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November 22, 2022 Economic and Trade Consulting

2022-11-22


1. The bilateral trade in goods between China and the United States in the first 10 months increased by 5.1% year-on-year
Recently, the Ministry of Commerce announced data that from January to October this year, the bilateral trade in goods between China and the United States reached 639.83 billion US dollars, a year-on-year increase of 5.1%, of which exports to the United States increased by 6.6%. The economies of China and the United States are highly complementary and deeply integrated, and the healthy and stable development of bilateral economic and trade cooperation is beneficial to both China and the United States, as well as to the whole world.


2. RMB remains the world's fifth most active currency
Recently, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) released data. In October 2022, in the global payment currency ranking based on amount statistics, the RMB remained the fifth most active currency in the world, accounting for 2.13%. Taking international payments outside the Eurozone as a statistical caliber, the RMB ranks seventh, accounting for 1.52%.


3. South Korea’s exports in the first 20 days of November decreased by 16.7% year-on-year
On the 21st, South Korea's General Administration of Customs announced data that the country's exports in the first 20 days of November decreased by 16.7% compared with the same period of the previous year, and imports fell by 5.5% compared with the same period last year. The trade deficit during the period reached 4.42 billion US dollars, which is expected to be the eighth consecutive trade deficit for the month.


4. Amazon Air Increases Flights to Manchester-Boston Airport
Amazon Air has launched daily cargo service between Manchester-Boston Regional Airport (MHT) and Cincinnati/Northern Kentucky International Airport (CVG). The service will operate weekly using Boeing 767-300 freighters.


5. CMA CGM announces surcharge from Asia to Northern Europe
Recently, CMA CGM announced the imposition of overweight surcharges for dry goods from Asia to Northern Europe. For dry cargo from Northeast Asia, Southeast Asia, Mainland China, Hong Kong and Macau to Northern Europe, Scandinavia, Poland and the Baltic Sea, a gross container weight of 20 tons or more will be charged at USD 100 per 20-foot dry container.

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