WADE TRADE NEWS
Volume 7, Issue 10 : October 2008
Dear Subscriber
Welcome to Wade Trade News import-export news for October 2008. In this issue we'll update you on trading news for Europe, Russia, Singapore and Australia and profile Norway as an import-export partner. There are also details of a great site if you're interested in trading with the Middle East, and another that offers hundreds of hot trade leads around the world.
Singapore Economy Still Growing
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The Singapore Central Bank recently announced that its economists expect the country's economy to grow 4.2% in 2008 - a slight fall from the previous 5.5% prediction, but still growing. The survey showed that economists expected non-oil domestic exports to contract 3.1% in 2008, compared to a forecast of 3% growth in June. They expected the manufacturing sector to grow 1% this year compared with the previous forecast of 5.5%. However, they expect the financial services, construction and the wholesale and retail trade sectors to exceed previous growth predictions.
The Singapore International Chamber of Commerce (SICC) has a handy site with information. You can also search for member companies by product/industry sector using their online directory:
www.sicc.com.sg
Eurozone Economies Contract For First Time Ever
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Europe's fifteen Eurozone economies contracted by 0.2% in the second quarter of this year, raising fears that the euro area is heading towards recession. The eurozone's first decline since it was created in 1999 was driven by a slowdown in exports and consumer spending. The German economy shrank by 0.5% in the second quarter compared with the first quarter, while France and Italy shrank by 0.3%. The contraction was less pronounced in the wider EU (27 countries including the UK) which contracted by 0.1% overall. However Estonia, where the economy contracted in both the first and second quarters, is now regarded as being in recession.
EU Encourages Russia To Speed EU Entry
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The European Commission (EU) recently urged Russia to continue with its application to join the World Trade Organisation (WTO). Spokesman Peter Power said 'As the only major economy outside the WTO, it should hasten its efforts to join. But it is obviously a decision for Russia. There are a number of stumbling blocks but these can be overcome with the right political will.'
Negotiations have been ongoing since the early 1990's. However, entry talks between Russia and the European Union have made little progress as the two sides cannot find a compromise over duties on Russia's timber exports. The Russian press recently quoted Prime Minister Vladimir Putin as saying he could not see any advantages in joining the WTO and Russia should exit some commitments made during initial entry talks.
Russia Profile is an English-language information service offering expert analysis of Russian politics, economics, society and culture. It consists of a website and magazine:
www.russiaprofile.org.
Why Not Trade With .... Norway ?
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Norway is famous for its magnificent fjords, as well as its history as a seafaring nation. But it also now enjoys one of the highest standards of living in the world - mainly due to its extensive oil and gas reserves. Norway's annual oil earnings amount to around US $40 billion, and more than half of its exports are in this sector. This makes Norway among the world's largest exporters of fuels and fuel products. A significant part of this income is put into a sovereign wealth fund, which is invested for future generations. Norway isn't in the EU - Norwegians rejected membership of the then European Economic Community in 1972 and of the European Union in 1994.
Nortrade at
www.nortrade.com is Norway's official trade portal and highly recommended. Nortrade contains updated information for over 4,000 Norwegian companies that deal in export, import or other forms of international operations. The site's database includes all kinds of products and services divided into 35 business sectors. It's very easy to use, and you can search for companies, products and services in several different languages. For more background information you can find the official Norway Government site with links to all departments at:
www.regjeringen.no. English version available.
Australian Economy To Grow In 2009
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Australian Prime Minister Kevin Rudd said recently that he believes Australia's economy should begin to improve in 2009. Speaking in a radio interview he said 'We believe that into the period of 2009 you'll start to see economic growth picking up.' The Prime Minister said Reserve Bank forecasts indicated economic growth should improve by the June quarter next year. 'If you go (with) the forecasts which were released by the Reserve Bank in August you see growth by the June quarter 2009 improving to two and a quarter and then by the end of next year to two and a half' he said. Rudd pointed out that the US financial crisis has hit everywhere around the world and makes managing the Australian economy a major challenge.
Export 61 is an unofficial Australian trade directory. It's not massive but you can search for products and suppliers in Australia's main industries:
http://www.export61.com. There's lots of free information too.
More Trade Leads Than You Can Handle !
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We believe you can never have enough trade leads .... but they need to be well organised to be useful. That's why we like this site : The Hot Trade Leads Database at the Centers for International Trade Development, located at
www.citd.org. It's California-based but useful no matter what country you're in. This website has links to many trade lead databases on the Internet with enough to keep you busy for weeks. There are hundreds of sites for importers and exporters, searchable by country or region of the world. You'll also find a Trade Information Database with links to statistics, market research, international standards, trade documentation, logistics and more
Recommended Resource .... ArabianBusiness.com
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This is a good site if you want to trade with the Middle East. ArabianBusiness.com describes itself as the Middle East's premier business portal. The website has a team of over 100 journalists providing daily and dedicated coverage of the region. It offers news, resources, in depth features, research, special reports, events and many useful services including e-mail alerts and regular newsletters. Particularly useful is a directory of 41,179 companies trading in the Middle East - with information about them and direct links to their websites. Go to
www.arabianbusiness.com to see what it's about - recommended.
Until next time,
Mark Hempshell
Editor