SINOWAY Newsletter

 Nov., 2023

☆ Industry news and Sinoway comments

1. US President and Chinese President met on 15 November in the San Francisco Bay area.

It was the first time the two presidents had met since November 2022. Diplomatic ties between Washington and Beijing have deteriorated this year, with tensions rising over Taiwan and the South China Sea.

The meeting will promotes understanding and cooperation between the US and China.

In terms of export tariffs to the United States, there may be adjustments, the trade relations between China and the United States will be eased.

2.Throughout November, the exchange rate of CNY against the US dollar appreciated by 2.55%.

Seasonal strength is one of the reasons for the RMB exchange rate strengthened at the end of the year. In the past 6 years, the RMB against the US dollar has strengthened in November, December and January. Exporters' seasonal exchange and settlement behaviors will strengthen the RMB exchange rate a few months before the Chinese Spring Festival.

Sinoway predicts that the exchange rate of the RMB to the US dollar may keep appreciate until February next year.

• Asian air freight stages US, Europe rate surge in November.

In Nov,the highest air cargo rates of the year from Asia to North America and Europe are riding not only demand,  but on constrained capacity due to weather disruptions and too little belly capacity on the China-United States.

The increase in air freight rates from China was not driven by cost factors, as jet fuel price continued its downward trend (disconnected from the trend of crude oil) and disinflation continues. Instead, it was driven by many factors, one is by the rise of general cargo demand.

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Structure:

Highlights:

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Download the file of Promotion Products：202311NewsLetter .docx