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Private sector seeking imports not relying on NIMA

“Elsewhere in his remarks, Khansari referred to some major challenges faced by the private sector and said the related ministries should take urgent action to remove them” reports tehrantimes.com. Forex Management Integrated System, locally known as NIMA, was inaugurated in early July, 2018 to allow exporters of non-oil commodities to sell their foreign currency earnings to importers of consumer products.TEHRAN- Regrading the urgent need of producers for the raw materials and also for machineries, setting up a mechanism for imports of such goods not relying on receiving foreign currency through…

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Germany 2018 GDP first reading +1.5% vs +1.5% y/y expected

“Should there be no changes, that’s the weakest annual GDP growth posted by Germany since 2013” reports forexlive.com. Of note, the slowdown in both exports and imports growth relative to 2017 confirms the weakness in export demand towards German goods and also highlights that domestic demand isn’t nearly as robust to single-handedly prop up the economy. Source: forexlive.com

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Chinese exports to US sank last month as tariffs took a toll

“For the full year, global exports rose 7.1 percent to $2.5 trillion, down from the 7.9 percent rate for 2017” reports thebusinessjournal.com. In December, Chinese exports to the United States that had held up through much of the year fell 3.5 percent from a year earlier to $40.3 billion.In December, China’s global exports shrank 4.5 percent to $221.2 billion while imports declined 7.2 percent to $164.2 billion. Source: thebusinessjournal.com

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News Oil 

US crude drops 2.1%, settling at $50.51, pressured by bearish China data

“Oil prices fell on Monday after data showed weakening imports and exports in China, the world’s second-largest oil consumer, raising the prospect of a slowdown in fuel demand” reports cnbc.com. China’s exports fell by the most in two years in December while imports contracted, official figures showed, pointing to further weakness in what is also the world’s second-largest economy.Brent crude, the international benchmark, fell $1.48, or 2.5 percent, to $59 a barrel around 2:30 p.m.U.S. crude ended Monday’s session down $1.08, or 2.1 percent, at $50.51.Monday’s losses accelerated sharply heading…

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News Oil 

India’s monthly oil imports from Iran up 9.4% in Dec.

“Last week, India’s top bank executive said that New Delhi had begun paying Iran in Indian rupees for its oil” reports tehrantimes.com. TEHRAN- India imported 302,000 barrel per day (bpd) of oil from Iran in December 2018, an increase of 9.4 percent from November, ship tracking data reviewed by Reuters showed.December imports from Iran were 9.4 percent higher than November when some cargoes were delayed due to lack of ships, the tanker arrival data showed.I can tell you that India continues to import oil from Iran.Also on January 8, Iranian…

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China to restrict imports of scrap steel, aluminum from July

“SHANGHAI (Reuters) – China will restrict imports of scrap steel and aluminum from July 1, the environment ministry said on Saturday” writes Midwest Communications Inc for 95kqds.com. China’s imports of solid waste fell more than half between January and mid-November compared with the same period a year earlier, as the country tightened a ban on solid waste imports. The restrictions on waste imports are part of a “war on pollution” begun in 2017 that aims to clean up the economy and encourage domestic firms to recycle. Source: 95kqds.com

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China allows first-ever US rice imports

“China currently imports rice from other Asian countries, having opened its agricultural market when it joined the World Trade Organization in 2001” reports washingtonexaminer.com. Its regulations, however, effectively banned imports from the U.S. On top of that, China imposed a 25 percent tariff on U.S. rice in July. China has similarly lifted its 25 percent tariffs on U.S. auto imports, but said they are scheduled to return on March 31.In retaliation, the U.S. enacted a 10 percent tariff on Chinese rice in September.Beijing said on its customs authority’s website Friday…

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China’s imports of US soybeans plunged to zero in November

“Meanwhile, U.S. imports plunged from 4.7 million tonnes in November 2017 and were down from 67,000 tonnes in October” writes Hallie Gu for businessinsider.com. Instead, China has leaned on Brazilian imports to replace the U.S. cargoes, customs data showed on Monday.China’s soybean imports from the United States plunged to zero in November, marking the first time since the trade war between the world’s two largest economies started that China, the world’s largest soybean buyer, has imported no U.S. supplies.The U.S. was the second-largest supplier of soybeans to China and the…

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News Oil 

Crude refusal: China shuns U.S. oil despite trade war truce

“China stopped U.S. oil imports in October and November after the trade war intensified” reports businessinsider.com. It resumed some imports in December, but purchased just 1 million barrels, a minute portion of the more than 300 million barrels of total imports, Refinitiv data showed. China’s Iranian oil imports are set to rebound in December after two state-owned refiners began using the nation’s waiver from U.S. sanctions on Tehran.Despite the impasse on U.S. crude purchases, China’s crude imports could top a record 45 million tonnes (10.6 million barrels per day) in…

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Trump is failing to achieve one of the biggest goals of his trade war, and he only has himself to blame

“One of the President Donald Trump’s biggest goals for the trade war was to reduce the US’s trade deficit with China” writes Bob Bryan for businessinsider.com. “The trade deficit with China stands at an all-time high,” the pair wrote in a note to clients on Thursday.But according to Goldman Sachs economists Blake Taylor and Alec Phillips, the ever-increasing US-China trade deficit is actually because of the tariffs.”Declining exports alongside modestly increasing imports pushed the trade deficit with China to an all-time high in October.”. The economists said there are two…

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