Hot Topic! 2024 August Philippines Import Data and Market Trends

Publishing Date：2024-09-17 16:24:37 Source: NBD Data(en.nbd.ltd)

The Philippines, as a crucial trade hub in Southeast Asia, has consistently shown a diverse import market. The customs import data for August 2024 reflects the vibrancy of its foreign trade and changing market demands. This report provides an in-depth analysis of these data, examining the types of imported goods, key importers, imports from China, and major trade partners to offer valuable insights for foreign trade professionals.

Overview of Philippines Import Data in August 2024:

According to the customs data for August 2024, the Philippines recorded a total of 747,215 import entries, a 4.36% decrease from last month's 790,880 entries. Compared to the same period last year, there was a 6.91% increase from 698,913 entries. The total import value reached $11.72 billion, a 4.00% decrease from the previous month’s $12.21 billion but a 3.33% increase compared to $11.34 billion in the same month last year.

On the importer side, 21,176 Philippine importers were involved in this month's activities, showing a month-on-month decrease of 1.08% but a year-on-year increase of 2.82%. Regarding suppliers, 54,983 companies supplied goods to the Philippines, with a month-on-month decrease of 5.68% and a year-on-year decrease of 0.35%. These figures indicate that despite a slight decrease in this month’s import activity, the overall trend remains positive, demonstrating the stability and diversity of the Philippine import market.

Top Five Imported Goods in the Philippines This Month:

  • Integrated Circuits and Components (HS Code 854239): The total import value this month was $745 million, down 9.19% from the previous month and 10.46% year-on-year. This category is crucial to the electronics industry, and the decline might reflect global supply chain disruptions or changes in the demand for electronics within the Philippines.

  • Crude Oil and Petroleum (HS Code 270900): The import value reached $576 million, with a month-on-month increase of 37.10% and a year-on-year growth of 98.76%, almost doubling. This increase could be linked to international oil price fluctuations and the growing energy demand in the Philippines.

  • Petroleum Products and Lubricants (HS Code 271019): The total import value stood at $531 million, showing a decrease of 6.13% month-on-month and 44.33% year-on-year. The drop in import value could be due to global oil price adjustments, increased use of alternative energy sources, or reduced domestic demand.

  • Petroleum Condensates (HS Code 271012): The import value was $325 million, down 2.51% month-on-month and 25.76% year-on-year. This is related to global oil market fluctuations and adjustments in domestic energy demand in the Philippines.

  • Anthracite (HS Code 270119): The import value was $273 million, slightly down 6.00% month-on-month but up 10.35% year-on-year. This suggests an increase in demand for high-quality fuels in the Philippines, possibly for electricity production and industrial use.

Key Importers in the Philippines for Major Goods:

In the Philippine import market, some importers have shown outstanding performance in purchasing various categories of goods. Here are the main importers for the top five imported goods this month:


Philippines’ Major Trade Partners:

  • China: As the largest trade partner of the Philippines, China's total export value to the Philippines was nearly $3 billion this month. Although there was a month-on-month decrease of $328 million, there was a year-on-year increase of $473 million. This suggests that despite short-term fluctuations, the long-term China-Philippines trade relationship remains on a growth trajectory.

  • Indonesia: Ranking second, the total export value was approximately $1.057 billion, with a month-on-month increase of $82.97 million and a year-on-year increase of $94.99 million, indicating steady growth in trade with the Philippines.

  • Korea: With a total export value of $908 million, Korea experienced a month-on-month increase of $61.15 million and a year-on-year increase of $118 million, showing an upward trend in exports to the Philippines, highlighting the close cooperation between the two countries in goods trade.

  • Japan: Although the export value to the Philippines was around $820 million this month, it saw a month-on-month decrease of $142 million and only a $11.04 million increase year-on-year, indicating potential volatility in Japan-Philippines trade.

  • United States: Ranking fifth with $760 million, showing slight month-on-month growth but a year-on-year decrease of $105 million, possibly due to market demand changes or tariff policy adjustments.

Other key trade partners include Thailand, Vietnam, Singapore, Malaysia, and Taiwan (China), with some countries like Vietnam showing significant month-on-month growth.

Philippines Exchange Rate Trend:

Over the past 12 months, the Philippine Peso to USD exchange rate has shown an overall upward trend. From 56.82 in September 2023 to 57.24 in August 2024, this fluctuation indicates a relative depreciation of the Peso against the USD. This trend may be influenced by global market changes, the Philippine economic environment, and international trade conditions.

Conclusion:

The August 2024 customs data of the Philippines reveals changes in various import sectors. The demand for goods like integrated circuits, petroleum products, and motor vehicles highlights the ongoing development in the Philippines' manufacturing, technology, and consumer markets. The variety and significant value of goods imported from China reflect the deepening China-Philippines trade relationship.

Major trade partners like China, Indonesia, Korea, and Japan underscore the Philippines' close trade connections with East and Southeast Asia. Meanwhile, the upward trend in the Peso's exchange rate against the USD poses new challenges for importers regarding costs and pricing strategies.

Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information.

For more detailed data, please visit NBD Data's official website: en.nbd.ltd

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Revealing the Turkey Import Market: Commodity Trends, Buyer List & Exchange Rate Analysis

2024-10-11 13:05:38

As global trade continues to grow, Turkey's import market is showing strong demand and abundant opportunities. For foreign trade companies, logistics enterprises, and market analysis professionals, Turkey's customs import data is undoubtedly a valuable resource. This data not only reveals the trends in major imported commodities in Turkey but also showcases the intricate relationships between global suppliers and buyers. In this article, we will provide an in-depth analysis of Turkey's August 2024 import data, helping trade professionals stay ahead of market trends and make informed business decisions.Overview of Turkey's Import Data This MonthAccording to Turkey's customs import data for August 2024, the total number of import records this month reached 1,067,904, an increase of 32.1% compared to July's 808,340 records. However, compared to the same period last year, the overall data decreased by 588,285 records, showing a year-on-year decline of 35.5%. This reflects some fluctuations in Turkey's import market, which may be affected by the global economic situation and supply chain changes.In terms of import value, Turkey's total import value this month was $16.12 billion, which represents a 23.45% increase compared to last month's $13.06 billion. Although there was a decrease compared to last year's $30.56 billion, with a year-on-year decline of 47.26%, the data still demonstrates the resilience and potential recovery of Turkey's import market.From the perspective of buyers, the number of importers in Turkey in August was 28,956, an increase of 4,482 from last month, showing an 18.31% month-on-month growth. However, compared to the same period last year, which had 37,581 importers, there was a year-on-year decrease of 22.95%. This change could be related to market restructuring and changes in buyer demand. On the other hand, the number of suppliers this month was 55,275, up 22.85% from last month's 44,994 suppliers. Despite this increase, compared to the same period last year, there was a decrease of 18,326 suppliers, showing a 24.89% year-on-year decline. These data illustrate the complexity of Turkey's import market amid adjustments in the global supply chain.Main Imported Commodities in Turkey This MonthThis month, Turkey's imports cover several major categories, with the top-ranking commodities as follows:Mineral Fuels & Oils (HS Code: 271019): The total import value this month was $897 million, representing a 5.1% increase from last month's $846 million. However, compared to the same period last year ($1.29 billion), the year-on-year decrease was 30.41%. This trend indicates that although Turkey's demand for mineral fuels remains stable, it is impacted by fluctuations in international energy prices.Aircraft & Spacecraft Parts (HS Code: 880240): The import value for this category this month was $699 million, showing a significant 110.58% increase compared to last month's $332 million. However, compared to the same period last year ($890 million), it represented a 21.39% decrease. The volatility in aircraft imports is mainly related to specific project procurement and the development plans of Turkey's aviation industry.Precious Metals (HS Code: 710812): The import value for precious metals was $624 million this month, with a month-on-month growth of 7.41%, but a sharp year-on-year decrease of 78.08% compared to $2.84 billion in the same period last year. The significant reduction in precious metals imports may be related to international gold price fluctuations and changing domestic demand in Turkey.Alloy Steel Scrap (HS Code: 720449): The import value this month was $429 million, which was a 32.54% increase from last month's $324 million. However, compared to the same period last year ($760 million), it represented a decrease of 43.61%. This suggests that Turkey's demand for metal recycling and smelting has adjusted.Passenger Cars & Other Vehicles (HS Code: 870322): The import value for passenger cars was $350 million this month, showing a 7.56% month-on-month increase but a 51.73% year-on-year decline. The reduction in automobile imports may be due to the increase in domestic automobile production and changes in consumer demand.These data not only reveal the current dynamics of Turkey's import market but also reflect changes in the country's economic structure and consumption trends.Top Buyers of Key Commodities in TurkeyBelow is a list of key buyers for major imported commodities in Turkey this month, providing potential partners for businesses interested in the Turkish market:Mineral Fuels & Oils (HS Code: 271019)OPET PETROLCÜLÜK ANONİM ŞİRKETİ (opet.com.tr) — Purchase value this month: $159 million, MoM value: $94 million, MoM increase: $65.05 million, YoY value: $168.58 million, YoY decrease: $9.46 million.PETROL OFISI ANONIM SIRKETI (petrolofisi.com.tr) — Purchase value this month: $137 million, MoM value: $137 million, MoM decrease: $0.67 million, YoY value: $194 million, YoY decrease: $57.90 million.GÜZEL ENERJİ AKARYAKIT ANONİM ŞİRKETİ (guzelenerji.com.tr) — Purchase value this month: $112 million, MoM value: $61 million, MoM increase: $51.52 million, YoY value: $79 million, YoY increase: $32.69 million.Passenger Cars & Other Vehicles (HS Code: 870322)DOĞUŞ OTOMOTİV SERVİS VE TİCARET ANONİM ŞİRKETİ (dogusotomotiv.com.tr) — Purchase value this month: $95.49 million, MoM value: $38.34 million, MoM increase: $57.15 million, YoY value: $226.32 million, YoY decrease: $130.83 million.YÜCE AUTO MOTORLU ARAÇLAR TİCARET ANONİM ŞİRKETİ (skoda.com.tr) — Purchase value this month: $66.20 million, MoM value: $53.34 million, MoM increase: $12.85 million, YoY value: $34.03 million, YoY increase: $32.16 million.STELLANTIS OTOMOTİV PAZARLAMA ANONİM ŞİRKETİ (stellantis.com) — Purchase value this month: $55.62 million, MoM value: $73.17 million, MoM decrease: $17.54 million, YoY value: $189 million, YoY decrease: $133.39 million.Polypropylene (HS Code: 390210)POLIBAKPLASTIK FILM SANAYI VE TICARET ANONIM SIRKETI (polibak.com.tr) — Purchase value this month: $9.64 million, MoM value: $6.91 million, MoM increase: $2.73 million, YoY value: $10.15 million, YoY decrease: $0.51 million.GÜLSAN SENTETİK DOKUMA SANAYİ VE TİCARET ANONİM ŞİRKETİ (gulsanholding.com) — Purchase value this month: $7.88 million, MoM value: $9.22 million, MoM decrease: $1.34 million, YoY value: $12.52 million, YoY decrease: $4.64 million.SÜPER FİLM AMBALAJ SANAYİ VE TİCARET ANONİM ŞİRKETİ (superfilm.com) — Purchase value this month: $7.15 million, MoM value: $5.62 million, MoM increase: $1.53 million, YoY value: $4.51 million, YoY increase: $2.64 million.These buyers are key players in Turkey's major imported commodities, playing indispensable roles in the global supply chain. If you are interested in entering the Turkish market, these companies are potential partners worth investigating.Major Trading Partners of TurkeyThe table below shows an analysis of Turkey's top 10 trading partners in terms of export data, including the number of records, total value, and number of exporters, providing a clearer understanding of these trading partners' performance in the Turkish market.From the analysis of Turkey's major trading partners, it can be seen that China, Germany, and Russia remain Turkey's most important trading partners, especially China, which leads in both the number of records and total value. Month-on-month, China, Germany, and Spain saw significant growth in export value, particularly China, with an increase of $550 million. 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The chart below illustrates the trend from October 2023 to September 2024.From the chart, it can be seen that the exchange rate of the Turkish Lira against the US Dollar has increased from 27.77 in October 2023 to 33.97 in September 2024Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information....

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Namibia Import Market New Trends: August 2024 Customs Data Analysis - A Must-Read for Trade Professionals!

2024-09-29 12:24:34

Namibia, as a key trade market in southern Africa, has a profound impact on the foreign trade industry with its diverse range of imported goods and market demand. The August 2024 Namibian import data reveals the latest market dynamics, providing valuable insights for trade professionals, logistics companies, and market analysts. This article comprehensively analyzes the trends and shifts in Namibia's import market, helping businesses and individuals seize new opportunities in international trade.Overview of Namibia's Import Data for August 2024According to the latest data from Namibia’s customs in August 2024, the total number of import entries reached 196,168, an increase of 8,090 entries from July’s 188,078 entries, reflecting a month-on-month (MoM) growth of 4.30%. Although there was a decrease of 9,104 entries compared to the same period last year, indicating a year-on-year (YoY) decline of 4.43%, the overall market performance remains vibrant.In terms of total import value, the figure for August 2024 was USD 872,973,703, representing a 5.66% decrease compared to July’s USD 925,379,668. Moreover, compared to the same period last year, when the total import value was USD 993,040,105, there was a YoY decrease of 12.09%, indicating that Namibia's import demand has slowed down amid the backdrop of global economic uncertainty.The number of importers this month reached 6,706, a MoM increase of 420, representing a growth of 6.68%. Compared to 6,393 importers in the same period last year, this represents a YoY growth of 4.89%, showing an increasing demand for a diverse range of goods in the Namibian market. Furthermore, the number of suppliers this month reached 11,524, a slight decrease of 1.44% compared to last month's 11,693 suppliers, and a YoY decrease of 9.21% from 12,697 suppliers in August last year. This trend indicates that the supply chain structure in the Namibian market is gradually being optimized, with importers preferring to cooperate with more competitive suppliers.Overall, the Namibian import market in August 2024 exhibited characteristics of “an increase in total entries, a decrease in total value, more importers, and fewer suppliers.” This suggests that although the number and variety of imported goods are increasing, the overall decline in import value indicates a slowdown in demand for high-value goods. In this context, foreign trade companies can consider enhancing product competitiveness and reducing costs to further strengthen cooperation with the Namibian market.Top 5 Imported Products in Namibia for August 2024In August 2024, the top five imported product categories in the Namibian market were mainly concentrated in mineral fuels, vehicles and their parts, and food & beverages. The import value of these products accounted for a significant proportion of the overall market and showed varying degrees of fluctuation on both a month-on-month and year-on-year basis.Mineral Fuels and Products (HS Code: 271012)The total import value of mineral fuels in Namibia for August was USD 255,376,982, representing a month-on-month decrease of 6.30% compared to July’s USD 272,560,114. When compared to the same period last year (USD 395,383,687), it showed a significant year-on-year decrease of 35.41%. This category primarily includes gasoline, diesel, and other petroleum products, which serve as vital energy sources for Namibia's industrial and transportation sectors. The fluctuation in import value could be closely linked to global energy prices and changes in market demand.Light Vehicles (HS Code: 870421)In August 2024, the total import value of light vehicles in Namibia was USD 37,963,378, a substantial month-on-month decline of 35.95% from July’s USD 59,277,714. Compared to the same period last year (USD 44,978,060), there was a year-on-year decline of 15.60%. Light vehicles mainly refer to passenger and cargo vehicles with a weight not exceeding 5 tons. The decrease in import value could be attributed to a decline in local transportation demand and issues related to the global automotive supply chain.Beer and Malt Beverages (HS Code: 220300)The total import value of beer and malt beverages for this month was USD 36,718,148, reflecting a 3.33% month-on-month increase from July’s USD 35,536,837. Year-on-year, it showed a remarkable growth of 106.68%, compared to USD 17,764,531 in the same period last year. This increase indicates a growing demand for alcoholic beverages in the Namibian market, likely driven by festive consumption and the revival of the tourism industry.Medium Passenger Vehicles (HS Code: 870323)The total import value of medium passenger vehicles (engine capacity between 1500cc and 2500cc) in Namibia for August was USD 32,660,921, representing a 37.59% month-on-month increase from July’s USD 23,738,456 and a 22.42% year-on-year growth. These vehicles are primarily used for public transportation and private use. The increase in import value could be driven by infrastructure development and a rising demand for automobiles in the Namibian market.Trucks and Specialized Vehicles (HS Code: 870431)The total import value of trucks and specialized vehicles in Namibia for August 2024 was USD 31,288,135, reflecting a substantial month-on-month increase of 108.52% from July’s USD 15,008,000 and a year-on-year increase of 60.13% from USD 19,542,718 in August last year. These vehicles are primarily used for cargo transportation and engineering purposes. The significant growth in imports reflects a strong demand for logistics and infrastructure development in Namibia.Overall AnalysisIn summary, mineral fuels and vehicles remain the dominant categories in Namibia's import market this month. However, due to fluctuations in the global market and changes in local demand, each product category displayed varying import trends. Trade companies that can keep up with market dynamics and gain deeper insights into local demand shifts will be better positioned to capitalize on potential business opportunities.Recommended Namibian Buyers for Key Imported ProductsBelow is a list of recommended buyers for key product categories in the Namibian import market this month, along with the import value and related buyer information. These recommended buyers can provide effective market entry points and potential partnerships for foreign trade companies.Mineral Fuels and Products (HS Code: 271012)PUMA ENERGY NAMIBIA TWO PTY LTD. (pumaenergy.com)Total purchase amount this month: 116,623,495 USD; MoM amount: 104,689,619 USD; MoM change: 11,933,876 USD; YoY amount: 0 USD; YoY change: 116,623,495 USD.VALIDUS ENERGY NAMIBIA PTY LTD. (validus-energy.com)Total purchase amount this month: 64,379,033 USD; MoM amount: 0 USD; MoM change: 64,379,033 USD; YoY amount: 117,043,855 USD; YoY change: -52,664,822 USD.PUMA ENERGY NAMIBIA PTY LTD. (pumaenergy.com)Total purchase amount this month: 46,767,233 USD; MoM amount: 57,048,762 USD; MoM change: -10,281,529 USD; YoY amount: 8,014,375 USD; YoY change: 38,752,858 USD.Light Vehicles (HS Code: 870421)INDONGO AUTO PTY LTD. (indongomotorsgroup.com)Total purchase amount this month: 10,709,451 USD; MoM amount: 10,204,779 USD; MoM change: 504,672 USD; YoY amount: 12,123,435 USD; YoY change: -1,413,984 USD.PUPKEWITZ MOTORS PTY LTD. (pupkewitz-motors.com)Total purchase amount this month: 8,501,153 USD; MoM amount: 7,912,604 USD; MoM change: 588,549 USD; YoY amount: 11,376,313 USD; YoY change: -2,875,160 USD.INDONGO MOTORS PROPRIETARY LTD. (indongomotorsgroup.com)Total purchase amount this month: 3,178,741 USD; MoM amount: 4,034,807 USD; MoM change: -856,066 USD; YoY amount: 3,958,575 USD; YoY change: -779,834 USD.Beer and Malt Beverages (HS Code: 220300)NAMIBIA BREWERIES LTD. (nambrew.com)Total purchase amount this month: 31,404,027 USD; MoM amount: 30,768,055 USD; MoM change: 635,972 USD; YoY amount: 12,446,598 USD; YoY change: 18,957,429 USD.ANHEUSER-BUSCH INBEV NAMIBIA BREWERIES PTY LTD. (ab-inbev.com)Total purchase amount this month: 5,076,561 USD; MoM amount: 4,461,444 USD; MoM change: 615,117 USD; YoY amount: 4,895,518 USD; YoY change: 181,043 USD.ZEF COMERCIAL (zefenergy.com)Total purchase amount this month: 113,805 USD; MoM amount: 43,514 USD; MoM change: 70,291 USD; YoY amount: 44,020 USD; YoY change: 69,785 USD.Medium Passenger Vehicles (HS Code: 870323)TRANSWORLD CARGO (PTY) LTD. (transworldcargo.net)Total purchase amount this month: 13,304,415 USD; MoM amount: 4,394,573 USD; MoM change: 8,909,842 USD; YoY amount: 0 USD; YoY change: 13,304,415 USD.INDONGO AUTO PTY LTD. (indongomotorsgroup.com)Total purchase amount this month: 2,134,717 USD; MoM amount: 1,486,218 USD; MoM change: 648,499 USD; YoY amount: 3,315,517 USD; YoY change: -1,180,800 USD.FIRST NATIONAL BANK OF NAMIBIA LTD. (fnbnamibia.com.na)Total purchase amount this month: 1,757,676 USD; MoM amount: 1,278,890 USD; MoM change: 478,786 USD; YoY amount: 1,781,694 USD; YoY change: -24,018 USD.Diamonds and Jewelry (HS Code: 710231)KGK DIAMONDS NAMIBIA PTY LTD. (kgkgroup.com)Total purchase amount this month: 3,304,952 USD; MoM amount: 695,197 USD; MoM change: 2,609,755 USD; YoY amount: 3,188,010 USD; YoY change: 116,942 USD.The above buyers are active purchasers of major products in the Namibian market, with high purchase frequency and stable trade demand. Foreign trade companies should prioritize these buyers and use NBD Data (en.nbd.ltd) to further explore potential business opportunities, optimize trade strategies, and enhance market competitiveness.Analysis of Namibia's Key Trading PartnersSouth AfricaAs Namibia's largest trading partner, South Africa recorded a total of 165,241 transactions this month, with a total trade value reaching USD 389,859,340. Although the month-on-month trade value decreased by USD 20,031,887, it showed a year-on-year increase of USD 19,581,419, highlighting South Africa’s stable presence in the Namibian market. South Africa's main export products to Namibia include food, mineral fuels, and machinery, making it a primary supplier to the Namibian market.United Arab EmiratesThis month, the United Arab Emirates exported goods worth USD 90,827,666 to Namibia. Despite a month-on-month decrease of USD 33,447,583, the trade value increased by USD 10,782,180 compared to the same period last year. This indicates the UAE’s strong competitive position in exporting electronic equipment and mineral products to Namibia.QatarQatar saw a significant increase in trade activity with Namibia this month, with a total trade value of USD 81,414,768. The value increased by USD 81,409,076 compared to the previous month, as new trade transactions were established. Qatar's main export products include liquefied natural gas (LNG) and other energy products, signaling an expanding cooperation between Qatar and Namibia in the energy sector.OmanOman’s total trade value with Namibia for this month reached USD 62,061,646, a month-on-month increase of USD 62,031,688. However, this represents a year-on-year decrease of USD 16,550,368, indicating significant trade fluctuations. This suggests the need to closely monitor future trade trends and cooperation between Oman and Namibia.ChinaThe total export value from China to Namibia this month was USD 33,765,781, a month-on-month decrease of USD 28,532,657. Nevertheless, it marked a year-on-year increase of USD 6,406,121. China’s main exports to Namibia include machinery and consumer goods. Despite short-term fluctuations, overall demand remains strong, reflecting China’s sustained role as a key supplier to Namibia.These key trading partners collectively shape Namibia's import market, with South Africa and China maintaining a significant presence. As Qatar and Oman expand their energy exports to Namibia, the dynamics of the Namibian import market are expected to continue evolving. Foreign trade enterprises can leverage these insights to explore new opportunities and establish stronger trade relations in the region.Exchange Rate AnalysisOverall Trend: Over the past year, the exchange rate of the Namibian Dollar (NAD) against the US Dollar (USD) has shown a fluctuating but overall declining trend, indicating that the Namibian Dollar has been appreciating against the US Dollar. The exchange rate gradually decreased from 19.07 NAD/USD in September 2023 to 17.99 NAD/USD in August 2024.Notable Changes:November to December 2023: During this period, the exchange rate slightly increased from 18.22 to 18.26 NAD/USD, reflecting a relatively stable trend with minimal fluctuations.March to April 2024: The exchange rate rose from 18.75 to 18.97 NAD/USD, indicating a short-term depreciation of the Namibian Dollar against the US Dollar.Since May 2024: The exchange rate has gradually declined to 17.99 NAD/USD, showing a consistent appreciation of the Namibian Dollar, likely influenced by domestic economic policy adjustments or a weakening of the US Dollar.Future Trend ForecastBased on the current trend, the Namibian Dollar is expected to continue appreciating slightly against the US Dollar in the coming months. This projection is driven by the following factors:Recovery of Namibia's Domestic Economy: A stable and recovering domestic economy could strengthen the purchasing power of the Namibian Dollar.Global Weakening of the US Dollar: If the US Dollar continues to weaken, the Namibian Dollar is likely to experience further appreciation.It is recommended to closely monitor the global economic situation and any adjustments to Namibia’s domestic monetary policies, as these will be crucial factors in determining the future trend of the exchange rate. ConclusionThe Namibian import market in August 2024 showed significant changes in various aspects. Overall, although the total import value declined this month, the increase in the number of importers indicates growing diversity and activity in market demand. Among the major imported products, mineral fuels and light vehicles remain the mainstays of Namibia’s import market, while beer and malt beverages exhibited strong growth, reflecting an increase in local consumption demand.Regarding key trading partners, South Africa, China, and the United Arab Emirates continue to be Namibia’s most important partners, with South Africa holding the largest market share. Notably, emerging markets such as Oman and Qatar have shown rapid growth in exports to Namibia, indicating their potential to become significant players in the Namibian import market in the future.In terms of exchange rates, the Namibian Dollar (NAD) has generally appreciated against the US Dollar over the past 12 months. This trend could be attributed to local economic policies and a weakening US Dollar. If Namibia’s domestic economy remains stable, it is expected that the exchange rate will continue to show relative strength in the coming months.For foreign trade enterprises, understanding Namibia’s market demand and buyer information, especially focusing on product categories with increased import values and active buyers this month, such as beer and medium passenger vehicles, can help capture market opportunities. Furthermore, closely monitoring exchange rate fluctuations and global economic conditions can assist companies in formulating better trade strategies. NBD Data (en.nbd.ltd), as a provider of the latest and most comprehensive foreign trade data analysis, will continue to offer accurate market intelligence and professional trade data support for businesses and individuals.Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information....

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Heavyweight Report! India’s August Import Data Unveiled, A Must-Read for Trade Enterprises

2024-09-24 12:18:41

In the midst of an ever-changing global economic landscape, India's import-export trade dynamics have garnered significant attention. As a representative of emerging economies, India's monthly customs import data provides crucial market signals for global trade enterprises. The August 2024 Indian customs import data is particularly important, especially given the disruptions in global supply chains. India's procurement trends and market demand have become focal points of attention. This article provides a comprehensive analysis of India's import data for August 2024, revealing the products most favored by Indian buyers and the implications of these trends for import-export businesses. Whether you are a foreign trade company, a SOHO professional, or a market analysis expert, this article will provide forward-looking insights to help you better capture market opportunities.Overview of India's August Import DataAccording to India's customs import data for August 2024, the country recorded 5,019,114 import entries, representing a decrease of 393,117 entries compared to the previous month, a month-over-month (MoM) decline of 7.26%. However, when compared to the same period last year, with 4,383,435 entries, this marks an increase of 635,679 entries, a year-over-year (YoY) rise of 14.50%. Despite the monthly decline, this shows a significant improvement in overall import activity compared to last year, indicating steady growth in India's market demand.In terms of monetary value, India’s total imports in August 2024 reached $68,040,457,047, reflecting a 14.87% decline from the previous month's total of $79,923,423,894, a reduction of $11,882,966,847. However, compared to August 2023’s $53,303,800,292, the total import value increased by 27.65%. This notable rise suggests a strong recovery in India’s market demand, particularly in the sectors of bulk commodities and manufacturing raw materials.The number of import buyers in August 2024 was 59,269, a 2.33% decrease from last month, with a drop of 1,415 buyers. However, compared to the same period last year, the number of buyers increased by 2,374, marking a 4.17% YoY rise. This indicates that, despite short-term fluctuations, the overall demand for imported goods in the Indian market is steadily increasing.On the supplier side, a total of 111,888 suppliers were involved in India’s import and export activities this month, a 3.13% decrease from the previous month, with a reduction of 3,609 suppliers. Nevertheless, YoY data shows an increase of 8,659 suppliers, an 8.39% growth. This trend suggests that while certain suppliers have temporarily reduced exports to India, the overall supply chain is still expanding, and India’s appeal to global suppliers remains strong.This overview provides the macroeconomic background for the article. We will now delve into the specific products and market trends in India's imports this month.Top 5 Imported Goods in India for AugustAccording to India’s customs import data for August 2024, the top five imported goods covered a range of sectors including energy, precious metals, and electronics. Here’s a breakdown of the top categories:HS Code 270900 - Crude Oil & Unprocessed PetroleumThis month’s import value reached $10.745 billion, representing a 44.10% decrease from last month’s $19.221 billion and a 12.98% year-over-year (YoY) decline. The fluctuation in international oil prices and adjustments in India’s domestic demand are the primary reasons for this drop.HS Code 710812 - Non-Industrial Diamonds (Uncut or Simply Cut)Imports amounted to $8.949 billion this month, a massive 181.01% increase from the previous month and a 253.27% YoY surge. The sharp rise in imports is largely driven by a booming demand in the jewelry industry.HS Code 270119 - Coal (Unprocessed)This month saw coal imports valued at $2.43 billion, a 35.57% decline from last month, but a 17.61% YoY increase. India’s reliance on coal as a primary energy source remains strong, despite short-term fluctuations in imports.HS Code 854231 - Semiconductor DevicesThe import value for semiconductors was $1.57 billion this month, reflecting a slight 2.18% month-over-month (MoM) decrease, but a 19.29% YoY growth. The continuous demand for semiconductors underscores their importance in India’s expanding electronics industry.HS Code 851779 - Communication EquipmentImports in this category reached $1.457 billion, a 4.92% MoM decrease, but an 18.87% YoY increase. The ongoing development of 5G networks has sustained high demand for communication equipment.Key Buyers for India’s Major Imported GoodsBased on India’s customs import data for August 2024, below are the top product categories and their major buyers. The purchasing amount, as well as month-over-month (MoM) and year-over-year (YoY) changes for each buyer, highlight their importance in the Indian market.HS Code 270900 - Crude Oil & Unprocessed PetroleumHINDUSTAN PETROLEUM CORPORATION LIMITED (hindustanpetroleum.com)August Purchase Amount: $2.264 billion | MoM: $2.620 billion | MoM Decrease: -$356 million | YoY: $2.488 billion | YoY Decrease: -$223 millionINDIAN OIL CORPORATION LIMITED (iocl.com)August Purchase Amount: $1.802 billion | MoM: $3.125 billion | MoM Decrease: -$1.323 billion | YoY: $3.015 billion | YoY Decrease: -$1.213 billionBHARAT PETROLEUM CORPORATION LIMITED (bharatpetroleum.in)August Purchase Amount: $1.775 billion | MoM: $2.520 billion | MoM Decrease: -$745 million | YoY: $2.073 billion | YoY Decrease: -$297 millionHS Code 710812 - Non-Industrial Diamonds (Uncut or Simply Cut)MMTC - PAMP INDIA PRIVATE LIMITED (mmtcpamp.com)August Purchase Amount: $2.103 billion | MoM: $1.171 billion | MoM Increase: +$931 million | YoY: $716 million | YoY Increase: +$1.387 billionHDFC BANK LIMITED (hdfcbank.com)August Purchase Amount: $1.803 billion | MoM: $264 million | MoM Increase: +$1.539 billion | YoY: $248 million | YoY Increase: +$1.555 billionICICI BANK LTD. (icicibank.com)August Purchase Amount: $1.229 billion | MoM: $365 million | MoM Increase: +$864 million | YoY: $158 million | YoY Increase: +$1.071 billionHS Code 270119 - Coal (Unprocessed)TATA STEEL LIMITED (tatasteel.com)August Purchase Amount: $344 million | MoM: $582 million | MoM Decrease: -$238 million | YoY: $150 million | YoY Increase: +$194 millionJSW STEEL LIMITED (jsw.in)August Purchase Amount: $332 million | MoM: $206 million | MoM Increase: +$125 million | YoY: $281 million | YoY Increase: +$50 millionSTEEL AUTHORITY OF INDIA LIMITED (sail.co.in)August Purchase Amount: $306 million | MoM: $613 million | MoM Decrease: -$307 million | YoY: $373 million | YoY Decrease: -$67 millionHS Code 854231 - Semiconductor DevicesFOXCONN HON HAI TECHNOLOGY INDIA MEGA DEVELOPMENT (foxconn.com)August Purchase Amount: $336 million | MoM: $342 million | MoM Decrease: -$6 million | YoY: $413 million | YoY Decrease: -$77 millionDBG TECHNOLOGY INDIA PRIVATE LIMITED (dbgindia.in)August Purchase Amount: $123 million | MoM: $128 million | MoM Decrease: -$5 million | YoY: $122 million | YoY Increase: +$1 millionHS Code 851779 - Communication EquipmentFOXCONN HON HAI TECHNOLOGY INDIA MEGA DEVELOPMENT (foxconn.com)August Purchase Amount: $542 million | MoM: $638 million | MoM Decrease: -$96 million | YoY: $667 million | YoY Decrease: -$125 millionPEGATRON TECHNOLOGY INDIA PRIVATE LIMITED (pegatroncorp.com)August Purchase Amount: $102 million | MoM: $65 million | MoM Increase: +$37 million | YoY: $84 million | YoY Increase: +$19 millionThe chart illustrates the export value of India's top 10 trading partners for August 2024. China leads with an export value of over $13 billion, followed by Russia and the United States. The chart, based on total export value, clearly reflects the contribution of each major trading partner to India's imports.Analysis:China is India’s largest trading partner, with a total of 2,060,523 import entries and 50,097 exporters in August. Despite a month-over-month decrease in total entries (-91,337), the year-over-year increase is significant, with entries up by 386,894 and a total value increase of $2.652 billion. This indicates India’s growing dependence on Chinese goods, particularly in communication equipment and electronic components.Russia is India’s primary supplier of energy products. Although it has fewer export entries compared to other partners, the total export value reached $5.349 billion. However, the export value saw a sharp month-over-month decline (-$5.148 billion), likely due to energy price fluctuations.The United States ranks as India’s third-largest trading partner, with a total export value of $4.42 billion. The year-over-year value grew by $881 million, primarily driven by increased demand for technology products and medical equipment.The United Arab Emirates (UAE), which primarily exports oil and gold, saw a total export value of $3.808 billion. The year-over-year increase of $1.014 billion reflects sustained demand in the energy and jewelry sectors.The chart illustrates the exchange rate trend of the Indian Rupee (INR) against the US Dollar (USD) over the past 12 months. The data shows that there was some fluctuation in early 2024, and particularly after April 2024, the Indian Rupee began to depreciate, with the exchange rate rising to 83.96.Analysis:From September 2023 to March 2024, the INR/USD exchange rate remained relatively stable with minor fluctuations. This stability is likely tied to a relatively calm global market and steady domestic economic conditions in India.After April 2024, the exchange rate saw a sharp increase, indicating a depreciation of the Indian Rupee. The exchange rate climbed from 83.02 to 83.96. This change is likely influenced by global market volatility, inflation, and international capital flows.Future Outlook:The depreciation of the Indian Rupee against the US Dollar is likely to continue, especially given increasing global economic uncertainty. If India is unable to control inflation or attract more foreign investment, the exchange rate may rise even further, signaling continued pressure on the Rupee.Through a comprehensive analysis of India’s August 2024 customs import data, it is clear that India's demand for imports continues to grow across several key sectors, particularly in energy, communication equipment, and electronic components. China, as India’s largest trading partner, maintains a strong presence in the import market, while other major partners such as the United States, Russia, and the UAE also play crucial roles in India’s import landscape.From the exchange rate trend, the continued depreciation of the Indian Rupee against the US Dollar is likely to further impact import costs, especially in the context of rising international oil prices and global supply chain disruptions. Over the coming months, India’s import dynamics may be influenced by exchange rate fluctuations, changes in the global economy, and adjustments in domestic demand.For foreign trade companies, understanding and navigating the trends in India’s import market is essential. By closely monitoring India’s import data, particularly for major commodities and key trade partners, businesses can better strategize, optimize their supply chains, and seize market opportunities. NBD Data will continue to provide you with the latest and most comprehensive customs data to support every step of your global trade decision-making process.Disclaimer: The data and analysis in this report are derived from NBD Data's statistical results and may contain some errors. Users should verify these data independently. NBD Data is not responsible for any consequences arising from the use of this report's information.For more detailed data, please visit NBD Data's official website: en.nbd.ltd...

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