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Ukraine has limited exports of sunflower oil, wheat, oats and cattle in an attempt to protect its war-torn economy. Russia has banned sales of fertilizer, sugar and grains to other nations. Indonesia, which produces more than half the world’s palm oil, has halted outgoing shipments. Turkey has stopped exports of butter, beef, lamb, goats, maize and vegetable oils. Russia’s invasion of Ukraine has unleashed a new wave of protectionism as governments, desperate to secure food and other commodities for their citizens amid shortages and rising prices, erect new barriers to stop exports at their borders. Sign up for The Morning...

NEW YORK – China’s exports to the United States reached a new peak of nearly $700 billion in March, according to data released by the country’s statistics agency. That compares with a seasonally adjusted annual rate of just $410 billion in August 2019, when the Trump administration imposed tariffs on a wide range of Chinese imports. US imports from China have risen by about 60% since the tariffs came into effect, reflecting a surge in consumer spending driven by $6 trillion of government stimulus during the Covid-19 epidemic, as well as flagging capital investment in domestic US manufacturing and a...

Like what Freddie King sang (Going down), we are going down the drain. Export prices by end us YoY is up to 18.8%, the highest in recorded history (or since 1983 when they started recording export prices). Import prices by end use rose to 12.5% YoY. Unrelated to US export and import prices, the MBA’s mortgage credit availability index slumped with the Covid outbreak and the explosion of The Fed’s Balance Sheet. As I have said before, nothing has been the same since Covid. Like Freddie King, “I’m Feeling Torn Down” by rising prices.

A senior Russian government official has threatened to limit exports of agriculture products to “friendly” countries only amid sanctions from Western nations in response to its invasion of Ukraine.Dmitry Medvedev, who previously served as Russia’s president from 2008 to 2012 and is now deputy secretary of the country’s security council, took to Telegram on April 1 where he warned of the potential move.Medvedev said that many counties depend on supplies of food from Russia, a major global wheat exporter, writing: “It turns out that our food is our quiet weapon. Quiet but ominous,” according to Breitbart.“The priority in food supplies...

Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia’s invasion of Ukraine, the oil ministry said. The second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported “100,563,999 barrels for revenues of $11.07 billion, the highest revenue since 1972”, the ministry said.

Russia’s invasion of Ukraine disrupted the global food supply chain as the prospect for dwindling stockpiles catapulted food prices to record highs. Governments worldwide are beginning to enforce protectionist measures to safeguard domestic food supplies. According to a memo signed by Javier Preciado Patino, the secretary for agriculture markets, Argentina made moves this weekend to increase control over local farm goods by suspending soybean meal and oil for export. The temporary halt by the world’s top exporter of processed soy products comes after Russia invaded Ukraine that disrupted global food markets. Following the news from Argentina, soy meal futures prices...

Food Crisis Imminent: Hungary Bans All Grains Exports Effective Immediately (Update 1:25pm ET) – Those who have it, are no longer giving it away, and those that don't will soon find themselves in the middle of an epic food crisis. Just hours after we reported that Russia effectively banned exports of fertilizers, moments ago Hungary – one of Europe's most grain rich nations – has circled the wagons and realizing which way the wind is blowing, just announced that it will (begin) banning all grain exports effective immediately, in a statement . Expect wheat prices, already at record highs, to...

Biden's short-sighted policies strike again! The U.S. merchandise-trade deficit unexpectedly widened in January to an all-time high, reflecting a record value of imports and a drop in shipments overseas. The shortfall grew to $107.6 billion last month from $100.5 billion in December, according to Commerce Department data released Monday. Meanwhile, the US Treasury 10Y yield fell to 1.884%. Meanwhile, the Russian Ruble is getting clobbered. At least Putin hasn’t put himself on Russian currency … yet. Or nyet.

Another effect of The Federal Reserve’s reckless monetary policy coupled with Biden/Congress reckless spending is bad foreign policy. The US is exporting inflation around the globe. US export price YoY is at 15.1%. The US is importing less inflation at 10.8% YoY. Here is the export/import stack. The Federal Reserve keeps on printing!

Indonesia has banned coal exports in January due to concerns that low supplies at domestic power plants could lead to widespread blackouts, a senior official at the energy ministry said on Saturday. The Southeast Asian country is the world's biggest exporter of thermal coal, exporting around 400 million tonnes in 2020. Its biggest customers are China, India, Japan and South Korea.

Selling off resources, purging top officials, and defaulting on debt. It seems that the Chinese economy is falling, and there may be no one to bail them out. In a wave of recent reports, we see the contraction of the national economy, especially intense in the north. There have been blackouts and power failures across the area, and while the problems began in factories they have now spread to homes, a trend that is forecast to spread as time passes. The most alarming case is that of the real estate colossus Evergrande, whose debt is so large that default is...

Today’s import and export numbers for the USA show a disturbing trend. US export prices rose +17.2% YoY in July. That is the third consecutive month of +16.9% and above export prices growth. That begs the question: Is The Federal Reserve exporting inflation to US trading partners through its financial repression? The Wall Street Journal has a nice opinion piece entitled “You’re Already Paying for That $4.5 Trillion (Taxes haven’t gone up yet, but inflation and lost productivity amount to financial repression). The Financial Repressors, Yellen and Powell.

New data shows that Australia has successfully weathered the storm of Beijing’s economic coercion by finding alternative markets for wine exports, which has seen growth in Europe, the UK, and the United States. Despite losses in exports to China, Australia still managed to sell $12 million worth of wine into that market between December and March, down significantly from $325 million (US$251 million) the same quarter the previous year. Industry body Wine Australia’s new report revealed just how large an impact the Chinese Communist Party’s (CCP) onerous tariffs had on Australia’s wine trade to China. But if the China trade...

China’s food supplies remain stable and consumers should not be “overly anxious” or even resort to “panic buying”, a senior agriculture ministry official said on Wednesday.

A large number of export-oriented Chinese factories were shuttered recently after they didn’t have enough orders to fill. Some home appliance manufacturers also announced that they laid off employees because of a lack of export and domestic demand due to the pandemic. As the outbreak of the CCP (Chinese Communist Party) virus, commonly known as novel coronavirus, became severe in January, much of China was placed under lockdown and factories halted production for more than a month. In February, Beijing encouraged companies to resume operations as it grew concerned about an economic slowdown. But Chinese companies were worried that the...

Chinese manufacturers of coronavirus test kits and related medical supplies have been told they can no longer export their products unless they also have the relevant licences to sell their products in the domestic market. The move comes after China was hit with a number of complaints from buyers in Europe about the quality and accuracy of tests kits and other products. The new rule applies to all companies seeking to export test kits, face masks, protective clothing, ventilators and infrared thermometers, according to a joint statement issued on Tuesday by the Ministry of Commerce, General Administration of Customs and...

- China has reversed some efforts to reopen entertainment venues amid fears of second wave of infections, while exports are set to plunge. - Tens of millions of jobs at risk, with one report saying 18 million jobs in exporting industries could be lost due to overseas demand slump. China’s economic situation could get worse before it gets better, amid a second wave of demand shock that is set to hit both domestic and foreign trade, a Chinese government official has warned. Addressing a press conference in Beijing on Monday, the day after President Xi Jinping toured businesses in Zhejiang...

The United States was a net exporter of crude oil and petroleum products last month, with the four-week average net imports at a negative 907,000 barrels per day (bpd) in the last week of February, the lowest ‘imports’ level in EIA data dating back to 1973, according to EIA’s weekly data on net imports of crude oil and petroleum products. Since the start of 2020, the U.S. was a net exporter of crude and petroleum products in each of the weeks in January and February, EIA data shows. The United States exported more crude oil and petroleum products than it...

Recently Senator Bernie Sanders acknowledged that he had been briefed by U.S. intelligence on Russia’s attempts to interfere in U.S. elections on his behalf. SNIP I am not a political pundit, so I won’t attempt to speculate on who Moscow would prefer as the U.S. president. But there is at least one area in which the Russians would love to see Sanders’s policies implemented. On energy policy, there are two things that Sanders has promised that would make the Russians (and OPEC) very happy. Fracking Boosted American Energy Independence The combination of hydraulic fracturing (fracking) and horizontal drilling has led...

It’s unfortunate that live coverage of President Trump receiving what AP calls “adulation from a massive, colorful crowd” of 125,000 took place during the wee hours of the morning for most Americans. But the consequences of his roughly 36 hours in India will be long lasting and important. He is about to retire for the night in New Delhi after the enormous rally in Ahmedabad, the economically advanced capital of the state Gujarat, Prime Minister Modi’s home turf, and a quick visit to the Taj Mahal. However personally gratifying it may have been to equal the overseas crowds Barack Obama...