INSIGHTS In 2024, Brazil surpassed the US to become the world's leading cotton exporter, a position the US had held since the 1993-94 season. This milestone was achieved after Brazil's cotton production increased for the third consecutive year. The 2023-24 crop season saw a 16.9 per cent increase in planted area, reaching the highest levels since 1991-92, with a record output of 3.7 million tons. Brazil has ascended to become the world's top cotton exporter in 2024, overtaking the US, which h

INSIGHTS In 2024, the euro area saw modest economic growth driven by external demand but sluggish consumer spending and hesitant investment. EU exports dropped, but trade surpluses increased. The textile industry faced a crisis with oversupply and declining demand. France, Germany, Italy, and Spain each faced unique challenges in textiles and machinery, with sustainability efforts gaining momentum. Reported in October, the euro area (countries with Euro as currency) economy had expanded at a

INSIGHTS Retail returns are projected to hit $890 billion in 2024, with 16.9 per cent of sales expected to be returned. Free and seamless returns drive loyalty, while 93 per cent of retailers report concerns about fraudulent returns. Retailers are enhancing return capabilities, with 34 per cent hiring staff and 40 per cent using third-party logistics. Returns continue to remain a pressing issue for the US retail industry, with total returns projected to reach $890 billion in 2024, as per a r

INSIGHTS A group of US trade bodies have urged President-elect Donald Trump to convene an inter-agency working group to fight illicit trade, protect intellectual property (IP) and eradicate counterfeits soon after assuming office. It called for supporting passage of the SHOP SAFE Act to incentivise e-commerce platforms to improve their systems to detect and prevent the sale of counterfeits. A group of US trade bodies recently wrote to President-elect Donald Trump recommending steps his govern

The global chemicals industry, a cornerstone of modern economies, is poised for significant transformations in 2025. Emerging from the disruptions of the pandemic years and adjusting to the new geopolitical and economic landscapes, the sector is set to adapt to technological, environmental, and market-driven changes. Here’s a detailed analysis of the key trends and what the future holds. 1. Sustainability at the Forefront Sustainability is no longer a choice but a mandate for chemical man

INSIGHTS From January 1, 2025, China will adjust import tariffs, applying provisional rates below most-favoured-nation levels to 935 commodities to boost high-quality imports. Zero-tariff treatment will continue for 43 least-developed countries. Under 24 trade agreements, tariffs will be reduced, including the China-Maldives deal, cutting nearly 96 per cent to zero. China will adjust import tariff rates and categories to stimulate domestic demand and enhance openness from January 1, 2025. Pro

INSIGHTS The World Bank projected China's GDP growth at 4.8 per cent in 2024. Manufacturing saw mixed performance, with the PMI dropping to 49.3 in September. Textile exports rose 1.4 per cent in H1 2024, led by fabric exports, while garment exports declined. China aims for a $2.1 trillion green economy by 2030, with full adoption of sustainable practices by 2035. Economic activity picked up in China in early 2024, buoyed by stronger exports. The World Bank projected China’s GDP grow

INSIGHTS China's goods and services trade reached 4.28 trillion yuan (~$599.2 billion), up 3 per cent YoY in November. Exports totalled $332.8 billion, and imports $263.8 billion, resulting in a $69 billion trade surplus, according to Chinese state media citing SAFE. Goods exports were 2.15 trillion yuan (~$301 billion), imports 1.57 trillion yuan (~$219.8 billion), with a surplus of 584.6 billion yuan. China's international trade in goods and services totalled approximately 4.28 trillion-yua

INSIGHTS Sinopec's Zhenhai Refinery completed its second-phase expansion, boosting capacity to 40 million tons annually and advancing the Zhejiang Ningbo Petrochemical Base to 50 million tons, solidifying its role as China's largest petrochemical hub. With a $5.82 billion investment, the project adds 18 units, enhances high-end material production, and achieves innovations in efficiency and sustainability. China Petroleum & Chemical Corporation's (HKG: 0386, "Sinopec") recently announced

INSIGHTS China's exports rose 6.7 per cent YoY to 23.04 trillion yuan (~$3.2 trillion) and imports grew 2.4 per cent to 16.75 trillion yuan (~$2.3 trillion) during January-November 2024. The total trade increased 4.9 per cent to 39.79 trillion yuan (~$5.6 trillion). In October, trade expanded 4.6 per cent YoY. From January-October, trade rose 5.2 per cent to 36.02 trillion yuan (~$5 trillion). China’s exports increased 6.7 per cent year on year (YoY) during the first 11 months (January-