INSIGHTSThe world economy is expected to grow by less than 3 per cent in 2023, and India and China are likely to account for half of the global economic growth, while others face a steeper climb, IMF managing director Kristalina Georgieva has said.Poverty and hunger could further rise and 90 per cent of advanced economies may witness a growth rate dip, she said.The world economy is expected to grow by less than 3 per cent this year, and India and China are expected to account for half of the glo

INSIGHTSAsia is likely to accelerate its pace of economic growth, continue to advance regional production, trade, investment and financial integration and cohesion, and seize 'Asian moment' for global economic governance this year, said the Boao Forum for Asia.It estimates Asia's 2023 weighted real GDP growth rate to be 4.5 per cent, up from 2022's 4.2 per cent.In the context of a global economic slowdown and the risk of increasing fragmentation of globalisation this year, Asia i

INSIGHTSCotton yarn prices decreased by ₹2-5 per kg today in north India due to low demand from downstream industries, but traders expect better demand next month.Panipat noted a steady trend in prices, while 18 count recycled PC yarn prices were feeling the pressure due to low demand from Uttar Pradesh.Cotton prices remained steady, with limited cotton arrival.North India's cotton yarn prices have eased by ₹2-5 per kg today due to lower demand from downstream industries. Cotton yarn prices

Chinese President Xi Jinping's recent visit to Russia highlighted the significance of economic relations between the two major economies, including trade. Jinping expressed China's readiness to expand cooperation with Russia in trade and other economic activities. However, export date indicates a downtrend in trade during the previous years, even as China remained a major apparel supplier for Russia.China's apparel exports to Russia amounted to $2.835 billion last year. The outbound

China exported textiles, apparel, and clothing accessories worth $40.845 billion in the first two months of 2023, registering a decline of 18.50 per cent compared to the corresponding period of the previous year. The latest monthly data released by the General Administration of Customs of China shows that the country's garment exports decreased by 14.7 per cent in the same period.Garment and clothing accessories exports stood at $21.677 billion in January-February 2023, which was 14.7 per ce

China’s business confidence rebounded to a decade-high in February 2023, mainly due to the recent roll back of COVID-19 containment measures and the country’s return to more normal business conditions, according to the S&P Global China Business Outlook survey. Optimism around the 12-month outlook for output rose notably from that seen last October.Expectations regarding future employment and profitability also improved markedly at the start of 2023. At the same time, firms anticipate stronge

China's trade with the Association of Southeast Asian Nations (ASEAN) has surged by 9.6 per cent year-on-year (YoY) during first two months of 2023, reaching a total value of 951.93 billion yuan (approximately $137.25 billion), accounting for 15.4 per cent of the country's foreign trade, according to China’s official customs data. The country’s total trade during the same period has seen a slight decline of 0.8 per cent YoY, with a total value of 6.18 trillion yuan.During the first two m

The road logistics price index in China rose in February this year to 103.4—up by 5.2 per cent year on year—amid sound recovery of the transportation sector, according to a survey jointly conducted by the China Federation of Logistics and Purchasing and the Guangdong Lin'an Logistics Group. The survey was upbeat about the sector’s future performance.It emphasised on further expansion of domestic demand amid the country’s strong economic rebound.The sub-indices for all types of vehicles durin

Langfang, a city located in the Hebei province in North China, recently launched its first China-Europe freight train, marking a milestone in the city’s transportation development. The launch of the China-Europe freight train service will provide a more efficient and cost-effective transportation option for businesses in Langfang and other regions.The train, which carried 55 40-foot containers with a total value of nearly 20 million yuan (about $2.88 million), has departed from Langfang and will

G20 merchandise trade contracted in value terms in the fourth quarter (Q4) of 2022, compared to the previous quarter and measured in current US dollars. Continuing the downward trend from its peak in Q2 2022, exports and imports declined by 3.5 per cent and 3.1 per cent, respectively, reflecting sluggish global demand and decreasing energy prices.Falling oil prices weighed especially heavily on merchandise trade in North America, with exports contracting by 6.7 per cent in Canada, 5.4 per cent i