May 30, 2023 Today’s Economic and Trade Consulting

    

1.The US debt crisis may cause a recession and its risks could spread globally.   

The international rating agency DBRS Morningstar recently placed the US on a negative watchlist for sovereign credit ratings, following in the footsteps of Fitch.

    

2.Germany’s economy unexpectedly continued to shrink in the first quarter.    

According to data from the Federal Statistical Office, Germany’s GDP fell by 0.3% in the first quarter of this year, officially entering a recession. Previously, as the largest economy in Europe, Germany’s GDP fell by 0.5% in the last quarter of 2022.

    

3.Due to taxation, cross-border sales to Brazil have decreased by 20% on multiple platforms.   

 Data from the Brazilian Central Bank showed that cross-border sales to Brazil by some major e-commerce platforms decreased by 25.3% in April compared to March and fell by 20.1% YoY. The Brazilian government is currently negotiating with major platforms to change the admission process for these orders in Brazil.

   

4.Vietnam’s exports fell by 5.9% YoY in May.   

According to data from the National Statistics Office of Vietnam, exports fell for the fourth consecutive month in May, down by 5.9% YoY, while imports fell by 18.4% YoY. From January to May this year, Vietnam’s exports fell by 11.6% YoY to $136.17 billion, while imports fell by 17.9% YoY to $126.37 billion.

   

5.Daewoo Shipbuilding & Marine Engineering officially changed its name to “Hanwha Marine”.   

Recently, Daewoo Shipbuilding & Marine Engineering held an extraordinary shareholders’ meeting to approve amendments to its articles of association, including changing the company’s name and appointing directors. As a result, Daewoo Shipbuilding & Marine Engineering officially changed its name to “Hanwha Marine”. Hanwha Group became the preferred bidder for Daewoo Shipbuilding in September last year, and the acquisition was approved by overseas regulatory authorities. It was finally conditionally approved by the Korea Fair Trade Commission in April this year.