Pubblicato in: Commercio, Materie Prime

Indonesia. Settembre21. Export +47.64%, Import +40.1%. Surplus 4.37 mld Usd.

Giuseppe Sandro Mela.

2021-10-16.

2021-10-16__ Indonesia 001

La Indonesia prosegue con decisione la sua crescita economica, nonostante la pandemia e la crisi economica globale, grazie alla vendita di materie prime.

* * * * * * *

«Exports +47.6% y/y, vs +51.6% in poll»

«Imports +40.3% y/y, vs +50% in poll»

«$4.37 bln surplus is bigger than $3.84 bln seen in poll»

«Indonesia’s September trade surplus was larger than expected as exports surged on the back of booming commodity prices, government data showed on Friday»

«The resource-rich country booked a September trade surplus of $4.37 billion»

«That was above the median estimate of $3.84 billion»

«Indonesia recorded an all-time high surplus of $4.74 billion in August. It has posted a trade surplus every month since May 2020»

«The trade surplus would also help Southeast Asia’s largest economy narrow its current account deficit, making its financial market less vulnerable to capital outflows and allowing the central bank to keep monetary policy accommodative for longer»

«Bank Indonesia is expected to keep its main policy rates unchanged until the third quarter of 2022»

«Shipments of coal and copper remained strong, each rising more than 160%, while overseas sales of palm oil products, steel and oil and gas also registered high growth»

* * * * * * *

Indonesia. Carbone. Dice di volerlo dismettere e costruisce nuove centrali termiche.

Indonesia. Maggio21. Import +68.68%, Export +58.76%, anno su anno.

Indonesia. Export +51.94%, Import +29.93%, anno su anno.

Indonesia. Marzo21. Export +30.47%, Import +25.73%, anno su anno. – Statistics Indonesia.

Indonesia. Inaugurato il porto strategico di Patimban.

Indonesia. Nuova legge sul lavoro. Ambientalisti sul piede di guerra.

Indonesia. Bloccato l’export del nickel estrattivo.

Indonesia. La società civile si ribella e riporta l’omosessualità nel codice penale.

* * * * * * *

L’Indonesia presenta una crescita economica tumultuosa sicuramente grazie all’export di materie prime essenziali per gli acquirenti, ma soprattutto grazie ad una Realpolitik che nulla cede all’ideologia imperante in occidente.

Avere un governo dotato di senso pratico è una inestimabile risorsa.

* * * * * * *


Indonesia Sept trade surplus beats estimates on strong commodities.

– Exports +47.6% y/y, vs +51.6% in poll

– Imports +40.3% y/y, vs +50% in poll

– $4.37 bln surplus is bigger than $3.84 bln seen in poll

– Trade surplus reaffirms f’cast for cenbank to stand pat on rates

* * *

Jakarta, Oct 15 (Reuters) – Indonesia’s September trade surplus was larger than expected as exports surged on the back of booming commodity prices, government data showed on Friday, cementing hopes for a quick economic recovery.

The resource-rich country booked a September trade surplus of $4.37 billion, data from the country’s statistics bureau showed. That was above the median estimate of $3.84 billion, according to analysts polled earlier by Reuters.

Indonesia recorded an all-time high surplus of $4.74 billion in August. It has posted a trade surplus every month since May 2020.

Analysts said robust exports should cushion the economic impact of Indonesia’s devastating COVID-19 wave in the third quarter.

The trade surplus would also help Southeast Asia’s largest economy narrow its current account deficit, making its financial market less vulnerable to capital outflows and allowing the central bank to keep monetary policy accommodative for longer.

“The surplus is still large because of skyrocketing commodity prices, which is positive for our economy and the (U.S. dollar) liquidity outlook,” said Fakhrul Fulvian, chief economist at Trimegah Sekuritas.

“This means Bank Indonesia will keep interest rates steady next week,” he added, referring to a central bank policy meeting scheduled to take place from Monday to Tuesday.

Bank Indonesia is expected to keep its main policy rates unchanged until the third quarter of 2022, according to a new Reuters poll.

September exports grew 47.64% to $20.60 billion from a year earlier, compared with the poll’s 51.57% growth forecast.

Shipments of coal and copper remained strong, each rising more than 160%, while overseas sales of palm oil products, steel and oil and gas also registered high growth.

September imports rose 40.31% to $16.23 billion, versus the poll’s 50% forecast, with consumer goods imports surging nearly 60%.

Pubblicato in: Commercio, Devoluzione socialismo

Germania. Agosto21. Prezzi all’importazione +16.5% rispetto ad agosto20.

Giuseppe Sandro Mela.

2021-10-02.

2021-01-30__ Germania Import 001

                         In sintesi.

– Import prices +16.5% on the same month a year earlier

– Export prices +7.2% on the same month a year earlier

– In August 2021 energy imports were 93.6% more expensive than in August 2020.

– The largest influence on the year-on-year rate of energy price increase in August 2021 had natural gas with a plus of 177.5% and crude oil with a plus of 63.6%.

* * * * * * *

Destatis ha rilasciato il Report Import prices in August 2021: +16.5% on August 2020.

Pressrelease #457 from 29 September 2021

                         Import prices, August 2021

+1.4% on the previous month

+16.5% on the same month a year earlier

                         Export prices, August 2021

+0.7% on the previous month

+7.2% on the same month a year earlier

* * * * * * *


Wiesbaden – As reported by the Federal Statistical Office (Destatis), the index of import prices increased by 16.5% in August 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year change since September 1981 (+17.4% on September 1980). In July 2021 and in June 2021 the annual rates of change were +15.0% and +12.9%, respectively. From July 2021 to August 2021 the index rose by 1.4%.

                         High price increase mainly caused by energy price development

In August 2021 energy imports were 93.6% more expensive than in August 2020. The largest influence on the year-on-year rate of energy price increase in August 2021 had natural gas with a plus of 177.5% and crude oil with a plus of 63.6%.

The index of import prices, excluding crude oil and mineral oil products, increased by 13.8% in August 2021 compared with August 2020 and in comparison with July 2021 it rose by 1.6%.

The index of export prices increased by 7.2% in August 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since September 1981 (+7.3% on September 1980). In July 2021 and in June 2021 the annual rates of change were +6.3% and +5.0%, respectively. From July 2021 to August 2021 the index rose by 0.7%.

Pubblicato in: Commercio, Devoluzione socialismo

Iran e Venezuela. Accordo petrolifero totalmente incuranti delle sanzioni Usa.

Giuseppe Sandro Mela.

2021-09-29.

Venezuela 002

Quanto valga il peso politico ed economico di Joe Biden è stato ben dimostrato dalla cooptazione dell’Iran nello Sco.

Dushanbe. Russia e Cina integrano l’Iran nello SCO. Altra débâcle irredimibile di Joe Biden.

Ma che a prendere a schiaffi Joe Biden siano persino il Venezuela e l’Iran è davvero cosa grossa.

* * * * * * *

«Under U.S. sanctions, Iran and Venezuela strike oil export deal»

«Venezuela has agreed to a key contract to swap its heavy oil for Iranian condensate that it can use to improve the quality of its tar-like crude, with the first cargoes due this week»

«the deal between state-run firms Petroleos de Venezuela (PDVSA) and National Iranian Oil Company (NIOC) deepens the cooperation between two of Washington’s foes»

«The deal could be a breach of U.S. sanctions on both nations»

«U.S. sanctions programs not only forbid Americans from doing business with the oil sectors of Iran and Venezuela, but also threaten to impose “secondary sanctions” against any non-U.S. person or entity that carries out transactions with either countries’ oil companies»

«Secondary sanctions can carry a range of penalties against those targeted, including cutting off access to the U.S. financial system, fines or the freezing of U.S. assets»

«U.S. officials are concerned, the source said, that Iranian diluent shipments could help provide President Nicolas Maduro with more of a financial lifeline»

«→→ We will continue to enforce both our Iran and Venezuela-related sanctions ←←»

«U.S. government officials have insisted they do not plan to ease sanctions on Venezuela unless Maduro takes definitive steps toward free and fair elections»

* * * * * * *

«→→ We will continue to enforce both our Iran and Venezuela-related sanctions ←←»

Bene. Benissimo.

Gli Stati Uniti possono decretare le più terribili delle sanzioni, che tanto sia il Venezuela sia l’Iran non se ne curano minimamente.

Questo è il livello cui Joe Biden ha fatto precipitare l’America: quello dei quaraquaquà.

* * * * * * *


Exclusive: Under U.S. sanctions, Iran and Venezuela strike oil export deal.

Caracas/Houston/Washington, Sept 25 (Reuters) – Venezuela has agreed to a key contract to swap its heavy oil for Iranian condensate that it can use to improve the quality of its tar-like crude, with the first cargoes due this week, five people close to the deal said.

As the South American country seeks to boost its flagging oil exports in the face of U.S. sanctions, according to the sources, the deal between state-run firms Petroleos de Venezuela (PDVSA) and National Iranian Oil Company (NIOC) deepens the cooperation between two of Washington’s foes.

One of the people said the swap agreement is planned to last for six months in its first phase, but could be extended. Reuters could not immediately determine other details of the mwpact.

The oil ministries of Venezuela and Iran, and state-run PDVSA and NIOC did not reply to requests for comment.

The deal could be a breach of U.S. sanctions on both nations, according to a Treasury Department email to Reuters which cited U.S. government orders that establish the punitive measures.

U.S. sanctions programs not only forbid Americans from doing business with the oil sectors of Iran and Venezuela, but also threaten to impose “secondary sanctions” against any non-U.S. person or entity that carries out transactions with either countries’ oil companies.

Secondary sanctions can carry a range of penalties against those targeted, including cutting off access to the U.S. financial system, fines or the freezing of U.S. assets.

Any “transactions with NIOC by non-U.S. persons are generally subject to secondary sanctions,” the Treasury Department said in response to a question about the deal. It also said it “retains authority to impose sanctions on any person that is determined to operate in the oil sector of the Venezuelan economy,” but did not specifically address whether the current deal is a sanctions breach.

U.S. sanctions are often applied at the discretion of the administration in power. Former U.S. President Donald Trump’s government seized Iranian fuel cargoes at sea bound for Venezuela for alleged sanction busting last year, but his successor Joe Biden has made no similar moves.

In Washington, a source familiar with the matter said the swap arrangement between Venezuela and Iran has been on the radar screens of U.S. government officials as a likely sanctions violation in recent months and they want to see how far it will go in practical terms.

U.S. officials are concerned, the source said, that Iranian diluent shipments could help provide President Nicolas Maduro with more of a financial lifeline as he negotiates with the Venezuelan opposition towards elections.

Sanctions on both nations have crimped their oil sales in recent years, spurring NIOC to support Venezuela – including through shipping services and fuel swaps – in allocating exports to Asia.  

In a meeting at the U.N. General Assembly in New York on Wednesday, the foreign ministers of Venezuela and Iran publicly stated their commitment to stronger bilateral trade, despite U.S. attempts to block it.

Trump’s tightening of sanctions contributed last year to a 38% fall in Venezuela’s oil exports – the backbone of its economy – to their lowest level in 77 years and curtailed sources of fuel imports, worsening gasoline shortages in the nation of some 30 million people.

A U.S. Treasury spokesperson said the department was “concerned” about reports of oil deals between Venezuela and Iran, but had not verified details.

“We will continue to enforce both our Iran and Venezuela-related sanctions,” the spokesperson said. Treasury “has demonstrated its willingness” to blacklist entities who support Iranian attempts to evade U.S. sanctions and who “further enable their destabilizing behavior around the world,” the official added.

The swap contract would provide PDVSA with a steady supply of condensate, which it needs to dilute output of extra heavy oil from the Orinoco Belt, its largest producing region, the people said. The bituminous crude requires mixing before it can be transported and exported.

In return, Iran will receive shipments of Venezuelan heavy oil that it can market in Asia, said the people, who declined to be identified as they were not authorized to speak publicly.

                         CARGOES THIS WEEK

PDVSA has boosted oil swaps to minimize cash payments since the U.S. Treasury Department in 2019 blocked the company from using U.S. dollars. Washington has also sanctioned foreign companies for receiving or shipping Venezuelan oil.

Since last year, PDVSA has imported two cargoes of Iranian condensate in one-off swap deals to meet specific needs for diluents, and it has also exchanged Venezuelan jet fuel for Iranian gasoline.

The new contract would help PDVSA secure a source of diluents, stabilizing exports of the Orinoco’s crude blends, while allowing its own lighter oil to be refined in Venezuela to produce badly needed motor fuel, three of the people said.

The first 1.9 million barrel cargo of Venezuela’s Merey heavy crude under the new swap set sail earlier this week from PDVSA’s Jose port on the very large crude carrier (VLCC) Felicity, owned and operated by National Iranian Tanker Co (NITC), according to the three people and monitoring service TankerTrackers.com.

NITC, a unit of NIOC, did not reply to a request for comment.

The vessel was not included in PDVSA’s monthly port schedules for September, which lists planned imports and exports. However, TankerTrackers.com identified it while at Jose this month.

The Venezuelan crude shipment is a partial payment for a cargo of 2 million barrels of Iranian condensate that arrived in Venezuela on Thursday, according to the three sources and one of PDVSA’s port schedules.

                         LITTLE ENFORCEMENT

Last year, the previous Trump administration seized over 1 million barrels of Iranian fuel bound for Venezuela and blacklisted five tanker captains, as part of a “maximum pressure” strategy, but the United States has not interdicted recent Iranian supplies to Venezuela.

The U.S. State Department declined to comment on the deal. A Treasury spokesperson did not respond to a Reuters question on how concerned the government might be that Iran-Venezuela deals would allow PDVSA to step up exports.

U.S. government officials have insisted they do not plan to ease sanctions on Venezuela unless Maduro takes definitive steps toward free and fair elections.

Trump’s curbs on established companies doing business with PDVSA prompted the socialist-ruled nation to turn to swaps with Iran and other countries, while trading with a series of little-known customers.

PDVSA’s new customers and swaps have allowed it to keep exports stable around 650,000 barrels per day (bpd) this year, after they zigzagged in 2020.

However, a worsening shortage of diluents has recently limited oil exports, placing the Orinoco Belt production in an “emergency”, according to PDVSA documents from August and September related to its output status that were reviewed by Reuters.

PDVSA plans to mix the Iranian condensate with extra heavy oil to produce diluted crude oil, a grade demanded by Asian refiners that it has struggled to export since late 2019 when suppliers halted diluent shipments due to sanctions, the three sources said.

Pubblicato in: Cina, Commercio

Laos. Ferrovia Boten–Vientiane (China–Laos railway) quasi terminata.

Giuseppe Sandro Mela.

2021-09-13

Laos-China Railway

«The Boten–Vientiane railway (often referred to as the China–Laos railway) is a 414 kilometres (257 mi) 1,435 mm (4 ft 8+1⁄2 in) standard gauge electrified railway under construction in Laos, between the capital Vientiane and the small town of Boten on the border with China. It is the most expensive and largest project ever to be constructed in Laos.

In the north the line will be connected to the Chinese rail system in Mohan, through the Yuxi–Mohan railway. In the south it meets the existing metre-gauge railway in Thanaleng, linking it via Nong Khai in Thailand to Bangkok. A high-speed, standard gauge extension to Bangkok is also under construction. When finished, the Boten–Vientiane railway will form an important part of the Kunming–Singapore railway.

China aims to build a 5,500-km trans-Asia railway, which begins in Yunnan’s provincial capital Kunming and travels through Laos, Myanmar, Thailand, Vietnam, Cambodia and Malaysia, before ending in Singapore, according to Ding He, a deputy project manager for the China–Laos railway project. The Boten–Vientiane railway is part of the Belt and Road Initiative.» [Fonte]

* * * * * * *

«Despite the impact from the COVID-19 pandemic, both Chinese and Lao engineers are striving to complete the construction of the China-Laos Railway and put it on operation in the coming December as scheduled»

«It will be on December 2 when we are to complete the railway construction and make it ready for full operation»

«In the southern end of the railway in Vientiane, the China Railway No. 5 Engineering Group (CREC-5) has completed the construction of the main structure of the longest bridge along the China-Laos Railway, the Phonethong super major bridge with a length of 7,528.56 meters and 231 piers»

«In the northern end of the railway, the China Railway Construction Engineering Group (CRCEG) roofed the Lao border gate station in Boten On June 15, while the same Chinese company ceiled the top of the first railway station in Nateuy, some 360 km north of Lao capital Vientiane, nine months ago on Sept. 16, 2020»

«There is a Chinese saying ‘to get rich, build roads first»

«In the past two years, the cooperation between Laos and China has been outstanding. Especially, the first modern Vientiane-Vangvieng Expressway»

«an operating speed of 160 km per hour.»

* * * * * * *

Caratteristica del progetto Belt and Road è quello di dotare il sud-est asiatico di una rete ferroviaria ed autostradale allo stato dell’arte. Senza un sistema coordinato di rete ferroviaria ed autostradale sarebbe impossibile lo scambio di merci ed i viaggi delle persone.

Non solo.

La China–Laos railway si prolungherà fino in Thailandia, servendo Nakhon Ratchasima ed, infine, Bangkok ed il suo porto, i cui traffici sono quindi previsti in forte aumento. Le infrastrutture generano posti di lavoro.

*


Roundup: Construction progress of China-Laos Railway on schedule despite pandemic

VIENTIANE, June 25 (Xinhua) — Despite the impact from the COVID-19 pandemic, both Chinese and Lao engineers are striving to complete the construction of the China-Laos Railway and put it on operation in the coming December as scheduled.

“It will be on December 2 when we are to complete the railway construction and make it ready for full operation,” Xiao Qianwen, general manager of the Laos-China Railway Co., Ltd., a joint venture based in Lao capital Vientiane for the construction and operation of the first modern railway in the country, told Xinhua on Friday.

“We are not changing the timetable and we are striving for that goal, with over 90 percent of the engineering work done, and our preparation for the operation is well on the way.”

In the southern end of the railway in Vientiane, the China Railway No. 5 Engineering Group (CREC-5) has completed the construction of the main structure of the longest bridge along the China-Laos Railway, the Phonethong super major bridge with a length of 7,528.56 meters and 231 piers.

In the northern end of the railway, the China Railway Construction Engineering Group (CRCEG) roofed the Lao border gate station in Boten On June 15, while the same Chinese company ceiled the top of the first railway station in Nateuy, some 360 km north of Lao capital Vientiane, nine months ago on Sept. 16, 2020.

By May 15, the construction of all 67 communication towers along the China-Laos railway had completed, while the China-Laos railway tracks had been extended from Vientiane to the northern end of Boten.

“We will installed all the tracks by mid-August,” Lei Chao, a China Railway No. 2 Engineering Group (CREC-2) railing base project manager, told Xinhua on Friday in Vientiane.

Lei said the CREC-2 teams are carry out strict precaution measures against the COVID-19 pandemic as to achieve uninterrupted construction of the project with zero infection case. The company kicked off the track laying on March 27, 2020.

According to Xiao Qianwen, most of the construction sites are located in tropical mountainous areas, with complex geographical conditions and poor traffic conditions, resulting in difficulties for the construction.

Especially during the rainy season, the machinery can not get access to the construction sites and sometimes the Chinese engineering teams even have to turn to the piggyback transportation to carry large amounts of the needed materials and equipment.

The China-Laos Railway’s construction has been confronted with huge challenges and difficulties during the pandemic, but the construction progress in an orderly and balanced manner has boosted the confidence in the timely completion of the railway in this December, Bounthong Chitmany, vice president of Laos, said when talking to Xiao Qianwen in the Lao presidential palace on June 15.

On June 10, when inspecting the Vientiane railway station’s construction, Lao Deputy Prime Minister Sonexay Siphandone praised the Chinese engineering company there which hired some 700 local employees, hoping the railway will offer more jobs to local communities.

The deputy prime minister, on behalf of the Lao government, hailed and progresses and achievements of the China-Laos Railway construction amid the epidemic, saying that the railway is a landmark project of the friendship between Laos and China and its completion coincides with the 60th anniversary of the establishment of diplomatic relations between China and Laos, which is of great significance.

Both sides must cooperate to efficiently advance the remaining work, complete the construction and start the operation on schedule, and live up to the ardent expectations of the two parties and the two peoples, said Sonexay.

“The COVID-19 pandemic has brought many difficulties to the Lao people, and thus, I especially expect the railway to be open to traffic this year, which is something the Lao people have been dreaming for a long time,” said Somphone Inleuangsy, aged 24, from Luang Namtha, a mountainous province in northern Laos that borders China. He is currently receiving training at the CREC-2 railing base on the northern outskirts of Vientiane.

She told Xinhua “There is a Chinese saying ‘to get rich, build roads first,’ and I hope Laos, with the Laos-China railway, will become prosperous soon. I also hope Laos will become a transportation hub in Southeast Asia to drive the development in the region.”

“As a female, among all over 600 trainees of the China-Laos Railway, I feel very honored and proud. I hope that I can become a formal railway employee after the training, and I hope my parents can see how I drive a train,” Somphone said. “I also hope that with the opening of the China-Laos railway, more Chinese friends can come to help the development here.”

At present, a total of 636 Lao youngsters are trained for the future operation of China-Laos Railway, working as train drivers, equipment and infrastructure maintenance personnel.

“In the past two years, the cooperation between Laos and China has been outstanding. Especially, the first modern Vientiane-Vangvieng Expressway in Laos has been put into operation through cooperation, and the high-speed Laos-China Railway will be completed by the end of this year,” said Valy Vetsaphong, Lao Prime Minister’s advisor and vice president of the Lao National Chamber of Commerce and Industry.

“This is due to the policy coordination between the two countries, and the dovetail between Laos’ strategy to convert from a landlocked country to a land-linked hub and China’s Belt and Road Initiative.”

Valy told Xinhua “The Laos-China Railway will lay a new foundation for the introduction of foreign investment, and Laos will surely take the advantage to participate in the regional and global industrial chain. In other words, the China-Laos Railway will not only promote bilateral trade, investment and people-to-people exchanges, but also benefit the countries to be connected. I believe that the completion and operation of the Laos-China railway will promote the post-pandemic recovery of neighboring countries and the whole region.”

The over 400 km railway will run from Boten border gate in northern Laos bordering China to Vientiane with an operating speed of 160 km per hour.

The electrified passenger and cargo railway is built with the full application of the Chinese management and technical standards. The construction of the project started in December 2016 and is scheduled to be completed and open to traffic in December 2021. Enditem

Pubblicato in: Cina, Commercio, Economia e Produzione Industriale

Cina. Agosto21. Esportazioni salite del 25.6% su agosto20. Per fortuna era ‘male in arnese’.

Giuseppe Sandro Mela.

2021-09-09.

2021-09-07__ Cina Export 001

Così, il sistema economico cinese, dato dai media occidentali come agonizzante, ha segnato in agosto un Export del +25.6% ed un Import del +33.1%, confrontati con i valori rilevati nell’agosto 2020. Il saldo della bilancia commerciale è stato 58.3 miliardi Usd, per un valore annualizzato di 699.6 miliardi Usd.

I media occidentali sono esterrefatti, e si consolano dicendo che ” economic momentum has weakened”.

Ci si dimentica che per esportare occorre prima produrre, e che si importa ciò che poi dovrà essere lavorato.

Eppure, i rialzi dei costi delle materie prime ci sono anche per i cinesi.

* * * * * * *

«China’s August exports growth unexpectedly picks up speed in boost to economy»

«China staged an impressive recovery from a coronavirus-battered slump, but economic momentum has weakened recently due to Covid-19 outbreaks, high raw material prices and slowing exports»

«Shipments from the world’s biggest exporter in August rose at a faster-than-expected rate of 25.6% from a year earlier, from a 19.3.% gain in July»

«Exports from neighboring countries also showed encouraging growth last month, with South Korean shipments accelerating on strong overseas demand»

«Shipments from the world’s biggest exporter in August rose at a faster-than-expected rate of 25.6% from a year earlier, from a 19.3.% gain in July, pointing to some resilience in China’s industrial sector»

«→→ Analysts polled by Reuters had forecast growth of 17.1% ←←»

«August exports showed that despite a higher base for comparison from last year, the ongoing global recovery will not be impeded, and the impact from the resurgence in the Covid-19 pandemic remains limited»

«Export growth of machineries and hi-tech products stayed high»

«Exports from neighboring countries also showed encouraging growth last month, with South Korean shipments accelerating on strong overseas demand»

«China’s exports may sustain its strong growth into the fourth quarter, with overseas demand for Chinese goods over the Christmas season possibly exceeding expectations»

«the main constraint facing China’s exports right now is the very stretched international shipping capacity»

«A global semiconductor shortage has added to the strains on exporters»

«Imports increased 33.1% year-on-year in August»

«China’s trade surplus with the United States rose to $37.68 billion from $35.4 billion in July»

* * * * * * *

Nella foga verbale della guerra economica che gli Stati Uniti hanno intrapreso verso la Cina, accusandola di ogni possibile cosa che sia nefandezza ai loro occhi e sistematicamente sminuendone le capacità del sistema produttivo cinese, alla fine anche i liberal democratici sono obbligati a confrontarsi con numeri impietosi.

Europa. La stagflazione è in casa per rimanervi. Se ne pigli atto.

Europa. Luglio21. PPI, industrial producer prices, +12.2% su Luglio 2020. Inflazione a due cifre.

Usa. Nonfarm Payrolls 253,000. La débâcle economica di Joe Biden.

* * *

Una ultima considerazione.

Quale credibilità potrebbe ancora essere riposta negli ‘economisti’ occidentali che sbagliano in modo così vistoso le previsioni che fanno?

Si sono screditati con le loro stesse mani e con i loro fantasiosi giudizi surreali.

Gran brutto segno clinico il pensiero reso coatto dalla ideologia. Ha prognosi infausta.

*


China’s August exports growth unexpectedly picks up speed in boost to economy

– China staged an impressive recovery from a coronavirus-battered slump, but economic momentum has weakened recently due to Covid-19 outbreaks, high raw material prices and slowing exports.

– Shipments from the world’s biggest exporter in August rose at a faster-than-expected rate of 25.6% from a year earlier, from a 19.3.% gain in July.

– Exports from neighboring countries also showed encouraging growth last month, with South Korean shipments accelerating on strong overseas demand.

* * *

China’s exports unexpectedly grew at a faster pace in August thanks to solid global demand, helping take some of the pressure off the world’s second-biggest economy as it navigates its way through headwinds from several fronts.

China staged an impressive recovery from a coronavirus-battered slump, but economic momentum has weakened recently due to the delta variant-driven Covid-19 outbreaks, high raw material prices, slowing exports, tighter measures to tame hot property prices and a campaign to reduce carbon emissions.

Shipments from the world’s biggest exporter in August rose at a faster-than-expected rate of 25.6% from a year earlier, from a 19.3.% gain in July, pointing to some resilience in China’s industrial sector.

Analysts polled by Reuters had forecast growth of 17.1%.

“August exports showed that despite a higher base for comparison from last year, the ongoing global recovery will not be impeded, and the impact from the resurgence in the Covid-19 pandemic remains limited,” said Ji Chunhua, Senior Vice President of Research at Zhongtai International.

Export growth of machineries and hi-tech products stayed high in August, Ji said.

Exports from neighboring countries also showed encouraging growth last month, with South Korean shipments accelerating on strong overseas demand.

Some of the port gridlock also appears to have cleared in a boost to China’s shippers last month.

The eastern coastal ports have suffered congestion as a terminal at the country’s second biggest container port shut down for two weeks due to a Covid-19 case. That put further pressure on global supply chains already struggling with a shortage of container vessels and high raw material prices.

Zhang Yi, Beijing-based economist at Zhonghai Shengrong Capital Management, said China’s exports may sustain its strong growth into the fourth quarter, with overseas demand for Chinese goods over the Christmas season possibly exceeding expectations.

“We believe the main constraint facing China’s exports right now is the very stretched international shipping capacity.”

However, behind the robust headline figures, businesses are struggling on the ground. Companies faced increasing pressure in August as factory activity expanded at a slower pace while the services sector slumped into contraction. A global semiconductor shortage has added to the strains on exporters.

Imports increased 33.1% year-on-year in August, beating an expected 26.8% gain in the Reuters poll, buoyed by still high prices. That compared with 28.1% growth in the previous month.

China posted a trade surplus of $58.34 billion in August, versus the poll’s forecast for a $51.05 billion surplus and $56.58 billion in July.

Many analysts expect the central bank to deliver a further cut to the amount of cash banks must hold as reserves later this year to lift growth, on top of

July’s cut which released around 1 trillion yuan ($6.47 trillion) in long-term liquidity into the economy.

The country appears to have largely contained the latest coronavirus outbreaks of the more infectious delta variant, but it prompted measures including mass testing for millions of people as well as travel restrictions of varying degrees in August.

China’s trade surplus with the United States rose to $37.68 billion from $35.4 billion in July, Reuters calculations based on the customs data showed.

Pubblicato in: Cina, Commercio, Diplomazia, Geopolitica Asiatica

Myanmar. La Cina riannoda salde relazioni politiche ed economiche. Oceano Indiano.

Giuseppe Sandro Mela.

2021-09-02.

2021-09-03__ Myanmar Cina 001

Negli ultimi trenta anni la Cina si è evoluta da paese misero a primaria potenza politica, militare ed economica.

La ricetta di simile sviluppo è semplice, financo banale: trattative bilaterali su base paritetica e nessuna interferenza negli affari interni dei paesi contraenti.

È l’esatto opposto di quanto propugna il credo liberal, che erge i suoi seguaci al rango di giudici universali inappellabili, che condannano e sanzionano chiunque non si sottometta alla loro ideologia.

Il risultato finale di tale visione del mondo è stata la débâcle in Afghanistan, che ha fatto perdere ogni credibilità nell’America e la ha declassata da grande potenza ad un mesto ruolo locoregionale.

* * * * * * *

«China’s special envoy for Asian Affairs Sun Guoxiang visited Myanmar last week for talks with its military rulers, as a new route spanning the Southeast Asian nation opened up connecting Chinese trade flows to the Indian Ocean»

«As opposed to most Western countries that have condemned the army for ousting the elected government of Aung San Suu Kyi, China has taken a softer line and said its priorities are stability and not interfering in its neighbour»

«During his Aug. 21 to Aug. 28 visit, Sun met military ruler Min Aung Hlaing as well as foreign minister Wunna Maung Lwin and Minister for the Union Government Office Yar Pyae and “exchanged views with them on the political landscape in Myanmar”»

«We will work together with the international community to play a constructive role in Myanmar’s efforts to restore social stability and resume democratic transformation at an early date»

«China supported Myanmar working with the Association of Southeast Asian Nations (ASEAN) to implement a five-point consensus aimed at resolving the crisis and “opposes undue external intervention”»

«it was possible Myanmar’s other big neighbour India could decide to follow suit»

«China’s embassy in Myanmar announced the opening of the new trade route linking Yangon’s port on the Indian Ocean to the Chinese border province of Yunnan and by rail onwards to Chengdu in the southwestern province of Sichuan»

«Successful testing of the new Indian Ocean route is an important breakthrough in strengthening China-Myanmar trade relations»

* * * * * * *

Poter utilizzare il porto di Yangon, significa per la Cina disporre di un accesso sicuro sull’Oceano Indiano, a poco meno di mille kilometri di strada ferrata dal centro logistico di Chengdu. Accorcia di circa sette migliaia di kilometri la lunghezza delle rotte marittime con la Cina, evitando il passaggio attraverso lo stretto di Malacca, posto a 1,956 kilometri di distanza in linea di aria.

La Cina non si cura minimamente di cosa stiano pensano glio ccidentali. Proprio per nulla.

Non solo.

Per il Myanmar genera una occasione unica di generare posti di lavoro qualificati, qualificare il porto di Yangon, generano altresì un indotto di tutto rispetto economico.

Poi, a Cina aveva già provveduto a costruire una linea ferroviaria ad alta velocità tra Chengdu e Lincang.

Chinese High-Speed Rail Network Reaches Myanmar’s Border

«The opening of the Chengdu-Lincang line will further mainland Southeast Asia’s historic reorientation toward the north.

Lost among the torrent of disheartening news from Myanmar was a report on the official opening of a new rail line bringing China’s high-speed railway network to the country’s border with Myanmar. The recently completed railway runs from Chengdu, the capital of China’s Sichuan province, to Lincang, a prefecture-level city in Yunnan province opposite the town of Chinshwehaw in Myanmar’s Shan State. ….

the railway’s opening ceremony on August 25 that the border would function as an important node of the Belt and Road Initiative (BRI) and would work to write a new chapter in the history of friendly “paukphaw” relations between Myanmar and China.

The new rail line is just the latest in a flurry of transport links that have bound Yunnan province, once a sparsely populated frontier region at the outer reaches of the Chinese empire, into China’s dense highway and rail network. It also reflects the long process of China’s deepening integration with Myanmar and the other nations of mainland Southeast Asia.»

*


China envoy visits Myanmar as new route to Indian Ocean opened.

China’s special envoy for Asian Affairs Sun Guoxiang visited Myanmar last week for talks with its military rulers, as a new route spanning the Southeast Asian nation opened up connecting Chinese trade flows to the Indian Ocean.

As opposed to most Western countries that have condemned the army for ousting the elected government of Aung San Suu Kyi, China has taken a softer line and said its priorities are stability and not interfering in its neighbour.

During his Aug. 21 to Aug. 28 visit, Sun met military ruler Min Aung Hlaing as well as foreign minister Wunna Maung Lwin and Minister for the Union Government Office Yar Pyae and “exchanged views with them on the political landscape in Myanmar”, China’s foreign ministry spokesperson Wang Wenbin said on Tuesday.

“We will work together with the international community to play a constructive role in Myanmar’s efforts to restore social stability and resume democratic transformation at an early date,” Wang told a regular news briefing in Beijing, when asked about Sun’s trip.

China supported Myanmar working with the Association of Southeast Asian Nations (ASEAN) to implement a five-point consensus aimed at resolving the crisis and “opposes undue external intervention”, Wang said.

Opponents of Myanmar’s junta have accused China of supporting February’s military takeover that has sparked daily protests leading to hundreds of deaths and thousands displaced by fighting between the army and hastily formed militias.

Beijing has rejected such accusations and said it backs regional diplomacy on the crisis.

A spokesman for Myanmar’s National Unity Government made up of opponents of military rule did not immediately respond to a request for comment on the Chinese visit.

But members of the shadow government have previously urged countries to deal with them rather than the military.

“China seems to be endorsing the junta by the way it is conducting diplomacy,” said Sai Wansai, a political analyst from the Shan ethnic minority, who said it was possible Myanmar’s other big neighbour India could decide to follow suit.

Separately, China’s embassy in Myanmar announced the opening of the new trade route linking Yangon’s port on the Indian Ocean to the Chinese border province of Yunnan and by rail onwards to Chengdu in the southwestern province of Sichuan.

“Successful testing of the new Indian Ocean route is an important breakthrough in strengthening China-Myanmar trade relations,” the embassy said on its Facebook page.

Pubblicato in: Agricoltura, Commercio, Devoluzione socialismo

Vietnam. Il lockdown impedisce l’export del caffè. Un modello economico in crisi.

Giuseppe Sandro Mela.

2021-09-02.

Michelamgelo Minosse 010

Il Vietnam è il principale produttore mondiale del caffè “robusta”, tipologia utilizzata per la produzione di caffè solubile.

Al momento attuale, il lockdown per l’insorgere dell’epidemia da variante Delta ha ridotto al minimo l’exsport di tale tipo di caffè, con grave danno dei produttori, carenza di questa merce sui mercati internazionali, ed il conseguente aumento dei costi, saliti già del 50% da inizio anno.

* * * * * * *

«Vietnam is a major producer of robusta, the bitter tasting bean used in instant coffee and some espresso blends»

«Wholesale robusta bean prices have risen by about 50% so far this year»

«The lockdown of the South-Eastern city of Ho Chi Minh means Vietnam’s exporters are struggling to transport goods, including coffee beans, to ports for shipment around the world»

«The travel restrictions present yet another problem to exporters already faced with a serious shortage of shipping containers and soaring freight costs»

«The city and its ports are a key part of the global shipping network that runs from China to Europe»

«Brazil, the world’s biggest producer of the premium arabica coffee beans, has seen its crops impacted by drought and frosts»

* * * * * * *

Questo è un severo campanello di allarme.

Il modello economico secondo il quale i raccolti avrebbe sempre dovuto essere rigogliosi e l’export immediato dal paese coltivatore a quelli che lo processano sembrerebbe non più funzionare.

Una delle conseguenze maggiori consiste nel fatto che l’industria che lavora la materia prima sarà obbligata a costituire scorte significative, con ulteriore aggravio dei costi.

*


Vietnam lockdown adds to global coffee supply concerns

Vietnam has added to concerns over global supplies of coffee as the South East Asian country’s biggest city remains in lockdown.

The exporting hub of Ho Chi Minh has been kept under tough travel restrictions after a surge in cases of the Delta variant of the coronavirus.

Vietnam is a major producer of robusta, the bitter tasting bean used in instant coffee and some espresso blends.

Wholesale robusta bean prices have risen by about 50% so far this year.

The lockdown of the South-Eastern city of Ho Chi Minh means Vietnam’s exporters are struggling to transport goods, including coffee beans, to ports for shipment around the world.

The travel restrictions present yet another problem to exporters already faced with a serious shortage of shipping containers and soaring freight costs.

The city and its ports are a key part of the global shipping network that runs from China to Europe.

The Vietnam Coffee-Cocoa Association and other trade organisations have called on the country’s government to ease the restrictions to help avoid further delays to shipments and related costs.

Last week, Vietnam’s transport minister responded to the concerns by ordering regional authorities in the south of the country to take action to ease unnecessary burdens on the transport of goods, including coffee.

The issues faced by Vietnamese producers are just the latest problem to hit the coffee industry.

Brazil, the world’s biggest producer of the premium arabica coffee beans, has seen its crops impacted by drought and frosts.

The worst frosts in Brazil since 1994 have sent the cost of unroasted coffee beans to the highest level seen in close to seven years.

According to reports, the frost damage was so severe that some coffee farmers may need to replant trees, which could mean that its takes them up to three years to resume production.

Pubblicato in: Commercio, Devoluzione socialismo, Logistica

Mondo. La catena degli approvvigionamenti continua a peggiorare.

Giuseppe Sandro Mela

2021-09-01.

2021-08-28__ Trasporti 001

«The World Economy’s Supply Chain problem keeps getting worse»

«Supply chain shortfalls that were temporary now look like they will last well into next year as rising delta volumes ramp up factory output in Asia and disrupt shipping, causing further shocks to the world economy»

«Manufacturers grappling with shortages of key components and high raw material and energy costs are being forced into bidding wars for space on ships, pushing freight rates to records and pushing prices to some exporters»

«We can’t get enough components, we can’t get containers, the cost has gone up significantly»

«the cost of magnets used in the puzzle toy has risen about 50% since March, raising production costs by about 7%»

«China’s determination to stamp out Covid means that even a small number of cases can cause major disruptions in business. This month the government temporarily closed part of the world’s third-busiest container port for two weeks after a dockworker found a delta version»

«→→ the cost of shipping a container from Asia to Europe is almost 10 times higher than in May 2020, while the cost from Shanghai to Los Angeles has exceeded six times ←←»

«In the US, …. Compared to a year ago, the personal consumption expenditure price index is now expected to rise 4% in the third quarter and 4.1% in the fourth quarter, doubling the Federal Reserve’s 2% target»

«Even the mighty Toyota Motor Corp. is impressed. The automaker warned this month that it would suspend production at 14 plants across Japan and cut production by 40% due to supply disruptions, including chip shortages»

«Large retailers have long-term contracts with container lines, but Asian production depends on a network of thousands of small and medium-sized producers who often arrange shipping through logistics firms and freight forwarders»

«→→ 60% to 70% of his customers have cut shipments because of rising costs. ←←»

«many Chinese companies are willing to pay above-market rates to load their goods. So when ships call at ports outside China, they are already almost full»

* * * * * * *

Produrre in un continente per esportare il prodotto in un altro continente si basava sul postulato implicito che i prezzi del trasporto restassero accettabili e stabili.

Questo assunto è crollato negli ultimi nove mesi.

Quando il costo di invio di un container dall’Asia all’Europa è salito di dieci vote in un anno o si riducono le spedizioni oppure si devono aumentare significativamente i prezzi.

A ciò si aggiungano i prezzi in salita delle materie prime, e del loro relativo trasporto.

Si è formata una situazione esplosiva che sosterrà una susseguente grande crisi inflazionistica.

*


The World Economy’s Supply Chain Problem Keeps Getting Worse

Supply Lines is a daily newspaper that tracks business and supply chains disrupted by the pandemic.

Supply chain shortfalls that were temporary now look like they will last well into next year as rising delta volumes ramp up factory output in Asia and disrupt shipping, causing further shocks to the world economy.

Manufacturers grappling with shortages of key components and high raw material and energy costs are being forced into bidding wars for space on ships, pushing freight rates to records and pushing prices to some exporters. Being prompted to increase or simply cancel the shipment altogether.

“We can’t get enough components, we can’t get containers, the cost has gone up significantly,” said Christopher Tse, chief executive officer of Hong Kong-based Musical Electronics Ltd. Cubes.

Tse said the cost of magnets used in the puzzle toy has risen about 50% since March, raising production costs by about 7%. “I don’t know if we can make money out of a Rubik’s Cube because the prices keep changing.”

China’s determination to stamp out Covid means that even a small number of cases can cause major disruptions in business. This month the government temporarily closed part of the world’s third-busiest container port for two weeks after a dockworker found a delta version. Earlier this year, ferries were disabled after some coronavirus cases were discovered in Shenzhen.

“Port congestion and a lack of container shipping capacity could last into the fourth quarter or even mid-2022,” said Hsieh Hye-chuan, president of Taiwan-based Evergreen Marine Corp. Briefing on 20 August. “If the pandemic cannot be effectively controlled, port congestion could be a new normal.”

According to the Drury World Container Index, the cost of shipping a container from Asia to Europe is almost 10 times higher than in May 2020, while the cost from Shanghai to Los Angeles has exceeded six times. The global supply chain has become so fragile that a single, small accident “could easily amplify its impact,” HSBC Holdings Plc. Said in a note.

Chua Hak Bin, senior economist at Maybank Kim Eng Research Pte, said higher freight charges and semiconductor prices could contribute to inflation. in Singapore. In addition, producers, including Taiwan’s Giant Manufacturing Company, the world’s largest bicycle maker, say they will raise prices to reflect increased costs.

In the US, forecasters have downgraded growth projections for this year and raised inflation expectations to 2022, according to the latest monthly survey by Businesshala economists. Compared to a year ago, the personal consumption expenditure price index is now expected to rise 4% in the third quarter and 4.1% in the fourth quarter, doubling the Federal Reserve’s 2% target.

Hong Kong-based coffee-machine maker Eric Chan doesn’t see Crunch easy for months as he adds a supply line that includes hundreds of components to meet growing demand for kitchen appliances.

Chan, chief executive of Town Ray Holdings Ltd., said, “We are stockpiling critical components for one year’s use because if we miss a component, we cannot manufacture the products, which are domestic in Europe. Gets 90% of sales from brand names.” .

The proliferation of the Delta version, especially in Southeast Asia, is making it difficult for many factories to operate at all. In Vietnam, the world’s second largest producer of footwear and clothing, the government has ordered manufacturers to allow workers to sleep in their factories to try to keep exports going.

Even the mighty Toyota Motor Corp. is impressed. The automaker warned this month that it would suspend production at 14 plants across Japan and cut production by 40% due to supply disruptions, including chip shortages.

On the other side of the planet, companies in the UK are grappling with record lows in stocks and retail selling prices rising at their fastest pace since November 2017.

Germany’s recovery is also in danger. A key measure of business confidence in Europe’s largest economy, released on Wednesday by the Munich-based Ifo Institute. Shortages of metals, plastics products and semiconductors, among other goods, have caused further declines than economists had predicted.

What does Businesshala Economics say…

With some major exporters, including Indonesia and Vietnam, still struggling to contain the delta’s outbreak, it is hard to see supply chain bottlenecks resolved any time soon. It could continue the global recovery by slowing production and raising costs, though not derailing it.

Chang Shu, Chief Asia Economist

At the heart of the price pressure is the transportation bottleneck.

Large retailers have long-term contracts with container lines, but Asian production depends on a network of thousands of small and medium-sized producers who often arrange shipping through logistics firms and freight forwarders. In return they are struggling to secure space for customers as shipowners sell to the highest bidders.

According to Michael Wang, an analyst at President Capital Management Corp., about 60% to 70% of shipping deals on the Asia-America route are done through spot or short-term deals. He said auction-style pricing could continue until the Chinese New Year. in February 2022.

Buyer agrees. In Germany, more than half of the 3,000 firms polled by the Association of German Chambers of Industry and Commerce expect widespread supply-chain problems next year.

‘no option’

“No longer do container liners sign long-term agreements, and most deals are done at spot prices,” said Jason Low, CEO of Taiwan’s gym equipment maker Johnson Health Tech Co. He said that it was becoming impossible to estimate and do the shipping cost. Financial planning, but “we have no choice.”

Colin Sung, general manager of Dongguan-based World-Beater International Logistics Co., said a customer had more than 70 containers of goods sitting in a warehouse in Shenzhen because his US buyer did not want to pay shipping costs. Sung said 60% to 70% of his customers have cut shipments because of rising costs.

The problem is even worse for Asian factories outside China. A spokesman for HMM Co., South Korea’s largest container line, said many Chinese companies are willing to pay above-market rates to load their goods. So when ships call at ports outside China, they are already almost full.

Chinese companies that have spent decades shifting production of low-value components to cheaper labor markets in South and Southeast Asia are now faced with the headache of trying to get those parts into factories where they are made into finished products. can be assembled in.

“We’re talking a lot of money to turn things around,” said Sunny Tan, executive vice president of Luen Thai International Group Ltd., which manufactures clothing and leather handbags for global brands.

As factories succumb to lock-downs, manufacturers are forced to move raw materials from one country to another in a game of odd-even bargains. Some have resorted to air-freighting materials from leather to factories to keep production lines running.

Meanwhile, Luen Thai’s Tan, who is also the vice president of the Federation of Hong Kong Industries, is trying to figure out how they will fill the festive display window just in time for Christmas. “I wish when buyers see my product they give it a kiss when they realize how hard it was just to get it off the shelf.”

Pubblicato in: Commercio, Devoluzione socialismo, Logistica, Materie Prime

Baltic Dray Index 4,235, Materie Prime ancora in salita. Inflazione.

Giuseppe Sandro Mela.

2021-08-31.

2021-08-29__ Baltic Dray Index 001

«The Baltic Dry Index is reported daily by the Baltic Exchange in London. The index provides a benchmark for the price of moving the major raw materials by sea. The index is a composite of three sub-indices that measure different sizes of dry bulk carriers: Capesize, which typically transport iron ore or coal cargoes of about 150,000 tonnes; Panamax, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes; and Supramax, with a carrying capacity between 48,000 and 60,000 tonnes. The Baltic Dry Index takes into account 23 different shipping routes carrying coal, iron ore, grains and many other commodities.»

2021-08-29__ Baltic Dray Index 002

«The Baltic Exchange Dry Index rose 1% to 4,235 on Friday, a more than 11-year high as gains in the larger capesize segment countered a retreat in panamaxes. The capesize index, which tracks iron ore and coal cargos of 150,000-tonnes added 2% to 6,162 and the supramax index went up 33 points to an all-time high of 3,470. On the other hand, the panamax index which tracks cargoes of about 60,000 to 70,000 tonnes of coal and grains, decreased 0.9% to 3,874. For the week, the Baltic Exchange’s main dry bulk sea freight index climbed 3.5%, its sixth straight week of gains buoyed by both the capesize index (2.8%) and the panamax index (6.1%). source: Baltic Exchange»

2021-08-29__ Baltic Dray Index 003

* * * * * * *

Se le materie prime hanno evidenziato un più che significativo aumento dei prezzi alla estrazione, il loro trasporto via nave dall’estrattore ai paesi utilizzatori ha quasi triplicato i costi nel breve volgere i pochi mesi.

È andata in profonda crisi tutta la catena logistica degli approvvigionamenti, coinvolgendo anche tutto l’interscambio di prodotti manufatti.

Allo stato attuale delle cose, sta crollando la visione di sistemi economici basati sull’interscambio a basso costo di materie prime sottovalutate.

Come risultato, ne deriva una spinta inflazionistica di portata epocale.

Pubblicato in: Commercio, Devoluzione socialismo

Germania. Luglio21. Prezzi delle importazioni +15.0% su luglio20.

Giuseppe Sandro Mela.

2021-08-28.

Destatis__001

Destatis ha rilasciato il Report Import prices in July 2021: +15.0% on July 2020

                         Import prices, July 2021

+2.2% on the previous month

+15.0% on the same month a year earlier

                         Export prices, July 2021

+1.2% on the previous month

+6.3% on the same month a year earlier

* * * * * * *

Wiesbaden – As reported by the Federal Statistical Office (Destatis), the index of import prices increased by 15.0% in July 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since September 1981 (+17.4%). In June 2021 and in May 2021 the annual rates of change were +12.9% and +11.8%, respectively. From June 2021 to July 2021 the index rose by 2.2%.

                         High price increase mainly caused by energy price development

In July 2021 energy imports were 89.6% more expensive than in July 2020. This high rate of annual change derives from the very low prices in July 2020. The largest influence on the year-on-year rate of energy price increase in July 2021 had natural gas with a plus of 170.5% and crude oil with a plus of 68.9%.

The index of import prices, excluding crude oil and mineral oil products, increased by 12.2% in July 2021 compared with July 2020 and in comparison with June 2021 it rose by 2.0%.

The index of export prices increased by 6.3% in July 2021 compared with the corresponding month of the preceding year. This has been the highest year-on-year-change since January 1982 (+6.6%). In June 2021 and in May 2021 the annual rates of change were +5.0% and +4.2%, respectively. From June 2021 to July 2021 the index rose by 1.2%.

* * * * * * *

«import prices increased by 15.0% in July 2021 compared with the corresponding month of the preceding year»

«In July 2021 energy imports were 89.6% more expensive than in July 2020»

«The index of import prices, excluding crude oil and mineral oil products, increased by 12.2% in July 2021 compared with July 2020»

* * * * * * *

Un aumento dell’89.6% sull’imports energetico costituisce un enorme aggravio sui prezzi della produzione industriale.

Infatti il Core Producer Price Index, PPI, rilasciato il 20 agosto, era 10.4%.