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Issue 32 | November 2, 2012
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Chinese surplus increases as exports surge
China's trade surplus has widened to $27.67 billion in just the past month due to exports increasing to almost 10 percent and imports surging by 2.4 percent. The positive overall trade figures can be credited to trade between the United States and China. But with great success, China has also had to overcome protests and boycotts of Japanese-made goods, which has decreased its trade with Japan by 1.8 percent. The decrease has been caused over the tension between the two countries on a set of contested islands in the East China Sea. Although the dispute between China and Japan has not been resolved yet, China continues to triumph trade with other countries and expand their trade surplus. Read more.
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The United States - Panama Trade promotion agreement
The United States-Panama Trade Promotion Agreement began on Oct. 31. Panama will be eliminating tariffs on U.S. industrial goods; a huge change that will eliminate current tariffs as high as 81 percent. U.S. firms will have access to customers in Panama's $22 billion services market in areas including financial, energy and professional services. The agreement also includes strong protections for workers' rights and pushes the Government of Panama to strengthen its labor laws and enforcement in a number of areas. With "Panama [being] one of the fastest growing economies in Latin America, expanding 10.6 percent in 2011, with forecasts of between five to eight percent annual growth through 2017. [We see support] that adds up more well-paying jobs across the United States, "said United States Trade Representative Ron Kirk. Read more. |
The steel dispute between the United States and China
United States Trade Representative Ron Kirk announced that the World Trade Organization (WTO) Appellate Body was in favor of the United States in a dispute challenging China's duty practices. The dispute was based on the imposition of duties on U.S exports of grain oriented flat-rolled electrical steel, also known as GOES. The WTO Panel agreed with the United States that China had acted inconsistently with its WTO obligations in imposing the duties unfairly. "This is a victory for the United States as well as for American workers and manufacturers," said Ambassador Kirk. Read more. |
Peruvian exports to Korea doubles
Peru is Korea's fifth-largest trade partner in Latin America and it is said to increase this year. According to Peru's Minister of Foreign Trade and Tourism, Jose Luis Silva, "[Peru] expects to double or triple [its] exports in 2011 to Korea and Korean exports to grow 50 percent to Peru." The increase in trade is a benefit from the Free Trade Agreement, which took effect in August. Last year, Peru's exports to Korea grew 13 percent to 1 billion and its imports from Korea increased 47.2 percent. With these improvements Silva predicts, "Korea will soon become Peru's second-largest trade partner in Asia." Read more. |
Singapore, the fastest growing market for Latin America
From Third World country to developed nation in just one generation, Singapore has become the seventh largest exporter to Latin America with $16 billion in sales. Businessmen in Singapore and Latin America have begun to realize the clear trade opportunity in different areas, which can be very beneficial to both countries. The energy sector is one area, with three Singaporean companies receiving $9.8 billion in orders from Latin America, primarily from Brazil. In reverse, Singapore will benefit greatly from Latin America's has technology to use renewable energies such as hydroelectric power, which can be deployed in Asian markets. With these areas being only a few of the many opportunities open in consumer markets, in the next years trade will continuously increase between Singapore and Latin America. Read more. |
Hyundai to increase export rates going to the Middle East and Indian Subcontinent
Effective Dec. 1, Hyundai Merchant Marine (HMM) will increase export rates from U.S and Canada to destinations in the Middle East and the Indian subcontinent. According to HMM, the rates will increase by $160 per 20-foot container and $200 per 40-foot container, for all sizes and types of equipment. Read more. |
Invitation: 2013 Global Economic Outlook
Join us for the last Global Initiatives Council session of 2012 on Nov. 21, 9-10:30 a.m. to hear from Dr. Ira Kalish, Director of Global Economics, Deloitte for a future look at the global economy.
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Compiled by Global Initiatives Interns Brittany Garcia and Tanya Gonzalez. For more information, contact Jasmin Sakai-Gonzalez, 213.580.7569. |
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