Foreign Trade Information | Sri Lanka cancels import restrictions on 286 kinds of goods; Google will be charged with EU antitrust!

NO.1. U.S. one-year inflation expectations drop to two-year low

According to the monthly survey of consumer expectations in May released by the Federal Reserve Bank of New York recently, respondents' inflation expectations one year later fell by 0.3 percentage points from the previous month to 4.1%, the lowest one-year inflation expectations since May 2021.

But at the same time, the respondents' inflation expectations for the next three years rose by 0.1 percentage points to 3% from 2.9%; their inflation expectations for five years later rose by nearly 0.1 percentage points to 2.7%.

Consumers' inflation expectations for the year ahead were broadly in line with market expectations in May. While this figure is still well above the 2% target set by the Fed, the overall trend continues to be lower. The main factor contributing to the decline in short-term inflation expectations is some unfavorable factors caused by the new crown epidemic, such as the imbalance between supply and demand of bulk commodities and supply chain congestion, which are further easing.

NO.2, Sri Lanka canceled import restrictions on 286 kinds of commodities

Recently, the Sri Lankan Ministry of Finance said in a statement that the 286 items whose import restrictions were lifted include train carriages and radios. However, import restrictions will remain on another 928 items, including automobiles.

In 2022, the total trade between China and Sri Lanka will be US.25 billion. China is Sri Lanka's largest source of imports. China's main exports to Sri Lanka are chemicals, electronic equipment, knitted goods and metal products. China's imports from Sri Lanka mainly include tea, jewelry and fabrics.

NO.3, Japan's May corporate price index rose 5.1% year-on-year

The preliminary statistical results released by the Bank of Japan recently showed that in May this year, the Japanese corporate price index rose by 5.1% year-on-year to 119.1, and the growth rate continued to slow down.

The report shows that the prices of pulp, paper, paper products, mineral products, and kiln and earth and stone products rose the most in the month, and the corresponding category price indexes rose by 15.3%, 14.7% and 14.6% respectively year-on-year. The food and beverage price index, which has a larger weight, rose by 7.9% year-on-year.

Due to the correction of energy and other prices, the import price index denominated in Japanese yen continued to decline in May from a year earlier, with a drop of 5.4%. Among them, the price index of timber, wood products and forest products decreased by 20.3% year-on-year, and the price index of oil, coal and natural gas decreased by 15.5% year-on-year. During the month, the export price index denominated in yen rose by 2.0% year-on-year.

NO.4, New York retail jobs fell

Retail jobs in New York City have declined significantly over the past year, according to the latest data. This reflects the fact that many retailers are closing stores, laying off staff or experiencing difficulties. In particular, traditional brick-and-mortar stores face competitive pressure from e-commerce and online retail.

The New York City government and relevant stakeholders are working hard to find solutions to promote retail recovery and job growth. This could include measures such as supporting small businesses, providing training opportunities and improving the business environment.

NO.5, Google will be subject to EU antitrust charges

WASHINGTON (Reuters) - Google is set to be hit by a formal EU antitrust lawsuit that could lead to the company paying another hefty fine to the bloc and hitting the heart of advertising technology, which makes up the bulk of U.S. corporate revenue.

The antitrust statement, which could be announced as early as Wednesday, comes after the European Union has issued three fines to Google totaling more than 8 billion euros (.6 billion).

The new charges would target the heart of Google parent Alphabet's ad tech business model. Google's advertising business is by far its most successful, accounting for about 80% of its annual revenue. For all of 2022, its ad sales will be about 5 billion.