Latest news with #OEC
The Star
an hour ago
- Business
- The Star
Caribbean seeks stronger Africa trade as traditional routes waver
(Reuters) -Caribbean nations are looking to "decisively" broaden opportunities for trade with Africa, the secretary-general of its regional bloc said on Monday, in view of looming uncertainty with its more traditional trade partners. WHY IT'S IMPORTANT Stronger trade ties with Africa would signal a key economic shift in a region relies heavily on trade with the U.S., Canada and Europe, in a period of growing protectionism. In April, Washington imposed a baseline 10% tariff on nearly all its trade partners. It has been levying its power to influence domestic Caribbean policies on issues such as Cuban medical services and citizen-by-investment programs. KEY QUOTE "We must decisively open the door to greater trade between our regions," Caribbean Community (CARICOM) Secretary-General Carla Barnett said at the opening of the AfriCaribbean Trade and Investment Forum in Grenada. "CARICOM trade with the Continent must grow beyond the current levels of less than 3% of our overall trade, particularly with the uncertainty that currently looms over trade with traditional partners." BY THE NUMBERS The U.S. is CARICOM's largest trading partner, according to latest data from the Observatory of Economic Complexity (OEC). The U.S. bought a quarter of the bloc's $38.8 billion in exports shipped throughout 2023, according to OEC data, and sold 39% the $43.4 billion worth of goods imported into the region. CONTEXT Caribbean nations remain particularly vulnerable to global economic shocks such as inflation and pandemics, due to their reliance on tourism, imported food and fuel, and their exposure to climate-related disasters. Barnett said the region has already collaborated with Africa on so-far unsuccessful campaigns for slavery reparations from former colonizers and for compensation from rich nations for climate change, which disproportionately affects small island states. (Reporting by Sarah Morland; Editing by David Gregorio)
Straits Times
an hour ago
- Business
- Straits Times
Caribbean seeks stronger Africa trade as traditional routes waver
Find out what's new on ST website and app. Caribbean nations are looking to "decisively" broaden opportunities for trade with Africa, the secretary-general of its regional bloc said on Monday, in view of looming uncertainty with its more traditional trade partners. WHY IT'S IMPORTANT Stronger trade ties with Africa would signal a key economic shift in a region relies heavily on trade with the U.S., Canada and Europe, in a period of growing protectionism. In April, Washington imposed a baseline 10% tariff on nearly all its trade partners. It has been levying its power to influence domestic Caribbean policies on issues such as Cuban medical services and citizen-by-investment programs. KEY QUOTE "We must decisively open the door to greater trade between our regions," Caribbean Community (CARICOM) Secretary-General Carla Barnett said at the opening of the AfriCaribbean Trade and Investment Forum in Grenada. "CARICOM trade with the Continent must grow beyond the current levels of less than 3% of our overall trade, particularly with the uncertainty that currently looms over trade with traditional partners." BY THE NUMBERS The U.S. is CARICOM's largest trading partner, according to latest data from the Observatory of Economic Complexity (OEC). The U.S. bought a quarter of the bloc's $38.8 billion in exports shipped throughout 2023, according to OEC data, and sold 39% the $43.4 billion worth of goods imported into the region. CONTEXT Caribbean nations remain particularly vulnerable to global economic shocks such as inflation and pandemics, due to their reliance on tourism, imported food and fuel, and their exposure to climate-related disasters. Barnett said the region has already collaborated with Africa on so-far unsuccessful campaigns for slavery reparations from former colonizers and for compensation from rich nations for climate change, which disproportionately affects small island states. REUTERS
Reuters
an hour ago
- Business
- Reuters
Caribbean seeks stronger Africa trade as traditional routes waver
July 28 (Reuters) - Caribbean nations are looking to "decisively" broaden opportunities for trade with Africa, the secretary-general of its regional bloc said on Monday, in view of looming uncertainty with its more traditional trade partners. Stronger trade ties with Africa would signal a key economic shift in a region relies heavily on trade with the U.S., Canada and Europe, in a period of growing protectionism. In April, Washington imposed a baseline 10% tariff on nearly all its trade partners. It has been levying its power to influence domestic Caribbean policies on issues such as Cuban medical services and citizen-by-investment programs. "We must decisively open the door to greater trade between our regions," Caribbean Community (CARICOM) Secretary-General Carla Barnett said at the opening of the AfriCaribbean Trade and Investment Forum in Grenada. "CARICOM trade with the Continent must grow beyond the current levels of less than 3% of our overall trade, particularly with the uncertainty that currently looms over trade with traditional partners." The U.S. is CARICOM's largest trading partner, according to latest data from the Observatory of Economic Complexity (OEC). The U.S. bought a quarter of the bloc's $38.8 billion in exports shipped throughout 2023, according to OEC data, and sold 39% the $43.4 billion worth of goods imported into the region. Caribbean nations remain particularly vulnerable to global economic shocks such as inflation and pandemics, due to their reliance on tourism, imported food and fuel, and their exposure to climate-related disasters. Barnett said the region has already collaborated with Africa on so-far unsuccessful campaigns for slavery reparations from former colonizers and for compensation from rich nations for climate change, which disproportionately affects small island states.
CNBC
21 hours ago
- Business
- CNBC
How the U.S.-EU trade deal impacts America's imports overall: Tariff simulator
A tariff simulator shows a dramatic drop in global exports to the U.S. as a result of President Donald Trump new trade deal with the European Union. On Sunday, Trump announced a trade deal with the EU, following discussions with European Commission President Ursula von der Leyen. Trump said that the deal imposes a 15% tariff on most European goods to the U.S., including cars. According to the Tariff Simulator by the online data visualization and distribution platform, The Observatory of Economic Complexity (OEC), the forecasted global exports to the U.S. in 2027 are expected to drop by more than 46% compared to the average of the last three years, or $2.68 trillion. The forecasted U.S. exports to the world in 2027 are expected to increase by 12% compared to the average of the last three years, or $1.59 trillion. The forecast builds on an extended gravity model designed to anticipate how trade may be reconfigured in response to the announced trade deal between the US and the EU alone. This forecast does not include the impact of all the broad tariff increases set to be imposed on Aug. 1. "While the U.S. is imposing tariffs on the world, the world is not imposing tariffs on each other," explained Cesar Hidalgo, economics professor at the Toulouse School of Economicsdirector for the Center of Collective Learning, and founder of Datawheel, which built the OEC Tariff Simulator. "The point here is that countries will have a natural tendency to rewire their trade relationships away from the U.S. in many of these scenarios, he added. "This is true for most countries, except for Mexico and Canada, which are too integrated with the United States and are unable to rewire as quickly as less integrated countries." Hidalgo explained the tariff impact using Germany as an example, "In the early 2025 scenario where there were no new tariffs, exports from Germany to the US were forecasted to go from $133B (2023) to $155B in 2027. With the 15% tariff framework, exports from Germany to the US are forecasted now to go up from $133B 2023 to $149B 2027," said Hidalgo. "Exports are down with respect to what we would have expected if tariffs would have remained the same as they were on January 1st of 2025." Under the 15% tariff scenario projected by the Tariff Simulator, the U.S. will import more from UK ($22.5 billion), France ($10.2 billion), and Spain ($5.65 billion) and less from China (-$485 billion), Canada (-$300 billion), and Mexico (-238 billion). As a result of the decrease in Chinese exports to the U.S. under this scenario, China is expected to import more from Russia ($70 billion), Vietnam ($34.4 billion), and Saudi Arabia ($28 billion) than the U.S. Chinese imports from the U.S. are expected to drop by $101 billion. Logistics experts have warned for months that even with tariff rates at lower rates than the original "reciprocal" rates announced in April, the products are still expensive. The layering of the tariffs will make many products more expensive to import and companies will forego shipments. Retail executives say the result would be a lack of product diversity on U.S. shelves, something American consumers have grown accustomed to. Andrew Abbott, CEO of niche ocean carrier Atlantic Container Line, says the resolution of the tariff levels will be the deciding factor for some European shippers. "I have seen some ocean bookings of high-value products (construction equipment, agricultural equipment, aerospace, transformers, etc.) have put all bookings on hold," said Abbott. "It all depends on the tariff rate. For example, a U.S. customer buying a $300,000 piece of machinery could potentially have $90,000 in tariffs assessed on it, so this is why some companies are waiting until a tariff rate is definitively set," he said. "Companies bringing in low-valued items, on the other hand, are continuing to order product." Based on trade data compiled and analyzed by the OEC, the bills of lading — the receipts for the containers detailing the product and company information — show IKEA is the top U.S. company importing from the EU at 28%. Southern Glazer's Wine and Spirits was next at 9%, followed by Continental Tire (4%), Bosch (4%), Dole Food Co. (3%), and Diageo (2.3%) as the top importers. Examining the top EU exports to the U.S. by product category reveals that furniture leads the list at 11%, followed by rubber tires at 7%, bedspreads at 6%, and wine at 5%.
News18
5 days ago
- Business
- News18
Did You Know ‘Desert' Country Saudi Arabia ‘Imports' Sand? Here's Why
Last Updated: Saudi Arabia imports sand from other countries because the one found in their desert is not suitable for construction purposes. Did you know that Saudi Arabia, known for its vast desert, imports sand? As ironic as it might sound, it is true. The country imports sand from nations like Australia, China, and Belgium. While this may be confusing for many, the reason behind this is that the sand available in Saudi Arabia is not suitable for construction. As the country continued to work on its Vision 2030 projects, it has seen a significant increase in sand imports. This little-known fact also highlights a larger global problem: high-quality sand for construction is becoming increasingly difficult to find, and there is a growing dependency on outside resources. Let us tell you why desert sand can't be used for construction, about the global sand crisis and its sustainable solutions. Why Desert Sand Isn't Suitable For Construction? Even though deserts are filled with sand as far as the eye can see, the type that is found there is not suitable for construction. Desert sand is usually smooth and round due to the erosion caused by wind over the years, making it unsuitable for use with cement. In construction, rougher and angular grains of sand are used that can bind well with water and cement. This type of sand is usually found on riverbeds, lakes and seabeds. In recent times, Australia has become one of the world's largest suppliers of construction-grade sand. According to the OEC world, the country supplied a total of $273 million worth of sand in 2023, making it the second-largest exporter of sand globally. Saudi Arabia bought $140,000 worth of sand from Australia that year. The Gulf Country has utilised imported sand in some of its largest projects, including The Red Sea Project, NEOM, and Qiddiya. Saudi Arabia Isn't The Only One Importing Sand Besides Saudi Arabia, the UAE and Qatar also import sand for the same reason. Cities like Dubai and Abu Dhabi continue to grow exponentially in recent years, and they require high-quality sand for their tall buildings and modern infrastructure. A report by the United Nations Environment Programme (UNEP) in 2024 also highlighted that the rapid growth of the Gulf Countries is leading to a high demand for sand globally. Sand Crisis- The Bigger Problem The dependence on construction-grade sand isn't just limited to Middle Eastern countries. Fifty billion tonnes of sand are used annually worldwide, making it one of the most extracted solid materials, according to a report by UNEP. But only a fraction of it is suitable for construction. In fact, worldwide, there is an increasing scarcity of sand suitable for construction. UNEP has flagged this as a 'sand crisis" and warned that unregulated extraction is resulting in serious environmental degradation, including riverbed erosion, habitat destruction, and loss of biodiversity. What Are Some Sustainable Solutions To Sand Crisis? To reduce their dependency on natural sand, some countries, including Saudi Arabia, are exploring alternatives like M-sand, or manufactured sand. It is made by crushing rocks to make it suitable for use in construction. Moreover, recycled construction waste is also being repurposed for use as an alternative. But widespread adoption of such alternative solutions might take time. Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
