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National Australia Bank lowers 2019 thermal coal price forecast 7% on China customs delays

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Brisbane — National Australia Bank has dropped its forecasts for thermal coal prices for the months ahead, citing the uncertainty around Chinese trade policy, it said Wednesday. “Chinese thermal coal buyers are reportedly switching to other suppliers, with prolonged delays for clearing Australian coal through customs extending beyond the Dalian port group in recent weeks,” it said in its monthly ... Read More »

China’s forex reserves continue to grow in March

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China’s foreign exchange reserves rose to 3.0988 trillion U.S. dollars by the end of March, official data showed Sunday. The amount increased by 8.6 billion U.S. dollars, or 0.3 percent from the end of February, according to the State Administration of Foreign Exchange. Having grown for five consecutive months, the forex reserves was slightly higher than the market estimate of ... Read More »

US Business Must Remain Skeptical When Dealing With China

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The press is full of articles about China’s economic success and its aspirations to becoming a world military power. I would like to suggest that a realistic assessment of U.S versus China leads to a more sober conclusion and one that established multinationals need to bear in mind when assessing the risks and opportunities of doing business in China over ... Read More »

India shares with China list of 380 products for exports to bridge trade deficit

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New Delhi: India has identified and shared with China a list of 380 products including horticulture, textiles, chemicals and pharmaceuticals as their shipments hold huge export potential in the neighbouring country, an official said. Increasing exports of these products would help India narrow the widening trade deficit with China, which stood at $50.12 billion during April-February 2018-19. During the period, ... Read More »

China-Russia Trade ‘Not in Line’ With Politics: Global Times

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China, which had its first trade deficit with Russia in 12 years, is pushing for evolution in their economic relationship. “Economic cooperation between the two countries is not in line with their political collaboration,” Xu Jian, vice president of the China Institute of International Studies, told the official Global Times, which tweeted the comment on Thursday. “China and Russia lack ... Read More »

Australian Businesses Optimistic about China, Invested for the Long Term

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The 2019 Australia-China Business Sentiment Survey demonstrates that Australian businesses remain optimistic about staying invested in China despite internal and external challenges. China Briefing breaks down the survey’s key findings. Last week, the Australia Chamber of Commerce in China (Austcham Shanghai), in partnership with Westpac and China Skinny, published the 2019 Australia-China Business Sentiment Survey. The 2019 Survey captures the ... Read More »

The Continued Application of Section 301 Tariffs Puts U.S. Importers at Risk of Customs Audits

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Though the United States and China continue trade negotiations this week it has already been more than a year since the Office of the United States Trade Representative published its findings in the Section 301 investigation of China’s trade practices relating to IP, technology transfer and innovation. The results of this investigation led to increased tariffs on Chinese products. The ... Read More »

East China customs crackdown on charcoal smuggling

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JINAN: Customs officials in the east China port city of Qingdao, Shandong Province, have smashed a charcoal smuggling gang that illegally exported charcoal disguised as garments to Japan and the Republic of Korea. The anti-smuggling police of Qingdao customs have apprehended 11 suspects and seized 100 tonnes of charcoal on the spot. The customs officers said the gang has smuggled ... Read More »

China expands ban on Canadian canola imports to second firm

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China has banned imports from a second Canadian canola firm, its customs administration said Tuesday, the latest escalation in a burgeoning row between the two countries. Following the detection of harmful organisms in canola shipments from Viterra Inc., China’s customs authority has decided to revoke the firm’s company registration and suspend imports of its canola seeds, it said in an ... Read More »

China Feb soybean imports from US rise as trade dispute eased

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BEIJING: China’s imports of soybeans from the United States in February surged from January as the cargoes booked following a truce in the trade war between the two countries arrived, according to customs data published on Monday. China brought in 907,754 tonnes of US soybeans in February, up from 135,814 tonnes in January, the General Administration of Customs said. However, ... Read More »

China’s Feb coking coal imports from Australia fall 21pc

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BEIJING: China’s coking coal imports from Australia slumped 21 percent in February from a year earlier as traders reported lengthy checks on Australian cargoes at several ports. Australian supplies were at 1.16 million tonnes last month, according to data released by the General Administration of Customs on Monday, compared to 1.47 million tonnes in February 2018. Traders have cut purchases ... Read More »

China’s Urad Customs rejects 20,000 t of Mongolian coal

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Shanghai : Chinese Customs officials at Urad Middle Banner, an administrative region in North China’s Inner Mongolia Autonomous Region which borders Mongolia, rejected 182 trucks containing 19,540 tonnes of “unqualified” Mongolia-origin coal during the period between last November 27 and March 9, according to a March 19 report by ‘China Quality News’, a news portal operated by China’s State Administration ... Read More »

Trade conference offers updates on customs policies, China tariffs, cargo insurance

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Shanghai : Industry experts will share their perspectives at the Coalition of New England Companies for Trade (CONECT)’s 23rd Annual Northeast Trade & Transportation Conference, April 9-11 in Newport, R.I., providing information for importers, exporters, and providers of international logistics or trade services. On April 9, opening day attendees have a choice of expert-led workshops on import compliance, export operations, ... Read More »

US Business Groups Encouraged by Prospect of US-China Deal

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WASHINGTON : U.S. business groups said Friday they are encouraged by China’s approval of a new law that loosens restrictions on foreign investment and said it could help smooth the way to a substantive trade agreement between the two countries. China’s ceremonial legislature passed a measure Thursday seeking to prevent Chinese officials from forcing U.S. and other foreign companies to ... Read More »

Bank of China unit fined $1.27million in Hong Kong

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HONG KONG: Hong Kong’s securities regulator has fined a unit of Bank of China HK$10 million ($1.27 million) for failing to follow guidelines on sale of investment products. The Securities and Futures Commission (SFC) said that Bank of China International Securities failed to properly assess some of its clients’ risk tolerance levels, or to ensure that its recommendations to clients ... Read More »

China customs lifts suspension on Tesla Model 3 imports

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BEIJING: China’s customs authority has lifted its suspension on imports of Tesla’s Model 3, an official in the authority’s news department told Reuters on Thursday. “We can confirm that the warning notice on Tesla has been canceled,” said the official, who only gave his surname as Tao. Tesla declined to comment. Two sources familiar with the matter told Reuters earlier ... Read More »

US-China trade tensions to hammer air cargo

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SINGAPORE: Trade tensions between the US and China will hammer air cargo this year, an industry body warned Tuesday, the latest sign the tariff slugfest is damaging the global outlook. The world’s top two economies have been locked in a trade war since last year, swapping tit-for-tat duties on goods worth hundreds of billions of dollars and sending markets into ... Read More »

China spreading ‘positive news’ of strong export rebound in early March after February plunge

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China’s unusual advance release of trade data in early March was a bid to spread “positive news that could help shore up confidence” after exports in February posted the steepest drop in three years, analysts said. Exports in the first nine days of March surged 39.9 per cent, compared with the same period last year, according to detailed data released ... Read More »

Tesla Working to Resume Model 3 Imports Post China Customs Hiccup

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Tesla has said that it was working to resume imports of its new Model 3 sedan in China after the company said a labelling hiccup caused problems with customs. Elon Musk’s electric car firm denied the issue would impact sales of the vehicle in China, a key market for the automaker as it faces a battle to control costs and ... Read More »

China Customs Says It’s Working With Tesla to Resolve Model 3 Holdup

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China’s General Administration of Customs (GAC) has announced that it’s overseeing Tesla’s rectification of incorrect labels for the 1,600 imported Model 3 cars currently being held by Shanghai port authorities. The GAC said the cars will only be allowed into the country if they meet China’s standards for entry into its market. Shanghai Customs says some of the vehicles lack ... Read More »