China became the champion of machinery export for the first time
According to the German “Le Monde” on July 7, the latest research of the German Machinery and Equipment Manufacturing Federation (VDMA) pointed out that in 2020, China will surpass Germany for the first time and become the global champion of machinery and equipment exports. In contrast, in 2019, German exports are still ahead of China by about 1.4 percentage points. Electrical terminal blocks, female header and db connector should be noted.
Compared with China, the share of other major machinery exporters in the global machinery trade has shown a downward trend, but the ranking has not changed. For example, the United States continues to rank third with a market share of 9.1%, followed by Japan with less than 8.6%, and Italy with a market share of approximately 6.7%.
VDMA also pointed out that China’s exports of machinery products no longer only flow to emerging market countries in Africa and Asia. Even in Germany, China is now its largest foreign supplier. Moreover, China has made significant progress in many areas and has become a “strong competitor” of Germany. In addition, China has “discovered the importance of standardization” and is becoming the maker of international standardization.
The Long Grant departs from the Suez Canal
Osama Rabie, chairman of the Egyptian Suez Canal Authority, said on July 7 that the long-term cargo ship that blocked the Suez Canal in March this year left the canal on the same day. He pointed out that the owner of the Long Ci has signed a settlement agreement with the Administration, but did not disclose the amount of compensation in the agreement.
On July 13, the Long Grant left Egyptian waters and will continue to Rotterdam, the Netherlands. Evergreen Shipping issued an announcement a few days ago to remind the relevant shippers to complete the general average guarantee operations as soon as possible so that the goods can be picked up accordingly after the goods arrive in Hong Kong.
Latest News in Yantian Port
Recently, due to the sharp drop in the on-time rate of liners and the congestion in ports in various places for several days, in order to avoid the high density of the storage yard in the Yantian port area and the impact of efficiency, which will lead to increased traffic pressure in the port area and surrounding areas, Yantian International has targeted exports. The following arrangements shall be made for the entry of heavy boxes:
1. Starting from 0:00 on July 16, 2021, Yantian International will only accept ETB-7 days (that is, within seven days before the expected berthing date of the ship) for the entry of heavy export containers.
2. Maintain the daily limit on the number of 11,000 trailers for export heavy-duty trucks scheduled to enter the gate starting from July 3, 2021.
Customers can query the ship’s ETB date in real time through the “Ship Schedule Inquiry” on the “E-Logistics Yantian” platform, and arrange the time of export heavy container entry into the port based on the result of the query.
Plan to increase import tariffs on some products
Indian Finance Minister Nirmala Sitharaman recently announced in his 2022 fiscal year budget report that the Central Indirect Tax and Customs Commission (CBIC) has studied the tariff structure of more than 400 products and plans to increase import tariffs on 80 products while reducing 97 important key items. Tariffs on raw materials are expected to provide local manufacturers with stable access to raw materials, reduce costs for domestic manufacturers, promote Indian manufacturing, and reduce dependence on imported finished products.
CBIC will solicit public opinions on items that may adjust tariffs before August 10 this year, and it is expected to be implemented in October this year.
The preliminary plan for CBIC may be as follows.
Increased tariffs: 80 items such as salmon, durian, cookies and other agricultural products, cotton, plastics, leather, gems and jewelry, electronic products, upholstery fabrics, specific artworks, printed circuit boards, specific chemicals and drugs.
Tariff reduction: 97 key parts used in industries such as textiles, power, oil, natural gas, electronics and telecommunications.
Extend the implementation period of safeguard measures for steel products
On June 30, 2021, the UK Department of International Trade issued an announcement, deciding to extend the implementation period of 15 major steel products (Certain Steel Products) global safeguard measures. Among them, the measures applicable to 10 major steel products are extended by 3 years, and 5 major steel products are extended. The applicable measures are extended for one year, and the implementation of the measures is to impose a 25% tariff on quotas plus imports that exceed the quotas.