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Showing posts from September, 2023

Singapore's non oil exports fell by 20% in August

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  Singapore is a developed nation. Singapore is the 35th biggest economy in the world and is the 19th leading exporter globally. Over the years, Singapore's exports have shown rapid rise. As per the Singapore import export data reports, the exports were $662 billion in 2019 while it goes up to $870 billion in 2022. As compared to the $782 billion worth exports in 2021, there was an increase of 11% in Singapore's overall exports. But in the latest financial year, there is a drop of 13% in Singapore’s non-oil exports. Singapore’s important trading partners for exports are China, Hong Kong, United States, Indonesia and Malaysia. China and Hong Kong account for over 16% and 15% share in Singapore’s exports. Singapore's top export items are integrated circuits, refined petroleum, gold, medicaments, heavy machinery, photo lab equipment, office parts, gas turbines, etc. Singapore customs data shows integrated circuits cover over 16% share of the country’s overall exports. Hong K

USA made record fertilizer shipments from Russia in 2022

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  Russia is the leading fertilizer exporting country in the world. Despite sharing bitter political relations with the USA, Russia is currently the second leading market for fertilizer imports by the United States. The latest US import data suggest that the country's fertilizers imports from Russia are about to cross $1 billion within the first six months of fiscal year 2023. As compared to last year, there was an increase of 5% in fertilizer imports by the USA. Whereas, Canada is the top fertilizer supplier to Russia in FY 2023 having exports worth $2.6 billion. There were considerable fertiliser exports made by Saudi Arabia, Qatar and Israel. US import export data shows that Saudi Arabia exported around $485 M and Israel, Qatar were responsible for $217 M & $214 M. Now, the USA slashed fertilizer imports by 20% and exports by 34%. Apart from fertilizers, the USA made a variety of imports from Russia which includes refined petroleum, platinum, ferroalloys, iron, crustaceans,

Congo, "A Potential Electric Car Export Market"

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  DR Congo has a great potential to become a leading Electric car producer. It has very rich mineral deposits. Some of the most exported minerals include copper, diamonds, lithium, tin, tantalum, goals, etc. Minerals contribute around 95% of the total Congo exports. Congo is the leading exporter of cobalt globally.  Congo has rice cobalt reserves. It covers over 70% of the world’s total cobalt reserves. As per the Congo import export data , it exported around $96 million worth of cobalt during the fiscal year 2022. There was a significant increase in the exports of cobalt as compared to the previous year. Congo’s majority of the cobalt exports came from China, Taiwan, Russia, and Japan.  China contributes to around 95% of the Congo's overall cobalt exports. As per Congo export data , China imported around $85 million worth of cobalt from Congo during FY 2022. Taiwan, Japan and Russia are some of the fastest growing markets for Congo's cobalt exports.  Whereas, there was a decli

Indonesia to revive its apparel industry amid falling exports

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  Indonesia is the 13th biggest market for clothing and accessories. Over the years, Indonesian exports have seen frequent growth but it is declining since last year. According to the Indonesia import export data reports, textiles exports were $4.2 billion in 2020, while it was $11 billion during 2021. Indonesia's textiles exports grew to $12 billion in 2022. Whereas, during 2023, Indonesia’s textiles exports volume dropped by 15% to 1.5 million tons. From March 2022 to March 2023, Indonesia’s textiles exports dropped by 10%. The United States is the top market for Indonesia's textiles exports. The United States  has over 19% in Indonesia’s total textile exports. The United States was responsible for over $5.2 million worth of textiles in 2021. After the USA, Japan was the second leading textile importer from Indonesia with over $675 million worth during 2021. Other major markets for Indonesia's apparel and clothing  were Germany, South Korea, Australia, and Canada.  India

Bangladesh eye's niche European market for exports

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  Bangladesh is an emerging economy. Its exports are continuously expanding. Bangladesh's most prominent exports are textiles. Bangladesh is ranked third biggest exporter of textiles globally. Bangladesh textiles are in very high demand in the US market which is also the top importer from this country. According to the Bangladesh import export data reports, the country’s textile exports increased by 10% during 2022. Bangladesh overall textiles exports were totaled to be $42 billion in 2022. Whereas, last year it was around $38 billion dollars.  Among top textiles exporters, European countries like Germany, Italy, France, Netherlands and Belgium were the significant importers. As per Bangladesh customs data , textile exports to the EU saw a rise of 22% in 2022. The shipments were worth around $19 billion during 2022.  The latest figures show that the Bangladesh textiles exports to the European Union saw 12% decrease during the first half of FY 2023. The exports were totaled to be $

Vietnam to seek tuna exports opportunities to the UK

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  Tuna fish is the most consumed fish in the global market. In terms of its exports, Thailand ranks the top destination for tuna exports. After Thailand, Vietnam is the second leading tuna fish exporter in the world. According to the Vietnam import export data , Vietnam's tuna fish exports hit a record $1 billion during 2022. As compared to 2021, there was a 33% increase in the exports of tuna from Vietnam. Vietnam's tuna fish exports are growing in the USA, Saudi Arabia, Thailand, Russia, Philippines, Egypt and European market. As per Vietnam customs data , these countries were responsible for over 90% of Vietnam's total tuna fish exports.   The United States was the top tuna fish importer from Vietnam during 2022 contributing over 42% of the country's total tuna exports. The total export value was estimated around $487 million. However, the low demand in the USA market has affected Vietnam's tuna exports.  On the other hand, Vietnam exports to the EU are prosperin

India's yarn exports fell by 15% in 2023

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  India is a prominent yarn exporter in the global market. India is the second largest yarn exporter in the world after China. According to the India import export data reports, India was responsible for over $7.3 billion worth of yarn exports against the $15 billion exports from China. Bangladesh is the leading importer of Indian yarn followed by Vietnam and Peru.  India’s yarn exports include various commodities like cotton, silk, RMG, apparel accessories. In terms of cotton exports, India has always been an important market. It was a top exporter destination for many years. But during the fiscal year 2022, India has become the 5th biggest cotton exporting country in the world.  As per India export data , India was responsible for over 250 MT of cotton exports in 2022. There was a massive decline in the country's cotton exports. As, the exports are falling to 30% on a yearly basis. During the first six months of 2023, the country's exports were estimated to be $1.3 billion w

Turkey's wire rod exports fell by 55% in 2023

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  Turkey is a prominent steel industry. It is the 8th largest importer of steel globally. Whereas, it is ranked 4th leading steel exporter in the world. Steel industry covers over 8.3% share in Turkey’s overall exports.   As per Turkey customs data reports, the country’s overall steel exports were estimated to be around $19.6 billion during 2022. However, it fell by 17% as compared to $23 billion in 2021. The European Union holds the maximum share in Turkey’s steel exports.   In 2022, the EU imported around 5.9 million tonnes of steel from Turkey with over 25% share. After European countries, Turkey exports the majority of its steel to North Africa and Latin American nations. Whereas per Turkey import data , the country’s steel saw a minimal increase of 1.5% as compared to last year. During 2022, Turkey steel imports stood around $18 billion while it was $17 billion in 2021. Turkey's major steel exports commodities includes rebar, angels, sect profiles, wire rod, alloy bars, wires

Brazil is expected to export 100MMT of soybeans in 2024

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  Brazil is the top soybean exporter in the market. Brazil holds over 49% share of the global soybean export market. According to the Brazil customs data reports, the country’s overall soybean exports were valued around $45 billion during fiscal year 2022. In 2021, the exports were around $39 billion.  The major markets for Brazil soybean exports were China, Spain, Thailand, Turkey and the Netherlands. Also, there was some noticeable amount of increase in soybean exports to Iran, Taiwan, Mexico, Vietnam, Italy and Bangladesh.  The latest Brazil export data shows that the country has exported over 72 million metric tons of soybean throughout the financial year 2023. As compared to the same period during last year, there is around 20% increase in Brazil's soybean exports in 2023. Brazil has recorded the maximum amount of soybean shipment in May 2023. During that period, the country's soybean exports reached 15.58 MMT tonnes while the least amount of exports came in January (8.3

Tanzania to import more steel from India: Reports

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  Tanzania is an import reliant country. Tanzania fulfils its infrastructure, development, finance and food demand via imports. Similarly, to develop its infrastructure, Tanzania makes steel imports. According to the Tanzania import data , around Tanzania had imported around $851 million worth of exports during 2022.The country's majority of the steel imports were from China, South Africa, and Japan. As Tanzania is looking to extend its iron and steel imports, it's a great opportunity for Indian iron and steel companies to export their products in the Tanzanian market. The Indian commission is working on delivering its exports to Tanzania. Meetings have been scheduled for buyers and sellers to extend iron and steel exports. Tanzania is one of the biggest countries in Africa by area. The Indian iron and steel market is not so established there. Tanzania customs data reports suggest around $1.25 billion worth of iron and steel articles were imported by Tanzania during 2022.  In