Foreign Trade Volume Hits N32.26tn in 2018, Says NBS

National Bureau of Statistics (NBS) weekend said the country recorded a total trade value of N32.26 trillion year-on-year in 2018, representing 39.3 per cent increase over the corresponding period in 2017. 

The trade value for 2017 stood at N23.16 trillion.

Import and Export UK trade Deficit Narrows as Oil Fall

The deficit - the difference between the amount imported and exported - was £3.2bn in November, down from £3.5bn from October, according to the Office for National Statistics (ONS).

 

The ONS put the narrowing deficit down to a £0.5bn fall in imports of oil during the month, to £2.2bn.

The three-month figures also showed a narrowing in the trade deficit.

The deficit for the three months to November was £7.7bn, down £1.0bn from the previous quarter.

"Overall, a shocking October result means that, despite the improvement in November, net trade will probably subtract from GDP growth in Q4 again, although by less than in Q3," said Scott Bowman, UK economist at Capital Economics.

"That said, the recent fallback in the oil price should help to improve the trade balance, all else equal, given that the UK is a net importer of oil."

Drag on growth

South African signs 26 new trade agreements with China

SA and China have inked 26 agreements valued at R94bn that will go some way to address their trade imbalance.

The Industrial Development Corporation (IDC) and Beijing Auto Works signed a R12bn agreement, the biggest of the lot, to build a car manufacturing plant in SA, Trade and Industry Minister Rob Davies said on Wednesday during Chinese President Xi Jinping’s second state visit to SA.
The China Development Bank is providing a loan facility of $500m to Eskom to support the cash-strapped utility’s infrastructure plan.
China is SA’s largest trading partner, but concern has been raised about the balance of trade.
In April, SA recorded a R73bn trade deficit with China. At the time, International Relations and Cooperation Minister Maite Nkoana-Mashabane said exports to China amounted to R94bn last year. Imports from China in the same period stood at R167bn, with trade between the two countries totalling R262bn. China exports manufactured goods to SA, while importing raw materials for beneficiation.
Mr Davies said the new agreements would begin to improve the situation.
IDC CE Mvuleni Qhena said the entity would identify a site for the car manufacturing plant, which was expected to create 2,500 direct and 7,500 indirect jobs. Cars built at the plant would be exported to the rest of Africa. Currently, other African countries, including Angola, imported cars from China, he said.

South Africa and Netherlands, to increase trade and investment between each other says Masina

Deputy Minister of Trade and Industry Mzwandile Masina has encouraged businesspeople from South Africa and the Netherlands to contribute to increasing trade and investment between the two countries.

 

Masina was delivering a keynote speech at the South Africa-Netherlands Business Forum in Newtown‚ Johannesburg‚ on Wednesday.

Morgan Stanley profit falls 42% after trading sales from rivals

Net profit fell 42%, to $939m (£607m), from $1.63bn for the same three-month period a year ago, the bank's second consecutive quarterly drop.

morgan

Net sales fell 13% to $7.77bn, missing analyst estimates of $8.5bn

Rivals Goldman Sachs, Citigroup, Bank of America and JPMorgan Chase have all reported dips in trading revenue.

De La Rue shares dive as Profits Fall

It warned last year that profits would be £20m lower than in the year before.

Operating profits were down 22% at £69.5m, in line with that guidance, but the company also chopped its dividend from 42p to 25p.