South Korea and the EU held the third round of digital trade agreement negotiations in Brussels, aiming to promote e-commerce development and build a digital trust environment. The talks focused on key issues such as tariff-free electronic transmissions and fair treatment of digital products, which have significant implications for global digital trade order.
South Koreas instant noodle exports surge, possibly indicating declining living standards amid global economic pressures. February exports reached $93 million, with the US, China, the Netherlands, and Japan as main destinations. Rising instant noodle demand is seen as an indicator of economic hardship.
The Netherlands agro-industrial exports to Russia have grown significantly in the past two years, particularly in livestock pharmaceuticals, vaccines, agricultural machinery, and flower exports. This trend, unaffected by EU sanctions, has sparked discussions about the effectiveness of the sanctions.
The EU has agreed to restrict the duty - free exports of some Ukrainian agricultural products to the EU market, including oats, corn, sugar, honey, eggs and poultry, but excluding wheat and barley. This is to ease the angry protests of European farmers over the influx of cheap Ukrainian agricultural products causing unfair competition. The EU also reserves the right to urgently cancel the tariff exemption, striving to balance supporting Ukraine and safeguarding the interests of local farmers.
Affected by U.S. sanctions on Russia, China-Russia trade growth slowed significantly in the first two months of 2024, with total trade volume increasing by 9.3% YoY, while banks tightened trade settlements.
The EU plans to impose heavy taxes on wheat from Russia and Belarus. This move may lead to a 50% price increase within Europe and also affect the global grain market.
Polands January foreign trade data shows a 12% decline in exports and a 14.5% drop in imports, with significant decreases in trade with the EU, particularly Germany and Central European countries.
In the first two months of 2024, Chinas integrated circuit imports grew by 16.8% in volume and 15.3% in value, despite a drop in average prices, reflecting strong demand in the electronics manufacturing sector.
The Indian government announced reduced import tariffs for electric vehicles, conditional on multinational companies investing and establishing local factories, benefiting companies like Tesla.
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