Tag Archives: Exports
Exports: Latest News
Staff, 5:36 pm
Poor power supply is partly to blame for the Nigerian government’s inability to build a robust auto industry. That leaves vehicle imports as one of the only ways to meet local demand. Nigeria’s auto market is worth over $4 billion a year, but it does not translate into anything meaningful, a stakeholder said. Starting in 2015, stiff new tariffs were levied on new and used Nigerian vehicle imports. Imports fell more than 50 percent.
Dana Sanchez, 2:53 pm
Nigeria’s top shrimp producer, Atlantic Shrimpers has unveiled a 400-acre shrimp farm that it says will be the largest in sub-Saharan Africa, producing shrimp for Nigeria and the export market. A French-owned shrimp farm in Madagascar that is about 10 times bigger may already have claimed that title. Owned by a French company, the farm in Northwest Madagascar is one of two spread over 4,000 acres of natural clay soil, producing more than 5,000 tons of shrimp per year. The Madagascar farm is also the first in Africa to get international certification that promotes responsible fish farming.
Dana Sanchez, 10:03 am
New deals and commitments worth more than $9 billion in trade and investment with Africa will be announced at the U.S-Africa Business Forum underway in New York, U.S. President Barack Obama said. Obama also announced a new report coming out today exploring the future beyond AGOA — the African Growth and Opportunity Act. AGOA — that will include “more enduring and reciprocal” trade agreements. “This is a U.S.-Africa business forum. This is not charity,” Obama said.
Staff, 12:38 pm
Most foreigners applying for business visas to South Africa simply give up in frustration, says immigration lawyer Gary Eisenberg. South Africa emerged from isolation, only to erect the same barriers to trade and capital that restricted the economy pre-1994, he says. The country has become uncompetitive due to corruption, an ineffective judicial process, bureaucratic inefficiency and compromised rule of law.
Dana Sanchez, 2:17 pm
Despite doom-and-gloom predictions by economists, this bit of good news for South Africa’s economy augments recent reports that South Africa regained its place as the continent’s biggest economy. Economic growth in the second quarter helped the country escape a predicted recession for the second time in seven years. The surprisingly strong growth mostly reflects a bounce back following the disaster of Q1, an economist said. Few expect the growth to be sustained.
Dana Sanchez, 9:12 pm
Mozambique has banned the export of whole logs outright from 2017, regardless of the species, in an effort to encourage local processing. China, the biggest importer of logs in the world, has been the driving force behind Mozambique’s illegal logging boom. Falling demand from China for timber exports has provided an opportunity for reform in Mozambique. The problem is, China wants the wood in raw form. There’s little incentive to invest in manufacturing in Mozambique.
Dana Sanchez, 1:13 pm
South African bone-in chicken imports are having a devastating impact on local producers, stakeholders say. But don’t be so quick to blame the U.S. or AGOA. SA’s poultry imports from the European Union rose dramatically in 2016 while U.S. bone-in chicken imports have been far below expectations. The SA Poultry Association is challenging the AGOA agreement on the grounds that it lowers health safety standards for imported U.S. chicken while all other countries must comply with higher standards.
Dana Sanchez, 11:31 am
Traders in East Africa have to convert local currencies to the U.S. dollar before making transactions, then convert the currency back to their national currency. In the process, they pay exchange-related costs at least twice at a time when African economies are struggling with U.S. dollar shortages. About 43 percent of Africans are involved in some form of informal cross-border trade, with women representing the lion’s share – around 75 percent.
Dana Sanchez, 1:24 pm
Charities like Goodwill sell or give away used clothes donated by millions of U.S. citizens. Many end up in sub-Saharan Africa. Secondhand clothing imports have “completely killed the textile industry” in developing countries, a Rwandan official says. You wouldn’t know it at Chinese-owned C&H Garments, one of the busiest factories in Rwanda’s economic zone. C&H exports new clothes to Europe and the U.S. The EAC agreed to ban used clothing imports by 2019. Ordinary Rwandans worry local manufacturers won’t be able to supply cheap clothes.
Dana Sanchez, 4:38 pm
Is this the perfect storm for shipping canals? Cheap oil is one way container ships are cutting down on expenses. Bypassing hefty fees through Suez and Panama is another. Bunker fuel prices have fallen low enough to make it cheaper to reroute some container services around South Africa, avoiding the canals. “If the canals want to change the economics of routing choices, Panama Canal would need to cut prices by 30%, and Suez by 50%, said SeaIntel, which tracks the activities of container ships.
- Real Estate