IMF Asia-Pacific Department Director Krishna Srinivasan analyzed South Koreas economic outlook at a press briefing, predicting growth this year primarily due to strong global demand for high-end semiconductors. He also noted inflation and price volatility as challenges facing the South Korean economy.
The Office of the United States Trade Representative launched a 301 investigation into Chinas maritime, logistics, and shipbuilding industries. The China Council for the Promotion of International Trade responded that it will defend through legal channels. The Sino - US trade friction has intensified, affecting the global trade environment.
In March 2024, Shanghais exports to Russia plummeted by 21.7% year-on-year due to international sanctions, while imports from Russia grew by 9.79%. Meanwhile, trade performance with Central Asian countries varied, influenced by geopolitics and market demand.
Recently, the Biden administration has issued multiple negative signals, including raising tariffs on Chinese steel and aluminum products and strengthening economic sanctions against China. These measures could lead to serious political and economic consequences, further escalating trade tensions between the two nations.
The China - Switzerland Free Trade Agreement - 2023 Academic Evaluation Report shows that since the agreement came into effect, trade and investment between the two countries have increased significantly, especially in the fields of pharmaceuticals, medical devices and IT products. It also points out the changes in the utilization rate of the FTA and future cooperation opportunities.
Since April 13, 2024, the US and the UK have implemented new sanctions, banning the import of aluminum, copper, and nickel produced in Russia and restricting the use of these metals on metal exchanges. This move aims to weaken Russias revenue and may lead to supply shortages and price fluctuations in the global metal market, prompting companies to re - evaluate their supply chains.
The latest report from PwC points out that the EU wine industry holds a leading position in the global market. In 2022, its production volume reached 165 million hectoliters, with a market value exceeding 100.3 billion euros, making a significant contribution to GDP. The industry also makes a prominent contribution to employment, benefits the tourism industry, and helps reduce the trade deficit.
Against the backdrop of the intensifying Sino - US technological competition, South Korea, as an important country in the semiconductor industry, faces a dilemma. As an ally of the United States, South Korea needs to cooperate with the US in implementing export controls on China; however, as a major trading partner of China, excessive restrictions may also harm its own interests. The South Korean government is striving to strike a balance, on the one hand, complying with international rules, and on the other hand, actively coordinating with all parties to safeguard its core interests.
India and Vietnam, as emerging forces in global manufacturing, face different challenges and opportunities. Vietnam has a first-mover advantage in the electronics manufacturing sector, while India needs to reduce import tariffs and improve infrastructure to enhance its competitiveness in global manufacturing.
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PSB Record: Shanghai No.31011502009912
