
According to customs statistics, in July this year, China's imports and exports were 3.46 trillion yuan, down 8.3%. Specifically, the export was 2.02 trillion yuan, down 9.2%; Imports were 1.44 trillion yuan, down 6.9%; The trade surplus was 575.7 billion yuan, down 14.6 percent. In dollar terms, China's imports and exports in July this year were 482.92 billion US dollars, down 13.6%. Among them, the export was 281.76 billion US dollars, down 14.5%; Imports were 20.16 billion US dollars, down 12.4%; The trade surplus narrowed by 19.4% to US $80.6 billion.
According to customs statistics, in the first seven months of this year, China's import and export value was 23.55 trillion yuan, up 0.4% year-on-year (the same below). Of this total, the export was 13.47 trillion yuan, up by 1.5%; Imports were 10.08 trillion yuan, down 1.1%; Trade surplus increased by 10.3% to 3.39 trillion yuan. In dollar terms, China's import and export value in the first seven months of this year was 3.4 trillion US dollars, down 6.1 percent. Among them, the export was 1.94 trillion US dollars, down 5%; Imports were US $1.46 trillion, down 7.6%; The trade surplus increased by 3.5% to US $489.57 billion.
2. Saudi Arabia announced it would extend voluntary oil production cuts until the end of September
Recently, according to the Saudi Ministry of Energy news reports show that Saudi Arabia will extend the voluntary oil production reduction measures of 1 million barrels per day from July to the end of September, and may extend and increase the production reduction again. According to reports, after the extension of production cuts, Saudi Arabia's oil production will be around 9 million barrels per day in September.
3.Tik Tok may close the semi-closed loop at the end of August
On August 9, TikTok or will officially close the semi-closed loop at the end of August, when sellers will not be able to place external chains on TikTok or guide to independent stations for transactions, the news has been confirmed by TikTok official personnel.
4.IATA: Air cargo market demand fell 3.4% in June from a year earlier
The latest data from the International Air Transport Association (IATA) show that global air cargo demand in terms of freight tonnage-kilometres (CTKS) fell by 3.4% year-on-year in June 2022 (international demand fell by 3.7%). Demand in the first half of the year was down 8.1% compared to January-June 2022 (international demand was down 8.7%). But demand in June was only 2.4% lower than the same month in 2019 (pre-pandemic).
5. Global container trade may shrink by 4% this year
Danish shipping giant Maersk, seen as a bellwether for global trade, has cut its forecast for global container trade this year, saying there are no clear signs that freight volumes will recover this year. It said global container trade could contract by up to 4 per cent this year, down from a previous forecast of up to 2.5 per cent.
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