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November 8, 2022 Economic and Trade Consulting

2022-11-08


1.    China's foreign exchange reserves increased to $3.0524 trillion month-on-month

On the 7th, the State Administration of Foreign Exchange released data that as of the end of October, China's foreign exchange reserves were US$3,052.4 billion, an increase of US$23.5 billion, or 0.77%, from the end of September. In addition, the fundamentals of the economy's strong resilience, sufficient potential, wide room for maneuver, and long-term improvement will not change.


2.    Turkey's inflation rate soars to a record high of 85.51%

A few days ago, the Turkish Statistical Institute released data that the country's consumer price index (CPI) in October rose by 85.51% year-on-year, setting a record high in 24 years. Since the second half of last year, Turkey's inflation rate has been rising rapidly, coupled with the Russian-Ukrainian conflict and loose monetary policy, resulting in a sharp depreciation of the lira.


3.    Russia announced a "temporary ban on exports" involving more than 1,600 varieties

The Russian government has extended a temporary ban on the export of some goods and equipment until the end of 2023.
The prohibited export includes more than 1,600 varieties of technical and medical equipment, agricultural machinery, electrical equipment, turbines, nuclear reactors, fiber optic cables, certain types of aircraft, radar devices, batteries, metalworking machine tools, etc. Member States of the Eurasian Economic Union are not affected by this ban.


4.    Saudi port container throughput increased by 10.5%

Saudi ports reported a 10.5% increase in container throughput in the third quarter of 2022, handling a total of 1,981,271 TEUs, up from 1,792,978 TEUs a year ago. On the other hand, the cargo throughput in the third quarter of this year was 82,570,478 tons, an increase of 11.56% year-on-year.

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