Latest news with #trade ministry
Reuters
17 hours ago
- Business
- Reuters
Singapore upgrades 2025 GDP growth forecast after Q2 tops initial estimates
SINGAPORE, Aug 12 (Reuters) - Singapore's economy grew slightly faster than initially estimated, prompting the government to upgrade the city state's growth forecast for this year even as it warned of downside risks. Gross domestic product rose by 4.4% year-on-year in the April-June quarter, government data showed on Tuesday, just ahead of an advance estimate of a 4.3% gain released last month. The trade ministry raised its GDP growth forecast for 2025 to 1.5% to 2.5% from 0.0% to 2.0%, saying it largely reflected a better-than-expected first half performance. In April, the ministry had cut its forecast from 1.0% to 3.0% after the United States announced its plans for global tariffs. "However, the economic outlook for the rest of the year remains clouded by uncertainty, with the risks tilted to the downside," it said in a statement. On a quarter-on-quarter, seasonally-adjusted basis, gross domestic product rose by 1.4% in the April-June period, in line with the advance estimate and following a 0.5% contraction in the first quarter. At a press briefing on Tuesday, Monetary Authority of Singapore chief economist Edward Robinson said the central bank's monetary policy stance remains appropriate after accounting for factors that affect Singapore's domestic growth and inflation outcomes. "I would also add that a gradualist approach under conditions of uncertainty is useful as we update our assessment in a timely manner at our quarterly reviews," he said. In a separate statement, Enterprise Singapore said it was keeping its forecast for non-oil exports at growth of 1% to 3% this year, saying it expected some weakness in the second half after a stronger-than-expected start to 2025. "In general, as frontloading activities taper and reciprocal tariffs resume from 7 August 2025, these could weigh on global economic activity and trade," it said in a statement. Despite having a free-trade agreement and running a trade deficit with the U.S., the wealthy financial hub has still been slapped with a 10% tariff rate by Washington. President Donald Trump has also said he would impose a tariff of about 100% on imports of semiconductors, with an exemption for companies that are manufacturing in the U.S. or have committed to do so, and a tariff on pharmaceutical imports that would rise to 150% within 18 months and eventually to 250%. Figures from a central bank report show pharmaceuticals made up 12.3% of the city-state's exports to the U.S. in 2024, while semiconductors accounted for 1.6% of shipments and other electronics and semiconductor equipment made up 15.0% of exports to the United States. There will also be indirect impacts on Singapore, a global shipping hub where trade is three times the size of its GDP, if the U.S. tariffs constrict global trade. Imports from other Southeast Asian countries have been slapped with much higher tariffs of between 19% and 40%.
Reuters
2 days ago
- Business
- Reuters
Indian alloy steel producers file anti-dumping plea against Chinese steel, executive says
NEW DELHI, Aug 11 (Reuters) - The Indian alloy steel producers' association has filed an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Monday. India, the world's second-biggest producer of crude steel, has the capacity to make around 18 million to 20 million metric tons per annum of alloy steel, which is used in the auto, defence and aerospace sectors. "China is selling wire rods of alloy steel at very low prices, and imports have gone up considerably in the last three years, hurting the local alloy steel producers," said Anil Dhawan, director general, Alloy Steel Producers Association of India (ASPA). Alloy steel wire rods are mainly used for automobiles and their components, Dhawan said. Dhawan said the anti-dumping petition was filed on July 31 with the Directorate General of Trade Remedies, which falls under the Ministry of Commerce and Industry. The ASPA's members include JSW Steel ( opens new tab, India's biggest steelmaker, as well as Jindal Steel ( opens new tab, Kalyani Steels ( opens new tab, and Mukand Sumi Special Steel, among others. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.
News24
04-08-2025
- Business
- News24
SA to target new markets in Africa, Asia after US tariffs, says Ramaphosa
• For more financial news, go to the News24 Business front page. South Africa will seek new markets in Africa and Asia as it continues to negotiate with the United States over looming 30 percent trade tariffs, President Cyril Ramaphosa said Monday. The United States is South Africa's second-largest trading partner and Pretoria has warned the US levy could cost 100 000 jobs, with unemployment already above 30 percent. The tariff - among those to take effect against several countries from August 7 - is the highest in sub-Saharan Africa and comes with diplomatic relations between the two countries in tatters over a range of domestic and international policies. "Our foremost priority is protecting our export industries," Ramaphosa said in his weekly newsletter. "We will continue to engage the US in an attempt to preserve market access for our products. We must also accelerate the diversification of our export markets, particularly by deepening intra-African trade," he said. In a bid to avert the high tariff, South Africa has offered to import US liquefied natural gas and some US agricultural products, as well as invest in its mining and metals-recycling industries, the trade ministry said last week. The new tariff will in particular hit South Africa's agriculture, automotive and textiles sectors, which Pretoria argues does not compete with US industry but supports it. The government has established a support desk that will help exporters and producers explore alternative markets in the rest of Africa, Asia and the Middle East, Ramaphosa said. It would also push forward with plans for a free-trade area for the African continent, he said. The United States announced last week 15 percent tariffs on exports from several sub-Saharan countries, including the export-reliant small mountain kingdom of Lesotho which had initially been warned of 50 percent tariffs.
Wall Street Journal
01-08-2025
- Business
- Wall Street Journal
South Korea's Exports Accelerate, Fueled by Chip Demand
South Korea's export growth was stronger than expected in July, driven largely by strong demand for high-performance computing chips amid the artificial-intelligence boom. Exports from Asia's fourth-largest economy rose 5.9% from a year earlier to $60.82 billion, following a 4.3% gain in June, according to preliminary data released by the trade ministry on Friday.
Yahoo
14-07-2025
- Business
- Yahoo
Malaysia says trade permit required for AI chips of U.S. origin
KUALA LUMPUR (Reuters) -Malaysia's trade ministry said on Monday that the export, transshipment and transit of high-performance AI chips of U.S. origin will be subject to a trade permit, effective immediately. Individuals or companies are required to notify authorities at least 30 days in advance when exporting, transhipping, or bringing in transit any item that is not expressly listed on Malaysia's strategic items list, the ministry said in a statement. Sign in to access your portfolio
