Latest news with #Exports
Reuters
a day ago
- Business
- Reuters
Canada's first quarter GDP expands by 2.2% annualized rate beating estimates
OTTAWA, May 30 (Reuters) - Canada's economy in the first quarter grew faster than expected, data showed on Friday, primarily driven by exports as companies in the United States rushed to stockpile before tariffs by President Donald Trump. But an increase in imports that led to inventory build-up, lower household spending and weaker final domestic demand indicate that the economy was battling on the domestic front. Economists have warned that as tariffs continue on Canada, this trend will persist. The gross domestic product in the first quarter grew by 2.2% on an annualized basis as compared with the downwardly revised 2.1% growth posted in the previous quarter, Statistics Canada said. This is the final economic indicator before the Bank of Canada's rates decision on Wednesday and will help determine whether the central bank will cut or stay pat on rates. Currency swap markets were expecting around 75% chance the bank would hold its rates at the current level of 2.75%, before the GDP data was released. Trump's repeated threats and flip-flops on tariffs since the beginning of the year led to an increase in exports and imports to and from the U.S. Trump imposed tariffs on Canada in March, first on a slew of products and later specifically on steel and aluminum. The GDP grew by 0.1% in March after a contraction of 0.2% in February. The economy is likely expected to expand by 0.1% in April, the statistics agency said referring to a flash estimate. The March growth was primarily driven by a rebound in the mining, quarrying, and oil and gas extraction and construction sectors. Analysts polled by Reuters had expected the first quarter GDP to expand by 1.7% and by 0.1% in March. The quarterly GDP figure is calculated based on income and expenditure while the monthly GDP is derived from industrial output. The tariffs and the uncertainty around them started showing early signs of impact as the final domestic demand, which represents total final consumption expenditures and investment in fixed capital, did not increase for the first time since the end of 2023, Statscan said. Growth in household spending also slowed to 0.3% in the first quarter, after rising 1.2% in the prior quarter. The first quarter growth was led by a rise in exports, which jumped by 1.6% after increasing by 1.7% in the fourth quarter of 2024. Business investment in machinery and equipments also increased by 5.3% which pushed the quarterly GDP higher.
Egypt Today
a day ago
- Business
- Egypt Today
Egypt, Uzbekistan discuss agricultural cooperation
Agricultural land CAIRO – 29 May 2025: Minister of Agriculture and Land Reclamation Alaa Farouk discussed with a high-level delegation from the Republic of Uzbekistan under the Director of the Cabinet Secretariat for Investments, Exports, Trade, Agriculture, and Water Management ways to enhance joint cooperation between the two countries in various fields of the agricultural sector. The meeting comes within the framework of presidential directives to strengthen cooperation with Uzbekistan and to follow up on the technical aspects of implementing the outcomes of joint committees. During the meeting, both sides reviewed the agricultural capabilities available in Egypt and Uzbekistan and explored opportunities to develop partnerships in agricultural and livestock production, exchange of expertise and technical knowledge, and enhancement of trade exchange in agricultural products. Farouk emphasized the deep historical ties between Egypt and Uzbekistan across various fields and at all levels. He also highlighted the political leadership's keenness to develop these relations, including in the vital agricultural sector. The Minister of Agriculture expressed his ministry's readiness to provide all forms of support and expertise to ensure the success of joint cooperation in achieving food security and agricultural development in both countries. He also referred to his recent meeting with Mansurbek Kilichev, Uzbekistan's Ambassador to Egypt, during which the importance of strengthening cooperation in various agricultural fields was discussed. The minister explained that in recent years, under the leadership of President Abdel Fattah El Sisi, Egypt has witnessed significant development and a genuine renaissance in all fields, including the agricultural sector, which now receives considerable attention from the political leadership. He noted that Egypt has taken many steps to improve the investment climate and simplify procedures to encourage investors. He added that the agricultural sector in Egypt holds great investment potential and offers many opportunities that can be included in areas of joint cooperation. The Minister of Agriculture directed the External Agricultural Relations Department to organize intensive field visits for the Uzbek delegation to various agricultural projects and entities in Egypt, including research centers, institutes, laboratories, and model farms producing various crops. These visits aim to post the delegation on important experiences that could benefit the exchange and transfer of expertise. For their part, the Uzbek delegation stressed their country's political leadership's commitment to strengthening joint cooperation in various areas, especially agriculture and food security, and to intensifying efforts to enhance agricultural relations between the two countries. They expressed interest in boosting cooperation with Egypt in the agricultural field and benefiting from Egypt's distinguished expertise in the sector. They stressed the importance of exchanging visits and experiences between specialists on both sides to advance the prospects of cooperation. They also discussed ways to increase trade in crops and agricultural products, especially since the trade balance between the two countries reached around $55 million in 2024. (
CNA
a day ago
- Business
- CNA
Thai economy improved in April, outlook still intact, central bank says
BANGKOK :The Thai economy improved in April from March and the outlook remains in line with its downwardly revised forecast for this year with the impact of U.S. tariffs to be seen in the second half, the central bank said on Friday. The manufacturing sector improved after a sharp increase in exports drove inventory restocking, the Bank of Thailand said in a statement, but noted activity data was not yet reflecting the U.S. tariffs, which were announced in early April. "The second quarter started to show some impact, especially on confidence, but it's not clear yet," Assistant Governor Chayawadee Chai-Anant told a press conference. "Things are changing every day. The picture will be clearer in the third and fourth quarters," she added. At the end of April, the Bank of Thailand cut its central-case forecast for growth this year to 2 per cent, and Chayawadee said the outlook for the economy remained close to that. "If we look at the picture now, I must say that the picture may be more in line with the reference scenario that we have given, which is around 2 per cent or maybe better, because Q1 started out quite well and (global) trade negotiations were quite okay," she said. Thailand faces a 36 per cent U.S. tariff if a reduction can't be negotiated before a global moratorium expires in July. The government has submitted a proposal to Washington, but has yet to hold trade talks. Southeast Asia's second-largest economy expanded 2.5 per cent last year, lagging regional peers. While the tourism sector slightly improved in April from March, it remained weaker compared to the same period last year, the central bank said. Exports to the U.S. slowed slightly but remained at a high level, the BOT said. Total exports rose 9.9 per cent in April from a year earlier and imports increased by 17.3 per cent, the BOT said, leading to a trade deficit of $1.4 billion. The current account deficit was $1.5 billion in April.
CNA
3 days ago
- Business
- CNA
Taiwan trims 2025 GDP growth forecast, cites US tariffs uncertainty
TAIPEI :Taiwan's trade-reliant economy is expected to grow at a slightly slower pace in 2025 than previously forecast, weighed down by uncertainty over possible U.S. tariffs. Taiwan is a key hub in the global technology supply chain for companies such as Apple and Nvidia, and home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd (TSMC). Taiwan's gross domestic product for this year is now expected to be 3.1 per cent higher than last year, the agency said, revising downward the 3.14 per cent forecast it issued in February. That would also be lower than the 4.59 per cent growth rate for 2024. Exports this year are expected to grow 8.99 per cent, the agency said, upgrading a previous forecast of 7.08 per cent. For the first quarter of this year, GDP expanded by 5.48 per cent, the agency said, compared with a preliminary reading of 5.37 per cent. The first quarter's performance marked the fastest rate since the first quarter of 2024 when the economy expanded 6.64 per cent.
Reuters
3 days ago
- Business
- Reuters
Taiwan trims 2025 GDP growth forecast, cites U.S. tariffs uncertainty
TAIPEI, May 28 (Reuters) - Taiwan's trade-reliant economy is expected to grow at a slightly slower pace in 2025 than previously forecast, weighed down by uncertainty over possible U.S. tariffs. Taiwan is a key hub in the global technology supply chain for companies such as Apple (AAPL.O), opens new tab and Nvidia (NVDA.O), opens new tab, and home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd (TSMC) ( opens new tab, . Taiwan's gross domestic product for this year is now expected to be 3.1% higher than last year, the agency said, revising downward the 3.14% forecast it issued in February. That would also be lower than the 4.59% growth rate for 2024. Exports this year are expected to grow 8.99%, the agency said, upgrading a previous forecast of 7.08%. For the first quarter of this year, GDP expanded by 5.48%, the agency said, compared with a preliminary reading of 5.37%. The first quarter's performance marked the fastest rate since the first quarter of 2024 when the economy expanded 6.64%. The statistics agency also slashed the 2025 consumer price index (CPI) forecast to 1.88% from the previous 1.94%.
