Core Insights - Hong Kong's overall export and import values showed significant year-on-year increases in September 2025, with exports rising by 16.1% and imports by 13.6% [1] - The trade deficit for September 2025 was recorded at 50.2 billion HKD, equivalent to 9.8% of the import value [1] - For the first nine months of 2025, overall export value increased by 13.4% compared to the same period in 2024, while import value rose by 13.1% [1] Trade by Region - In September 2025, exports to Asia increased by 18.3%, with notable growth to Vietnam (50.9%), Malaysia (40.0%), Taiwan (31.9%), India (19.5%), and Mainland China (16.7%) [2] - Exports to Switzerland and Germany also saw significant increases, with growth rates of 138.5% and 27.6% respectively [2] - Imports from major supply regions also rose, particularly from the UK (70.3%), Vietnam (68.7%), Singapore (33.2%), Mainland China (19.4%), and Japan (12.9%) [2][3] Trade by Product Category - In September 2025, most major product categories saw export value increases, especially "Electrical machinery, instruments and appliances" (up 22.8%) and "Communication, recording and sound equipment" (up 14.5%) [4] - Import values also rose across most categories, particularly in "Electrical machinery, instruments and appliances" (up 20.3%) and "Miscellaneous products" (up 33.6%) [4] - For the first nine months of 2025, significant export increases were noted in "Electrical machinery, instruments and appliances" (up 15.9%) and "Office machines and automatic data processing machines" (up 30.1%) [4]

Core Insights - Chile's trade activity index (IAC) increased by 4.8% year-on-year in August, driven by a significant rise in online and mail-order shopping [1] Retail Trade - Retail trade excluding automobiles and motorcycles grew by 6% year-on-year [1] - Supermarket sales increased by 3%, with a cumulative growth of 1.9% from January to August this year [1] Wholesale Trade - Wholesale trade excluding automobiles and motorcycles saw a year-on-year growth of 3.4% [1] Automotive Sector - The automotive and motorcycle repair sector, along with retail and wholesale trade, experienced a year-on-year growth of 5.1% [1] E-commerce - Retail e-commerce grew by 16.1% year-on-year, with a cumulative growth of 13.4% from January to August this year [1]

Core Insights - Azerbaijan's total foreign trade reached $32.12 billion from January to August 2025, marking a year-on-year increase of 3.6% [1] - Exports amounted to $17.07 billion, showing a decline of 6.4% year-on-year, while imports were $15.05 billion, reflecting a growth of 17.9% [1] - The trade surplus decreased by 63.0% to $2.02 billion compared to the previous year [1] Trade Partners - China remains Azerbaijan's fourth-largest trading partner and the largest source of imports, with a trade volume of $2.94 billion, an increase of 28.4% year-on-year [1] - Azerbaijan's imports from China reached $2.88 billion, up by 26.3% [1] - The top three trading partners for Azerbaijan are Italy ($8.31 billion), Turkey ($3.84 billion), and Russia ($3.35 billion) [1]

Core Viewpoint - Fitch Ratings believes that the framework peace agreement signed between Azerbaijan and Armenia is a positive step towards achieving a comprehensive agreement, reducing the risk of renewed military conflict [1] Summary by Relevant Categories Economic Impact - The framework agreement is expected to create opportunities for trade growth in the medium term [1] Risk Assessment - In the short term, the agreement will not affect the ratings of either country, but it may lower the risk of military conflict [1]

Core Insights - Chile's Industrial Production Index (IPI) showed a modest increase of only 1% in July, marking the worst performance since February's decline of 3.7% [1] - Mining production decreased by 0.9%, while electricity, gas, and water production increased by 0.9%, and manufacturing rose by 2.7% [1] Trade Performance - Chile's trade growth remained strong, with a monthly increase of 6.5% in July and a cumulative growth of 4.9% from January to July [1] - Wholesale trade (excluding automobiles and motorcycles) grew by 7.6%, while retail trade (excluding automobiles) increased by 5.8% [1] - Automobile and motorcycle trade saw a growth of 4.9%, and the supermarket sales index (ISUP) rose by 2.8%, with a cumulative growth of 1.7% from January to July [1] - The retail e-commerce index (ICEM) experienced significant growth, with a monthly increase of 14.7% in July and a cumulative growth of 13.1% from January to July, driven mainly by transactions in home electronics and technology products [1]

Core Insights - The global shipbuilding industry is entering a multi-year upgrade cycle, with Chinese shipyards playing a central role, driven by environmental regulations, aging fleets, and trade growth [1][2]. Group 1: Market Outlook - Goldman Sachs predicts that from 2025 to 2032, global new ship orders will reach 441 million compensated gross tons (CGT), valued at $1.2 trillion [2]. - The demand breakdown includes 26% from decarbonization regulations, 48% from fleet replacement needs, and 26% from trade growth [2][5]. Group 2: Capacity Expansion - New ship prices are expected to remain high from 2025 to 2028, despite a potential 12% decline from 2024 peak levels, due to disciplined capacity and strong structural demand for new orders [3]. - The majority of global capacity expansion will come from Chinese shipyards, while South Korean and Japanese shipyards will maintain a more conservative approach [3]. Group 3: Opportunities and Challenges for Chinese Shipyards - The report indicates that the impact of increased port service fees for Chinese-built ships in the U.S. will be limited, as only 4% of the international fleet calling at U.S. ports is built or operated by China [4]. - The flexibility of shipowners to redeploy Chinese-built vessels to other routes mitigates potential negative impacts [4]. Group 4: Demand Drivers - Stricter decarbonization regulations are a key variable driving new orders, with traditional fuel vessels expected to incur higher operational costs than those using alternative fuels by 2035 [5]. - The largest source of demand in this cycle will be fleet renewal, as many vessels delivered during the last peak (2009-2012) will reach 20 years of age by 2029 [5]. Group 5: Market Share Dynamics - Chinese shipyards are experiencing a temporary decline in market share due to extreme capacity constraints, with a backlog covering 3.7 years compared to 3 years for South Korea and Japan [6]. - However, as Chinese shipyards expand capacity and deliver existing orders, their price advantages are expected to help regain market share, with new order market share rising to 69% in June and July 2025 [6].

Core Insights - Ireland's exports to the Arab region increased by 5.6% in the first half of the year, reaching €1.5 billion [1] Group 1: Trade Growth - The trade between Ireland and key markets in the Arab region has strengthened, particularly with Saudi Arabia, the UAE, and Egypt [1] - Iraq and Qatar have also emerged as active markets for trade with Ireland [1]

Group 1 - The South African government plans to hold trade talks with the United States by the end of June, aiming to promote trade growth [1]

Core Viewpoint - The spokesperson of the National Bureau of Statistics, Fu Linghui, stated that the next phase of significantly reducing tariffs between China and the United States will benefit trade growth for both parties and contribute to the recovery of the global economy [1] Group 1 - The reduction of tariffs is expected to enhance trade growth between China and the United States [1] - This tariff reduction is also anticipated to support the recovery of the global economy [1]