News Update

Jeff Bezos again topples Musk as world’s richest personIndia reiterates two-state solution on Gaza dispute39 killed in heavy rains and snowfall in AfghanistanChina sets 5% economic growth target for 2024CBDT promoting Voluntary Compliance through e-Verification Scheme-2021Houthi Minister says commercial ships entering Yemini waters need to take permitsST - Issuance of a consignment note is essential condition for classifying an activity under GTA Service; tax demand raised thereunder is not tenable where no consignment note is issued: CESTATMoD inks MoU with BEML, BEL & MIDHANI for indigenous development of Advanced Fuelling SystemCus - A final order does not get invalidated simply because in a related matter which was cause of initiation of action in the present proceedings, has now been remanded: CESTATMinister of Steel inaugurates India's 1st Green Hydrogen Plant in Stainless Steel SectorCus - Exemption under Notification No. 12/2012-CE is rightly denied in respect of goods which are imported & also not consumed in factory of production: CESTATRAV's Lifetime Achievement Awards Given to three Stalwarts of AyurvedaDelhi Govt Budget proposes Rs 1000 per month for womenCX - Reversal of Cenvat Credit is not warranted in terms of CCR, 2004, when by-product Bagasse is cleared from factory without payment of duty: CESTATKharge alleges BJP Govt banning exports of agri products to favour industrialists5 killed as car bangs into roadside tree in TelanganaPM to leave on 5-state tour today; to announce projects worth Rs 1.1 lakh CroreFM to inaugurate National Conference of Enforcement Chiefs of State and Central GST formationsST - In case of slump sale, there is no question of providing any service as per s.65(92) as well as s.65(55b) of the Finance Act, 1994: HC
 
IG exports continue to dip in Q2: WTO

By TIOL News Service

GENEVA, NOV 21, 2023: WORLD exports of intermediate goods (IGs) fell by 8% year-on-year in the second quarter of 2023 to USD 2.3 trillion, continuing the slump recorded since last year amid stagnating commodity prices and a marked contraction in global consumer demand due to high inflation and interest rates. The decline affected all regions and most IG product categories.

IGs refer to inputs used to produce a final product and are an indicator of the activity in global supply chains. All regions posted year-on-year declines in IG exports in the second quarter of 2023. Asia recorded a decline of 13%, followed by Africa (-12%), North America (-8%), South and Central America (-8%), and Europe (-2%). 

In terms of quarter-on-quarter performance, exports of South and Central America increased the most compared to the first quarter of 2023, up 14%. This was largely due to Brazil's seasonal exports of soybeans mostly destined for China worth USD 15.3 billion. Brazil also supplied Argentina with USD 1.3 billion worth of soybeans in the second quarter compared to zero a year earlier as Argentina experienced a drought. The sharpest quarterly decline of IG exports among regions, meanwhile, was from North America (-3% to USD 297 billion) notably vis-à-vis its Asian and European industrial partners. European exports of industrial inputs also decreased by 2% in the second quarter.

All categories of IG exports declined year-on-year in the second quarter, except for transport parts and accessories which grew 13%. Notably, China's exports of lithium-Ion batteries (up 40% year-on-year) were boosted by accelerating worldwide production of electrical vehicles. Exports of all other IG categories declined: other industrial supplies (-14%), food and beverages (-9%), parts and accessories excluding transport equipment (-8%), and ores and precious stones (-1%).

Similar to global IG flows, IG trade within regions posted a decline in the second quarter. As in previous quarters, intra-Asia trade – often characterized as "Factory Asia" - was among the most impacted by the reduction in global demand, falling 16% year-on-year. IG trade within North America was the least affected, with just a 2% decline. Intra-regional trade also declined for Africa (-37%), Europe (-4%), and South and Central America (-4%).

Most inter-regional exchanges likewise contracted in the second quarter. Nevertheless, European exports to Asia and the Americas grew, with year-on-year increases of 5% and 1-2% respectively. European shipments to Asia were backed by a rise in gold exports.


POST YOUR COMMENTS
   

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023