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In 2022, Vietnams economy grew by 8.02%, reaching a 25 - year high. However, in the first quarter of 2023, GDP only grew by 3.32% year - on - year, lower than market expectations.
On the second anniversary of U.S. President Joe Bidens Inflation Reduction Act and CHIPS and Science Act, many large-scale projects face delays or stagnation, with nearly 40% of projects behind schedule. The manufacturing reshoring plan has encountered setbacks, and policy implementation faces multiple challenges, including market and political uncertainties.
Recently, data from Freight Waves SONAR, a provider of supply - chain heat maps, showed that the number of ocean - freight arrival orders in April decreased by half year - on - year, which has raised market concerns about a further slowdown in the US economy.
Recently, the U.S. Consumer Product Safety Commission (CPSC) issued a Notice of Proposed Rulemaking (NPR) concerning safety standards for button batteries and related consumer products. This new requirement aims to eliminate or sufficiently reduce the hazards of children aged 6 and under ingesting button or coin batteries, and will be implemented on button batteries and related products exported to the U.S.
On February 1, 2023, the US Department of Energy issued an announcement announcing revisions to energy conservation standards for consumer conventional cooking products, primarily involving kitchen stoves, ovens, etc. The new standards have several major changes compared to the current standards.
Japan issues new food safety regulations, cancels mandatory inspection measures for aflatoxin in Chinese edible sea urchins and Sichuan peppercorns.
Recently, freight rates for international shipping routes from Shanghai to both the US West Coast and East Coast have risen, with increases of approximately 30% and 20% respectively.
On April 14, 2023, the European Commission issued an announcement, making its first affirmative final ruling on the sunset review of anti-dumping duties on stainless steel tube and pipe butt-welding fittings originating from Mainland China and Taiwan, China.
The 2024 explosion accident at BASFs Ludwigshafen site in Germany disrupted the production of vitamins A and E, leading to tight global supply, soaring prices, and impacts on the Chinese market, where prices doubled, with supply-demand imbalance unlikely to balance in the short term.
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