In the first half of 2023, Chinas total installed capacity of renewable energy exceeded 1.3 billion kilowatts, a year-on-year increase of 18.2%, surpassing coal power for the first time in history. Significant progress has been made in wind power, photovoltaic power generation, and new energy storage technologies. This data reflects Chinas efforts and achievements in promoting energy transition and sustainable development.
Political unrest in Bangladesh has caused international brands to worry, leading them to shift footwear and apparel orders from the country to Southeast Asian nations. This has severely impacted Bangladeshs garment and textile industry, which heavily relies on international orders, potentially reshaping the global supply chain landscape.
Recently, CMA CGM announced the implementation of a new Peak Season Surcharge (PSS) for the Asia-South Africa route and adjusted freight rates for the Asia-Northern Europe route. The new PSS will take effect from August 21, with a charge of $300 per TEU, applicable to cargo from Northeast Asia, Southeast Asia, and all regions of China to South Africa. Additionally, starting August 1, the company will increase freight rates for the Asia-Northern Europe route, with new rates set at $1,075 per 20 dry container and $1,950 per 40 dry container, high cube, or reefer container.
U.S. transportation giant Yellow Corp. announced its shutdown, ceasing operations immediately, which will result in approximately 30,000 employees losing their jobs. This marks the largest bankruptcy in the history of the U.S. trucking industry. The company has about $1.5 billion in unpaid debts and is facing a cash shortage, with some major clients having suspended cooperation. This shutdown may trigger a series of supply chain issues, further straining global supply chains.
Brazils tax reform could raise its VAT rate to 27.97%, surpassing Hungary to become the highest globally. The government has introduced zero VAT on essential goods to alleviate pressure on low-income groups, but the high rate may increase costs for other goods and impact the economy.
On July 19, Ocean Network Express (ONE) announced the launch of a new THX service connecting Thailand, Vietnam, China, and Japan. The service will depart from Bangkok, calling at Laem Chabang, Ho Chi Minh City, Nansha, Hakata, Osaka, and Kobe, with its maiden voyage on August 10. ONE stated that this new service will provide customers with faster shipping services. Since the beginning of this year, multiple liner companies have launched or upgraded intra-Asia services to meet market demand.
UK Department for Environment, Food & Rural Affairs published REACH (Amendment) Regulations 2023, SI772 on July 19, 2023. This amendment revises Article 41 of Regulation (EC) No 1907/2006 (REACH Regulation).
The U.S. Environmental Protection Agency (EPA) has released a new review framework specifically targeting per- and polyfluoroalkyl substances (PFAS). This framework primarily describes EPAs approach when reviewing new PFAS and their new uses. The goal is to conduct comprehensive assessments through pre-manufacture notices (PMNs) and significant new use notices (SNUNs) before PFAS are allowed into commerce, to protect human health and the environment from their hazards.
According to Shanghai Customs data, the total import and export value of Shanghai in the first half of 2023 reached 2.09 trillion yuan, an increase of 11.4% year-on-year. Among these, the growth of private enterprises and bonded logistics trade was particularly significant, becoming important drivers of Shanghais foreign trade growth. Meanwhile, the export of electromechanical products and the import of consumer goods also showed strong growth momentum.
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PSB Record: Shanghai No.31011502009912
