French cognac exports slump in 2024 as Chinese measures weigh, data shows
Feb 5 (Reuters) - The value of French cognac exports to China fell by nearly a quarter last year as the Chinese economy struggled and Beijing imposed anti-dumping measures on European brandy exports, according to data shared by an industry lobby group on Wednesday.
French cognac makers' global exports dropped by 10.6% in value from 2023, data from the Bureau National Interprofessionnel du Cognac (BNIC) shows.
The fall was driven by a 24.2% decrease in the value of exports to the Far East region, mainly represented by China, the largest market for cognac by value, which dropped 23.8% year-on-year, and 9.6% by volume.
BNIC attributed the fall to a difficult Chinese economic recovery and the effect of anti-dumping measures.
"The sharp fall in our shipments to China since last October makes a rapid political solution to the problem of Chinese taxes more necessary than ever," it said.
The body said it now expects a period of greater stability for the French government and planned bilateral negotiations with Beijing "must now get underway".
French President Emmanuel Macron said in early January that Prime Minister Francois Bayrou will travel to China to try to discuss the trade dispute.
($1 = 0.9599 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
3 hours ago
- Reuters
China's imports of major commodities hiccup in May
LAUNCESTON, Australia, June 9 (Reuters) - China's imports of major commodities lost momentum in May, with crude oil, coal, iron ore and copper all recording declines amid concerns about growth in the world's second-biggest economy. Only imports of natural gas showed any improvement, with May's 10.11 million metric tons slightly ahead of the 9.67 million in April, although they were still down 11% from a year earlier, according to customs data released on Tuesday. Crude oil arrivals dropped to 10.97 million barrels per day (bpd) in May, down 6.2% from April's 11.69 million bpd and also below the 12.1 million bpd recorded for March, which was the strongest month since August 2023. Iron ore imports slipped to 98.13 million tons in May from 103.14 million tons in April, and were also weaker than the 102.03 million from May last year. Imports of all grades of coal were 36.04 million tons in May, down 4.7% from April's 37.83 million tons and 17.8% weaker than the 42.82 million tons in May 2024. Unwrought copper imports were 427,000 tons in May, down 2.5% from the 438,000 tons in April and also below the 514,000 tons from the same month a year earlier. On the surface the decline in imports of major commodities looks ominous for China as the world's biggest buyer of natural resources faces an ongoing trade war with the United States and still sluggish growth at home, especially in the key residential construction sector. But there is always a risk of reading too much into monthly numbers, which can be quite volatile and are also often driven by price moves during the period when cargoes were arranged. Crude oil is a good example of this. China's imports were weak in January and February, with cargoes delivered in these two months having been bought against a backdrop of rising prices, with benchmark Brent futures rallying from early December to a peak of $82.63 a barrel on Jan. 15. But oil prices started sliding thereafter, with Brent dropping to a low of $58.40 a barrel by April 9. Therefore, the rebound in China's crude imports in March and April came amid a declining price trend when the cargoes would have been bought. However, May cargoes would have been arranged when prices were once again trending higher. It's also worth noting that China's imports of Russian and Iranian crude have also been volatile in recent months, dropping as new U.S. sanctions on vessels were imposed and then recovering as traders worked out ways around the measures. This pattern seems likely to have continued, with commodity analysts Kpler estimating China's imports of Iranian oil at 743,500 bpd in May, but also forecasting a sharp rise to 1.48 million bpd in June. Iron ore imports may also have been impacted by price moves, with the price rising modestly over April, the time when most May-arriving cargoes would have been booked. The Singapore Exchange contract reached a recent high of $101.80 a ton on May 14, and has since moderated to end at $96.26 on June 6. While the price moves are modest, the small decline may encourage some buying by China's steel mills, especially given the prevailing view that Beijing will launch new stimulus efforts in coming weeks to boost the economy. Copper imports are also likely reflecting dynamics on global markets rather than the domestic situation in China. China's imports have trended weaker and are now down 6.7% for the first five months of 2025 compared to the same period last year. But physical copper has been shifting to the United States as market players expect President Donald Trump to impose a tariff on imports of the industrial metal. U.S. demand has bolstered the premium of copper for delivery to the United States, and drawn metal away from China. While the London price has been volatile and driven by news reports on what Trump may or may not do, the trend has been to higher prices, with an increase from an April 9 low of $8,105 a ton to $9,701 in early Asian trade on Monday. Coal is the major commodity where China's domestic prices and supply have driven weakness in imports, with strong production and soft local prices cutting the need for imports. Seaborne thermal coal prices have dropped to four-year lows in response, and there are some early signs that demand is picking up, but it will likely take further declines to spark any meaningful interest in boosting imports. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab. (The views expressed here are those of the author, a columnist for Reuters.)
Reuters
7 hours ago
- Reuters
China's consumer prices extend decline for fourth month in May
BEIJING, June 9 (Reuters) - China's consumer prices fell for a fourth straight month in May while producer deflation deepened, as the economy faces headwinds from trade tensions and a prolonged housing downturn. The consumer price index dipped 0.1% last month from a year earlier, versus a 0.1% drop in April, National Bureau of Statistics data showed on Monday, slightly better than a Reuters poll forecast of a 0.2% decline. CPI slid 0.2% on a monthly basis, compared with a 0.1% increase in April, and matched economists' predictions of a 0.2% decline. The producer price index was down 3.3% in May from a year earlier, worse than a 2.7% decline in April and the deepest contraction in 22 months. That compared with an estimated 3.2% fall in a Reuters poll.
Scottish Sun
12 hours ago
- Scottish Sun
UK's ‘outrageous' migrant hotel bill revealed & it takes every penny in tax from all people in city as big as MANCHESTER
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BRITAIN'S £4.7billion annual bill to keep migrants in hotels and look after them takes every penny of tax from 582,000 workers. The shocking new statistic is equivalent to every grafter in Manchester stumping up for asylum seekers through their pay packet. 4 Britain's £4.7billion annual bill to keep migrants in hotels and look after them takes every penny of tax from 582,000 workers 4 The shocking new statistic is equivalent to every grafter in Manchester stumping up for asylum seekers through their pay packet Credit: Getty 4 Jamie Jenkins, who did the research, said: 'This isn't just unsustainable. It's outrageous' Credit: PA Jamie Jenkins, who did the research, said: 'This isn't just unsustainable. It's outrageous. "A government that borrows billions each year, can't control borders, and taxes its citizens to pay for hotel rooms and housing for people who've just arrived is not working for the British public. 'It's time for a system that protects the people who pay in. That rewards contribution. That puts citizens first." Latest figures show there were 32,345 asylum seekers staying in up to 220 hotel. It costs £41,000 a year to house each, up from £17,000 in 2020. Ex-Office for National Statistics analyst Mr Jenkins found the average UK salary was £38,224. Each worker pays income tax and National Insurance contributions of £8,081. So 582,000's entire tax bills go on housing migrants — equal to the working population of Manchester. And it is significantly larger than the employed populations of Nottingham, Sheffield and Leeds. The total is also higher than the tax contributions of every UK mechanic and HGV driver combined. A total £4.7billion went on asylum support in 2023-24 — £3.1billion on accomodation. 13 migrants jumped from the back of a lorry at a Sainsbury's distribution centre in South East London The rest went on grants to local authorities, running sites like the disused Bibby Stockholm barge in Dorset, plus £49-a-week subsistence allowance. The £4.7billion total was up from 2022-23's £3.6bn. Nearly 15,000 people have crossed to Dover in 2025, up 42 per cent on this time year. French cops, given £480million of UK taxpayer cash, are failing to intercept them.
