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April 24th trade risk warning

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Dynamic information on international trade cooperation and friction
2020/04/29 10:03.

April 24th trade risk warning

The US House of Representatives has set up a special committee to investigate the Trump administration's response to the epidemic. According to the New York Times, the US House of Representatives voted 23 days to set up a special investigation committee to check the implementation of the economic assistance bill launched in the past two months, and to examine "the preparation and response of the government to the new crown virus crisis", including the government's handling of problems such as detection and isolation, the distribution of equipment and medical supplies, and so on, to examine the Trump administration's new crown. The response to the epidemic and the implementation of the economic rescue plan. (CCTV news client)

Canada's CPI was low in March. In April 22nd, the Canadian Statistical Bureau released the impact of the economic slowdown caused by the new crown epidemic. In March, the Canadian consumer price index (CPI) was 0.9% (year-on-year increase), much lower than the 2.2% in February, the lowest since September 2006. Excluding energy, CPI was 1.7% in March. Energy prices fell 11.6% in March, the biggest monthly decline since November 2008, with fuel prices falling by 9.5% compared with the same period last year, resulting in a 21.2% year-on-year decrease in gasoline consumption. (Ministry of commerce website)

Brazil's domestic currency continues to depreciate. Brazil Globe reported that the impact of the first two days of the international oil price slump, investors to take measures to hedge against the impact of the new crown epidemic on the economic field, as at 15 o'clock in April 22nd, the dollar rose 1.89% to the Real exchange rate, to 1:5.4083. (Ministry of commerce website)

The number of applications for part-time unemployment in France has exceeded 10 million. Echo reported on April 22nd, French labor minister Penico said Wednesday that as of now, the number of applications for part-time unemployment benefits in France has exceeded 10 million, accounting for half of the total number of paid employees in the French private sector. (Ministry of Commerce)

Global installed capacity of PV dropped by 18%. WoodMac research team lowered the 2020 global PV installed capacity forecast, from 129.5GW to 106.4GW, a decrease of 18%. Tom Heggarty, the photovoltaic research consultant of the agency, said: "the epidemic and oil price collapse will lead to global economic recession, and even the global photovoltaic industry will face severe challenges in 2021. The project to be delivered in 2021 is now in the stage of development and financing. The downward trend will also spread to next year. (see)

The ratio of rebounded to 159.5. The Pakistan forum express reported on April 23rd that Balubi had depreciated greatly since the outbreak and reached a low of 1 to 167.9 rupees in April 7th. Since then, Balubi has continued to recover slightly against the US dollar, up to 159.5 rupees as of yesterday. (economic and Commercial Office of the Embassy in Islamic Republic of Pakistan)

The Philippine central bank lowered the benchmark interest rate by 50 basis points. According to Philippines's Business World (business world) April 17th, Jokeno, the governor of the central bank, said on Thursday that the central bank has lowered the benchmark interest rate by 50 basis points to 2.75%, which is the lowest value since the implementation of the current interest rate system by the Philippine central bank in 2016. (economic and Commercial Office of the Embassy in Republic of the Philippines)

The delivery price of Philippines rice farm continues to rise. According to the Philippines business mirror April 20th, the price of rice farms has risen for sixth consecutive weeks, reaching 16.69 pesos per kilogram in the fourth week of March, but it is still 11% lower than the average price in the same period last year, according to the PSA report. (Ministry of Commerce)

Iran oil and gas equipment manufacturers are facing difficulties. Iran financial Tribune reported on April 19th that Mohamed Puer, President of the Iran oil and Gas Equipment Manufacturers Association (IOEMA), said that due to the huge impact of the new crown virus epidemic, it is estimated that 800 oil and gas equipment manufacturing enterprises are facing bankruptcy. First, the most important task of the country is to control the epidemic. Everything else can wait, including oil development projects. The two is the expanding fiscal deficit. The oil and gas industry lacks liquidity and is forced to cut capacity. Three, the economy is rapidly declining, and demand is decreasing, and new orders are lacking. Four, some key equipment and parts are prohibited from importation or stay in customs. (economic and Commercial Office of the Embassy in Islamic Republic of Iran)

The dual economic siege of the epidemic is worsening in the middle east economy. The conflict and economic turmoil in the Middle East have been hit by two major recent attacks, namely, the new crown epidemic and the collapse of international oil prices. According to the IMF forecast, the economy of the two largest economies in the Middle East, Saudi Arabia and Arabia, will shrink by 2.3% and 3.5% respectively this year, the Lebanese economy will shrink 12%, the Iran economy will shrink 6%, the Iraqi economy will shrink 4.7%, Qatar and Tunisia will shrink 4.3%, Morocco's economy will shrink by 3.7%, and Kuwait's economy will shrink by 1.1%. Egypt alone expects positive growth, an increase of 2%, far below last year's 5.6%. The latest world economic outlook report by the IMF predicts that the economy in the Middle East will shrink by 3.3% this year, and the recession will be higher than the global average. In addition to Egypt, other countries in the region have seen negative economic growth this year. (Xinhua News Agency)

Fair trade department, Shandong Provincial Department of Commerce

April 24, 2020

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