Maritime
China Exports Rise More Than Estimated After September Drop
BEIJING – China’s exports rebounded by more than estimated last month and the trade surplus widened to the biggest this year, helping sustain an economic recovery as leaders gather to map out a blueprint for growth.
Overseas shipments increased 5.6 percent in October from a year earlier, the General Administration of Customs said today in Beijing, compared with a median estimate for 1.7 percent growth in a Bloomberg News survey and September’s unexpected decline of 0.3 percent. Imports rose 7.6 percent, leaving a trade surplus of $31.1 billion, the biggest this year.
Stronger global demand suggested in today’s report may bolster confidence that Premier Li Keqiang will meet this year’s 7.5 percent growth target and ease pressure on the government to spur domestic consumption and investment. President Xi Jinping, who will lead a four-day summit starting tomorrow to decide on reform measures, said growth must avoid straining resources, capital and markets, the Xinhua News Agency reported on Nov. 5.
“China’s export numbers suggest some — although not yet decisive — improvement in global demand momentum,” Louis Kuijs, chief
China economist at Royal Bank of Scotland Group Plc in Hong Kong, said in a note. Import figures reflect “healthy expansion of demand” within China, he said.
The export growth figures understate the true picture by about 2 percentage points because of inflated data from over-invoicing in the second half of 2012 and first half of 2013, Kuijs said. Regulators in May cracked down on fabricated paperwork for outbound shipments used to disguise capital inflows.
Stocks Fall
The benchmark Shanghai Composite Index fell 1.1 percent at the close, capping a weekly loss for the gauge, with technology and agriculture shares sliding.
Estimates from 44 analysts on exports ranged from a 2.2 percent decline to 8 percent expansion. Imports (CNFRIMPY) were projected to grow 7.4 percent, the same as September’s pace, and the median estimate was for a trade surplus of $24.8 billion.
Premier Li said last month that China can’t neglect the importance of exports, which support 30 million jobs directly.
“If exports drop quickly, there will be employment problems,” Li said, according to a transcript of an October speech published this week.
October’s trade surplus takes the total for this year to $200.5 billion, the biggest 10-month total since 2008 and compared with $230.7 billion for the whole of 2012.
Yuan Pressure
The increase in the surplus suggests that pressure will build for the yuan to appreciate, Liu Li-Gang, chief Greater China economist at Australia & New Zealand Banking Group Ltd. (ANZ) in Hong Kong, said in a note today.
The currency has appreciated about 2.3 percent against the dollar this year, the most among 11 major Asian currencies tracked by Bloomberg. It weakened 0.04 percent to 6.0930 per dollar today.
Premier Li’s comments about the importance of exports suggest “the Chinese authorities are concerned about declining trade competitiveness” due to the strengthening yuan and rising costs, Liu wrote.
Exports to the U.S., China’s largest market, rose 8.1 percent in October from a year earlier, today’s data showed, the biggest jump since February. Figures from the U.S. yesterday showed fewer Americans filed applications for unemployment benefits last week, the economy expanded in the third quarter at a faster pace than forecast and consumer credit rose more than projected.
Car Exports
China’s sales to the European Union, its second biggest market, jumped 12.7 percent last month, the biggest gain since February, customs data showed.
Geely Automobile Holdings Ltd. (175), the publicly traded unit of China’s largest closely held carmaker, said this week that the volume of its exports in October rose 17 percent from a year earlier.
October’s export growth wasn’t “a terribly strong number” because the three-month average still showed a relatively stable export sector, said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. in Hong Kong.
“It doesn’t really change our cautious economic outlook for next year,” including a forecast for the economy to expand less than 7 percent, Zhang said today on Bloomberg Television. That compares with the 7.4 percent median estimate for next year and 7.6 percent for 2013, according to Bloomberg News surveys of analysts last month.
General Trade
Imports for general trade, which refers to goods used in China’s own economy rather than for re-export, rose 18.5 percent in October from a year earlier, today’s data showed. That’s the biggest increase in at least 18 months.
The National Bureau of Statistics will tomorrow publish October data on inflation and industrial output and January-October fixed-asset investment. The central bank is scheduled to release money supply and lending numbers by Nov. 15.
Data earlier this month showed China’s official manufacturing Purchasing Managers’ Index (SHCOMP) rose more than estimated in October to an 18-month high and a measure from HSBC Holdings Plc and Markit Economics topped projections.
– BLOOMBERG
Maritime
Maritime Stakeholders Back Bill For Nigeria Coast Guard At Public Hearing
Stakeholders and experts in Nigeria’s maritime sector have expressed support for the Coast Guard Bill before the National Assembly, with many describing the proposed legislation as a boost to the federal government’s efforts in securing the maritime space.
At a public hearing convened by the Senate Committee on Marine Transport to discuss the bill for the establishment of the Nigeria Coast Guard (NCG), stakeholders presented varying views, with the majority supporting the creation of the NCG.
The majority of presentations voiced strong support for the establishment of the Coast Guard, with notable endorsements from prominent figures including Dr. Olisa Agbakoba, SAN; Dr. Ade Dosunmu, MON, former Director General of NIMASA; Mrs. Jean Anishere, SAN, representing the Nigeria Bar Association; and Rear Admiral Ekwerre U. Ekwerre (Rtd), former Flag Officer Commanding the Training Command of the Nigerian Navy.
ALSO READ: Like America, Like Ghana: Opposition Defeats Ruling Party In Presidential Election
Dr. Olisa Agbakoba described the bill as timely but emphasized the need for professional input to address certain concerns within the draft. He expressed his willingness to assist in this process. Dr. Ade Dosunmu offered full support for the bill, suggesting that the Nigerian Navy should focus on blue-water operations and national defense against external threats, while the Coast Guard should address maritime crimes and incidents along Nigeria’s extensive 855-kilometer coastline using more adaptable resources. He referenced successful maritime nations such as India, Singapore, China, the United States, Japan, Egypt, Morocco, and the United Arab Emirates, all of which have well-defined roles for both the Navy and Coast Guard.
However, Dr. Dosunmu cautioned against assigning functions such as hydrography and oceanographic research to the Coast Guard, as these responsibilities are already managed by other agencies, and incorporating them could divert focus from the Coast Guard’s primary mission.
Jean Anishere, SAN, articulated her support for the bill while highlighting certain ambiguities that must be resolved before it can be enacted. She pointed out specific provisions in the bill that require clarification and further refinement.
Retired Rear Admiral Ekwerre U. Ekwerre addressed concerns raised by the Nigerian Navy and advocated that the Navy should concentrate on defense, showcasing military strength, and conducting diplomatic operations within territorial waters and the Exclusive Economic Zone (EEZ). He asserted that the Coast Guard should be responsible for enforcing maritime laws in the nation’s inland waters.
In summary, while the majority of stakeholders endorsed the establishment of the Nigeria Coast Guard, they also called for careful consideration of the bill’s provisions to ensure clarity and effectiveness in its implementation.
Maritime
How Innovative Financing Would Aid Africa’s Maritime Sector – NIMASA DG
Innovative financing models have been identified as the vital catalyst for achieving sustainable development in the African Maritime industry.
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, made the declaration at the 7th Association of African Maritime Administrations (AAMA) conference in Dar es Salaam, Tanzania.
He assured attendees of Nigeria’s commitment to advancing a future where Africa’s maritime sector thrives sustainably.
In his words, “Nigeria is committed to collaborating on technology and innovation to enhance safety, security, decarbonization, and the marine environment for a sustainable future.”
According to him, the conference presents a pivotal opportunity to address our shared challenges, particularly those related to sustainable energy, regional security, and economic growth.
ALSO READ: Tinubu, Ramphosa Co-Chair Bi-National Commission’s 11th Session
“We are here to advocate for innovative financing models and international support that will facilitate sustainable growth. As Nigeria pursues infrastructure development and digital transformation within our maritime sector, we call on our regional and international partners to support these efforts through technical and financial backing.
“Our priorities at the AAMA conference include exploring collaborative avenues to enhance maritime safety and security. By reinforcing our adherence to frameworks like the Djibouti and Yaoundé Codes of Conduct, we aim to solidify Nigeria’s role in combating piracy and maritime crime across West Africa,” he stated.
The AAMA was established to lay a firm foundation for regular consultations, enabling African maritime administrations to build joint positions on issues of common concern in the maritime sector.
When Nigeria hosted the 3rd AAMA conference in 2017, a master plan was developed outlining the measures necessary to advance the maritime agenda as envisioned in the African Maritime Transport Charter. The Association has also created a platform to strengthen cooperation at the regional, continental, and international levels, harmonizing policies and goals essential for the growth of the African maritime sector.
Maritime
Oyetola Counts On Nat’l Marine and Blue Economy Policy To Chart New Course For Dev’t
The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola is of the view that a National Policy on Marine and Blue Economy is essential for the development of the Nigerian maritime sector.
Biztellers reports that Oyetola shared the view, on Tuesday, while declaring open a stakeholders’ validation session aimed at developing the National Policy on Marine and Blue Economy in Nigeria, in Lagos.
The former Osun State Governor emphasized that the National Policy will create a sustainable pathway for economic growth in fisheries, aquaculture, renewable energy, tourism, and seabed mining, while also ensuring environmental sustainability.
He further noted the need for a robust National Policy to address challenges in the sector, including environmental degradation and illegal activities such as Illegal, Unreported, and Unregulated (IUU) fishing.
ALSO READ: Obi Congratulates NNPC Ltd On Port Harcourt Refinery
In his words, “A robust National Policy will ensure that we address these issues through a comprehensive framework that aligns with international best practices while safeguarding our marine resources for future generations.
“It is worth noting that Nigeria has achieved notable progress in maritime governance, including the ratification and domestication of international protocols and conventions. These measures have strengthened our safety and security framework, resulting in a remarkable three-year period with zero incidents of piracy in our waters. Nonetheless, the recurring boat mishaps underscore the pressing need for immediate action.
“This policy seeks to implement comprehensive strategies to ensure the safety of all waterways. However, challenges such as the recent spate of boat mishaps demand urgent attention. Consequently, this policy aims to establish comprehensive measures that will enhance safety across our waterways.
“As we develop this policy, the Ministry remains committed to repositioning Nigeria as a dominant player in the marine and blue economy, both regionally and globally. We are also pursuing Nigeria’s candidacy for election to Category C of the International Maritime Organization (IMO), which underscores our determination to strengthen our voice in global maritime governance”.
In his welcome address, the Permanent Secretary of the Ministry, Olufemi Oloruntola, noted that the validation workshop is a key step in shaping the National Policy on Marine and Blue Economy — a framework designed to address Nigeria’s specific needs and aspirations while embracing sustainable development principles. “It provides an opportunity for stakeholders to review, refine, and enrich the draft policy through a participatory and inclusive approach,” he said.
The draft policy, which consists of nine parts, offers an elaborate overview of our country’s marine and blue economic endowments and their current state. It affirms our mandate, vision, and mission, setting the stage for the policy’s objectives and aspirations. It further dissects these aspirations into five broad parts of legal and institutional framework; maritime transport, trade and shipping; fisheries and aquaculture; marine abiotic resources; and marine innovation and technology. It also identifies a range of cross-cutting issues and concludes with an assessment of stakeholders to support the implementation structure. Overall, it is a comprehensive document.
Also present at the event were the Chief Executive Officers of all the agencies under the Ministry, including Dr. Dayo Mobereola, Director General, Nigerian Maritime Administration and Safety Agency; Abubakar Dantsoho, Managing Director, Nigerian Ports Authority; Barrister Akutah Pius, Executive Secretary, Nigerian Shippers Council; and Bola Oyebamiji, Managing Director, National Inland Waterways Authority.
Other attendees included Funmi Folorunsho, President, African Shipowners Association; Engr. Greg Ogbeifun, Managing Director, Starz Marine; and the President, National Association of Stevedoring Companies, among other stakeholders.