The United States has overtaken China as Germany's primary trading partner in the first quarter of this year. Based on data from the German Statistics Office, this trend can be seen: commerce between China and Germany was just under 60 billion euros, while trade between the U.S. and Germany totaled 63 billion euros ($68 billion). Trade with China has decreased due to several reasons, such as China's increased domestic manufacturing of commodities that were formerly imported from Germany. Furthermore, trade with the US has increased because of the country's robust economy. Commerzbank ec
Saudi Arabia plans to make a significant investment in Uzbekistan's economy. The 3rd Tashkent International Investment Forum attracted global investors, notably from the Gulf, resulting in $26.6 billion in agreements. Over 2,500 participants from 93 countries attended, showcasing its global reach. Key projects included regional energy initiatives like Kambarata HPP-1 and Yavan HPP, with the presence of Uzbek and Kyrgyz Prime Ministers highlighting their importance. Uzbekistan celebrated the forum's success, noting the jump from $11 billion in 2022 to $26.6 billion this year. Notable Saudi
Nigeria is offering 12 new oil blocks to international investors with financial and technical capability, aiming to enhance the exploitation of its vast oil and gas reserves. The nation, which produces the most oil in Africa, started its licencing process on April 29 in an effort to access its estimated reserves of 209.26 trillion cubic feet of natural gas and 37.5 billion barrels of crude oil. In response to earlier worries about the transparency of bid awards, Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), promised a fair and transparent proce
According to the S&P Global South Africa PMI, there was a slight increase in private sector activity in April as a result of higher business confidence, which led to increased hiring and purchasing. It reached its best level since February, from 48.4 in March to 50.3, signifying growth above 50. The boost in sentiment stemmed from reduced power cuts and a lesser decline in new orders. Economics director at S&P Global Market Intelligence Andrew Harker reported lessening challenges, crediting the improvement to less supply-chain delays and load shedding. A few businesses are exp
Indonesia's GDP grew by 5.11% yearly in Q1, surpassing forecasts due to heavy state spending on elections. Even though this momentum has exceeded the 5% prediction of economists, global forces and local monetary policies pose obstacles to its continuation. Analysts caution that these increases are only transitory due to impending worries about US interest rates, tensions in the Middle East, and Indonesia's recent interest rate hikes, which have increased by 275 basis points since mid-2022. In Q1, government spending increased by about 20% each year. Meanwhile, growth in investments slow
The European Union has pledged 1 billion euros to assist Lebanon's struggling economy and strengthen its security forces, announced European Commission President Ursula von der Leyen during her visit to Beirut. This financial aid aims to enhance essential services like healthcare and education. Von der Leyen stressed the importance of Lebanon implementing economic, financial, and banking reforms to revitalise its business environment and banking sector. The support for Lebanon's security apparatus will focus on training, equipment, and infrastructure to enhance border management. Due to
On Wednesday, Britain unveiled its plan to authorise European Union investment funds after Brexit, with the goal of ensuring continuity and choice for UK investors. The Overseas Funds Regime (OFR) will replace temporary licenses, allowing non-UK funds to be authorised for sale in the UK. This move aligns with Britain's commitment to providing long-term market access for EU investment funds without imposing additional costly requirements. The roadmap involves legislative initiatives, such as a public consultation on prospective sustainability labelling standards for funds to prevent 'greenw
India collected a record 2.10 trillion rupees ($25.15 billion) in GST in April. Before refunds, GST income surpassed 2 trillion rupees for the first time, reaching 2.1 trillion rupees, a 12.4% year-on-year increase. After refunds, net GST collections increased by 15.5% year-on-year to 1.92 trillion rupees. This rise, which occurred in April owing to year-end tax settlements, indicates strong economic activity and compliance. Domestic operations accounted for a 13.4% increase in revenue, while GST from imports climbed by 8.3%. Integrated GST (IGST) on imports fell by 2%, collecting 37,82
Singapore and the US reaffirmed their commitment to enhancing bilateral cooperation through their 20-year-old free trade agreement (FTA). During the recent Joint Committee Meeting, chaired by Singapore's Minister for Trade and Industry Gan Kim Yong and US Trade Representative Katherine Tai, they prioritised the digital economy, paperless trading, and supply chain resilience. Minister Gan emphasised the importance of digital technologies in enabling trade, particularly for micro, small, and medium-sized businesses (MSMEs), which are critical to economic growth and job creation. Tat Hui Food
The Planning Ministry will serve as the chair of an interministerial commission that will advance South American integration projects, according to Renata Amaral, Brazil's secretary for international affairs and development. President Luiz Inacio Lula da Silva will issue a decree establishing the commission, thereby easing internal cooperation and effectively initiating these projects. Last year, the government set aside $10 billion from multilateral and development banks to fund infrastructure, strengthen South American integration, increase trade, and shorten transportation time to Asia.