Nana Addo Dankwa Akufo-Addo, and the Chancellor of the Federal Republic of Germany, Olaf Sholz have on Tuesday, 31st October, 2023, met to discuss and reaffirm already robust ties of friendship and cooperation existing between the two countries. Speaking to the press following high-level bilateral talks between the two countries on the occasion of a … Read more
Almost 70 billion euros in goods were imported by the Netherlands from China between January and July 2023 (nearly 5 billion euros less compared to the same period last year). The most significant decline was shown by imports of computers and telephones. Nevertheless, 16 percent increase was attained by goods exports to China (11.8 billion euros in total). This information is based on new CBS and Eurostat figures.
A rise by 17 billion euros in 2022 partly caused by price increases was followed by the drop in import value.
A fall by over 45 billion euros (from 352 to 306.5 billion) was demonstrated by imports from China by the European Union as a whole in the first seven months of this year. Sharp decrease of imports of Chinese-manufactured goods by Germany (from 77 billion to 57 billion euros) was responsible for the decline.
The first place in imports of goods from China within the EU during the first seven months of 2022 was taken by Germany; in the same period of 2023 this position was taken by the Netherlands. Telephones (-1.2 billion), computers (-4.6 billion) and semiconductors (+1.6 billion euros) were mainly imported by the Netherlands.
Virtual stability characterizes goods exports from the EU to China. A fall by 8 percent to just under 58 billion euros in the period January – July 2023 was shown by German exports to China.
A higher export value of machinery and equipment (+898 million euros), medicines (+401 million) and medicinal and pharmaceutical products (+188 million) was the main reason of the growth of the Netherlands’ export to China.
The index of 10 percent was exceeded by China’s share in total Dutch goods imports (excl. transit trade) for the first time in 2020, but it fell to 9 percent again in 2022. Dutch imports of raw materials and semi-manufactured goods from China have decreased from 6.8 percent in 2020 to 5.1 percent in 2022, versus 5.5 percent in 2015.
Lower import dependency on China was shown by service sectors (IT and information, financial and business services) over the past few years. 32 percent of IT and information services’ raw materials and semi-manufactured goods were still imported from China in 2019. In 2022 this was 17 percent. Telecommunications was the most dependent sector (nearly 29 percent import dependency in 2022).
The value added after deducting the cost of imports for manufacturing of the goods or provision of the services (net export earnings) from trade with China attained nearly 7.1 billion euros in 2022 (31 million euros (0.4 percent) less than in 2021). Lower net export earnings in services (-432 million euros) caused the decrease. On the other hand, an increase (+400 million euros) was shown by net earnings from goods exports.
Machinery and equipment (especially chip-manufacturing machines) brought the highest profit in goods exports over 2022 to the Netherlands (1.5 billion euros), followed by processed foodstuffs such as baby milk powder (1.1 billion euros) and meat (379 million euros). Processed foodstuffs (+370 million euros), machinery and equipment (+192 million euros) and semiconductors (+174 million euros) showed the largest increases last year; medicine exports (-122 million euros) and passenger car exports (-95 million euros) demonstrated the largest declines in earnings last year.
A drop in earnings from intellectual property rights (royalties; -511 million euros) was the main cause of the decline in export earnings from China in 2022.
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Between January and July 2023, the Netherlands imported almost 70 billion euros in goods from China. That is nearly 5 billion euros less than in the same period last year. Imports of computers and telephones were down in particular. On the other hand, goods exports to China increased by 16 percent to a total of … Read more
Cambodia and the United Kingdom have signed a Memorandum of Understanding (MoU) on the establishment of bilateral political consultations between the two countries’ foreign ministries. “The two heads of delegations from Cambodia and the United Kingdom signed the Memorandum of Understanding, on the establishment of bilateral political consultations between the two foreign ministries,” the Ministry … Read more
In the 2023/2024 marketing year (from July 1 to October 27, 2023), Ukraine exported 8.721 million tonnes of grain and legumes. “In the current marketing year, Ukraine has already exported 4.399 million tonnes of wheat, 669 thousand tonnes of barley, 0.9 thousand tonnes of rye and 3.531 million tonnes of maize,” the press service of … Read more
The overall external trade in the Republic of Serbia for the period January- September 2023 amounted to: – USD 52753.4 million – which was an increase of 0.2% compared to the same period last year; – EUR 48704.8 million – which was a decrease of 1.3% compared to the same period last year. The value … Read more
Kazakh Prime Minister Alikhan Smailov called on the Eurasian Economic Union (EAEU) member states to develop trade and economic cooperation during an Oct. 26 meeting of the Eurasian Intergovernmental Council in Bishkek, reported the Prime Minister’s press service. Smailov outlined that the EAEU has become a trustworthy regional integration association in over a decade. “Today, … Read more
The exports of services of Georgia amounted to USD 5 703.3 million in 2022, 123.9 percent higher to the data of 2021. The imports equaled USD 3 028.9 million accordingly, it is 66.2 percent higher than the previous year. The positive trade balance was USD 2 674.4 million, that is almost 4 times more than … Read more
According to primeminister.kz, Prime Minister of Kazakhstan Alikhan Smailov and Minister of Trade of South Korea Ahn Duk-geun discussed issues of realization of new joint investment projects.
Great prospects for further development of trade and economic cooperation between Kazakhstan and South Korea were emphasized by Prime Minister during the meeting. The dynamic growth of trade turnover supports this point of view: 2.3 times growth last year (more than $6.1 billion) and an increase by another 11% for 8 months of this year.
Alikhan Smailov said that, according to him, joint efforts are needed to expand the nomenclature of mutual trade. For example, the Kazakhstan-Korea Intergovernmental Commission in the sphere of trade-economic and scientific-technical cooperation is an important tool here.
Another fact noticed by him was South Korea’s consistent presence among the top 10 largest investors in the economy of Kazakhstan (about $9.2 billion of investments over the past 18 years). A new record volume of $1.5 billion was reached last year due to the gross inflow of direct investment from Korea (85% increase).
Prime Minister said that more than 700 Korean enterprises are currently operating in Kazakhstan, the largest of which are KIA, Hyundai, Samsung and LG.
They are working out 5 projects worth $1.5 billion and 25 more promising projects worth about $500 million today. The construction of a new large plant KIA with a total investment of $190 million and production capacity of 70 thousand cars per year in the city of Kostanay can be given as a striking example.
As Alikhan Smailov added, the Government of Kazakhstan will continue to create all necessary conditions for comfortable work of investors in the country.
According to Ahn Duk-geun, South Korea is ready in its turn for active technological cooperation with Kazakhstan in various sectors of the economy.
The South Korean Minister of Trade emphasized the importance of such projects as the KIA plant in Kazakhstan. Successfully implemented, they will make Kazakhstan’s automobile industry become an example and facilitate the construction of other similar plants and production facilities.
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According to the ministry’s press service, Hors Classe Adviser of the European Commission Henrik Hololei said at the meeting with Kazakh Deputy Foreign Minister Nazira Nurbayeva held on Oct. 19 that Kazakhstan’s aspiration to become a transportation and logistics hub are supported by the European Union (EU).
Hololei said that participation in infrastructure projects and the attraction of private investments are offered to Kazakhstan by the EU to help the country achieve this goal.
Utilizing Kazakhstan’s transport and logistics capacity, increasing transport sector harmonization in Central Asia and the Caucasus and promoting aviation cooperation became the main goals of the actions to diversify transit routes between Asia and Europe.
Delivering major railway projects and building new logistics facilities to improve the competitiveness of Kazakhstan were emphasized by Nurbayeva.
Measures to improve transport connectivity between Central Asia and the EU were elaborated and optimal transport links between Central Asia and the EU Trans-European Transport Network were identified, as the European Bank for Reconstruction and Development study suggested.
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