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Korean exports fall in every month of 2015

SEOUL: South Korea’s export growth engine sputtered in 2015, with shipments declining every month on weak global trade, lower oil prices and a slowdown in China. Full-year exports saw their sharpest decline in six years. Despite a government outlook that Korean exports may gradually pick up again, the weakening exports are a worry for the fourth-largest economy in Asia, as ... Read More »

Australia LNG exports first LNG shipment

CANBERRA: Australia Pacific LNG Pty Ltd. announced Monday that it had commenced operations with its first liquefied natural gas (LNG) cargo departing from its LNG facility on Curtis Island, near Gladstone, Australia. The LNG vessel, the Methane Spirit, departed Australia Pacific LNG’s facility on Saturday Jan. 9. Australia Pacific LNG CEO, Page Maxson, said the departure of the LNG vessel ... Read More »

France exported 628,000 T soft wheat outside EU in Nov 2015

PARIS: France, the European Union’s top grain exporter, shipped almost 628,000 tonnes of soft wheat outside the EU in November, led by 226,000 tonnes sent to Algeria, customs data showed. The November volume also included the first wheat exports to Indonesia since 2008/09, shipments attributed to a fall in the euro and freight costs. The monthly volume took France’s soft ... Read More »

Taoyuan airport police catch 2nd cash smuggler in 3 days

TAIPEI: Taoyuan airport police said they intercepted a Hong Kong man who was attempting to smuggle NT$12.47 million (US$372,839.8) from Taiwan to Hong Kong on Sunday. The man, surnamed Ning (寧), is the second cash smuggler caught at the airport in three days. Taiwan law states that passengers may not take over NT$100,000 in cash out of Taiwan, and it ... Read More »

South Africa’s bulk export volumes rise 7.3% in 2015

CAPE TOWN: SA’s bulk export volumes rose 7.3% in 2015 to a record 168-million tonnes after only a 2.6% gain in 2014 and a 2.8% rise in 2013, data from the Transnet National Ports Authority (TNPA) showed. Policy uncertainty and logistics constraints meant that SA lost out on the 2003 to 2008 commodity price boom with annual bulk exports increasing ... Read More »

Customs misses yearly revenue target for 5th time

MANILA: Despite an increase in revenue collection, the Bureau of Customs (BOC) has been consistent in missing its annual target. BOC data show that the revenue-generating agency failed to attain its P436-billion ($9.24 billion) revenue goal in 2015 after it only collected P366 billion ($7.76 billion) – a shortfall of P70.56 billion ($1.45 billion) for the year. Last year’s deficit was ... Read More »

Shippers see 2015 exports dropping 5.5%

BANGKOK: Exporters estimated Thailand in 2015 will shipments contract 5.5% year-on-year, as fourth-quarter exports shrank more than expected. Nopporn Thepsithar, chairman of the Thai National Shippers Council, said December exports would total about UScopy7.7 billion, down 5.53% from copy8.7 billion in the same month in 2014. The council therefore estimated total exports for last year would come in at $215 ... Read More »

Garment makers expect robust export growth in 2016

WASHINGTON: Garment makers expect robust export growth this year due to continuity of political stability, a shift in work orders from China to Bangladesh and economic recovery in major export destinations. They brim with confidence as exports grew significantly in the last three months compared to the same period a year ago. In December last year apparel shipments rose 14.56 percent ... Read More »

Taiwan export downs by 0.3% in Dec

TAIPEI: Taiwan recorded total export value of US$22.06 billion for December 2015, decreasing 0.3% on month and 13.9% on year, while the corresponding total import value of US$17.89 billion fell 7.7% on month and 15.6% on year, according to statistics released by the Ministry of Finance (MOF) here the other day. The on-year drop in December export value was the ... Read More »

Thailand’s struggling exports to rise 2% in 2016

BANGKOK: Thai exports, which have contracted for years, will grow again in 2016, two business associations predicted. Exports, equal to more than 60 percent of the economy, have stayed weak due to sluggish global demand and structural problems at home. The Commerce Ministry and the central bank both project that exports, which shrank in 2013 and 2014, contracted by 5.5 ... Read More »

US ethanol exports drop 16% in Nov

WASHINGTON: U.S. ethanol exports in November dropped 16% to 59.0 million gallons (mg), landing around 10 mg under the year-to-date monthly average according to RFA analysis of government data released yesterday. Once again, Canada was the top destination, receiving 23.2 mg of ethanol (39% of November exports). After being the top market in October, China slipped to second in November. ... Read More »

South Korea’s exports of makgeolli to Japan

SEOUL: South Korea’s exports of makgeolli, a traditional rice wine, to Japan have been in the doldrums since 2011 when they peaked at $48.4 million, government and industry data showed Monday. Exports of makgeolli to the neighboring country rose sharply since the late 2000s thanks to the rising popularity there of Korean pop culture, called “hallyu,” and the strong value ... Read More »

Ecuador to pay OXY $1bn

BRASILIA: Ecuador is to make a US$1 billion payment to US oil giant Occidental Petroleum (OXY) by April, in keeping with a decision from a World Bank arbitration panel, Ecuadorean President Rafael Correa said here the other day. The International Center for Settlement of Investment Disputes initially ordered Ecuador to pay the company US$1.77 billion plus interest in the 2012 ... Read More »

Sri Lanka Customs launches ‘Single Window program’

COLOMBO: Sri Lanka has been linked up with high tech Single Window program implemented worldwide to facilitate the export-import process of the country. Finance Minister Ravi Karunanayake launched the Sri Lanka Customs Single Window System enabling the Custom Department to do away the system overlapping that will otherwise require submitting and processing the same information on numerous occasions to different ... Read More »

GCC equity market shed $200bn in 2015 market cap

DOHA: GCC equities underperformed most international peers with the MSCI GCC total return index retreating 15 percent during the year, its weakest performance since 2008. The correction followed three years of solid performance. While regional markets fared worse than their international counterparts, equities in general were thrashed in 2015. Total GCC market capitalization stood at $904bn at year end, after ... Read More »

Rotterdam port workers start one-day strike

AMSTERDAM: The Rotterdam port workers are starting a 24 hour strike starting at 3:15 p.m. on Thursday. Unions FNV and CNV hope that the strike will bring all parties back to the table to discuss more job security in the port. This is the first time in 13 years that the Rotterdam port workers are striking. The intention is to ... Read More »

Kuwait’s CID nabs three drug smugglers

KUWAIT CITY: Personnel from the Criminal Investigations Department have arrested three people — two Lebanese and an American — for smuggling ‘chemical’ drug, reports Annahar daily. The daily added, acting on information the police put the men under surveillance and caught them selling drugs to a police agent. After taking legal procedures, the detectives raided the houses of the traffickers ... Read More »

Kuwait Customs seizes 3kg marijuana

KUWAIT: An Asian man was arrested at Kuwait International Airport with possession of marijuana which he admitted of attempting to smuggle into Kuwait. A total of three kilograms of the drug were found hidden in cases of nuts inside the suspect’s luggage, said Suleiman Al-Fahad, Airport Customs Supervisor. The man, who faces capital punishment if convicted with drug trafficking, was ... Read More »

China improves soya imports up to 80 mln tons in 2015/16

BEIJING: China, the world’s top soya buyer, will import 2 million tonnes more in the 2015/16 marketing year at 80 million tonnes, an official grains think tank said in a revised forecast, up 2.1 percent from 2014/15 due to higher-than-expected crushing demand. Imports of soya in the previous marketing year that runs from October to September stood at 78.36 million ... Read More »

Oman’s Bank Dhofar closes $250m three-year loan

MUSCAT: Oman’s Bank Dhofar has raised a $250 million three-year loan to be used for general funding, sources aware of the matter told Reuters on January 05. The lender joins a number of Gulf banks that have tapped the loan market in recent weeks to bolster their balance sheets while regional liquidity drops amid persistently low oil prices. The loan ... Read More »