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Rice Farmer success by Hebei Longsheng

U.S. rice farmers will gain access to the Chinese market, an unsung success for America’s export policy after the struggling CED talks this week. Chinese rice imports have started to recover after a 10% drop in the past 12 months. U.S. exporters will need to convince Cofco and others to forgo imports from Vietnam (52% of the total) and Thailand (31%). (Panjiva Research - Policy)

 

President Trump pushed Prime Minister Aso for improved automotive market access at the recent G20 meeting. Autos is an emerging third leg to export policy alongside agriculture and energy. U.S. exports to Japan were just 20,300 vehicles in the past year vs. 3.1 million cars imported from Japan. (Panjiva Research - Policy)

 

Container handling at South Carolina’s ports, including Charleston, increased 17% on a year earlier. Import growth was led by a 45% jump in shipments from China. That was due to increased Panama Canal traffic, an effect that will wane after the June 26 anniversary of the Canal’s widening. (Panjiva Research - Logistics)

 

Shipbuilding exports in June from three countries tracked by Panjiva beat $10 billion for the first time since 2012. That was led by a 43% increase in South Korean exports, reaching a new record. Growth may continue after its shipyards doubled their orders in the first quarter. (Panjiva Research - Logistics)

 

Germany’s Foreign Minister Sigmar Gabriel has flagged a “reorientation” of trade policy with Turkey and “cannot advise anyone to invest” in protest at Turkey’s domestic policies. Precise details aren’t available, but may involve the withdrawal of trade finance guarantees. (Financial Times, Deutsche Welle)

 

The North Korean economy expanded by 3.9% in 2016, the fastest rate in 17 years. That included a 4.6% growth in exports and 4.8% in imports, excluding South Korea. Bilateral trade between North and South Korea fell 87.7%. The findings may exacerbate the criticisms made by the U.S. of China’s sanctions against North Korea, as outlined in our recent research. (Bank of Korea)

 

Government officials from members of the Mercosur trade area (Argentina, Brazil, Paraguay and Uruguay) meet today, and will focus on finalizing a trade deal with the EU. The talks, currently in their 17th year, hinge on Mercosur agricultural access to the EU, and the EU’s desire to access government contracts in Mercosur. (The Economist)

 

China and India have petitioned the WTO to end agricultural subsidy rule disparities given to the EU and the U.S., which distort global trade in food products. The AMS rules effectively allow developed countries to subsidize a greater proportion of production, they allege, outside of support to low-income farmers. (Economic Times)

 

U.S. gasoline exports are at a seasonal record as biofuel mandates are making it more profitable than selling in the U.S. The mandates require ethanol to be added, or a RINs credit to be bought instead - that isn’t required for exported volumes

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