6 months extension! Kazakhstan continues to restrict wheat imports
NO.1 Kazakhstan extends restrictions on importing wheat for 6 months
According to the Kazakh news agency, Kazakhstan will extend the restrictions on wheat imports for 6 months. Deputy Prime Minister and Minister of Trade and Integration of Kazakhstan Serek Jumanhalin presided over the meeting of the Joint Interdepartmental Committee on Foreign Trade Policy and Participation in International Economic Organizations.
The meeting discussed that the resolution issued on April 10, 2023 to restrict the import of wheat by road (including from the member states of the Eurasian Economic Union) to Kazakhstan will expire in October 2023. The participants decided through deliberation to extend the restriction order for another six months.
NO.2 U.S. PPI data rose more than expected in July
U.S. PPI data rose more than expected in July, mainly due to strong growth in some service categories. According to data released by the US Bureau of Labor Statistics, the monthly rate of PPI in the US rose by 0.3% in July, up 0.8% from the same period last year.
The normalization of global supply chains, tepid overseas demand and a shift in consumer spending from goods to services generally helped ease inflationary pressures at the producer level last year. But as oil prices climbed, headwinds re-emerged.
NO.3 The British economy accelerated in the second quarter, and consumer resilience was stronger than expected
The UK economy reportedly picked up pace in the second quarter as consumers showed more resilience than expected in the face of rising interest rates. The ONS said that between April and June this year, UK GDP grew by 0.2% compared with the previous three months. The previous two quarters had seen quarterly growth of 0.1%, but the quarterly GDP level was still 0.2% below its pre-pandemic peak.
The figures were slightly stronger than the Bank of England's latest forecast, which saw the economy growing by 0.1% in the first and second quarters. The Bank of England said the UK economy would remain near stagnation for the next two years, although a recession is no longer expected.
NO.4 It is estimated that Italy's import of concentrated tomatoes from China will increase by 50%
According to reports, the Italian Agricultural Association and the Industrial Chain Association pointed out based on the data of the World Tomato Processing Council that due to the impact of climate change, the output of Italian tomatoes in 2023 is expected to be less than 5.6 billion kilograms. At the same time, China's imports of concentrated tomatoes have increased by 50%, and the price is only half that of Italy.
China has become a major tomato producer. Statistics show that the output of tomato paste in China will reach 7.3 billion kilograms in 2023, surpassing the output of 70,000 hectares of planting area in Italy.
NO.5 Amazon reminds sellers to prepare for promotional inventory in the fourth quarter
Recently, the Amazon US station issued an announcement saying that in order to maximize seller sales, ensure that the seller's Amazon logistics inventory arrives at the Amazon fulfillment center on time during the promotional activities in the fourth quarter.
Amazon advises sellers to allow extra time for shipping inventory to fulfillment centers during the busy holiday season. Check seller suggested restock quantities now and plan shipments to ensure your most popular products are in stock.
