December 30, 2022 Economic and Trade Consulting

30/12/2022


1. Global economic and trade frictions further intensify


Recently, the China Council for the Promotion of International Trade (CCPIT) released data showing that the global economic and trade friction index in September was 183, which was at a high level, up 21 points compared to August and 108 points compared to the same period of the previous year; the global economic and trade friction index in October was 253, up 70 points compared to September and 203 points compared to the same period of the previous year, which was the second highest level in 2022.


2. Tariff Commission of the State Council: Import and export tariffs of some commodities to be adjusted in 2023

The Tariff Commission of the State Council issued an announcement that the import and export tariffs of some commodities will be adjusted in 2023. Among them, the provisional import tariff rates for chestnuts, licorice and its products, large tyres and sugar cane harvesters will be abolished and the MFN tariff rates will be restored; the export tariffs for aluminum and aluminum alloys will be increased to promote the transformation and upgrading of the relevant industries and high-quality development. 62 information technology products will also be subject to the eighth step of MFN tariff rate reduction from 1 July 2023. After the adjustment, the total level of China's tariff will be reduced from 7.4% to 7.3%.


3. Massive strikes in the UK cause huge damage

On the 29th, British government spokesman David Davis said he hoped the strike would end because it had caused great damage and the government did not want to see the current situation continue to deteriorate. Meanwhile, the UK Border Force and rail workers also launched new strikes on the 28th, while British nurses and ambulance staff are planning to strike again in January next year.


4. Wish and cross-border e-commerce provider Eurora reach cooperation

The majority of Wish's customers are located in the US, Canada, South America, Europe and Australia," said Eurora's founder and group CEO.


5. PIL announces new ports of call on China Gulf service

Pacific International Lines (PIL) recently announced further enhancements to its Gulf China Service (GCS) with new calls to the port of Hamad, Qatar, in addition to its existing calls to Jebel Ali, Dubai and Dammam, Saudi Arabia. The renewed service will call at Singapore on the westbound route from China to the Middle East.