{"id":20116,"date":"2023-09-07T15:41:26","date_gmt":"2023-09-07T07:41:26","guid":{"rendered":"https:\/\/newsbites.hktdc.com\/?p=20116"},"modified":"2023-09-07T15:58:57","modified_gmt":"2023-09-07T07:58:57","slug":"aug-recap","status":"publish","type":"post","link":"https:\/\/newsbites.hktdc.com\/markets\/aug-recap\/","title":{"rendered":"August Trade: Major Events Recap"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"20116\" class=\"elementor elementor-20116\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-836590c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"836590c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-aff36dc\" data-id=\"aff36dc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1694721 elementor-widget elementor-widget-text-editor\" data-id=\"1694721\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Global trade market is ever-changing with new challenges and opportunities. To facilitate your business planning, we have summarised key happenings last month for easy reading:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ae5486 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ae5486\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7f9670d\" data-id=\"7f9670d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8220ad4 elementor-widget elementor-widget-heading\" data-id=\"8220ad4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">UK Announced Indefinite Extension of EU's \"CE\" Marking<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b271c3e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b271c3e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c266236\" data-id=\"c266236\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d2f68ef elementor-widget elementor-widget-text-editor\" data-id=\"d2f68ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The UK Government announced on August 1, 2023 to <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-government-announces-extension-of-ce-mark-recognition-for-businesses\" target=\"_blank\" rel=\"noopener\">indefinitely extend the use of CE (&#8220;Conformit\u00e9 Europ\u00e9ene&#8221;, European Union&#8217;s product safety conformity mark) marking for businesses<\/a>, in order to cut business costs and time, ease burdens and boost growth for the UK economy by &#8220;cutting barriers and red tape.&#8221;<\/p><p>These updates apply to the 18 regulations that fall under the Department for Business and Trade (DBT), including products such as toys, <span style=\"font-size: 1.125rem;\">pyrotechnics, <\/span><span style=\"font-size: 1.125rem;\">recreational craft and personal watercraft, <\/span><span style=\"font-size: 1.125rem;\">simple pressure vessels, and <\/span><span style=\"font-size: 1.125rem;\">electromagnetic compatibility etc.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c20cdc8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c20cdc8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d61a98\" data-id=\"7d61a98\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b50794 elementor-widget elementor-widget-image\" data-id=\"4b50794\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1973231969-600x400.jpg\" class=\"attachment-medium size-medium wp-image-20122\" alt=\"\" srcset=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1973231969-600x400.jpg 600w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1973231969-1024x683.jpg 1024w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1973231969-768x512.jpg 768w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1973231969-1536x1024.jpg 1536w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1973231969-2048x1365.jpg 2048w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1973231969-700x465.jpg 700w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">UK firms will continue to use the CE marking.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7704a47 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7704a47\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b296106\" data-id=\"b296106\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f3496d2 elementor-widget elementor-widget-heading\" data-id=\"f3496d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Rising Thermal Coal Prices for Major International Ports<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d9043ab elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d9043ab\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-924e54d\" data-id=\"924e54d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7419cd5 elementor-widget elementor-widget-text-editor\" data-id=\"7419cd5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Since August 5, 2023, the <a href=\"https:\/\/www.wsj.com\/finance\/commodities-futures\/natural-gas-prices-rise-on-prospect-of-australia-strikes-81d6de3\" target=\"_blank\" rel=\"noopener\">Australia strikes have triggered market worries on natural gas supplies<\/a>, leading to significant rise in natural gas prices including those in the Port of Newcastle. As of August 11, 2023, the thermal coal price index at the Port of Newcastle rose to USD145.77\/ton, rising 4.83% compared with the price on August 4.\u00a0<\/p><p>Besides, thermal coal prices in other major international ports like South Africa&#8217;s Richards Bay and Europe&#8217;s ports also rose due to various reasons.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-54d917b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"54d917b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9876f05\" data-id=\"9876f05\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e6d899 elementor-widget elementor-widget-heading\" data-id=\"8e6d899\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Biden Signed Executive Order Restricting US Investments in China<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7f59e06 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f59e06\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f91efa9\" data-id=\"f91efa9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-92d755d elementor-widget elementor-widget-text-editor\" data-id=\"92d755d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On August 9, 2023, US President Joe Biden signed the <a href=\"https:\/\/www.cnbc.com\/2023\/08\/09\/biden-to-sign-executive-order-aimed-at-restricting-china-investments.html\" target=\"_blank\" rel=\"noopener\">executive order<\/a> that regulates US entities&#8217; outbound investments in Chinese sectors such as semiconductors and microelectronics, quantum computing and certain artificial intelligence capabilities. The US Treasury Department will implement such restrictions next year.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-23d305e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"23d305e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5243042\" data-id=\"5243042\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-871bf5c elementor-widget elementor-widget-heading\" data-id=\"871bf5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Switzerland and Liechtenstein Lifted Fukushima Disaster Import Curbs on Japanese Food<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6984815 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6984815\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-734dd24\" data-id=\"734dd24\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-20060a3 elementor-widget elementor-widget-text-editor\" data-id=\"20060a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.nippon.com\/en\/news\/kd1064008872042283713\/\" target=\"_blank\" rel=\"noopener\">Switzerland and Liechtenstein lifted on August 15, 2023 import restrictions on Japanese food<\/a> following the nuclear incident in Fukushima in 2011. Certain food items from 10 Japanese prefectures including Fukushima are no longer required to be tested for radioactivity. Following a similar move by the EU, Norway and Iceland on August 3, such removal of testing requirement will significantly alleviate the burden on producers and exporters.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6500a87 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6500a87\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-210bde7\" data-id=\"210bde7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c43d21e elementor-widget elementor-widget-image\" data-id=\"c43d21e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"600\" height=\"401\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1845742390-600x401.jpg\" class=\"attachment-medium size-medium wp-image-20153\" alt=\"\" srcset=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1845742390-600x401.jpg 600w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1845742390-1024x684.jpg 1024w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1845742390-768x513.jpg 768w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1845742390-1536x1025.jpg 1536w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_1845742390-2048x1367.jpg 2048w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Countries are growing in confidence towards imported Japanese food. <\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-914843b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"914843b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-79d9396\" data-id=\"79d9396\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73b2270 elementor-widget elementor-widget-heading\" data-id=\"73b2270\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">India Made First Crude Oil Payment to UAE in Rupees<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7a13ed6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7a13ed6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-83b0362\" data-id=\"83b0362\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0f05b69 elementor-widget elementor-widget-text-editor\" data-id=\"0f05b69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>According to Hindustan Times&#8217; coverage, on August 14, 2023, <a href=\"https:\/\/energy.economictimes.indiatimes.com\/news\/oil-and-gas\/india-makes-first-crude-oil-payment-to-uae-in-indian-rupees\/102737265\" target=\"_blank\" rel=\"noopener\">India settled trade with United Arab Emirates (UAE) in rupees instead of US dollars for the first time<\/a>. This was the first crude oil transaction since the two countries established bilateral trade in their local currencies in July this year, involving Indian Oil Corp making rupee payment to Abu Dhabi National Oil Company for purchase of a million barrels of oil.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-174a664 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"174a664\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e69a918\" data-id=\"e69a918\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-149cb6f elementor-widget elementor-widget-image\" data-id=\"149cb6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_524115796-600x400.jpg\" class=\"attachment-medium size-medium wp-image-20160\" alt=\"\" srcset=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_524115796-600x400.jpg 600w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_524115796-1024x683.jpg 1024w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_524115796-768x512.jpg 768w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_524115796-1536x1024.jpg 1536w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_524115796-2048x1365.jpg 2048w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/09\/shutterstock_524115796-700x465.jpg 700w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">India first traded crude oil in its local currency with UAE last month.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-afca6e3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"afca6e3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c2816a\" data-id=\"4c2816a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-baaf2bc elementor-widget elementor-widget-heading\" data-id=\"baaf2bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Central Bank of Russia Raised Key Interest Rate to 12%<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-07a0713 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"07a0713\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bb5705e\" data-id=\"bb5705e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-460c0d4 elementor-widget elementor-widget-text-editor\" data-id=\"460c0d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On August 15, 2023, Russia&#8217;s Central Bank announced the increase of key interest rate by\u00a0<span class=\"referenceable\">350 b.p. to 12% p.a. to limit price stability risks. According to the <a href=\"https:\/\/www.cbr.ru\/eng\/press\/keypr\/\" target=\"_blank\" rel=\"noopener\">Bank&#8217;s official news<\/a>, as of August 7, the annual inflation rate already climbed up to 4.4%. The Bank believed steady growth in domestic demand surpassing the capacity to expand output amplifies the underlying inflationary pressure and has impact on the Ruble\u2019s exchange rate dynamics through elevated demand for imports.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b0f5964 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b0f5964\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e62f7e6\" data-id=\"e62f7e6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-08d8195 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"08d8195\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-af833cd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"af833cd\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e1da0d0\" data-id=\"e1da0d0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-447c6ae elementor-widget elementor-widget-text-editor\" data-id=\"447c6ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Keep yourself abreast of the latest international trade news by staying tuned to our regular NewsBites blogposts, which will provide you with sourcing updates and expert insights!<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-25ba5c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25ba5c4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ac6a339\" data-id=\"ac6a339\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f3c0258 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f3c0258\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9308d4a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9308d4a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-582f19f\" data-id=\"582f19f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8fbbed6 elementor-widget elementor-widget-text-editor\" data-id=\"8fbbed6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Seize every opportunity to meet with global suppliers and buyers on our\u00a0<a href=\"https:\/\/sourcing.hktdc.com\/?ref_source=newsbites\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">e-Marketplace<\/a>\u00a0and ride on the advantage of promoted international trade by clicking below banner:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-361dfed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"361dfed\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-58aa4dd\" data-id=\"58aa4dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-addc657 elementor-widget elementor-widget-image\" data-id=\"addc657\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sourcing.hktdc.com\/?ref_source=newsbites_banner\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"880\" height=\"200\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2022\/09\/hktdc-880x200-1.jpg\" class=\"attachment-large size-large wp-image-16440\" alt=\"\" srcset=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2022\/09\/hktdc-880x200-1.jpg 880w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2022\/09\/hktdc-880x200-1-600x136.jpg 600w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2022\/09\/hktdc-880x200-1-768x175.jpg 768w\" sizes=\"(max-width: 880px) 100vw, 880px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f856c34 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f856c34\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-134c464\" data-id=\"134c464\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8d5a842 elementor-widget elementor-widget-text-editor\" data-id=\"8d5a842\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Reach out for marketing your own products too:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-69d99cf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"69d99cf\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-13454ec\" data-id=\"13454ec\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf0938a elementor-widget elementor-widget-image\" data-id=\"cf0938a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sourcing.hktdc.com\/newsbites\/promote-your-business\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"880\" height=\"200\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/06\/new.png\" class=\"attachment-large size-large wp-image-19169\" alt=\"\" srcset=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/06\/new.png 880w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/06\/new-600x136.png 600w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2023\/06\/new-768x175.png 768w\" sizes=\"(max-width: 880px) 100vw, 880px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fca4c96 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fca4c96\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-eb2687f\" data-id=\"eb2687f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-35e03c0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"35e03c0\" 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To facilitate your business planning, we have summarised key happenings last month for easy reading: &hellip; <\/p>\n","protected":false},"author":28,"featured_media":20117,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,362],"tags":[],"class_list":["post-20116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","category-sourcing-trade"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>August Trade: Major Events Recap - HKTDC Newsbites<\/title>\n<meta name=\"description\" content=\"Global trade market is ever-changing with new challenges and opportunities. To facilitate your business planning, we have summarised key happenings last\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sourcing.hktdc.com\/newsbites\/aug-recap\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"August Trade: Major Events Recap - HKTDC Newsbites\" \/>\n<meta property=\"og:description\" content=\"Global trade market is ever-changing with new challenges and opportunities. 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