Trade Risk Alert for September 16

The WTO ruled that the U.S. and Canada levies were not compliant. The World Trade Organization ruled that the U.S. decision to impose tariffs on China the previous year did not comply with global trade rules. The spokesperson of the Chinese Ministry of Commerce said that China appreciates the objective and fair ruling made by the expert group. The spokesperson pointed out that China's resorting to the wrong practice of unilateralism and trade protectionism by the US to the WTO dispute settlement mechanism is necessary to safeguard its own legitimate rights and interests, and it also demonstrates China's firmness in respecting WTO rules and safeguarding the authority of the multilateral trading system. determination. (Economic China Station)

The UK unemployment rate rose to 4.1%. According to data released by the Office for National Statistics on the 15th, the unemployment rate in the UK rose to 4.1% in the three months to July, 0.3 percentage points higher than the same period last year and 0.2 percentage points higher than the April-June period. The Bureau of Statistics said the increase in the number of unemployed between the ages of 16 and 24 was more pronounced, while the rest of the age group remained largely stable. The data also showed that more than 2.7 million jobless claims were filed in August, up about 121% from March. (Xinhuanet)

The epidemic has rebounded, and the two major French cities have tightened control measures. Marseille and Bordeaux, France's two largest cities, tightened control measures for the new crown epidemic on the 14th, restricting people's gatherings to curb the rebound of the epidemic. (People's Daily Online)

Italy's public debt rose to a record high of 2,560.5 billion euros in July. The Bank of Italy's monthly public finance report released on September 15 showed that Italy's total public debt in July increased by 29.9 billion euros from the previous month, setting a historical record of 2,560.5 billion euros. In addition to the 7.9 billion euros required by the public administration in July, the increase in debt also included a 23.3 billion euro increase in liquidity reserves by the Ministry of Finance, the report noted. According to the data released by the Italian National Bureau of Statistics on the 15th, the Italian national consumer price index rose by 0.3% month-on-month in August this year, but fell by 0.5% compared with the same period last year, marking the fourth consecutive month of year-on-year decline. The Bureau of Statistics analysis pointed out that the month-on-month increase in consumer prices in August was mainly driven by factors such as the summer vacation and the restart of the tourism industry. (CCTV News)

Japan's exports have declined year-on-year for the 21st consecutive month. Japan's Ministry of Finance on Wednesday (September 16) released preliminary statistics on merchandise trade in August, showing that as of August, Japan's exports declined year-on-year for 21 consecutive months as exports to Europe and the United States continued to slump. However, boosted by the continued expansion of exports to China, the year-on-year decline narrowed from the previous month. Data showed that Japan's exports in August fell 14.8% year-on-year to 5.2327 trillion yen (about 105 yen per US dollar) as auto exports continued to slump. The year-on-year decline narrowed from 19.2% in the previous month. At the same time, the continued spread of the epidemic has led to sluggish economic activities. Japan's imports fell by 20.8% year-on-year to 4.9844 trillion yen in the month. The trade balance was able to maintain a surplus of 248.3 billion yen due to the larger drop in imports. Although the overall export is still declining year-on-year, due to the continuous recovery of China's economy, Japan's exports of semiconductor manufacturing equipment, non-ferrous metals, automobiles and other products to China continued to grow significantly in August, driving Japan's exports to China to increase by 5.1% year-on-year in the month, two consecutive month-on-month increase. In the month, Japan's exports to the United States fell by 21.3% year-on-year due to the significant decline in exports of engines, medicines, construction and mining machinery and other products. Exports to the EU fell by 19.2% year-on-year, with lower exports of cars and engines being the main drag. (Xinhua Finance)

India's exports fell 12.66% year-on-year in August, the sixth consecutive month of contraction. According to data released by the Indian Ministry of Commerce and Industry on the 15th, India's exports in August fell by 12.66% year-on-year. This is the sixth consecutive month that India's exports have contracted. Data showed that India's exports fell further in August than in July and June. India's exports fell 10.21% year-on-year in July, after falling 12.41% in June. Data show that India’s exports in August reached US$22.7 billion, down 12.66% year-on-year, and imports reached US$29.47 billion, down 26% year-on-year. India's trade deficit stood at $6.77 billion in August. In August, India's major exports were in a state of decline. India's exports of gems and jewelry fell by 43.28% year-on-year, and exports of leather products fell by 16.82% year-on-year. (Xinhua Finance)

International flights to Iran decreased by 84%. The Iranian Labor News Agency reported on September 14 that the report of the Iranian Airports and Aviation Management Company showed that in May of the Iranian calendar, Iran’s domestic airports completed a total of 22,825 aircraft take-offs and landings, transporting (receiving) about 2 million passengers and 16.5 million passengers. kg of cargo. Due to the impact of the epidemic on the aviation and airport industries, the number of aircraft movements dropped by 27% year-on-year, the number of passengers sent and received fell by 42% year-on-year, and the weight of transported goods dropped by 50% year-on-year. (Ministry of Commerce website)

Tehran's fiscal revenue fell by 33% year-on-year. Iran's "Financial Tribune" reported on September 11 that the head of Tehran's financial department, Rasori, said that the total fiscal revenue of Tehran in the first four months of this fiscal year (March 20 to July 21) was 588,000 billion riyals (about 228 million U.S. dollars), down 33% year-on-year. Compared to the planned target for the period in the budget (101.9 trillion riyals), only 58% has been achieved. (Ministry of Commerce website)

Report: The Asia-Pacific smartphone market shrank by 20% in the first seven months of this year. Lianhe Zaobao reported on September 15: According to the report, from January to July this year, consumers in the region bought about 329 million smartphones, a decrease of 97 million compared with the same period last year. Among them, Taiwan was the only market that achieved growth, but it only increased slightly by 1% over the same period last year. The Indian and Singapore markets shrank the most, both falling 42%. Affected by the Covid-19 outbreak, the Asia-Pacific smartphone market shrank by 20% year-on-year between January and July this year, with sales falling to about US$119 billion (S$162.5 billion). (Ministry of Commerce website)

Shandong Provincial Department of Commerce Fair Trade Office

September 16, 2020