Latest news with #Exports
Daily Mail
09-07-2025
- Sport
- Daily Mail
Scottish football's 50 best imports: From Skacel to Stainrod, Hateley to Henrik... Mail Sport's definitive ranking
Scottish football's great tapestry has been made all the richer by the variety of threads which have been interwoven across 150 years. A nation which has prided itself on seeing homegrown sides conquer Europe also takes delight in witnessing its finest exports excel on foreign soil.
Reuters
05-07-2025
- Business
- Reuters
Vietnam Q2 GDP growth quickens on strong exports, US trade deal brightens outlook
HANOI, July 5 (Reuters) - Vietnam's economy grew at a faster pace in the second quarter of this year led by strong exports, in an encouraging sign just days after U.S. President Donald Trump said he would place lower-than-threatened 20% tariffs on many Vietnamese products. Concerns over the Southeast Asian manufacturing hub's outlook had been growing in the run up to the trade deal announced on Wednesday, particularly as the United States is Vietnam's biggest export market. Gross domestic product growth in the April-June quarter accelerated to 7.96% year-on-year, from the 6.93% in the first quarter, government data showed on Saturday. It was just short of Hanoi's full-year growth target of at least 8%. "Economic performance in the first half of this year was positive and close to our target amid global and regional economic uncertainties," the National Statistics Office said. Exports were a bright spot in the last quarter, rising 18.0% to $116.93 billion from a year earlier, while imports were up 18.8% at $112.52 billion, translating into a trade surplus of $4.41 billion, the NSO data showed. Industrial production in the period rose 10.3%, while June consumer prices rose 3.57%. Trump announced on Wednesday the United States and Vietnam reached a trade deal, under which Vietnamese goods would face a 20% tariff, with trans-shipments from third countries through Vietnam also facing a 40% levy. Vietnam could import U.S. products with a zero percent tariff. The tariff rates were lower than an initial 46% rate threatened by Trump in April. Vietnam hailed the deal as a boost for business and said negotiators were working to finalise details, as business groups awaited clarity on the finer points to assess the impact of the new tariffs. The United States is the largest export market for Vietnam, a regional manufacturing hub housing several multinational companies such as Samsung Electronics and Foxconn. The United States recorded a trade deficit of $123 billion with Vietnam last year, one of its highest globally. Vietnam is also home to several Chinese companies, which analysts said are likely the main targets for the 40% tariff on trans-shipments. China is Vietnam's largest two-way trading partner on which it relies heavily for components and materials for its manufacturing industries. Fitch Solutions said in a note on Friday that Vietnam's exports and investment will remain strong for the rest of the year and signalled upside risks for its 2025 GDP growth forecast of 6.4%. "With the new 20% tariff, we think the government will speed up industrial upgrading and shift exports from low-margin goods to higher value-added products such as semiconductors," it said in a note. Dominic Scriven, founder and chairman of investment firm Dragon Capital, said the trade deal is "net-positive" and the potential GDP hit is less severe than feared. "With external trade risk now moderating, attention can return to the country's core growth engine, the domestic and private sector economy," he said.
CTV News
13-06-2025
- Business
- CTV News
Foxconn sends 97% of India iPhone exports to U.S. as Apple tackles Trump's tariffs
An Apple iPhone XR is held at the Steve Jobs Theater after an event to announce new products, in Cupertino, Calif. (AP Photo/Marcio Jose Sanchez, File) NEW DELHI — Nearly all the iPhones exported by Foxconn from India went to the United States between March and May, customs data showed, far above the 2024 average of 50 per cent and a clear sign of Apple's efforts to bypass high U.S. tariffs imposed on China. The numbers, being reported by Reuters for the first time, show Apple has realigned its India exports to almost exclusively serve the U.S. market, when previously the devices were more widely distributed to countries including the Netherlands, the Czech Republic and Britain. During March-May, Foxconn exported iPhones worth US$3.2 billion from India, with an average 97 per cent shipped to the United States, compared to a 2024 average of 50.3 per cent, according to commercially available customs data seen by Reuters. India iPhone shipments by Foxconn to the United States in May 2025 were worth nearly US$1 billion, the second-highest ever after the record US$1.3 billion worth of devices shipped in March, the data showed. Apple declined to comment, while Foxconn did not respond to a Reuters request for comment. U.S. President Donald Trump on Wednesday said China will face 55 per cent tariffs after the two countries agreed on a plan, subject to both leaders' approval, to ease levies that had reached triple digits. India is subject, like most U.S trading partners, to a baseline 10 per cent tariff and is trying to negotiate an agreement to avert a 26 per cent 'reciprocal' levy that Trump announced and then paused in April. Apple's increased production in India drew a strong rebuke from Trump in May. 'We are not interested in you building in India, India can take care of themselves, they are doing very well, we want you to build here,' Trump recalled telling CEO Tim Cook. In the first five months of this year, Foxconn has already sent iPhones worth US$4.4 billion to the U.S. from India, compared to US$3.7 billion in the whole of 2024. Apple has been taking steps to speed up production from India to bypass tariffs, which would make phones shipped from China to the U.S. much more expensive. In March, it chartered planes to transport iPhone 13, 14, 16 and 16e models worth roughly US$2 billion to the United States. Apple has also lobbied Indian airport authorities to cut the time needed to clear customs at Chennai airport in the southern state of Tamil Nadu from 30 hours to six hours, Reuters has reported. The airport is a key hub for iPhone exports. 'We expect made-in-India iPhones to account for 25 per cent to 30 per cent of global iPhone shipments in 2025, as compared to 18 per cent in 2024,' said Prachir Singh, senior analyst at Counterpoint Research. Tata Electronics, the other smaller Apple iPhone supplier in India, on average shipped nearly 86 per cent of its iPhone production to the U.S. during March and April, customs data showed. Its May data was not available. The company, part of India's Tata Group, started exporting iPhones only in July 2024, and only 52 per cent of its shipments went to U.S. during 2024, the data showed. Tata declined to comment on the numbers. Indian Prime Minister Narendra Modi has in recent years promoted India as a smartphone manufacturing hub, but high duties on importing mobile phone components compared to many other countries means it is still expensive to produce the devices in India. Apple has historically sold more than 60 million iPhones in the U.S. each year, with roughly 80 per cent made in China. --- Reporting by Aditya Kalra and Munsif Vengattil; Editing by Kate Mayberry and Rachna Uppal.
Irish Times
05-06-2025
- Business
- Irish Times
Irish economy expands by almost 10% as exporters rush to beat tariff deadlines
The Irish economy grew by almost 10 per cent in the first quarter, up from a previous estimate of 3 per cent, as exporters rushed to get merchandise in the US ahead of the imposition of tariffs . Central Statistics Office (CSO) data show the economy, as measured by gross domestic product (GDP), expanded by 9.7 per cent in January, February and March, one of the largest quarterly expansions on record. The agency said the increase was 'driven by significant growth in exports of goods'. Total exports expanded by 9.4 per cent in the first three months or by €18.2 billion with goods exports increasing by 14.8 per cent quarter-on-quarter, or €13.5 billion. The value of goods exports for the period was 44.1 per cent higher than a year earlier. READ MORE [ Welcome (back) to the era of Leprechaun economics Opens in new window ] Since April 5th, goods imported from all countries into the US have been subject to a 10 per cent tariff while US President Donald Trump has put a stay on a possible 50 per cent tariff on all EU imports until next month. Pharma accounts for the lion's share of Irish goods exports to the US and companies in the sector here have been fast-tracking product into the US to avoid incoming tariffs. The CSO's figures show the pharma-dominated i ndustry sector expanded by 17.1 per cent in the first quarter compared with the previous three-month period. By contrast, the domestic economy, as measured by modified domestic demand (MDD), grew by a more modest 0.8 per cent in the first quarter as personal spending on goods and services, a key driver of domestic activity, increased by 0.6 per cent. The information and communication sector, which contains the State's tech industry, posted an increase of 3.8 per cent over the same period. 'Today's GDP estimates for the first quarter of the year show that the Irish economy kicked off 2025 to a racing start,' said Robert Purdue, head of dealing at Ebury (Ireland). 'Irish exports took the lion's share of this growth as many businesses rushed to export goods to the United States before President Trump's tariff sanctions came into effect,' he said. 'While the GDP rebound is an encouraging sign of the resilience of the Irish economy, it also demonstrates its heavy exposure to trade challenges, with exports playing a vital role in the health of the economy,' he said. Separate figures from the CSO put the State's seasonally adjusted unemployment rate in May at 4 per cent, down from a rate of 4.1 per cent.
Mint
04-06-2025
- Business
- Mint
PMI: India's services exports bump may lose steam amid global economic gloom
Business momentum in India's services sector was steady in May. The seasonally adjusted HSBC India Services PMI Business Activity Index rose to 58.8 last month from 58.7 in April. A reading above 50 indicates expansion. The key highlight of the survey was the solid growth in exports of services. The New Exports Orders sub-index rose to 57.6 in May from 55.4 in April. Survey participants reported one of the strongest improvements in international demand in 19-and-a-half years of data collection. Also Read | India services activity hits three-month high in May on strong export growth; employment rises by record For manufacturers as well, new export orders rose in May at one of the strongest rates recorded in three years. Panel members remarked on favourable demand from Asia, Europe, the Middle East and the US. But here's a catch. 'In H1 2025, Asian economies have been whipsawed by Trump tariffs; growth and inflation have moderated, even as export frontloading has provided some offset," Nomura Global Markets Research said in a report dated 2 June. According to Nomura, disinflationary forces are likely to permeate across Asia, and, unlike past export downturns, this is likely to be compounded by Asian currency strength against the US dollar. Thus, Asian central banks will likely continue to decouple from the US Federal Reserve and deliver more policy easing. In its meeting this week, the Reserve Bank of India is widely expected to cut repo rates by another 25 basis points (bps) to 5.75%. So far, the central bank has cut rates by 50 bps to boost growth amid easing inflation. Relatively immune The Indian economy is more domestically driven, with consumption seen as the mainstay for growth. This makes India relatively immune to global trade shocks than Asian peers, but the problem is that consumption demand, especially urban, has been languishing lately. Companies are struggling with subdued revenue and profit growth, household incomes are muted and latest high-frequency data such as automobile sales is uninspiring. Also Read | India's exports face geopolitical woes but trade deals offer relief: RBI report Meanwhile, business confidence of Indian service providers measured via the Future Output Index recovered to 60.4 in May from April's 23-month low of 59.7. Expanded workforces, larger client bases and ongoing marketing initiatives make service providers hopeful. According to Gaura Sengupta, economist at IDFC First Bank, India's services export growth outperformed merchandise export growth in FY25 also, growing in double-digits. While this outperformance is likely to continue in FY26, she said some moderation in services export growth is likely with the US economy expected to slow down. That said, the manufacturing sector will be impacted more by the tariff tensions and the global growth slowdown. Also Read | Services boost India's exports to an all-time high of $824.9 billion in FY25
