News

1. American fashion companies will reduce imports from China, and this country may surpass Vietnam or become the biggest winner!
According to recent data released by the World Trade Organization (WTO), China remained the world’s top exporter of clothing with a market share of 31.7% last year. Last year, China’s clothing exports reached 182 billion US dollars. Bangladesh maintained its second position among clothing exporting countries last year. The country’s share in clothing trade has increased from 6.4% in 2021 to 7.9% in 2022. Due to inflation and tensions between China and the United States, US fashion companies will reduce imports from China. US fashion companies are actively exploring new procurement capabilities and opportunities outside of China and plan to increase procurement from Vietnam, Bangladesh, and India in the next two years.

2. Vietnamese electric vehicle star companies went public in the United States with impressive performance
VinFast, a new force in Southeast Asian car manufacturing, listed on NASDAQ in the United States on the 15th. Its stock price surged by over 250% on the same day, with a market value soaring to $86 billion, even surpassing traditional car companies such as Ferrari, Honda, General Motors, and BMW. VinFast founder and Vietnam’s richest man, Pan Riwang, has seen his fortune soar by $39 billion.

3. South Korea’s export volume has plummeted for 10 months, with semiconductor exports plummeting
According to the latest data released by the South Korean Customs Agency, South Korea’s import and export volume experienced a significant decline in the first ten days of this month. Data shows that South Korean exports decreased by 16.5% year-on-year in July, marking the tenth consecutive month of decline. Especially, semiconductor exports plummeted by 34% year-on-year, with a negative growth rate for 12 consecutive months. It is understood that the main reason is the continued sluggish demand for semiconductors and the decline in prices.

4. The US 30-year loan interest rate rose to 7.09%, setting a 20-year high
The average interest rate on 30 year fixed mortgage loans in the United States has risen to 7.09%, setting a new record since April 2002, according to data released by Freddie Mac on the 17th local time.

5. Canada’s inflation rate increased by 3.3% year-on-year in July, and grocery prices remain high
Canada’s slightly slower inflation rate in recent months rebounded in July. According to data released by the Canadian Bureau of Statistics on August 15th, the country’s Consumer Price Index (CPI) increased by 3.3% year-on-year in July this year. The prices of groceries remain high, but the year-on-year growth rate has slowed down. The increase in July was 8.5%, lower than the 9.1% increase in June.

6. The Norwegian central bank raised its benchmark interest rate to 4%, with further rate hikes expected in September
On August 17th, the Norwegian central bank raised its key interest rate by 25 basis points to 4%, reaching its highest level since the 2008 financial crisis, and stated its plan to raise interest rates by another 25 basis points during the current tightening cycle. The Norwegian central bank said: “The possibility of further interest rate hikes in September is the highest

7. China’s exports to ASEAN continue to decline in container freight rates in March
The container freight rates for China’s exports to ASEAN have continued to decline. According to data released by the Shanghai Shipping Exchange, on August 11th, the spot market 20 foot container freight rates from Shanghai to Singapore fell to $140, a decrease of 2.10% on a weekly basis and a drop of 30% from the high point at the end of March this year. Behind the continuous decline in freight rates is the continuous decline in China’s exports to ASEAN. According to data from the General Administration of Customs, from May to July, China’s total exports of goods to ASEAN decreased by 15.92%, 16.86%, and 21.43% year-on-year, respectively, with a continuously expanding decline.

8. Hungary’s GDP contracted by 2.4% in the second quarter
Preliminary data released by the Hungarian Central Bureau of Statistics on Wednesday showed that the Hungarian economy had contracted for the second consecutive quarter in the three months ending in June, and the pace of contraction had accelerated. The domestic GDP in the second quarter decreased by 2.4% year-on-year without adjustment, while it increased by 0.9% in the previous quarter.

9. Mexico’s exports to the United States have peaked
In the first half of this year, Mexico became the largest source of imports for the United States, the first time since comparable data was available in 2001. According to data released by the US Census Bureau on the 8th, the total import volume from Mexico in the first six months of this year reached 236 billion US dollars, breaking a historical record; In terms of growth rate, it has increased by over 5% compared to the same period last year; From a national perspective, it exceeds Canada’s $210.6 billion and China’s $203 billion. From 2009 to 2022, China has been the largest source of imports for the United States.

10. Alibaba International Station will ban the sale of baby walkers to Canada
Today, Alibaba International Station announced the addition of the “Regulations on Prohibiting the Sale of Baby Walkers to Canada” (hereinafter referred to as the announcement). According to the announcement, according to the Canada Consumer ProduetSafeyAct, the platform has added the “Prohibit the Sale of Baby Walkers to Canada Rules”, which will be publicly announced on August 17, 2023, and will come into effect on August 24, 2023.

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