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Egypt’s exports to hike 20% by year-end: Trade Minister

“This increase came due to the great efforts exerted by the government to increase exports and boost local manufacturing in various industries” writes Nihal Samir for dailynewssegypt.com. Egypt’s exports are expected to witness a 20% increase by the end of this year, compared to 2018, the Minister of Trade and Industry, Amr Nassar, said during his speech in the Egypt’s Economic Summit (EES), which kicked off on Tuesday under the patronage of Prime Minister Mostafa Madbouly.Despite these challenges, he assured that the Egyptian state managed to broker remarkable economic reforms, boost…

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Trump trade war cost GOP five House seats in 2018: Study

“The study found that the trade war “contributed meaningfully” to the 2018 “Blue Wave,” in which Republicans lost a total of 40 House seats” reports washingtonexaminer.com. The analysis, which has not undergone peer review, estimates that the trade war accounts for 10% of the decline in Republican House candidates’ vote share between 2016 and 2018.China has significantly cut back on soybean and other crop purchases from the United States since the start of the trade war, at one point suspending purchases entirely.The study found that the trade war dragged down…

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Establishment of trade offices abroad on agenda

“Given the successful experience of institutes such as Japan External Trade Organization (JETRO) and Korea Trade-Investment Promotion Agency (KOTRA) in boosting the countries’ trade, we proposed the establishment of national trade offices to be able to promote the market for the Iranian goods,” the ICCIMA head highlighted” reports tehrantimes.com. Also on October 23, the chairman of Iran-Syria Joint Trade Committee said the Iranian trade center in Damascus is going to be opened within the next three months. “Equipping the trade center is in the final stages and it will be…

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Markets News Oil 

Oil market edgy on US crude build, trade deal angst

“U.S. crude exports fell nearly 1 million barrels last week to 2.4 million barrels per day” reports cnbc.com. U.S. crude oil stockpiles rose 7.9 million barrels last week as refiners cut output and exports fell, beating analysts’ expectations for an increase of 1.5 million barrels, the Energy Information Administration (EIA) said on Wednesday.Oil prices trod water on Thursday after losses in the previous session, as traders were cautious amid concerns over a potential delay in sealing a long-awaited interim U.S.-China trade deal and a huge increase of U.S. crude stockpiles.Expectations…

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Portugal hopes European tech investment will drive up exports

“Siza Vieira expects the majority of investment to come from European companies, stating that most of the firms announcing expansion in Portugal at the Lisbon event are European” writes Midwest Communications Inc for 95kqds.com. Virtually non-existent 10 years ago, Portugal’s start-up sector attracted 485 million euros ($537 million) in foreign investment and contributed to 1.1% of GDP last year.LISBON (Reuters) – European investment in Portugal’s digital sector can help address a shortfall in equity funding for start-ups and support an export-driving technology industry, Portugal’s economy minister said on Wednesday.A 30…

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Additional Chinese purchases might not mean more US farm production

“China bought about $20 billion in U.S. farm goods annually prior to the trade war, accounting for about 15% of all farm exports” reports washingtonexaminer.com. Last year, farm exports to China dropped to just $8 billion, with soybean exports alone dropping by about $4 billion.The Trump administration and Beijing are currently involved in trade talks to cement “phase one” of the deal reached last month, which would include between $40 billion to $50 billion in Chinese purchases of American farm goods. Source: washingtonexaminer.com

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The GOP Tax Cuts Didn’t Work

“Trump swept into office pledging to restore the U.S. economy to the good old days of brawny work and global swagger” writes Staff Writer At for theatlantic.com. Republicans said it would grow the economy by up to 6 percent, stimulate business investment, and pay for itself.This bold strategy hinged on the theory that trade wars were “good, and easy to win.” None of those promises have come to pass, either.Real exports of goods and services have declined in the past year, after peaking in 2018. Source: theatlantic.com

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Beer exports from Japan to South Korea have fallen 99.9% as their bitter, personal trade war rages on

“Beer exports from Japan to South Korea fell 99.9% year-on-year in September, the Japanese government said Wednesday, as the two countries’ trade war rages on with no end in sight” writes Alexandra Ma for businessinsider.com. Kim Kyung-Hoon/Reuters The history of South Koreans’ mistrust of Japan means the trade war has also taken a very personal turn. Source: businessinsider.com

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German exports to shrink next year, first fall since global financial crisis: DIHK

“Since the financial crisis of 2008/2009, the DIHK has not received such pessimistic replies from the companies,” Schweitzer said” writes Midwest Communications Inc for 95kqds.com. BERLIN (Reuters) – Germany’s DIHK Chambers of Industry and Commerce on Wednesday said it expected exports to shrink next year for the first time since the global financial crisis over a decade ago as trade disputes and Brexit uncertainty hit Europe’s largest economy.DIHK said it expects Germany’s annual export growth to slow to 0.3% this year from 2.1% in 2018, adding that exports are likely…

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South Korea’s October exports to fall for eleventh month on weak China, chip demand

“SEOUL (Reuters) – South Korea’s exports likely contracted in October, falling for an 11th straight month, pressured by weak sales to China and sluggish global demand for semiconductors” writes Midwest Communications Inc for 95kqds.com. Preliminary data showed South Korea’s exports plunged 19.5% over the first 20 days of October from a year earlier, with chip sales diving 28.8% and sales to China falling 20.0%. October trade data will be published at 9 a.m. on Friday (0000 GMT) while inflation figures are expected an hour earlier (2300 GMT Thursday).South Korea’s economic…

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