Latest news with #Export
Yahoo
08-07-2025
- Business
- Yahoo
German exports drop as US shipments decline ahead of tariff deadline
German exports dropped more than expected in May, declining 1.4% month-on-month, from -1.6% in April. The year-on-year rise came to 0.4% in May, the federal statistics office confirmed on Tuesday. Imports, meanwhile, dropped 3.8%, and increased 4.2% year-on-year. This brought Germany's trade balance to €18.4 billion, from €15.7bn in April. The data shows a significant decline in shipments to the US after tariff frontloading boosted month-on-month export rises to 1.8% in February and 1.3% in March. Despite this decrease, the US remains the most important destination for German products. Negotiating as part of the EU, Germany is seeking to avoid a threatened 50% tariff on its goods sent to the US by negotiating a trade framework with the Trump administration before a deadline set for 1 August. Earlier this year, when President Donald Trump announced his so-called 'reciprocal' tariffs, the EU was originally hit with a 20% tariff rate. The White House subsequently paused duties for 90 days following market turmoil, a temporary reprieve set to expire on 9 July. The administration then pushed this date back, allowing more time for last-minute negotiations. It now appears that the EU will accept a 10% baseline tariff on its US exports, although the bloc is looking for carve-outs that will lower the burden on key sectors. Separate from the so-called 'retaliatory' tariffs, the EU is also facing a 25% duty on automobiles and car parts sent to the US, as well as a 50% tariff on steel and aluminum exports. Brussels is seeking to soften these blows by securing a more advantageous trade framework. German auto exports to the US fell by 13% in April and 25% in May compared to the same months a year earlier, the VDA industry association said last week. Even without the added complication of tariffs, the German economy has been struggling these past few years, reeling from Europe's energy price spike, low productivity and a lack of infrastructure investment. Over the last two years, GDP growth has fallen into negative territory, and the head of the Deutsche Bundesbank, Joachim Nagel, has warned that new duties could put the country on track for another contraction this year. 'More generally speaking, with the hard macro data in for the first two months of the second quarter, the German economy looks set for yet another stagnation or even small contraction,' Carsten Brzesk, Global Head of Macro for ING Research, said on Tuesday. 'While retail sales and construction activity were down compared with the first quarter, the small uptick in industrial production is not enough to offset the expected drag from trade.' Related German business sentiment rises: Ifo sees sixth consecutive lift Germany's 'whatever it takes' moment: Fiscal bazooka ignites market rally In May, industrial production in Germany increased by 1.2% month-on-month after a 1.6% drop in April, according to data released by the federal statistics office on Monday. Retail sales in Germany dropped by 1.6% month-over-month in May. Despite challenges facing the country, Berlin's promise to boost spending on defence and infrastructure has cheered investors. The government recently approved a constitutional amendment to its 'debt brake' rule, meaning defence spending above 1% of GDP will not be subject to borrowing limits. Chancellor Friedrich Merz wants to boost military spending to 3.5% of gross domestic product by 2029. The government has also created a €500 billion extrabudgetary fund for additional infrastructure spending, set to give businesses an added boost. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
07-07-2025
- Automotive
- Bloomberg
German Industry Bounces Back as Firms Front-Run Higher Tariffs
German industrial production unexpectedly rose in May, suggesting companies rushed production before potentially much higher tariffs on exports to the US. Output increased 1.2% from April, the statistics office said Monday. Economists had predicted a 0.2% dip, according to the median estimate in a Bloomberg survey. Car, pharmaceuticals and energy production all rose.
The Hindu
01-07-2025
- Business
- The Hindu
Demand for establishing dry port in Tiruchi gathers momentum
Though the Trade and industrial forums continue to raise the demand for establishing a dry port in Tiruchi, it is yet to become a reality. Tiruchi is one of the important regions in the State that exports various items including engineering equipment, vegetables, fruits and others. According to the National Horticulture Database released by the National Horticulture Board of India, Tiruchi produced 112.62 million metric tonnes of fruits and 204.96 million metric tonnes of vegetables in 2023-24. While exporters prefer to export engineering products through sea ports in the State, some vegetables and fruits are exported to Singapore, Malaysia, Dubai, Sri Lanka, United Arab Emirates, Qatar and others by flights. Though the exporters of perishable commodities prefer to send to their overseas clients by flights form Tiruchi, value-added agricultural products such as foods, millets ad biscuits are being exported through Chennai, Tuticorin and Cochin ports. Similarly, spare parts of auto mobiles, fabricated materials and other engineering products are exported through Chennai and Tuticorin. According to an estimate, 40 to 50 containers, measuring 25 tonnes each, are transported by roads to the seaports for exporting to various countries per month from Tiruchi. Industrialists and exporters find it difficult to transport their products by spending huge amounts to sea ports. They are of the view that if Inland Container Depot (dry port) is established in Tiruchi the exporters can complete the process of exporting them in Tiruchi itself, thereby saving huge sum and energy. 'The volume of exports from Tiruchi continues to register upward trends. It takes at least a week for the exporters to complete the formalities at the sea port. The establishment of dry port in Tiruchi will facilitate the exporters to complete the process quickly,' says G. Sathish Kumar, secretary, Export, Import Federation, Tiruchi. The exporters says the dry port will bolster the region's logistics infrastructure to support industrial development and export growth. They point out that the dry port established near Tiruppur has turned out to be a great support for the exporters of Tiruppur and Coimbatore to send their consignments to their overseas claims. Kanagasabapathy, former Chairman, Tiruchi Trade Centre, said that various industrial forums had been fighting for the establishment of dry port in Tiruchi for so far. It required at least 100 acre for the facility. The State and Central governments should take effective steps to fulfil the demand. It could be established at SIPCOT industrial park near Manapparai or at a convenient place with highway access.
Observer
29-06-2025
- Business
- Observer
Oman launches lantern-fish development pilot
MUSCAT, JUNE 29 Fisheries Development Oman (FDO), the government's investment arm for the fisheries sector and a subsidiary of Oman Investment Authority (OIA), has launched a key initiative to tap into the Sultanate's vast stocks of lantern-fish – a sustainable and largely unexploited marine resource with significant commercial potential across a range of industries. Lantern-fish, known locally as Al Fanar, are known not only for their suitability in fishmeal and fish oil production, but also for their applications in pharmaceuticals, cosmetics, and nutritional supplements. This first-of-its-kind project marks Oman's formal entry into lantern-fish development and harvesting. FDO – which manages a diverse portfolio of businesses spanning shrimp farming, aquaculture, pelagic fishing, fisheries vessel operations, large-scale fish processing, and port management – is now extending its scope to include the commercial exploration of lantern-fish. In this regard, it has signed a strategic partnership with an international entity to carry out experimental fishing operations targeting lantern-fish. According to OIA's recently released 2024 Annual Report, this collaboration aims to "enable Oman to optimally utilize this vital biological resource," laying the groundwork for sustainable exploitation that aligns with the country's long-term food security and economic diversification goals. The initiative builds on extensive research and survey work undertaken over the years by the Ministry of Agriculture, Fisheries and Water Resources, Sultan Qaboos University, and the Food and Agriculture Organization (FAO). The most recent of these surveys was launched by the Ministry in October 2023—a multiphase study to assess lantern-fish stock volumes in the Sea of Oman and the Arabian Sea. Findings from earlier studies have already revealed significant lantern-fish biomass. One such survey conducted between 1985 and 1991 estimated the biomass at 4.5 million tonnes annually in the Sea of Oman alone—underscoring the resource's vast potential if harvested sustainably. The skinnycheek lantern-fish (Benthosema pterotum), a member of the Myctophidae family, is the species under focus. These fish typically inhabit offshore waters near the continental shelf, particularly in areas deeper than 100 metres. During the day, they gather in two distinct vertical layers, with dense schools found between 80–130 metres. At night, they migrate to shallower depths of 30–70 metres, forming a more dispersed layer closer to the surface. Supporting this initiative are a number of national programmes and entities, including the Oman Vision 2040 Implementation Follow-up Unit, the National Investment and Export Development Programme, and the National Employment Programme. These stakeholders are helping to assess how lantern-fish development can contribute to economic growth, job creation, and food security. Potential downstream opportunities include the extraction of bioactive compounds for pharmaceuticals and cosmetics, the production of fish oil and nutritional supplements, and manufacturing of sustainable fishmeal to support Oman's growing aquaculture and animal feed sectors.
Leader Live
21-06-2025
- Business
- Leader Live
Bangor-on-Dee Racecourse announces Wrexham Lager partnership
Wrexham Lager Beer Company has signed a three-year deal with Bangor-on-Dee Racecourse, giving the brewer exclusive pouring rights until 2028. The agreement will see Wrexham Lager served on draught, in 440ml cans, and in 330ml bottles across the racecourse, including its Pilsener and Export varieties. Jon Roberts, interim chief executive officer of The Wrexham Lager Beer Company, said: "We're proud to announce this new partnership. "Wrexham Lager has been a supporter of Bangor-on-Dee Racecourse for many years now, and we're delighted to strengthen our relationship even further. "Tucked away in Wales' picturesque countryside, Bangor-on-Dee Racecourse is a true hidden gem, so we're delighted that guests can now enjoy our premium lager as they experience the excitement on the track. "The partnership is another great opportunity to continue supporting Bangor-on-Dee Racecourse and to provide award-winning Wrexham Lager to racegoers who value quality, craftsmanship and authenticity." First brewed in 1882, Wrexham Lager is the oldest lager brand in the UK and continues to use traditional Bavarian methods in its brewing process. The partnership will also include prominent branding on-site and across racecourse promotional materials. Kate Dawson, commercial director at Bangor-on-Dee Racecourse, said: "We're thrilled to announce a multi-year partnership between Bangor-on-Dee Racecourse and Wrexham Lager – a collaboration that brings together two proudly local and historic businesses. "Bangor-on-Dee has been welcoming racegoers since 1859 and Wrexham Lager, established in 1881, remains a beloved brand with deep roots in the community. "As a successful family-run business, Wrexham Lager perfectly complements the racecourse experience, and we're delighted to showcase their products to our guests. "This agreement reinforces our shared commitment to delivering outstanding experiences in North Wales."
