Recent foreign trade events

Headlines
The Central Bank Responds to "RMB Devaluation"
On the 20th, Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, stated that the exchange rate of the RMB against the US dollar is very important, but it is not the entire exchange rate of the RMB. The exchange rate of the RMB against a basket of currencies can more comprehensively reflect changes in currency value.
At the State Council's regular policy briefing held on the same day, Zou Lan introduced that exchange rate fluctuations mainly regulate trade and investment in the real economy. Trade and investment are multilateral and involve multiple countries and currencies. Therefore, changes in the RMB against a basket of currencies can more comprehensively reflect the impact of the spot exchange rate on trade, investment, and international balance of payments. On September 15th, the RMB exchange rate index was at 98.51, an increase of 1.8% compared to the end of June, with the RMB appreciating 2.5% against the euro and 4.1% against the Japanese yen.
Recently, various stable economic policies have been implemented one after another, and there have been more positive changes in the macroeconomic operation. Zou Lan believes that as China's economy continues to stabilize and improve, the RMB exchange rate has a solid foundation for maintaining basic stability at a reasonable and balanced level. In the process of responding to multiple rounds of external shocks, the People's Bank of China and the State Administration of Foreign Exchange have also accumulated rich experience in response, possessing sufficient reserves of policy tools, the ability, confidence, and conditions to maintain the smooth operation of the foreign exchange market.
Zou Lan stated that in the next stage, the People's Bank of China and the State Administration of Foreign Exchange will aim to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, based on long-term, current, comprehensive measures, correction of deviations, and stability of expectations. They will resolutely rectify unilateral and pro cyclical behavior, deal with behavior that disrupts market order, and prevent the risk of exchange rate overshoot.
EU
Official announcement of REACH authorized substance replacement list
Recently, the European Chemicals Administration (ECHA) released important information on alternatives in authorized dossiers, aiming to help companies achieve the choice of alternatives in REACH authorization requirements and provide valuable references for chemical enterprises to achieve the goals of a non-toxic environment and a circular economy.
One of the goals of REACH authorization control is to gradually replace substances of high concern with suitable substitutes. According to REACH regulations, all companies applying for authorization are required to provide information on potential substitutes for the authorized substance (Annex XIV) they use in their application. This information will be compiled into an Analysis of Alternatives (AoA) report and submitted to ECHA as part of the authorization application.

This time, ECHA has released substitute data from a total of 485 authorization applications received as of June 30, 2023, for the reference and reference of chemical enterprises. From the publicly available data, basic information such as the authorized applicant, the applied substance, and the intended use can be found. At the same time, information on the preferred and potential alternatives submitted by the applicant can also be obtained, as well as analysis conclusions on alternatives made in terms of technical feasibility, economic feasibility, availability, and risk reduction.

(1) For example, 4- (1,1,3,3-tetramethylbenzyl) phenol, ethoxylated, also known as Triton X-100, is a widely used non ionic surfactant with wide applications in the fields of biopharmaceuticals and diagnostic reagents. In this case, more than 100 authorization applications have been received.
The proposed alternative options include Tween 20, Tween 80, Tergitol 15-S-9, etc., but further investigation is needed in terms of technical feasibility and usage effectiveness.
(2) For example, chromium trioxide, mainly used for surface treatment and functional chromium plating, is currently one of the substances with the most authorization applications. At the same time, many alternative options have been proposed, such as chromium sulfate, chromium chloride, nickel salts, boric acid, etc. However, mature alternative solutions still require a lot of time, funding, and research and development efforts.
Alternative plans include switching to less hazardous chemicals, using alternative technologies, or creating different product designs. This is not only an important action for the sustainable development of chemicals, but also a key measure for enterprises to promote innovation and maintain competitiveness.
Technical personnel of chemical enterprises can fully utilize this public information, actively explore alternative options, and contribute to the development and sustainability of the enterprise.
*More authorization and substitution information can be found on the ECHA website.
Korea
Revised Implementation Rules for the Special Law on the Safety Management of Imported Food
Recently, the South Korean Ministry of Food and Drug (MFDS) issued Prime Minister's Order No. 1896, amending the implementation rules of the Special Law on the Safety Management of Imported Food. The detailed rules will be implemented on September 14, 2023. The main revisions are as follows:
In order to efficiently carry out import customs declaration business, for food with low public health risks and repeated imports, import customs declaration can be automatically accepted through the integrated information system of imported food, and import declaration confirmation letters can be automatically issued. Except for the following situations: imported food with additional conditions, imported food with conditions to accept declaration, first-time imported food, imported food that should be inspected according to regulations, etc;
If the local food and drug department finds it difficult to determine the qualified inspection results through automated methods, it shall conduct inspections on imported food in accordance with the provisions of Article 30, Paragraph 1. Regular verification of the comprehensive information system should also be conducted to confirm whether automatic import declaration is normal;
Improve and supplement some shortcomings of the current system. For example, by relaxing facility standards, housing can be used as an office when conducting e-commerce or mail order business for imported food.
India
Issue two quality control orders
According to the Indian News and Information Bureau, the Department of Industry and Domestic Trade Promotion of the Indian Ministry of Commerce and Industry has recently issued two new quality control orders, namely the "Solar DC Cables and Fire Rescue Cables (Quality Control) Order (2023)" and the "Cast Iron Products (Quality Control) Order (2023)", which will officially take effect in six months.
Products included in the quality control order must comply with relevant Indian standards and be certified by the Bureau of Indian Standards before being labeled with standard labels. Otherwise, they may not be produced, sold, traded, imported or stored.
The products covered in the "Solar DC Cables and Fire Rescue Cables (Quality Control) Order (2023)" include interconnecting cables mainly used for various components of photovoltaic systems such as solar panel arrays. These cables are widely used in nuclear power plants, airports, subways, refineries, high-rise buildings, shopping malls, cinemas, etc.
The "Cast Iron Products (Quality Control) Order (2023)" mainly involves standards related to various cast iron products, such as manhole covers, cast iron pipes, malleable iron fittings, and gray cast iron castings.
Azerbaijan
Plan to exempt some passenger car production raw materials and material import value-added tax
Azerbaijani President Aliyev signed a decree approving the exemption of import value-added tax on some passenger car production raw materials and materials before January 1, 2031.
Please refer to:
https://static.president.az/upload/Files/2023/07/17/37480286e9960fe5051e18a959e3f0e1_3148503.pdf (Arabic).
Argentina
Preliminary determination of anti-dumping investigation on elevators in China: no taxation temporarily
According to the official website of the Ministry of Commerce, on September 19, the Trade Secretariat of the Argentine Ministry of Economy issued Announcement No. 1563 of 2023, making a preliminary anti-dumping investigation on elevators originating in China and deciding not to take temporary anti-dumping measures temporarily, and continuing the investigation. The announcement shall take effect from the date of publication.
The Western name of the product involved in the case is Ascensores; The customs code of the product involved in the case is 8428.10.00.
domestic
Guangdong's foreign trade growth in the first eight months turned negative to positive
The Guangdong Branch of the General Administration of Customs has recently learned that from January to August this year, Guangdong's foreign trade achieved a negative growth rate and turned positive, with the scale of imports, exports, and exports reaching a new historical high in the same period, playing a "pillar" and "ballast" role in stabilizing foreign trade in the country.
Data shows that in the first eight months of this year, Guangdong's foreign trade import and export reached 5.29 trillion yuan, a year-on-year increase of 0.2%, achieving positive growth. Among them, exports reached 3.49 trillion yuan, an increase of 4.3%; Imports reached 1.8 trillion yuan, a decrease of 7%.
Among them, the growth rate in August alone exceeded 10%. In August alone, Guangdong's foreign trade imports and exports amounted to 744.69 billion yuan, an increase of 10.2%. Both exports and imports maintained positive growth - exports amounted to 499.66 billion yuan, an increase of 14.6%; Import reached 245.03 billion yuan, an increase of 2.2%.
From a regional perspective, Guangdong has achieved significant results in expanding into emerging markets. In the first 8 months, ASEAN continued to maintain its position as Guangdong's largest trading partner, with a growth rate of 3.1%. Over the same period, the number of countries jointly constructing the "the Belt and Road" increased by 3.7%, Latin America by 11.5%, the Middle East by 9.3%, and Africa by 14.2%.
It is worth noting that the "new three types" and ships have become new driving forces for export growth. In the first 8 months, the export of mechanical and electrical products in Guangdong increased by 2.2%, accounting for 65.4% of the total export value of Guangdong's foreign trade. Among them, the exports of electric manned vehicles, lithium batteries, and solar cells increased by 5.1 times, 23.3%, and 35.5% respectively; Ship growth of 56.6%, integrated circuit growth of 28.6%. In addition, Guangdong's agricultural product exports increased by 20.5%, with dry and fresh fruits and alcoholic beverages increasing by 29.2% and 27.4%, respectively.
industry
China's photovoltaic export volume has reached a new historical high
China's photovoltaic product exports have achieved remarkable results. According to data, from January to July 2023, the export value of China's photovoltaic products reached 32 billion US dollars, a year-on-year increase of about 6%, reaching a new historical high.
Zhang Sen, Secretary General of the Photovoltaic Branch of the China Chamber of Commerce for Import and Export of Mechanical and Electrical Products, predicts that due to the increasing demand for photovoltaic installed capacity in Southeast Asia, Europe and America, Latin America, and other regions, the acceleration of overseas layout of enterprises, the supply shortage of N-type batteries, and the significant upward adjustment of the International Energy Agency's expectations for global photovoltaic installed capacity, China's photovoltaic product exports are expected to approach $60 billion for the entire year of 2023, an increase of about 20% year-on-year.