Market Talk - Thursday, June 24

ASIA:

A report published by United Nations Development Programme highlights that trade shocks fueled by unilateral tariffs between the U.S. and China have undone three to five years’ worth of growth among global value chains in affected countries. The report found looking at the post-pandemic future of global value chains found that trade within those supply lines shrank in absolute terms along with other types of trade. Tariffs are still being applied on billions of dollars of goods under a U.S.-China trade war that began under President Donald Trump. The U.S. and China agreed on a partial trade deal in 2020, though China never met its purchase commitments. The U.S. trade representative has since stated that a “significant imbalance” remains in the trade relationship between the world’s two largest economies.

The share of Middle Eastern crude in India’s oil imports fell to a 25-month low in May, as refiners tapped alternatives in response to the government’s call to diversify supplies, Reuters reported. In March, India, the world’s third-biggest oil importer, directed refiners to diversify crude sources after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by top exporter Saudi Arabia, ignored New Delhi’s call to ease supply curbs. Asia’s third-largest economy imported about 4.2 million barrels per day (bpd) of oil in May, just below the previous month but about 31.5% higher than a year earlier, the data showed. The Middle East’s share dropped to 52.7%, the lowest since April 2019 and down from 67.9% in April, the data showed. Imports from Saudi Arabia, India’s second-largest supplier after Iraq, slipped by about a quarter from a year earlier, while supplies from the United Arab Emirates, which dropped to No. 7 position from No. 3 in April, fell by 39%, the data showed.

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