Trade Risk Alert for September 15

U.S. home prices rose 13 percent, the biggest gain since 2013. The latest report from tech-based real estate brokerage Redfin said the median U.S. home sales price rose 13% from a year earlier to $319,178, a record high and the largest increase since October 2013. In the four-week period ending Sept. 6, pending home sales in the major housing markets in 434 U.S. metro areas rose 28% from a year earlier, the largest increase since Aug. 2, 2015. New listings for homes for sale rose 9% from a year earlier, and active listings fell 28% from 2019 to a record low. Year-over-year declines have been roughly the same over the past few months. The home-to-buy price ratio, which measures the ratio of the sale price of a home to the asking price for a home, rose to a record high of 99.3% and a full percentage point higher than a year earlier. (PR Newswire)

International oil prices hit a new low since mid-June. International oil prices have been out of a unilateral decline in recent days, and they plummeted even more on September 8. As of the close of the day, light sweet crude oil futures for October delivery on the New York Mercantile Exchange fell $3.01 to close at $36.76 a barrel, a drop of as much as 7.57%; Brent crude futures for November delivery fell $2.23 to close At $39.78 a barrel, it fell 5.31 percent. Both crude prices hit their lowest levels since mid-June. In the last week, New York light oil prices have fallen by 7.4%, and Brent oil prices have fallen for five consecutive days, with a cumulative decline of 12.7% since the end of August. (Shanxi Daily)

Accommodation and catering turnover in Greece fell sharply in the second quarter. According to the Greek Statistical Office (ELSTAT), the turnover of accommodation and catering in Greece in the second quarter of 2020 dropped by 84.6% compared with the same period in 2019. Accommodation turnover fell by 96.6%, compared with the same period in 2018, which was down 1.3%; catering turnover was down 66% year-on-year, and increased by 5.7% in 2019. Compared with the first quarter of 2020, the overall turnover of accommodation and catering decreased by 51.6%, compared with an increase of 190.9% in the same period in 2019; the turnover of accommodation decreased by 70.5%, but increased by 631% in 2019; the catering business The amount decreased by 46.7%, and increased by 52.9% year-on-year in 2019. (China Economic Net)

India's wholesale price index rose to 0.16% year-on-year in August. Statistics released by the Indian Ministry of Commerce and Industry on the 14th showed that India's wholesale price index (WPI) in August rose to 0.16% year-on-year. This is the first time that India's wholesale price index has turned positive after staying in the negative growth range for four consecutive months. In July, India's WPI was -0.58%. Food prices in India rose significantly in August. In August, the wholesale food price index rose by 3.84%. The vegetable wholesale price index rose by 7.03%. Despite the slowdown in economic growth, the RBI did not cut rates at its August monetary policy meeting due to high inflation. (Xinhua Finance)

The Philippines bans pork imports from Germany. The Department of Agriculture (DA) has issued a temporary ban on the import of domestic pigs, wild boar, pork products and by-products from Germany, the Philippine Department of Agriculture reported on September 12. Agriculture Minister Dahl will also immediately suspend the application and issuance of sanitary and phytosanitary (SPS) import licenses for German pigs, wild boar, pork products and by-products. The Ministry of Agriculture said that if any pork from Germany is found, it will be confiscated. (Ministry of Commerce website)

Philippine rice stocks fell in August. According to the Philippine "Star" report on September 14, the Philippine Statistics Authority (PSA) data showed that as of the end of August, rice stocks fell to 1.79 million tons, down 16.3% from the same period last year and 15.1% from the previous month. . Based on Filipinos' average daily consumption of 32,000 tonnes, the current stockpile is sufficient for 56 days of demand. (Ministry of Commerce website)

Philippine agricultural trade continued to decline. According to a report by the Philippine Daily Inquirer on September 12, data from the Philippine Statistics Authority (PSA) showed that trade in agricultural products fell by 20 percent in the second quarter. Agricultural trade fell to $4.07 billion from $4.4 billion in the first quarter. Agricultural exports in the second quarter were $1.45 billion, imports reached $2.62 billion, and the trade deficit was $1.17 billion. Compared with the same period last year, exports and imports fell by 21% and 20% respectively. (Ministry of Commerce website)

The report expects global demand for fossil fuels to decline in the future. Xinhua News Agency, London, September 14. BP recently released the "2020 World Energy Outlook" report, predicting that the global energy demand structure will continue to adjust in the future, the demand for fossil fuels will decline, and renewable energy will occupy more market share. The report believes that the trend of transition to low carbon will lead to the reshaping of the global energy system. In the future, energy will be more diversified, and the degree of integration and competition will be intensified. Fossil fuel demand will decline over the next 30 years due to improved energy utilization and electrification of road transport. The report said that with increased investment, renewable energy sources such as wind and solar energy may become the fastest growing energy sources in the future. At the same time, in the field of energy demand, the importance of electricity will become increasingly prominent. (Xinhuanet)

Shandong Provincial Department of Commerce Fair Trade Office

September 15, 2020