Global trade volume by quarter from 2015 to 2025. Chart: Global Trade Outlook and Statistics Report by WTO

On November 29, 2021, China announced an expansion of zero-tariff treatment for products imported from the least developed countries (LDCs) that have established diplomatic relations with China. By 2024, China continues to grant zero-tariff treatment to 43 LDCs that have established diplomatic relations with China and have completed the exchange of official documents. Additionally, China has adjusted import and export tariffs on certain goods, implementing provisional import tariffs lower than the most-favored-nation (MFN) rates on 1,010 items and zero tariffs on specific products. 

According to the World Trade Organization’s global merchandise trade data in 2023, China’s total import and export value reached US$5.94 trillion in 2023, maintaining its position as the world’s largest merchandise trading nation for the seventh consecutive year. China accounted for 14.2% of global exports and 10.6% of global imports, holding the top and second positions in the international market for 15 consecutive years. Against the backdrop of a challenging global economic recovery, China’s economy demonstrated strong resilience, serving as a driving force for global trade growth.

In November 2024, the World Openness Report 2024, released during the 7th China International Import Expo, highlights that while the global openness index has been declining, China’s openness index rose from 0.6789 in 2008 to 0.7596 in 2023, an increase of 11.89%, placing China among the top countries globally in terms of improvement. In 2023, China ranked 38th out of 129 economies in the openness index, up one position from 2022.

According to a recent assessment by Dealogic, Santander Corporate & Investment Banking (Santander CIB) ended 2023 as the world’s leader in export finance, with transactions amounting to US$13.2 billion (€12 billion at current exchange rates) and a market share of 12.1%. This performance ranks first in Europe and among the top 10 in Latin America, the Middle East and Africa. The reason for the top ranking is that Santander CIB has close relationships with all export credit agencies (ECAs) around the world and has a deep understanding of its clients’ industries and markets.

In recent years, Santander CIB has been developing its export and agency finance (EAF) business, with the spotlight on import and export clients. It has contributed to the design of innovative products hand in hand with ECAs, combining global and local origination and structuring capabilities that underpin the franchise’s success.

Guillermo Hombravella, global head of Export & Agency Finance of Santander, said, “We’ve built a unique global franchise that brings together sponsors, exporters, importers, ECAs and investors from all over the world. What’s more, our global footprint enables us to connect Europe, the Americas, Asia-Pacific, the Middle East and Africa which, in turn, allows us to offer an exclusive catalogue of financial solutions.”

In recent years, China has significantly increased its imports of agricultural products from Africa, becoming the second-largest market for African agricultural exports. At the China International Import Expo in Shanghai held in November 2024, COFCO Group placed a particular emphasis on procuring agricultural products such as cotton from Benin and other least developed countries in Africa. By signing procurement agreements and establishing long-term partnerships, COFCO supports the access  for high-quality African agricultural products to the Chinese market and their integration into global agri-food supply chain, achieving mutual benefits and shared success.

In addition to maintaining imports from traditional grain-exporting countries, COFCO Group has further strengthened its imports from countries participating in the Belt and Road Initiative, including Kazakhstan, Bulgaria, and Argentina. According to statistics, over one-third of the procurement agreements signed during the expo involved imports from Belt and Road countries, covering a wide range of products, including wheat and rice.

Source: COFCO

Shenzhen strengthens trade exchanges with Dubai

Photo: Net Ease

On November 18, 2024, the 7th International Conference of Shenzhen Associations and Middle East-Shenzhen Economic and Trade Exchange Conference was grandly held at the Dubai World Trade Centre in the United Arab Emirates. This day not only marked a milestone celebrating the 40th anniversary of the diplomatic relations between China and the UAE but also reaffirmed their commitment to deepening bilateral cooperation in economic, technological and other strategic sectors. During the event, the enthusiasm for collaboration between Shenzhen enterprises and their Middle Eastern partners was palpable, with total intended investments and trade volumes exceeding 20 billion yuan. This robust engagement injects vitality into the friendly exchanges between the two regions.

The conference attracted significant participation from Shenzhen enterprises, including Oale Intelligence, Hanmu Industrial, and Gold Ribbon Industrial, among others. These companies signed a series of cooperation agreements with local firms in Dubai. The projects span a range of initiatives, such as establishing overseas warehouses, co-developing manufacturing facilities, and creating electronic display and sales centers. Aimed at fostering mutual benefit and deeper trade ties, these collaborations are set to drive economic growth. Beyond generating business opportunities for the participants, these partnerships also further solidified the cooperative relationship between Shenzhen and Dubai as sister cities, showcasing positive interactions across logistics, infrastructure, technology, and finance.

Source: Sohu

●Background

Sustainable Development Goals (SDGs) initiated by the United Nations

On January 1, 2016, the 17 Sustainable Development Goals (SDGs), including 169 targets, of the 2030 Agenda for Sustainable Development — adopted by world leaders in September 2015 at an historic UN Summit — officially came into force. Countries will mobilize efforts to end all forms of poverty, fight inequalities and tackle climate change while ensuring that no one is left behind.