Foreign traders, please check: Review and Outlook of One Week's Hot News (6.17-6.23)

01 Industry News

Nine departments: Vigorously supporting cross-border e-commerce to empower industry development and supporting cross-border e-commerce enterprises to "borrow and expand overseas"

The Ministry of Commerce and 9 other departments have issued opinions on expanding cross-border e-commerce exports and promoting the construction of overseas warehouses. Guide local governments to rely on cross-border e-commerce comprehensive pilot zones, cross-border e-commerce industrial parks, advantageous industrial clusters, and foreign trade transformation and upgrading bases to cultivate a benchmark for the development of the "cross-border e-commerce empowering industrial belt" model. Encourage areas with conditions to focus on local industries, establish industrial belt display and selection centers, cooperate with cross-border e-commerce platforms, and establish "online zones" for industrial belts. Support the introduction of new technologies such as digital humans in accordance with laws and regulations, expand sales channels through online live streaming and other means, and drive the export of more advantageous products. Encourage local governments to support traditional foreign trade enterprises in developing cross-border e-commerce based on their unique advantages, and establish a marketing service system that integrates online and offline, as well as domestic and overseas linkage. Support cross-border e-commerce enterprises to "borrow and expand overseas". Support cross-border e-commerce platform, export, payment, logistics, overseas warehouse and other enterprises to participate in China Import and Export Commodities Fair (Canton Fair), Global Digital Trade Expo and other key exhibitions. Support the improvement of existing local cross-border e-commerce exhibitions based on market-oriented principles, and hold overseas special promotion and docking activities for key products and markets. Encourage eligible regions to organize enterprises to participate in overseas exhibitions, and provide more display and docking platforms for cross-border e-commerce enterprises.
Source: Caixin News Agency

Guangdong's import and export increased by 13.6% year-on-year in the first five months of this year

According to statistics from the Guangdong Branch of the General Administration of Customs, Guangdong's foreign trade imports and exports reached 3.59 trillion yuan in the first five months of this year, an increase of 13.6% compared to the same period last year. Among them, exports reached 2.33 trillion yuan, an increase of 10.7%; Imports reached 1.26 trillion yuan, an increase of 19.2%. Among them, the export growth of some mechanical and electrical products has been rapid and strong.
Source: Caixin News Agency

Suzhou's foreign trade import and export increased by 10.4% year-on-year in the first five months of this year

The total import and export value of Suzhou's foreign trade was 1018.84 billion yuan, an increase of 10.4%, of which exports were 628.36 billion yuan, an increase of 9.9%. Relying on the manufacturing foundation of Suzhou's smart home appliance industry, the "cross-border e-commerce+industrial belt" export has achieved initial results, exporting household appliances through the cross-border e-commerce model for 820 million yuan, a year-on-year increase of 194.3%. For example, the export of mobile phones reached 85.33 billion yuan, an increase of 41.4%, driving export growth by 4.4 percentage points.
Source: Caixin News Agency

Danish home retailer Jysk is rapidly expanding in France

This brand, known as "IKEA Denmark", rapidly expanded in France after starting a large-scale expansion in 2020. It is well-known in Denmark, but still relatively unknown in France. JYSK is the largest household goods and furniture retail group in Denmark, with annual sales of up to 5.2 billion euros. JYSK first entered France in 2007 and had only about 30 stores in France until 2020. But in the past few years and months, JYSK has successively settled in Mes (Moselle Province), Shatoru (Andel Province), and Denai (North Calais Province), and plans to open soon in Nabona (Ode Province) and Pr é lmir (Morbihan Province). Since 2020, the brand has opened over 30 stores in France, doubling its sales to 68 million euros per year. Currently, Jysk has 72 stores in France and is continuing to expand.
Source: Deke Chuangyi

TikTok Shop US Summer Campaign Report Released

According to reports, during the summer promotion in the United States from May 30th to June 10th, the overall GMV of the platform skyrocketed by 129%, while the GMV of the content and shelf areas also increased by 129% and 132%, respectively. The daily peak reached a new historical high on TikTok Shop's US site, surpassing last year's Black Friday sales level. Since the full opening and entry of TikTok Shop in September last year, a large number of merchants have opened up their sales channels, and the platform's e-commerce business has also accelerated under various modes (full hosting+merchant self operation) and multiple fields (short videos, live streaming, mall).
Source: Overseas Cross border Weekly Report

Asda launches £ 50 million store upgrade plan

Asda, a well-known supermarket in the UK, is launching a £ 50 million store upgrade plan aimed at improving the shopping experience of its large supermarket stores and supermarket customers. Asda's store upgrade plan starts with its Nottingham branch and aims to renovate a total of 170 stores, expected to be completed by the end of November. Asda Corporation stated that its 50 large supermarkets will undergo significant upgrades, including the introduction of new in store services and features. Among them, some stores will introduce the brand new "George" self operated brand, as well as construct new foyers, seasonal shelves, takeout services, counters, flooring, and lighting. In addition to upgrading large supermarket stores, Asda also made significant basic investments in the first quarter, converting all 470 convenience stores acquired from EG Group and Co op into Asda Express convenience stores. This makes Asda the first in its 59 year history to have over 1000 UK stores.
Source: Deke Chuangyi

Furniture exports increased by 19.8% year-on-year in May

Recently, the General Administration of Customs announced that China's furniture and parts exports in May were 44.33 billion yuan, compared to 36.99 billion yuan in May last year, a year-on-year increase of 19.8%. The cumulative export value from January to May was 212.55 billion yuan, compared to 176.38 billion yuan in the same period last year, a year-on-year increase of 20.5%. In March, furniture exports decreased by 8.6% year-on-year, while in April, furniture exports increased by 7.1%. The growth in May can be described as strong.
Source: Today's Home Furnishings

Türkiye plans to impose 40% tariff on Chinese imported cars

Türkiye has decided to impose an additional tariff of 40% on cars imported from China, with the minimum additional tariff of 7000 dollars per car, which will be implemented on July 7.
Source: Caixin News Agency

Venezuela announces accession to the World Trade Organization's Trade Facilitation Agreement

Venezuela's Vice President Rodriguez announced on June 12th local time that the country has officially joined the World Trade Organization (WTO) Trade Facilitation Agreement. Rodriguez stated that Venezuela's accession to the agreement would mean a 14% reduction in foreign trade costs. President Maduro called on the production sector to continue replacing imports and increasing exports, and stated that non-traditional exports increased by 429% in the first five months of this year. In February 2023, Venezuela applied to join the Trade Facilitation Agreement at the 13th Ministerial Conference of the World Trade Organization held in the United Arab Emirates.
Source: Global Market Intelligence

Shein's sales revenue last year was 32.2 billion US dollars

According to the information report, Shein's sales revenue last year was $32.2 billion, an increase of 40%, compared to a growth rate of 37% in 2022. Meanwhile, Shein's net profit doubled to $1.6 billion.
Source: Overseas Cross border Weekly Report

02 Important Events

International institutions raise China's economic growth expectations, and the "three carriages" work together to showcase China's economic growth potential

The latest Global Economic Outlook report released by the World Bank has raised China's economic growth forecast for 2024 to 4.8%, which is 0.3 percentage points higher than the previous forecast released in January this year. At the same time, the International Monetary Fund also raised its forecast for China's economic growth rate to 5% at the end of May, an increase of 0.4 percentage points from the previous forecast. International institutions have raised their expectations for China's economic growth, fully demonstrating the international community's confidence in the Chinese economy. Wang Qing, Chief Macro Analyst at Oriental Financial Holding, stated that one of the main reasons for the World Bank's upward adjustment of China's GDP growth forecast for 2024 is that exports have exceeded expectations in driving domestic economic growth. Looking ahead, the Chinese economy will continue to maintain sufficient resilience.
Source: Securities Daily

EU plans to raise taxes on Chinese electric vehicles

The European Commission has disclosed the temporary tariff levels imposed on electric vehicles imported from China: tariffs of 17.4%, 20%, and 38.1% will be imposed on BYD, Geely, and SAIC Group, respectively; For other Chinese car companies that cooperate with the EU investigation but have not been sampled, an average 21% tax rate will be levied. For car companies that do not cooperate with the EU investigation, a tariff of 38.1% will be imposed.
Source: Global Market Intelligence

US May CPI increased by 3.3% year-on-year, lower than market expectations

The overall CPI of the United States remained unchanged month on month in May, with a 0.3% increase in April. Since the release of robust data in February and March, CPI has been on a downward trend. As major retailers significantly reduce prices of goods from food to diapers, price pressures may continue to ease.
Source: Caixin News Agency

Chile officially applies to join the Regional Comprehensive Economic Partnership Agreement

On the 15th local time, Chile's Deputy Minister of International Economic Relations, Sanuesa, submitted Chile's application to join the Regional Comprehensive Economic Partnership (RCEP). According to the Chilean Ministry of Foreign Affairs, Sanuesa, who is currently on a visit to Indonesia, submitted a formal application letter for Chile's accession to RCEP to ASEAN Deputy Secretary General for Economic Community Affairs, Sutwin Singh, during a meeting in Jakarta on the same day.
Source: Global Market Intelligence

Argentina's cumulative inflation rate in the past 12 months has reached 276.4%

On June 13th local time, the Argentine National Bureau of Statistics released data showing that the country's consumer price index rose 4.2% in May compared to April, the lowest record since January 2022 (3.9%). The domestic consumer price index in Argentina has risen by 71.9% in the first five months of this year, and has risen by 276.4% in the past 12 months.
Source: Caixin News Agency

The US Treasury Department releases a new round of sanctions against Russia, which includes over 300 individuals and entities

The US Treasury Department issued a new round of sanctions related to Russia on June 12th local time. The US Treasury Department announced in a statement that it is increasing the risk of secondary sanctions on foreign financial institutions related to Russia's war economy and limiting the ability of Russian military bases to benefit from certain US software and information technology (IT) services. In addition, the US Treasury and State Department have imposed sanctions on over 300 individuals and entities within and outside Russia.
Source: Global Market Intelligence

Federal Reserve Chairman Powell: Still not confident enough to start cutting interest rates

On June 12th local time, Federal Reserve Chairman Powell stated at a press conference that although inflation has significantly decreased, the current data has not given the Federal Reserve "more confidence" to approach its target of 2%. Although the consumer price index in May was lower than expected, the Federal Reserve has not yet had the confidence to start cutting interest rates. The Federal Reserve generally expects GDP growth to slow down compared to last year, and the pace of employment growth remains strong, but slower than the first quarter. Meanwhile, Powell also pointed out that no one in the committee made any predictions about the need for interest rate hikes.
Source: Global Market Intelligence

Yemeni Husai militants claim to have attacked three ships

On the evening of June 13th local time, Yehya Sareya, a military spokesperson for the Yemeni Houthi armed forces, said that in the past 24 hours, the Houthi armed forces have launched three attacks against ships that violate the navigation ban of the Houthi armed forces. The first missile attack on the cargo ship "VERBENA" in the Arabian Sea resulted in the ship catching fire. The second attack on the cargo ship SEAGUARDIAN in the Red Sea. The third attack on the cargo ship "ATHINA" in the Red Sea.
Source: Global Market Intelligence

Meta postpones the launch of artificial intelligence chatbots in Europe due to regulatory obstacles

Meta Platforms Inc. will postpone the launch of Meta AI chatbots in Europe, after European regulatory agencies demanded that the company suspend plans to train its large language models using posts from European users. Previously, the company announced on Monday that it plans to start using public posts posted by European users to train a large language model called Llama. However, on Friday, the company updated its statement stating that the launch plan for chatbots was indefinitely postponed after the Irish Data Protection Commission postponed the decision.
Source: Science and Technology Innovation Daily

Tesla shareholders support Musk's $56 billion compensation plan and relocation of registration to Texas

Tesla's investors voted in favor of CEO Musk's compensation plan and moved the company's registered address to Texas, indicating that despite a decline in sales and a sharp drop in stock prices, investors still believe in his leadership abilities. The electric vehicle manufacturer announced the above results at its annual shareholder meeting held in Austin on Thursday, but did not disclose the voting details. Musk posted on the X platform the night before announcing the results, stating that the two resolutions were being "passed with a significant advantage.".
Source: Science and Technology Innovation Board Daily

03 Important event reminder for next week

Global News for a Week

Monday (June 17th): European Central Bank Chief Economist Lien delivered a speech, European Central Bank Vice President James Sanders delivered a speech, and the New York Federal Reserve Manufacturing Index for June in the United States.

Tuesday (June 18th): Philadelphia Federal Reserve Chairman Huck gave a speech on the economic outlook, Federal Reserve Director Lisa Cook gave a speech, Federal Reserve Australia announced interest rate resolution, Federal Reserve Australia Chairman Bullock held a monetary policy press conference, Eurozone May CPI annual rate, Eurozone June ZEW economic sentiment index, US May industrial output monthly rate, US April commercial inventory monthly rate, Richmond Fed Chairman Barkin gave a speech on US economy and monetary policy, and Boston Fed Chairman Collins gave a speech.

Wednesday (June 19th): Dallas Federal Reserve Chairman Logan participated in a Q&A session, Federal Reserve Director Kugler delivered a speech, St. Louis Fed Chairman Musalem delivered a speech, Chicago Fed Chairman Goolsby delivered a speech, Bank of Japan released the minutes of its April monetary policy meeting, UK May CPI monthly rate, Eurozone April quarter adjusted current account, and US June NAHB housing market index.

Thursday (June 20th): The Bank of Canada released the minutes of its June monetary policy meeting, the Swiss Bank announced its interest rate decision, the Norwegian Bank announced its interest rate decision and monetary policy report, the Bank of England announced its interest rate decision and meeting minutes, the number of initial jobless claims for the week ending June 15th in the United States, the annualized total new housing starts in May in the United States, the first quarter current account in the United States, and the Philadelphia Federal Reserve's manufacturing index for June in the United States.

Friday (June 21): Richmond Fed Chairman Barkin gave a speech on economic outlook, Japan's May core CPI annual rate, Eurozone June manufacturing/service PMI initial value, UK June manufacturing/service PMI initial value, US June S&P global manufacturing/service PMI initial value, US May annualized total housing sales, and US May consulting firm leading indicator monthly rate.

Important global conferences

2024 Screen Printing and Digital Printing Exhibition in the United States

Host: PRINting United Alliance
Time: September 10th to September 12th, 2024
Exhibition location: Dallas
Suggestion: PRINting United Expo is an exhibition for printing and image production in the United States, serving as a benchmark for the industry. Organized by the Printing United Alliance, the exhibition was originally named SGIA Expo. This exhibition has always been a grand event in the screen printing and digital printing industry, and is currently a large-scale exhibition of screen printing, digital printing, and imaging technology in the United States. It is a printing event. The exhibition is held annually around October and is held on a tour of Las Vegas, Orlando, Atlanta, New Orleans, and Dallas. Since its renaming in 2019, PRINting United Expo has continued SGIA's exhibition experience and collaborated with advertising media NAPCO to promote, attracting participation from textile, clothing, imaging, packaging, commercial advertising, and printing equipment factories. NAPCO has media resources and permeates various aspects of the commercial, industrial, advertising, and printing markets, making the exhibition's influence more profound. Printing United will present a brand new image to exhibitors and audiences, which will run through the entire brand and marketing supply chain of the printing industry. Foreign trade professionals in related industries are worth paying attention to.

The 50th UK International Horticultural, Outdoor, and Pet Supplies Exhibition will be held in September 2024

Hosted by: UK Garden and Outdoor Leisure Association, UK Hardware Alliance, and Household Goods Manufacturers Association
Time: September 10th to September 12th, 2024
Exhibition location: NEC Birmingham International Convention and Exhibition Center
Suggestion: The exhibition was first held in 1974 and is jointly organized by the British Garden and Outdoor Leisure Association, the British Hardware Alliance, and the Household Goods Manufacturers Association. It is held once a year. The exhibition is the most influential professional trade show in the UK garden hardware industry. The exhibition scale and influence rank among the top in global flower and horticultural exhibitions. The Glee exhibition is an excellent platform based on numerous inspiring garden retail products. It is an ideal trading platform for releasing new products and ideas, enhancing brand awareness, searching for suppliers, and cultivating existing trade relationships and developing new business connections. It is a leading exhibition for related industry foreign trade professionals to pay attention to.

Major global festivals

June 17th (Monday) Multi country - Gurban Festival

Also known as Eid al Adha, it is one of the most grand festivals for Muslims, held on December 10th in the Islamic calendar. Muslims bathe and dress up on this day, hold ceremonies, worship each other, slaughter cows and sheep, and give each other gifts to commemorate it. The day before Eid al Adha is Arafat Day, which is also an important holiday for Muslims.
Suggestion: Understanding is sufficient.

June 17th (Monday) Multi country - Hachi Festival

In Singapore and Malaysia, Eid al Adha is known as Hari Raya Haji.
Suggestion: Understanding is sufficient.