Vietnam’s November Exports To U.S. Jump 22.7%

Domestic Market Updates

1.China's November Steel Exports Rise 7.6%

China's November Steel Exports Reach 9.98 Million Tonnes, Up 7.6% Year-on-Year According to China's General Administration of Customs, the country exported 9.98 million tonnes of steel products in November, a increase of 7.6% compared to the same period last year.

2. China Sets 2024 Economic Focus: Stability and Quality Growth

Political Bureau Meeting Sets Tone for 2024 Economy: Stability, Quality, and Efficiency At a recent meeting, the Communist Party of China's Political Bureau outlined key economic priorities for next year. The focus will be on achieving stability while making progress, improving quality, and boosting efficiency. Efforts will be better coordinated between domestic economic work and international economic and trade dynamics, as well as between development and security. A proactive fiscal policy and a prudent (moderately loose) monetary policy will continue, aiming to maximize the combined effect of existing and new policies.

3. ASEAN Remains China's Largest Trade Partner

ASEAN Remains China's Top Trading Partner in First 11 Months Customs data released on December 8 shows that from January to November, ASEAN was China's largest trading partner. The total trade value between China and ASEAN reached 6.82 trillion yuan, increasing by 8.5% year-on-year and accounting for 16.6% of China's total foreign trade value. The EU was China's second-largest trading partner, with bilateral trade totaling 5.37 trillion yuan, up 5.4%, representing 13% of the total. The United States ranked third, with trade valued at 3.69 trillion yuan, down 16.9%, accounting for 8.9% of China's total foreign trade.

Global Market Updates

Markets Expect Fed Rate Cut in December

Market Prices in 89.4% Probability of Fed Rate Cut in December According to the CME FedWatch Tool on December 9, market expectations currently assign a 89.4% probability to a 25-basis-point rate cut by the Federal Reserve in December, with only a 10.6% chance seen for holding rates steady. Looking to January, the probability of a cumulative 25-bps cut by then is priced at 68.5%, while the chance for no cut is 7.8%, and a cumulative 50-bps cut is priced at 23.8%.

Mediterranean Freight Rates Surge in Late December

Mediterranean Shipping: Freight Rates Continue Sharp Climb in Late December • West Mediterranean: Early-December sailings are severely overbooked. THE Alliance carriers have stopped accepting new shipments, with limited options for amending destination ports for existing bookings. Yang Ming is prioritizing lightweight containers; heavy cargo is advised for Ocean Alliance vessels, which are still accepting bookings. MSC has space primarily for barge or CCA rail connections. • East Mediterranean: Mid-December sailings on THE Alliance are largely locked, with only limited spot space available at specific ports. ZIM's transshipment services are accepting additional bookings. Maersk has opened special rates for Week 51 shipments. MSC availability is limited until late December.

Vietnam's November Exports to U.S. Jump 22.7%

Vietnam's November Exports to the U.S. Grow 22.7% Year-on-Year Calculations based on Vietnamese customs data by media show that Vietnam's exports to the United States in November rose 22.7% year-on-year to 12.4billion.ImportsfromtheU.S.increasedby38.41.77 billion. Consequently, Vietnam's trade surplus with the U.S. narrowed to 10.7billionfrom11.84 billion in October.