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UPDATE 1-China says to keep pro-exports policy kit

April 3, 2010 By vani Leave a Comment

* China trade official says not to change pro-export policies

* Vice trade minister says will decide yuan on domestic needs (Add quotes, details)

BEIJING, April 2 (Reuters) – China will not abandon policies designed to promote exports but will increase imports and stockpiles of strategic resources, Vice-Commerce Minister Chen Jian told a forum on Friday.

“China will not change its pro-export policies,” he said.

Asked about whether China will change policy on the yuan CNY=CFXS, Chen said: “China will make yuan decisions in a responsible manner according to our own economic situation.”

He said China’s yuan should not be blamed for global imbalance.

“It is not appropriate to talk too much about the exchange rate issue,” he said.

Chen made the comments when tensions between Washington and Beijing over the yuan issue are likely to ease. [ID:nSGE63100G]

Chen’s ministry has expressed concerns that any yuan rise may give Chinese exporters a heavy blow as most exporters operate on thin profit margins and do not have enough tools to hedge currency risks.

China’s “stress test” in its labour-intensive export sectors found that yuan appreciation would seriously reduce exporters’ profits, the Economic Information Daily reported.

Chen said the yuan stress test did not mean Beijing was ready to make any policy changes.

He added that China was likely to book its first trade deficit in March since April 2004 due to a surge in imports.

As for the retreat of Google Inc (GOOG.O) from China and the conviction of four Rio Tinto (RIO.AX)(RIO.L) employees, Chen said the two cases will not change China’s investment environment for foreign investors. (Reporting by Langi Chiang and Alan Wheatley; Editing by Jacqueline Wong and Benjamin Kang Lim)

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Foundry Industry stages comeback in Gujarat

June 30, 2009 By admin Leave a Comment

Rajkot, June 30 (ANI): Foundry Industry in Gujarat has staged a comeback as new business with the revival in demand from engineering and automobile sectors.

Although, the demand from the export sectors is yet to pick up significantly, the domestic demand from engineering and automobile sectors is showing signs of recovery.

The engineering sector has witnessed a surge in demand of over 50 percent since March this year and the trend is estimated to continue during the rest of the year.

With the revival in demand from engineering and automobile sectors, foundry units across the country have increased their production capacities to 55-60 percent from around 30 to 40 percent in December last year.

Chhagan Bhai, owner of Antala Export, says that the demand for the foundry products has picked up in March-April.

“The export orders which we used to receive some time back, we are not receiving them now because of global recession. As far as the local demand is concerned it has picked up in March-April,” said Chhagan Bhai.

Meanwhile Bhavesh Patel, President, Rajkot Engineering Association said that the condition of the foundry units greatly improved in last 2-3 months.

“Foundry industry was greatly affected by the recession till about six months back. The units manufacturing automobile parts came to a near stand still but their condition has greatly improved in last 2-3 months and we hope the situation will greatly improve in the coming months,” said Patel.

The economic crisis has led to the closure of 500-700 foundry units. (ANI)

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Bangladesh announces 500 million-dollar recession package

April 21, 2009 By admin Leave a Comment

Dhaka – Bangladesh on Sunday announced an economic stimulus package worth over 500 million US dollars to offset the fallout of global economic meltdown, officials said.

Finance Minister AMA Muhith announced the package amounting to Tk 3,424 crore (500 million US dollars) for the fourth quarter of the current fiscal to increase subsidies in power and agriculture sector, and export sectors.

“The package will be implemented in two phases,” the minister said detailing an emergency step for the current 2008-2009 fiscal year, to be ended in June 30 this year, and a medium to long-term programme to be implemented in 2009-10 fiscal year.

The government would raise the budget for the power, agriculture and export sectors and offer cash incentives for the recession-hit export sector including jute and jute goods, leather and leather goods and frozen fish.

However, the government remained silent about the ready-made garment industry (RMG), the major export earning sector of the country.

In initial reaction, the president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Annisul Haq, also a garment exporter, said that the government package would upset ready- made garment exporters.

Muhith said that while export growth of the apparel exports had slowed, it not yet suffered negative growth to deserve cash assistance at the moment.

“We’re not saying they will not be affected. But as per the projection up to June this year, time has not yet come to provide them with cash assistance. It won’t be justified,” he said.

Incentives for export of locally-produced textiles, agricultural commodities and processed foods will also remain there, the finance minister said. (dpa)

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Dubai is more competitive than Japan, Germany and France, says report

March 31, 2009 By admin Leave a Comment

Nicosia, Mar 31 (ANI): The National Competitiveness Report for 2009, published by the Institute for Industrial Policy Studies of the National University of Seoul, ranked Dubai 16th out of 65 global economies, saying it is more competitive than Japan, Germany, France and New Zealand.

The report, which is published annually since 2001, considers Dubai as the most competitive economy in the Middle East.

This is the first time that the emirate has been included in the Report.he US ranked No.1 in this year’s study of competitiveness, followed by the Netherlands and Denmark.

Kuwait is way below Dubai in competitiveness, which occupies the 30th position, followed by Oman at the 42nd position and Saudi Arabia at the 48th.

The findings of the National Competitive Report form part of a Revealed Comparative Advantage (RCA) index, the first in a series of research projects conducted by the Dubai Chamber of Commerce and Industry (DCCI). ubai has the regional advantage in eleven export sectors relative to other Arab nations.

Globally, Dubai exports are competitive in five sectors, with semi-precious to precious stones and metals and imitation jewellery holding the first place in the index.

The index also showed that Dubai exports had competitive advantages in 23 industries relative to the global norm.

One of the weaknesses pointed out in the Report is that Dubai should be less dependent on foreign labour and needs to focus more on capital-intensive rather than labour-intensive methods. (ANI)

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Thailand’s exports fall 11.3 per cent in February

March 19, 2009 By admin Leave a Comment

Bangkok – Thailand’s exports in February fell 11.3 per cent year-on-year while imports tumbled 40.3 per cent, the Ministry of Commerce disclosed Wednesday.

Exports in February, 2009, amounted to 11.7 billion dollars, compared with 13.2 billion in the same month last year. Thailand’s imports last month amounted to 8.2 billion dollars, down 40.3 per cent on the 13.7 billion import bill in February, 2008.

The drastic decline in imports points to a rapid falloff in imported parts and components for Thailand’s main export industries such as electronics, electrical appliances and automobiles.

In February exports of electrics fell 30.1 per cent, electrical appliances 33.3 per cent and automobiles by 33.2 per cent, according to the ministry’s latest figures.

The three sectors account for more than 60 per cent of Thailand’s total exports.

The only two Thai export sectors that performed well in February were rice, up 8.3 per cent, and jewelry, up 402.7 per cent, because of the jump in international gold prices.

Thailand’s exports in January fell 26.5 per cent year-on-year. Altogether the kingdom exported 22.2 billion dollars worth of goods in the first two months on 2009, down 19.2 per cent, while imports amounted to 17.3 billion, leaving it with a trade surplus.

The poor performance of Thailand’s exports, which accounts for approximately 65 per cent of gross domestic product, is expected to lead to a 1 to 2 per cent contraction of the economy in 2009.

Thai Prime Minster Abhisit Vejjajiva on Tuesday announced plans to launch a 1.4 trillion baht (39 billion dollars) stimulus package over the next three years to bolster domestic spending, create jobs and spur economic growth. (dpa)

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German chemical sector rules out rapid rebound in business

March 10, 2009 By admin Leave a Comment

Frankfurt – Germany’s key chemical industry ruled out Tuesday a rapid rebound in its business, forecasting a 3.5 per cent fall in production this year as the global recession gains momentum.

In particular, the nation’s chemical industry association (VCI) said slumping demand from industrial customers had hit what is one of Germany’s top export sectors.

The VCI’s bleak prediction came in the wake of a dramatic fall in the chemical business in the fourth quarter of 2008 with the industry operating at about 75 per cent of its capacity in the final three months of last year. (dpa)

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