Global trade volumes will grow at a “moderate pace” in the third quarter of the year after rebounding in the second on surging automotive exports following two quarters of decline, according to the World Trade Organisation (WTO).
The WTO’s periodic goods barometer jumped to 99.1 in June from 95.6 in May, the Geneva-based organisation said in a report published on Thursday.
The goods trade barometer is a composite leading indicator for world trade, providing real-time information on the trajectory of merchandise trade relative to recent trends.
Barometer values greater than 100 are associated with above-trend trade volumes while values less than 100 suggest that goods trade has either fallen below trend or will do so in the near future.
The volume of merchandise trade was down 1 per cent year-on-year and 0.3 per cent quarter-on-quarter in the first quarter of 2023, “extending a downturn that began in the fourth quarter of 2022,” the report said.
High food and energy prices linked to the war in Ukraine, and tighter monetary policies aimed at fighting inflation in advanced economies contributed to the slump in global trade during the period.
“Global import demand remains weak, weighed down by sluggish economic growth in leading economies including the European Union and China,” the report said.
The euro area, which was greatly affected by the Ukraine war, soaring energy prices and record inflation last year, is set to cool as the European Central Bank continues to raise interest rates to restore price stability.
Growth in the bloc, which includes 20 countries that use the euro as their primary currency, is forecast at 0.9 per cent in 2023, following a 3.5 per cent expansion in 2022.
Most of the barometer's component indices were slightly below trend in their latest readings, including the export orders index (97.6), the container shipping index (99.5), the air freight index (97.5), and the raw materials index (99.2).
The main exceptions were the automotive products index (110.8), which has climbed firmly above the trend and the electronic components index (91.5), which has fallen below the trend.
“Surging exports of automotive products have contributed to stronger-than-expected GDP growth in Japan in the first half of 2023,” the report said.
Japan’s economy has expanded much faster than forecast, as a surge in exports more than offset weaker-than-expected results for both business investment and private consumption.
Its gross domestic product grew at an annualised pace of six per cent in the second quarter, marking the strongest growth since the last quarter of 2020, Bloomberg reported earlier this month citing Cabinet Office data.
“Vehicle exports have also been a rare source of strength for the Chinese economy, which has struggled to gain momentum in recent months,” the report said.
Chinese economy is forecast to grow at 5.2 per cent in 2023, following a 3 per cent expansion in 2022, according to the International Monetary Fund.
WTO in April projected 1.7 per cent growth in merchandise trade in 2023 and the target “is still attainable if trade growth picks up in the second half of the year as expected,” it said.
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
Killing of Qassem Suleimani
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TOURNAMENT INFO
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Thursday results
UAE beat Kuwait by 86 runs
Qatar beat Bahrain by five wickets
Saudi Arabia beat Maldives by 35 runs
Friday fixtures
10am, third-place playoff – Saudi Arabia v Kuwait
3pm, final – UAE v Qatar
