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Railway network sees steady cargo growth

China's railway network registered steady growth in cargo transport in the first 11 months of the year, data from the China State Railway Group Co Ltd showed. State-operated railways handled over 3.12 billion metric tons of cargo in the past 11 months, up 6.8 percent year-on-year. During the period, the average number of daily loaded cargo trains expanded 10.8 percent to around 167,700. The group is expected to reach a cumulative cargo growth of 500 million tons in 2018 and 2019, according to the company. China aims to increase its total railway cargo volume by 30 percent from 2017 level to reach about 4.8 billion tons in 2020, a three-year government action plan said.

16th China Trade Fair opens in Amman

The 16th China Trade Fair kicked off in Amman on Tuesday, displaying various Chinese products in the machinery and home life sectors. Jordan's Minister of Industry, Trade, and Supply Tariq Hammouri inaugurated the expo in the presence of Chinese Ambassador to Jordan Pan Weifang. The minister highlighted the importance of the event, which he said was an opportunity for enhancing bilateral ties and building partnerships between Jordanian businessmen and their Chinese peers. He added that the fair was an opportunity for Jordanian traders to be acquainted with the latest Chinese technologies and products.

Agricultural business with Africa increases

The trade volume of agricultural products between China and Africa increased about tenfold from 2000 to 2018, according to China's Ministry of Agriculture and Rural Affairs. The trade volume increased from $650 million in 2000 to $6.92 billion in 2018, registering an average annual growth of 14 percent, Agricultural Minister Han Changfu said at the 1st Forum on China-Africa Cooperation in Agriculture that opened on Monday in the southern resort city of Sanya. The inaugural forum brought together nearly 500 participants, including representatives from institutions of higher education and research, enterprises from home and abroad, as well as international organizations.

GDP growth may slow to 1.8% in US next year

A panel of 53 professional forecasters anticipate that US gross domestic product growth will slow to 1.8 percent in 2020, according to a new survey from the National Association for Business Economics (NABE). "NABE Outlook Survey panelists believe the US economy will continue to expand in 2020, but they anticipate that inflation-adjusted GDP growth will slow from 2.9 percent in 2018 to 2.3 percent this year and 1.8 percent in 2020," said NABE President Constance Hunter, chief economist at KPMG. "The consensus forecast calls for a pickup in housing, but slower growth in business investment and consumer spending, along with larger deficits in trade and the federal budget," Hunter said.

Money supply grows at a fast pace in S. Korea

Money supply in South Korea grew fast in October after the policy rate cut to a record low, central bank data showed on Wednesday. M2, called broad money, expanded 7.5 percent in October from a year earlier, after growing 7.6 percent in the previous month, according to the Bank of Korea (BOK). The September growth was the fastest increase in three and a half years since March 2016. The fast increase came after the BOK slashed its benchmark interest rate from 1.50 percent to a record low of 1.25 percent in October. The central bank lowered the target rate by 25 basis points in July.

Retail sales show rapid gains in Indonesia

Indonesia's retail sales in October expanded at the fastest pace since June, primarily contributed by sales of foods, tobacco, automotive spare parts and accessories, a survey carried out by the central bank showed on Tuesday. The retail sales edged up 3.6 percent in October on a 12-month basis, compared with 0.7 percent in the presiding month. For November, retail sales were forecast to keep growing but slightly down to 3.4 percent year-on-year as the growth was supported by the sales of foods, beverage, tobacco, household equipment as well as automotive spare parts and accessories.

Canada banks on revised CUSMA to boost ties

Canada has signed the renegotiated North American Free Trade Agreement in Mexico City, clearing the way for the contentious pact's long-awaited ratification, CTV reported on Tuesday. Canadian Deputy Prime Minister Chrystia Freeland signed the agreement, which is named in Canada as the Canada-United States-Mexico Agreement (CUSMA), alongside US Trade Representative Robert Lighthizer and Mexico's Undersecretary for North America Jesus Seade.

Hungary reports surplus of $568m in October

Hungary had a trade surplus of 514 million euros ($568 million) in October, the Central Statistics Office (KSH) said. "Exports rose 6.7 percent year-on-year to 10.086 billion euros, while imports were up 3.6 percent at 9.572 billion euros," the KSH said in a statement. Trade with other European Union (EU) member states accounted for about 80 percent of exports and 74 percent of imports, according to the KSH. "For the first 10 months of 2019, exports were up 4.8 percent annually at 91.980 billion euros, and imports rose 5.5 percent to 87.578 billion euros. The trade surplus for the period stood at 4.402 billion euros," said the statement.