China's trade surplus was US$20 billion in June, the highest level in eight months, Bloomberg reported. The increase came largely thanks to surging exports, which were up 43.9 per cent year-on-year. But customs officials were quick to warn that troubles in the Eurozone had begun to affect Chinese exports to the region. Weakened US demand, increased wages, and reduced export tax rebates were also working to undermine the competitiveness of Chinese exports and international pressure on China to … [Read more...] about China's trade surplus rises in June
Express
WCO and TIACA agree to greater cooperation
The World Customs Organization (WCO) and The International Air Cargo Association (TIACA) have signed a Memorandum of Understanding to help identify how the air cargo industry can assist in priority Customs objectives and to discuss how these can be best achieved with minimum disruption to commercial operations. The new agreement — signed in Brussels by WCO secretary general, Kunio Mikuriya, and TIACA's secretary general, Daniel Fernandez — aims to keep customs and the air … [Read more...] about WCO and TIACA agree to greater cooperation
IATA success in standardising cargo liability
The International Air Transport Association (IATA) announced the standardisation of cargo liability limits. With effect from 1 July 2010, the Air Waybill (AWB) Conditions of Contract (IATA Resolution 600b) have been changed to harmonise the application of the Montreal Convention liability limit for all air cargo across all routes. IATA says the simplified approach improves efficiency for shippers and forwarders and is consistent with industry efforts to improve competitiveness by simplifying … [Read more...] about IATA success in standardising cargo liability
FedEx posts full-year $1.2 billion profit
FedEx Corporation posted a full-year net profit of US$1.2 billion, up from last year’s $98 million. Revenue was down two per cent at $34.7 billion. For the fourth quarter, revenue climbed 20 per cent ona year-on-year basis to $9.4 billion. The group’s Express business was the key driver of the uptick with a 23 per cent increase in daily shipments in the fourth quarter with a 23 per cent rise in revenue, hitting $5.9 billion. The recovery was driven by imports from Asia … [Read more...] about FedEx posts full-year $1.2 billion profit
DHL flourishes in Vietnam its economy soars
DHL Express says Vietnam looks set to maintain its top rank as the “Asian tigerin- waiting†following what it has assessed as the region’s strongest post-recession recovery. In tandem with the country’s growth, DHL Express Vietnam said its volumes grew more than 30 per cent yearon- year in the first quarter of 2010, with further growth by year end. “The recovery for both Vietnam and DHL is being powered by intra-Asia trade,†said John Pearson, … [Read more...] about DHL flourishes in Vietnam its economy soars
Toll Group buys Qantas’ DPEX
The Toll Group has purchased DPEX Group, one of the largest independent express air freight businesses in Asia, from Qantas. The move is seen as strengthening Toll Priority, the group’s own parcels division which has proved more profitable of late than the general freight arm. Toll have used their Asia Pacific operations in a series of purchases aimed at strengthening their express freight arm, having purchased, in the last year: Kwikmail in Hong Kong, Deltec’s Australasian … [Read more...] about Toll Group buys Qantas’ DPEX
