Trade


    • Metal prices slump on China state firms warning

      Metal prices slump on China state firms warning

      The global prices of industrial metals dipped as Chinese official state authorities issued a warning, directed to state firms, with a call to stop the aggressive buyer approach, BBC reported. As China is the biggest consumer of metals, the warning helped sinking the prices on all markets. China's National Development and Reform Commission (NDRC) urged the firms to maintain "normal market orders". The move comes after metal prices have surged in recent months as major economies emerge from the pandemic.

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    • UK retail sales spike as most shops reopen

      UK retail sales spike as most shops reopen

      UK clients stormed retail traders as shops started reopening in April, BBC reported. The retail trade sector reported a rapid surge in spending on clothes and non-essential goods, the UK Office for National Statistics (ONS) said. Retail sales jumped 9.2% in April, with sales of clothing soaring by nearly 70% compared with March.

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    • Japan exports rise 38% as global car demand picks up

      Japan exports rise 38% as global car demand picks up

      Japan posted a record growth in exports of goods as global demand for cars and electronics increased, Reuters reported. Official figures showed that the speed in exports growth in April is fastest since 2010. The data fueled optimism that the world third largest economy is firmly on track of recovery from the pandemic slowdown. Also brightening the outlook, confidence among the nation's manufacturers hit a more than two-year high in May on the back of solid overseas orders.

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    • Luxury industry eyes rebound from pandemic by end-2021

      Luxury industry eyes rebound from pandemic by end-2021

      Luxury brands worldwide bet on fast rebound from the Covid-19 slowdown as customer demand picks up due to huge stimulus packages and fast vaccination roll-out fuels optimism over economic recovery, AP reported, quoting a study by Bain & Co. consultancy. The rapid rebounding US economy together with China - already on an established growth trajectory - could push the global market for personal luxury goods back to or even beyond pre-pandemic sales levels as early as this year, Bain partner Claudia D’Arpizio said.

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    • Israel, South Korea sign massive free trade deal

      Israel, South Korea sign massive free trade deal

      After many delays, Israel and South Korea announced they would sign a free trade pact next week, Reuters reported. On Sunday, Israel's Minister of Foreign Affairs Gabi Ashkenazi and Minister of Economy and Industry Amir Peretz arrived for a three day visit to South Korea during which they will attend the formal signing of the deal in Seoul together with ministers from the Korean government.

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    • China exports spike to $264bn as global demand recovers from pandemic

      China exports spike to $264bn as global demand recovers from pandemic

      China’s exports posted a 32.3% increase in April compared to same period a year ago, AP reported. The main reason for the surge is a recovery in global consumer goods demand. Exports rose to $263.9 billion, in line with the previous month’s growth but down from the explosive 60.6% rise in the first two months of 2021, customs data showed. Imports increased to 43.1%, accelerating from March’s 38.1% expansion.

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    • Amazon Q1 profit triples as sales surge above $100bn

      Amazon Q1 profit triples as sales surge above $100bn

      The biggest e-commerce company in the world Amazon is also the biggest winner from pandemic, AP reported. Amazon continued to cruise on the pandemic online trading boom and sales in the first quarter of 2021 topped 100 billion dollars. The company noted that clients attracted to online ordering in the peak of pandemic, remained with the firm and kept on buying online even though Covid-19 retreated from their countries and regions and the pandemic-driven restrictions were eased.

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    • US slides in trade war with EU over Trump-era tariffs

      US slides in trade war with EU over Trump-era tariffs

      The administration of US president Joe Biden faces a major challenge over a trade tariffs dispute with EU amid upcoming 1 June deadline, Reuters reported. The row was started by Biden’s predecessor Donald Trump in a move to protect jobs in US steel industry. In a retaliation move the EU threatened to raise tariffs on several US made products, including spirits, motorcycles and speed boats. Still the administration of Biden is reluctant to back in the tariffs row as it had in fact preserved thousands of jobs in US.

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