WEEK IN REVIEW: Chinese Imports Fell for Second Consecutive Month in April

Chinese imports fell for a second consecutive month in April, dipping 8% compared to the same time last year in what is potentially a worrisome trend for Global South commodity producers. Chinese exports, however, increased last month by almost 9%, according to new customs data. (REUTERS)

Philippine President Ferdinand Marcos, Jr. reaffirmed his commitment to maintaining robust ties with China despite worsening territorial disputes and closer security cooperation with the U.S. “Disengagement is really not an option,” he told an audience in Washington, D.C. before returning home this weekend. (PHILIPPINE STAR)

China will conduct rare joint military exercises with Laos later this month in a bid to bolster regional security ties to counter the expanding U.S. presence in Southeast Asia. The PLA’s Southern Command will send troops to the landlocked country for the two-week-long drills that are scheduled to begin on Tuesday. (REUTERS)

The UAE’s state-owned nuclear power company signed three separate research and development agreements with Chinese nuclear energy companies.  Abu Dhabi is looking to Beijing to help develop its nuclear power industry as part of the Emirates’s larger domestic energy decarbonization drive. (THE NATIONAL)

Brazil’s ride-hailing app 99, which is owned by China’s DiDi, plans to more than double the number of electric cars in its fleet to 1,000 by the end of the year. This will include cooperation with the Chinese electric car giants BYD and Chery. (REUTERS)

Lithium reserves have reportedly been found in the Indian state of Rajasthan. The reserves are apparently large enough to meet 80% of India’s demand. New Delhi has been searching for an alternative to China-refined lithium for some time. (WION)

A Kenyan construction firm is taking the China Road and Bridge Corporation to court for alleged non-payment of fees. Tuk Chilo Ltd. says the Chinese construction behemoth owes it about $324,000 for subcontracted road upgrades. (BUSINESS DAILY)

China’s top foreign policy official Wang Yi hosted a senior delegation from Iran led by Mohammad Bagher Zolghadr, former commander of the Islamic Revolutionary Guard Corps and now a senior advisor to Supreme Leader Ali Khamenei. Syria’s re-admission to the Arab League was among the issues discussed at Tuesday’s meeting. (XINHUA)

Italy has signalled that it will withdraw from the Belt and Road Initiative before the end of the year. Prime Minister Giorgia Meloni recently told U.S. House Speaker Kevin McCarthy that although a final decision hasn’t been made, the current thinking in Rome is that her government will likely ditch the pact. Italy is currently the only G7 member of the BRI. (BLOOMBERG)

Ecuador signed a free trade agreement with China this week, according to the Chinese Ministry of Commerce. The deal will exempt 90% of traded products from tariffs, with 60% of them becoming tariff-free immediately. (XINHUA)

Calib Cassim, the head of South Africa’s state-owned electricity basket case Eskom is in China with the country’s Public Enterprises Minister, Pravin Gordhan. SA Government officials refused to disclose what will be discussed, as South Africa faces daily rolling blackouts. This is Gordhan’s second visit to Beijing in a month, as he also tries to deal with another corruption-related crisis between the state train company Transnet and its Chinese counterparts. (FINANCIAL TIMES)

Brazil’s state-owned energy company Petrobras signed a working agreement with Energy China to pursue green hydrogen and ammonia production in Brazil. Energy China reportedly wants to push the bulk of a $20 billion overseas investment allocation into green energy projects in the South American country. (UPSTREAM ENERGY)

source https://chinaglobalsouth.com/2023/05/12/week-in-review-chinese-imports-fell-for-second-consecutive-month-in-april/