News about China’s economy: The record trade surplus was primarily affected by the volume of exports, whose growth surpassed the 14.1% forecast by analysts. Bloomberg said
China’s trade surplus (that is, how much exports exceed imports) in July 2022 was $101.26 billion in dollar terms, and an 81.5% increase over a year earlier, according to the General Administration of Customs of the PRC. This is a record for available data since 1987, notes Bloomberg.
The record trade surplus was influenced by exports that exceeded analysts’ forecasts of 14.1%, the agency said.
Exports were an important factor for China during the pandemic. but the contribution of developed countries to China’s economic growth this year will weaken due to high inflation in other countries and a slowdown in the global economy, the agency said.
In March, the Chinese Communist Party’s politburo announced 5.5 percent economic growth in 2022 as a goal. At a meeting in late July, China’s leadership said it needed to strive for the “best possible result,” without mentioning the growth target for the economy today. The March target should now be a benchmark, rather than a rigid requirement to be met, the agency’s sources explained.
Costs of electricity in Italy rose by more than 76% in August
Costs of electricity in Italy rose by 76.4% in August, compared with an average of 51.9% in the euro area. La Repubblica writes about it, citing the estimates of Italy’s Confartigianato, an association of small and medium-sized businesses.
“Italy has structural problems. Here the cost of gas and electricity has always been very high because of the nature of production and the fact that there has never been an appropriate energy plan. Therefore, the average electricity bill in Italy will continue to rise,” said the head of Confartigianato, Bruno Pannier.
According to him, now Italy can concentrate on the production of energy from renewable sources. In this matter, the country is in a better position than other countries of the European Union, in particular due to the climate.
The newspaper said that in July electricity and gas prices in France jumped by 23.8%; in Germany – by 46% and in Spain – 54.3%, while in Italy the increase was 59.1%.
Earlier we reported that Nord Streams was almost completely out of service due to malfunctions.
The situation in Europe is worsening. Rising food and energy prices are becoming a growing problem
The situation with rising food and energy prices in the EU soon will only get worse. This follows from the statement of the head of the European Central Bank Christine Lagarde.
British residents have already spent more than half of their savings. According to The Times, monthly expenditures on British energy prices are growing by a record £145. The pound itself reached a historic low against the dollar and almost equaled it. The sharp decline occurred after the decision of the British government to reduce taxes in the country.
Against this backdrop, Parliament began to prepare a vote of no confidence in the new Prime Minister, Liz Truss, who proposed new economic measures. The situation in Germany is also difficult. As German Finance Minister Christian Lindner admitted, he does not yet know how to fight gas prices.
“We are working in parallel with the commission on gas prices, which was created by the federal government. And so we will be looking for ways in which we can put price control into practice. I have an idea of what direction to think, but I don’t really want to go into all the details,” Ridus said.
Earlier, we reported that cryptocurrencies and the dollar began a showdown for the title of most profitable asset.
Nord stream sabotage? “Nord Streams” is almost completely out of order due to malfunctions
The Nord Stream and Nord Stream 2 gas pipelines are almost completely out of service due to various faults. Many are voicing opinions about sabotage on Nord Stream.
Both gas supply routes to Europe via the Baltic Sea bed are out of service. First there was the Nord Stream 2 accident, where the pressure on one of the lines dropped drastically. The cause of the leakage is currently being investigated. Then pressure dropped in both strings of Nord Stream, but the reason for the drop in pressure is still unknown. There are serious reasons to assume a Nord Stream attack.
The publication noted that the German authorities have already started working with the Danish authorities and local law enforcement agencies to find out the reason for the pressure drop in Nord Stream-2. However, it is not clear how the pipeline will be repaired, as it is under U.S. sanctions and bankruptcy proceedings, although it has been postponed until January 2023.
At the moment it is impossible to name the exact cause of the malfunctions that have occurred. However, the sudden drop in pressure may indicate not just a leak, but a much more serious problem. Also, this accident could have certain consequences for the entire gas market, and repairs could take quite a long time.
Earlier we reported that British banks had begun stopping some mortgage deals because of the pound falling against the dollar.
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