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July 26, 2022 Economic and Trade Consulting

2022-07-26


1.    The U.S. and European economies entered recession

S&P Global's report shows that in July, the initial value of the US composite PMI fell to 47.5, the lowest since May 2020; the initial value of the service PMI fell to 47.0; the initial value of the manufacturing PMI fell to 52.3, falling to July 2020 lowest since. The agency also pointed out that the initial value of the euro zone composite PMI fell to 49.4 from 52.0 in June, and the initial value of the manufacturing PMI fell to 49.6, the lowest in 25 months. The preliminary services PMI fell to 50.6, the lowest in 15 months.

2.    Kyrgyzstan’s trade with Russia is settled in rubles.

Recently, the Minister of Economy and Commerce of Kyrgyzstan stated that due to the impact of sanctions, Kyrgyzstan's current trade payment with Russia has problems, so he decided to change the settlement method in the future. All products imported by Kyrgyzstan from Russia are settled in rubles.

3.    India's foreign trade deficit soared by 172.72% year-on-year

Recently, data released by India's Ministry of Commerce and Industry showed that the country's exports in June reached US$40.13 billion, an increase of 23.52% compared with US$32.49 billion in the same period last year; imports reached US$66.31 billion, an increase of US$42.09 billion in the same period last year. 57.55%. The trade deficit widened to US$26.18 billion, a year-on-year increase of 172.72%.

4.    COSCO SHIPPING requires customers to correctly declare cargo information

Recently, COSCO SHIPPING Lines issued a letter to clients regarding the correct declaration of cargo information. The shipper is hereby advised not to conceal, misreport, misreport, or omit the name and hazard level of the declared goods. Especially with regard to lithium battery goods, as long as the goods contain lithium batteries, they must perform their consignment duties and declare truthfully.

5.     FedEx to suspend U.S. Sunday residential deliveries

FedEx Corp announced it will suspend Sunday residential deliveries in certain U.S. markets starting next month in an effort to cut costs and improve efficiency, where packages will be distributed to Saturday and Monday. The number of packages has dwindled in recent months, and independent contractors have been demanding more compensation.

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