Equatorial Guinea is forecast to record the weakest performance, with its economy expected to contract by around 2.7%. The IMF has repeatedly pointed to the country’s heavy reliance on declining oil production as a key factor behind its prolonged downturn, with limited diversification constraining recovery prospects.

Elsewhere, growth is expected to remain subdued rather than negative. Mozambique is projected to expand by just 0.5%, reflecting ongoing fiscal pressures and vulnerability to external shocks. South Africa, the continent’s most industrialised economy, is forecast to grow by only 1.0%, underscoring deep-rooted challenges including energy shortages, logistics constraints and high unemployment. The IMF has flagged these structural issues as major drags on the country’s growth potential.

Lesotho is expected to post growth of about 1.1%, while Seychelles, heavily dependent on tourism, is projected at 1.5%, a pace that reflects a gradual but uneven recovery in global travel demand.

Further along the list, Malawi and Senegal are both forecast to grow by around 2.2%, followed closely by Angola at 2.3% and Namibia at 2.4%. While these figures represent positive growth, they fall well below the regional average and highlight limited economic momentum.

The Central African Republic, projected at 2.6%, rounds out the group of slowest-growing economies, reflecting ongoing fragility linked to conflict, infrastructure gaps and reliance on subsistence sectors.

What stands out is the contrast within the region. While some African economies are expanding rapidly, others are struggling to gain traction. The IMF notes that Sub-Saharan Africa’s overall growth outlook remains uneven, shaped by commodity dependence, debt burdens and exposure to global financial conditions.

Countries reliant on a narrow range of exports, particularly oil, are among the most vulnerable. In Equatorial Guinea and Angola, fluctuations in global energy prices continue to have an outsized impact on economic performance. Meanwhile, economies like South Africa face domestic constraints that limit their ability to capitalise on global demand.

The implications extend beyond headline growth figures. Slower expansion can constrain job creation, reduce fiscal space and limit investment in infrastructure and social services. For many of these countries, sustaining even modest growth will require structural reforms, diversification and improved governance.

Recent export-import data shows India leading the global market with roughly $3.9 billion in spice exports, representing about 37% of the global share. Vietnam follows closely with nearly $3 billion, capturing around 30%, underscoring a duopoly that now controls well over half of global spice exports.

Industry data confirms the trend. India remains the world’s largest producer, consumer and exporter of spices, shipping products to more than 150 countries and generating over $4.7 billion in export value in recent years. Vietnam, meanwhile, has carved out a strong position through high-volume exports of black pepper and cinnamon, with exports reaching billions of dollars annually.

What this really means is that the global spice trade is no longer broadly distributed. Instead, it is increasingly concentrated in a handful of high-performing economies.

India’s strength lies in scale and diversity. The country produces more than 60 of the world’s recognised spice varieties and exports a wide range of products, from chilli and turmeric to cumin and spice oils . Its long-established supply chains and strong agricultural base have allowed it to maintain leadership even as competition intensifies.

Vietnam, by contrast, has taken a more specialised approach. Its dominance in key segments, such as black pepper, has enabled it to rapidly expand its global footprint, supported by efficient production systems and export-focused policies .

Beyond the top two, the market drops sharply. Mexico ranks third with about $1 billion in exports, followed by Peru, Uzbekistan and Pakistan, each contributing a far smaller share. Other players such as Chile, Turkey and Colombia maintain niche positions, while Ethiopia rounds out the top ten with a minimal share of the global market.

Global spice production has reached more than 6 million metric tonnes in recent years, with demand driven by shifting consumer preferences, growing interest in health-focused ingredients, and the growth of processed foods.

At the same time, the trade remains vulnerable to disruption. Climate change, supply chain bottlenecks and quality control issues continue to pose risks, particularly for countries heavily reliant on agricultural exports.

"Made in China" was the undisputed mantra of the country’s rise. Today, however, a profound structural migration is underway. Following a landmark directive from China’s State Council, Beijing has formally mapped out an audacious future: a services economy projected to surpass ¥100 trillion (approximately $14 trillion) by 2030. This signals a decisive move away from a hardware-driven growth model toward a "China Service" era defined by intelligence, technology, and global standards.

The transition is already visible in the data. In the first quarter of 2026, services accounted for 61.7% of China’s GDP growth, signalling that the shift from a manufacturing-heavy economy to a high-value service hub is no longer a future projection - it is a current reality.

Factory brains

The first pillar of this strategy is the extension of "Producer Services" toward specialisation and the high end of the value chain. China recognises that the future of manufacturing lies not in assembly, but in the "industrial brain" behind it.

The science and technology hubs of Beijing, Shanghai, and the Greater Bay Area are serving as high-velocity engines for this shift, catalysing breakthroughs in robotics, drones, and general-purpose Large Language Models (LLMs). By integrating these frontier technologies into the core of producer services, China is moving beyond traditional consulting toward an "automated expertise" model that optimises industrial design, smart logistics, and predictive maintenance across the global supply chain.

For example, in the realm of tech-enabled services, the "Qi Yuan" model has transformed AI from a linguistic tool into a digitalised attending physician at the ICU bedside. Developed by Shenzhen-based medical giant Mindray and tech titan Tencent, Qi Yuan is the world’s first LLM clinically implemented for critical care. This shift toward high-end, specialised services is the engine driving the Chinese industry toward the apex of the global value chain.

  Quality of modern life

The second pillar is the transformation of "Life Services" to emphasise quality, variety, and convenience. As China's 500-million-strong middle class begins to prioritise "quality of life" over the mere accumulation of goods, the government is opening doors to satisfy increasingly diverse consumer demands.

In Shanghai’s Qingpu District, the launch of DeltaHealth Hospital Shanghai - owned by the British conglomerate Swire Pacific - serves as a vital bellwether. As the first general hospital in the city permitted to convert into a wholly foreign-owned entity, it represents an "airlift" of international management logic and specialised expertise into the heart of the Chinese market.

By attracting high-level international medical institutions, China is pursuing a dual-track strategy: meeting the sophisticated demands of high-income groups while simultaneously reducing pressure on public hospitals, which are often overcapacity due to China's massive population. Furthermore, Beijing is encouraging this competition to boost the overall quality of domestic healthcare services.

Meanwhile, a growing ageing population is seeking a better quality of life post-retirement. On the island of Hainan, China’s southernmost province and largest tropical territory, the "Silver Economy" is emerging as a major opportunity. In the Hainan Boao Lecheng International Medical Tourism Pilot Zone, the traditional silos between tourism, healthcare, and elderly care have vanished, replaced by a closed-loop ecosystem. This deep integration of "service + consumption" allows patients to access cutting-edge global drugs synchronised with international approvals, directly addressing health anxieties within an ageing society .

Why the pivot?

Why has China launched this trillion-dollar offensive now? Beyond hedging against rising manufacturing costs brought by geopolitics and other uncertainties, the move is rooted in a desire for resilient public well-being and a green future. Services are inherently less carbon-intensive, making them a natural vehicle for China’s "Dual Carbon" goals. Furthermore, by opening professional sectors like healthcare, education, and finance to global competition, China is using international standards to catalyse a domestic industrial upgrade, creating a more predictable and transparent business environment.

For global investors, this $14 trillion invitation is both a golden opportunity and a strategic challenge. Future dividends will no longer belong to those seeking cheap labour, but to those who can provide systemic solutions, high-end expertise, and innovative service models. From "Made in China" to "China Service," this is more than a change in name - it is a fundamental transformation of the nation's economic engine. In this new era, China will no longer just consume components and raw materials; it will consume the world’s most sophisticated intelligence and services.

Du Yubin is a journalist and producer for CGTN. He was stationed in Washington, D.C. and London for six years each, focusing on China-US and China-EU relations. He has over 15 years of experience in international communication and new media . The views expressed in this article are the author’s own.

Mazen Alloush, Director of Relations at Syria’s General Authority for Borders and Customs, said preparations had been underway for weeks.

A new global comparison shows that consumers in parts of Asia and emerging markets pay significantly less for a dozen eggs than those in wealthier economies, where prices have surged in recent years due to inflation and supply disruptions.

India tops the list as the cheapest country for eggs, with a dozen large eggs costing approximately $0.91, according to Numbeo’s latest cost-of-living dataset.

Other low-cost countries include:

These figures align with Global Product Prices data, which also shows that many developing economies offer eggs at well under $2 per dozen, making them an accessible source of protein for large populations.

The data points to a clear trend where egg prices are lowest in countries with lower production costs, including cheaper labour, feed and land.

In countries such as Vietnam, Indonesia and Nepal, prices range between $1.48 and $1.52 per dozen, reinforcing Asia’s dominance in low-cost egg production.

Analysts note that eggs remain a staple protein source in these regions, contributing to steady domestic demand and large-scale local production.

According to Global Product Prices , nations such as Switzerland, Australia and New Zealand rank among the most expensive, with prices reaching $6 to $8 per dozen, on the contrary.

Numbeo data similarly shows significant price gaps, with some European and Western markets charging several times more than countries like India or Pakistan.

Egg prices have become a global economic indicator, reflecting broader food inflation trends. In recent years, supply shocks, including avian influenza outbreaks, have pushed prices higher in several major markets.

In the United States, for example, egg prices have surged amid supply shortages and rising costs, illustrating how vulnerable the market is to disruptions.

China is projected to remain the world ’s largest cotton producer, accounting for 29% of global output, or around 7.7 million tonnes, according to USDA Foreign Agricultural Service (FAS) estimates for the 2025/26 marketing year.

The country’s dominance is driven by highly mechanised production in regions such as Xinjiang, which has become the centre of China’s cotton industry. USDA data shows China consistently ranks as both the top producer and consumer of cotton globally, reflecting strong domestic demand from its textile sector.

India is expected to produce 5.1 million tonnes, representing 19% of global supply, maintaining its position as the second-largest producer. However, yields remain sensitive to monsoon variability, a factor that continues to shape output volatility, according to Trading Economics agricultural data trends.

Brazil, now firmly established as a global agricultural powerhouse, is projected to contribute 4.2 million tonnes (16%), benefitting from large-scale, export-oriented farming and rising productivity. USDA data indicates Brazil has steadily increased its share of global cotton exports over the past decade.

The United States is forecast to produce 3.0 million tonnes (12%), ranking fourth globally. While not the largest producer, the US remains the world’s leading cotton exporter, supplying key markets in Asia, particularly China, Vietnam and Bangladesh.

Trading Economics data highlights that US cotton production is influenced by weather patterns, especially drought conditions in major producing states such as Texas.

Beyond the top four, several countries contribute smaller but still significant shares:

These producers play important roles in regional supply chains, particularly in Asia and Europe .

The Chicago-headquartered group reported confectionery sales of $38.5 billion, maintaining a clear lead over rival Mars Inc., which posted $36 billion in revenue from its sprawling snacks division.

Italian firm Ferrero Group secured third place with $22.2 billion, while The Hershey Company and Nestlé rounded out the top five with $11.7 billion and $11 billion respectively, underscoring continued dominance by a handful of multinational players.

The latest rankings highlight the enduring influence of a small cluster of global heavyweights often referred to as “Big Chocolate”, including Mondelēz, Mars, Ferrero, Hershey and Nestlé, which collectively command a significant share of global confectionery revenue.

These companies benefit from vast manufacturing networks, strong brand portfolios and global distribution systems, allowing them to maintain scale advantages even as consumer tastes evolve.

Beyond the top five, Japan ’s Meiji Co., Switzerland’s Lindt & Sprüngli, Germany’s Haribo, Italy-based Perfetti Van Melle and UK-based Pladis complete the top 10 list, reflecting a mix of heritage European brands and Asian growth players.

The rankings come against a backdrop of steady growth in the global candy market, which is valued at approximately $78.8 billion in 2026 and projected to reach nearly $99 billion by 2031.

Manufacturers are increasingly responding to changing consumer preferences, including demand for premium products, reduced-sugar formulations and plant-based ingredients.

Digital commerce is also reshaping distribution, with online candy sales growing steadily as companies expand direct-to-consumer channels.

At the same time, emerging markets in Asia-Pacific are driving future growth, supported by rising incomes and urbanisation, even as Europe and North America remain the largest revenue centres.

“To increase its share of world trade, Africa has to add more value instead of exporting … unprocessed products,” she said, calling for stronger local value chains so more processing and manufacturing happens on the continent. “What Africa needs is for the value chains to be created on the continent … and therefore, creation of jobs.”

Okonjo-Iweala said Africa has the resources to shift its model, pointing to the continent’s hold over about 30% of the world’s critical minerals and around 60% of renewable solar potential, assets that could support industrial development if paired with investment, infrastructure and trade-friendly policies.

While the country has been trying to diversify, its exports remain heavily concentrated in primary goods. Data cited from UNCTAD’s Data Hub and the World Bank’s WITS shows Malawi’s merchandise exports have fallen from about $1.3 billion in 2014 to roughly $950 million in recent years, and commodities still dominate the basket.

Between 2021 and 2023, commodities accounted for about 91% of Malawi’s export earnings, driven largely by agricultural products such as tobacco, underscoring how difficult it has been to build a pipeline from farm or mine to factory.

Business leaders say the shift to value-added exports is possible, but will need targeted support. Daisy Kambalame, chief executive of the Malawi Confederation of Chambers of Commerce and Industry, said moving up the value chain would boost foreign earnings and competitiveness, but only if the manufacturing base is strengthened.

Malawi’s government has rolled out policies such as the National Export Strategy (2021-2026) and a “Buy Malawi” push to encourage local production and wider export markets.

One of the clearest examples is Air China’s planned resumption of direct Beijing-Delhi flights from April 21, a symbolic step in restoring links between the world’s two most populous countries after more than four years of disruption caused by the pandemic and the deadly 2020 Galwan Valley clash. 

Chinese embassy spokesperson Yu Jing cast the move as more than a commercial decision, describing it as a boost to “trade, tourism and trust” and a sign of broader people-to-people engagement under regional and multilateral frameworks.

A similar pattern can be seen on China’s border with North Korea. On March 13, a passenger train from China arrived in Pyongyang, marking the resumption of cross-border rail services after a six-year pause imposed during the Covid-19 pandemic.

Beijing is also preparing to restore another channel into North Korea. Air China plans to restart passenger flights between Beijing and Pyongyang on March 30, initially with a once-weekly service using Boeing 737-700 aircraft. 

That would mark the return of one of North Korea’s few international air connections and add to signs that cross-border movement, suspended during years of strict pandemic controls, is being normalised in stages.

Alongside the reopening of transport routes, China is also trying to present itself as a more efficient and reliable trading partner. 

This month, the General Administration of Customs launched a six-month campaign to facilitate cross-border trade , expanding a pilot programme to 45 cities from 25 last year and introducing 29 policy measures aimed at improving goods trade, services trade, logistics performance and smart port development. 

The campaign, carried out with 24 other central government agencies, points to a broader effort to reduce friction at the border and help companies navigate an unsettled global environment.

While the Iran conflict threatens shipping routes, energy markets and wider regional stability, China’s most visible response has been less about taking centre stage diplomatically than about preserving economic continuity — reopening routes, smoothing trade channels and reinforcing links with countries on its periphery.

Data compiled from CompaniesMarketCap as of March 2026 shows U.S.-based McDonald’s following closely with a valuation of roughly $234 billion, while British multinational Unilever ranks third at around $147 billion.

The rankings highlight how scale, brand strength and global distribution continue to define leadership in the food sector, even as newer business models such as food delivery platforms gain ground.

Nestlé’s lead reflects its diversified portfolio, spanning packaged foods, beverages, nutrition and pet care. The company’s global footprint and ability to adapt products to local markets have helped it maintain a strong valuation despite shifting consumer preferences.

McDonald’s, the world’s largest fast-food chain by revenue, remains a close competitor, driven by its franchising model and consistent global demand. Analysts say its resilience during economic downturns has made it a strong performer in public markets.

Unilever, with a wide range of food and consumer goods brands, continues to benefit from its presence across both developed and emerging markets.

Further down the list, U.S.-based DoorDash, valued at about $80 billion, signals the growing importance of delivery platforms in the food ecosystem. Its inclusion alongside traditional manufacturers points to changing consumption patterns, where convenience and digital access are increasingly central .

Snack and confectionery giant Mondelez International, valued at approximately $75 billion, reflects continued demand for branded packaged foods, particularly in emerging markets.

India’s Hindustan Unilever, with a market capitalisation of nearly $57 billion, stands out as one of the few major players rooted in an emerging economy . Its strong domestic base and distribution network highlight the rising importance of large consumer markets outside the West.

UK-based Compass Group, valued at around $53 billion, represents the food services segment, supplying meals to institutions such as schools, hospitals and corporate clients.

France’s Danone, with a valuation of about $52 billion, remains a key player in dairy and plant-based products, while U.S.-based Chipotle Mexican Grill, at roughly $49 billion, reflects growing investor interest in fast-casual dining.

The Hershey Company, valued at around $46 billion, rounds out the top tier, driven by steady demand in the confectionery segment.

According to CompaniesMarketCap data, the composition of the top food companies shows a balance between legacy multinationals and newer entrants adapting to digital consumption trends.

Africa’s exposure to global disruptions is closely tied to its reliance on imports and limited intra-continental trade, Kuagbedzi said, arguing that recent crises have underscored the urgency of reducing that dependence.

“Well, I think that we have to deepen African trade,” he said, referencing the African Continental Free Trade Area (AfCFTA), which was created to boost trade among African countries but has yet to reach its full potential.

He warned that continued reliance on external suppliers for essential goods leaves African economies vulnerable when global supply chains are disrupted.

“We cannot continue as a continent to depend on, you know, others for our, you know, supplies in terms of crude oil, in terms of our cereals, in terms of sugar, in terms of everything that we actually import into this country.”

Economists have long argued that such dependence amplifies the impact of global shocks. Analysts, including Dani Rodrik, have pointed to the need for diversification and stronger domestic industries.

"Economic growth and development are possible only through the accumulation of capabilities over time, in areas ranging from skills and technologies to public institutions," wrote in his book, " The Globalisation Paradox ".

Nelson, during the discussion with Abigail Johnson Boakye, intimated that Africa must move beyond exporting raw materials and instead invest in value addition. “I think that we need to diversify our economic basis by adding more value to the raw materials,” he said, pointing to Ghana’s plan to stop exporting raw gold by 2030 as an example of policy direction.

He added that heavy reliance on imports has implications for employment and economic growth. “Once you continue to import, you are creating unemployment in your country, and you are creating a corresponding employment in that country.”

For Nelson, strengthening intra-African trade is central to reducing vulnerability.

“We should try as much as possible to trade within ourselves. We should try as much as possible to deepen our economic and financial relations. And we should also try as much as possible to build our economies based on African solutions that can solve African problems.”

Watch the full interview attached above.

The document marks a definitive departure from the export-and-investment-led expansion of the past three decades, signalling a pivot toward an era of "high-quality" growth where resilience and technological self-reliance take precedence over raw speed.

Moving beyond GDP

The most striking posture of the 15th Five-Year Plan (FYP) draft is its deliberate de-emphasis of rigid growth targets. The draft specifies that GDP growth should be maintained within a "reasonable range," with specific targets to be proposed "as appropriate each year," rather than anchoring the nation to a static, five-year numerical leap. This shift reflects a cold-eyed assessment by the leadership regarding the overlap of cyclical, structural, and institutional challenges currently facing the country.

This "de-sensitization" to growth numbers is not an admission of weakness but a strategic retreat toward focus. The draft instead emphasises the steady improvement of "Total Factor Productivity" (TFP) to lay the groundwork for doubling per capita GDP by 2035. From Beijing’s perspective, if the marginal utility of growth has diminished, pursuing sheer volume would only exacerbate debt risks and resource misallocation. Consequently, the core mission for the next five years is to "optimise increments and revitalise stock," prioritising the " security " and "advanced nature" of the industrial system to hedge against the social pressures of a slowing economy.

"AI+": Remodelling industry

At the crossroads of this growth transition, the draft elevates the "AI+" Initiative to a status of "revolutionary" productivity. This is no longer merely a celebration of the tech sector; it is a "dimensionality-reducing" empowerment across the entire industrial chain. The plan aims to activate the potential of data as a factor of production to trigger a leap in the "forces of production".

A look at the detailed "AI+" action plan reveals a highly pragmatic application of artificial intelligence in physical scenarios: from "AI for Science" (new paradigms in R&D) to power system regulation, energy exploration, and even biological breeding and disease prevention. This "Model-Chip-Cloud-Application" synergy is, in essence, a move to use digital intelligence to compensate for the vanishing "demographic dividend" and rising labor costs. Beijing is attempting to provide a digital armour for traditional manufacturing through the "efficient supply" of computing power, algorithms, and high-quality data, thereby seizing the strategic initiative in intense international competition.

Expanding domestic demand

If technology is the shield, then China’s "ultra-large-scale market" is its final fortress against a new landscape of international trade. The draft’s extensive sections on "building a strong domestic market" betray a profound sense of urgency: in an environment of rising protectionism and global disorder, external uncertainty has become the most significant exogenous variable for China’s development.

Expanding domestic demand has evolved from a policy option into a survival necessity. The draft proposes a tight integration of "improving livelihoods" with "promoting consumption" - essentially a grand strategic defensive play. By pushing the construction of a "Unified National Market" to dismantle local protectionism and market fragmentation, China intends to transform its fragmented domestic demand into a circulatory system with absolute bargaining power and risk-resistance.

This is not only to absorb industrial capacity that may be excluded from foreign markets but also to raise the consumption rate through higher incomes and improved social security to a level where the economy can operate autonomously. As the international trade order faces severe challenges, retreating the center of gravity to the "Internal Circulation" and using the certainty of high-quality development to deal with global uncertainty has become the undeniable subtext of the 15th FYP draft.

The warship, carrying about 180 crew members, went down late Tuesday night following the strike. Sri Lankan naval and air force units launched rescue operations after receiving distress calls, recovering 87 bodies and rescuing 32 sailors, while many others were initially reported missing.

It marked the first reported U.S. strike on an enemy vessel in the Indian Ocean since World War II, and has since drawn Sri Lanka into the widening regional conflict even as Colombo insists it will maintain neutrality.

But the war’s economic impact is now emerging in an unexpected sector: tea.

Tea-for-oil 

Sri Lanka’s long-standing tea-for-oil barter agreement with Iran has been suspended amid the conflict, halting a mechanism that allowed Colombo to repay oil debts through tea exports.

This deal was created in 2021 as a workaround to repay $251 million owed for Iranian oil imports, which Sri Lanka could not settle through normal banking channels due to sanctions.

Instead of cash payments, Sri Lanka exports Ceylon tea to Iran, with the value of the shipments deducted from the debt.

Under the arrangement, Iran purchases about 11 million kilograms of Sri Lankan tea annually.

According to the National Tea Planters Association, exporters are now unable to fulfil orders because of logistical disruptions, war-risk insurance costs and shipping uncertainty across Middle Eastern trade routes.

Sri Lanka’s Tea Exporters Association estimates the resulting revenue loss at about $10 to $15 million per week .

The group has also asked the government to intervene to secure about $50 million in payments still owed for tea shipments already delivered to Iran under the barter deal.

Why tea is a crucial industry in Sri Lanka

The disruption is significant for an industry that underpins Sri Lanka’s export economy.

Introduced in 1867, Ceylon tea remains the country’s largest agricultural export, generating about $1.45 billion in export earnings in 2022 .

This sector provides direct and indirect employment to nearly one million people , including more than 300,000 plantation workers.

Tea plantations cover about 203,000 hectares, roughly 4% of Sri Lanka’s land area, producing around 340 million kilograms of tea each year.

Middle East is an important tea market

The Middle East is one of the tea industry’s most important markets.

Industry estimates show about 52% of Sri Lanka’s tea exports are shipped to the Middle East and North Africa, making the sector particularly vulnerable to disruptions linked to the Iran conflict.

Exporters say they still hold orders for shipments but are unable to move cargo because of security concerns and logistical barriers linked to the war.

For Sri Lanka — an island positioned along the shipping routes connecting the Middle East, Europe and Asia — the conflict is no longer a distant geopolitical crisis. Now, its most famous export is feeling the pinch, too. 

This narrow waterway between Iran and Oman carried about 13 million barrels a day of crude in 2025 — roughly 31% of global seaborne crude flows — according to energy consultancy Kpler.

Any impact, however, will be uneven across Asia, with the most exposed economies those that rely heavily on imported energy or Middle Eastern supplies.

Thailand

Thailand stands out as one of the most vulnerable economies in the region.

Nomura said Thailand’s net oil imports amount to about 4.7% of gross domestic product (GDP), the highest share in Asia. The Japanese investment bank estimates that every 10% rise in oil prices could worsen Thailand’s current account balance by around 0.5 percentage points of GDP.

Research from Bank of America Global Research paints a similar picture, describing Thailand as having Asia’s largest negative energy trade balance. Net energy imports were estimated at about 6% of GDP in 2025, leaving the country particularly exposed to swings in global oil and gas prices.

Thailand imports roughly $29 billion worth of oil annually, with more than $17 billion sourced from the Middle East.

South Korea

South Korea is also highly exposed due to its near-total reliance on imported fossil fuels.

About 98% of the country’s oil and gas consumption comes from overseas, according to the US Energy Information Administration. Disruptions to shipping routes or sustained price increases therefore pose significant risks to both its economy and financial markets.

Those concerns were reflected in South Korea’s stock market this week. The benchmark Kospi index plunged more than 12% in early trading on Wednesday amid fears that escalating conflict in the Middle East could disrupt global energy supplies and trade.

Shipping and logistics companies were among the hardest hit as tanker traffic through the Strait of Hormuz slowed sharply.

India

India is also considered vulnerable because of its heavy reliance on imported energy.

Nomura identified India among the Asian economies most exposed to higher oil prices, warning that sustained increases could significantly raise the country’s import bill.

In addition to higher crude costs, India could also face pressure from rising LNG prices as Asia competes with Europe for limited supplies if shipments through the Strait of Hormuz remain constrained.

Philippines

The Philippines faces particular exposure through its reliance on Middle Eastern crude.

Bank of America Global Research estimates that about 95% of the country’s oil imports come from the Middle East, making it one of the most dependent economies in the region on Gulf energy supplies.

Any disruption to shipping routes or sustained surge in prices could therefore translate quickly into higher domestic fuel costs and inflation.

Japan

Japan remains highly dependent on energy imports from the Middle East.

According to Bank of America Global Research, about 94% of Japan’s oil imports originate from the region. Analysts warn that supply disruptions or sustained price increases could therefore significantly affect Japan’s energy costs.

Nomura added that Japan typically maintains only two to four weeks of liquefied natural gas (LNG) stockpiles, limiting its ability to absorb prolonged supply disruptions.

Vietnam

Vietnam is also heavily reliant on Middle Eastern energy supplies.

Bank of America Global Research estimates that about 88% of the country’s oil imports come from the region, making it vulnerable to any disruption to shipments passing through the Strait of Hormuz.

Who could gain in Asia?

Not all Asian economies would be hit equally.

Malaysia, for example, could see higher government revenues as an oil and gas exporter if prices remain elevated.

German Chancellor Friedrich Merz bent down to take a closer look. The scene was rich in symbolism: more than 30 years ago, German experts came to China with blueprints and Siemens machine tools, teaching local factories how to achieve precision manufacturing. Today, the German chancellor has come in person, seeking a new support point for German industry at the intersection of artificial intelligence and humanoid robotics.

This shift in vantage point reflects a profound adjustment in Berlin’s China policy . If the defining theme of the Olaf Scholz era was the defensively framed notion of “de-risking,” then Merz’s first visit to China in the Year of the Horse signals that Germany is moving into a more pragmatic and bold phase - a phase of “re-calibration.”

Farewell to the “De-risking” Illusion

When the idea of “de-risking” first emerged, it was seen as a way for Europe to maintain a “middle ground” and save face amid the strategic rivalry between China and the United States. But as a new wave of tariffs rolls in with the “Trump 2.0” era, Berlin has come to realise that if it were to sever its ties with the world’s largest market, German industry would not truly “de-risk.” Instead, stripped of scale effects and innovation sources, it would face the risk of functional decline.

Merz’s itinerary in China - from Hangzhou to Beijing - is a concrete enactment of this “re-calibration.” “Calibration” here no longer means simply reducing dependence, but achieving a defensive form of symbiosis through “deep embedding.” His appearance at Siemens Energy’s plant in Hangzhou sent a clear signal: rather than pacing anxiously outside the walls, Germany would do better to become an indispensable technological node in China’s forthcoming “15th Five-Year Plan.”

Xi Jinping’s “Three Points” and Strategic Steadiness

At the Diaoyutai State Guesthouse in Beijing, Chinese President Xi Jinping put forward “three points” to Merz, providing a Chinese frame of reference for this “re-calibration” of China–Germany relations.

Reliable partners : Against the backdrop of growing scepticism in Washington toward the multilateral trading system, Beijing has stressed “mutual support,” hoping Germany will continue to play the role of a stable “guardian of order.”

Innovation partners : This cuts right to Germany’s core position. Whether it is BMW integrating DeepSeek’s reasoning capabilities, or Siemens collaborating with Shanghai Electric to advance the green and digital transformation of power grids, China and Germany are trying to build a new industrial standard of “German precision plus Chinese algorithms.”

People-to-people partners: This is aimed at repairing the social and cognitive rifts widened by ideological narratives.

Embedded within these “three points” is a core logic: in a geopolitical landscape marked by overlapping turbulence, the stability of China–Germany ties is itself a strategic asset that can hedge against external uncertainties.

Joint Statement: Growing Up in Competition

The “China–Germany Joint News Statement” issued during the visit charted the course for this round of policy re-calibration.

First, the statement defines bilateral ties as an “all-around strategic partnership,” emphasising that their economic and trade relations should be long-term, balanced, reliable and sustainable. For Germany, this is a defensive framework designed to buffer the shocks of Trump-style unilateralism.

Second, the two sides explicitly wrote their respective concerns into the joint document, no longer sidestepping problems in the relationship. In other words, China–Germany ties are entering a more mature stage in which competition and cooperation co-exist: the goal is no longer to avoid friction, but to “manage competition” through institutionalised consultation mechanisms.

“German Hardware, Chinese Soul”

Merz did not just bring home an order for up to 120 Airbus planes. A deeper shift is unfolding at the technological foundations. BMW is leveraging Alibaba’s ecosystem and DeepSeek’s algorithms to redefine “driving pleasure,” while at Siemens Energy’s plant in Hangzhou, the German chancellor saw a complete local value chain that spans R&D, engineering design, manufacturing, testing and validation, project execution, and operations and maintenance.

China is no longer just an important market for German companies; it has become a pillar of their global supply chains, and of their innovation and manufacturing systems. Siemens Energy is working with Chinese partners to tap markets in the Middle East, Central Asia, the Asia-Pacific and Latin America . German firms once embraced the motto “In China, for China,” but a more accurate description today would be “In China, for the world.”

When Merz watched the humanoid robot in Hangzhou write that character “Fu,” the scrutinizing look in his eyes may well have captured Germany’s current state of mind: a mix of urgency about China’s technological surge, and anticipation for a new order of future cooperation.

Du Yubin is a reporter and chief editor at China Global Television Network (CGTN). He previously served two six-year postings in Washington D.C. and London, focusing on coverage of China–US and China–Europe relations, and has worked in international communication and digital media for over 15 years. The views expressed in this article are solely those of the author

Flexibility was a crucial strategy in navigating this uncertainty, as exporters redirected shipments towards neighbouring Asian markets and Europe, reducing reliance on the US without stalling overall trade.

“The region’s resilience has been driven by redirecting trade toward alternative markets, which has sustained export growth even as shipments to the United States have declined in some economies,” the ADB said. 

China offers the clearest example. Although its exports to the US fell by nearly 20% in 2025, its global exports still grew. Shipments to other Asian economies and to the European Union and United Kingdom rose strongly, offsetting losses from the American market. 

Japan and South Korea followed a similar path, recording modest declines in US-bound exports but continued global growth.

Elsewhere, performance was even stronger. Taiwan posted the region’s fastest export growth at 35%, driven by soaring global demand for semiconductors linked to artificial intelligence. 

Exports to the US surged, despite tariffs, as buyers prioritised access to advanced chips over higher costs. Several Southeast Asian economies, including Vietnam, the Philippines, and Thailand, also reported double-digit export growth.

Three-pronged strategy

According to the report, three strategies helped firms cope with the new tariff regime. Some exporters absorbed higher costs to retain access to the US market. Others redirected goods to alternative destinations, particularly within Asia. A third group routed trade through tariff-exempt partners such as Canada and Mexico under the USMCA framework.

Asian economies continued moving up global value chains, focusing on higher value-added and more upstream activities. Deeper regional production networks helped cushion shocks from external policy changes and kept factories running.

“The region also continues to structurally upgrade within global value chains, moving into more upstream, higher value-added activities and deepening regional production networks,” the ADB said.

However, the ADB warned that heavy reliance on imported inputs leaves supply chains vulnerable to disruption, while rising geopolitical tensions are pushing up trade costs. Tariffs on metals have already raised production expenses, with pharmaceuticals and semiconductors also exposed.

To sustain resilience, the report urged: “The region should thus promote product and partner diversification, deepen and effectively implement trade agreements, and strengthen trade facilitation and logistics cooperation.”

While air and maritime trafficking still play roles, land routes through Mexico dominate the final stage of the journey.

Here’s how the flow typically works.

The land route: Mexico as the gateway

The map above highlights a green land corridor running from Colombia northward through Panama and Central America, into Mexico and across major U.S. border cities such as El Paso, Laredo and Mexicali.

This aligns with findings from the DEA’s National Drug Threat Assessment, which consistently reports that Mexican transnational criminal organisations control most wholesale drug distribution in the United States. After cocaine leaves South America, it is transported through countries including Panama, Costa Rica, Honduras and Guatemala before entering Mexico.

From there, it moves overland across the U.S.–Mexico border, often concealed in vehicles, commercial shipments or through smuggling tunnels. U.S. Customs and Border Protection (CBP) seizure data regularly shows large quantities of cocaine, methamphetamine, heroin and fentanyl intercepted at southwest border ports of entry.

The land route remains dominant because it allows traffickers to move bulk quantities with established logistics networks and corruption infrastructure already in place, according to the DEA.

The Sea route: Caribbean and Pacific maritime corridors

The map’s blue arrows illustrate maritime trafficking through both the Pacific Ocean and the Caribbean Sea.

UNODC reports that traffickers frequently use “go-fast” boats , fishing vessels, semi-submersibles and container shipping to move cocaine from Colombia’s Pacific coast and Caribbean ports. From there, shipments pass through Central American coastal states or Caribbean islands before continuing north.

The U.S. Coast Guard plays a central role in maritime interdictions. In recent years, it has announced record cocaine seizures in the eastern Pacific, underscoring how significant the sea route remains. However, despite substantial seizures, maritime trafficking persists due to the vast expanse of open water and limited enforcement capacity relative to the scale of operations.

The air route

The map also shows air corridors from northern South America into Central America.

While less common for bulk shipments today than in the 1980s and 1990s, air trafficking still occurs. According to UNODC, traffickers use small aircraft to land in remote airstrips in countries such as Honduras and Nicaragua. From there, shipments are transferred to land vehicles for overland transport north.

Air routes are typically used for high-value loads that require speed and reduced exposure time.

While cocaine routes remain critical, the DEA notes that synthetic drugs such as fentanyl increasingly dominate the U.S. overdose crisis. Unlike cocaine, fentanyl is often manufactured in Mexico using precursor chemicals sourced from Asia and then trafficked across the land border.

This shift has further established Mexico’s role as the primary entry point for illicit drugs into the United States.

Among those named were:

The companies span aerospace, shipbuilding, heavy industry and defense-linked manufacturing, which are sectors central to Japan’s military modernization drive.

China’s commerce ministry said the measures are aimed at curbing Japan’s “remilitarisation” and nuclear ambitions and described them as “legitimate, reasonable and lawful.” Tokyo called the move “absolutely unacceptable” and said it had lodged a formal protest.

Why this matters

The export controls are the latest step in a widening economic confrontation triggered by Prime Minister Sanae Takaichi’s remarks in November that Japan could intervene militarily in the event of a Taiwan emergency.

Since then:

Strategic backdrop

Japan has approved a record ¥9 trillion ($57 billion) defense budget and is moving to acquire “counterstrike” capabilities, marking a significant shift from its post-war pacifist posture. China views those steps as destabilizing.

It remains unclear whether rare earth minerals — critical to advanced manufacturing and defense supply chains — are included in the latest restrictions. 

Uncertain global trade

The escalation comes as global trade tensions again rise.

U.S. President Donald Trump has imposed a 15% tariff on all U.S. imports. This, after the Supreme Court struck down his “reciprocal” tariffs, which were found unconstitutional for lacking congressional approval.

The southern states of Bavaria and Baden-Württemberg emerge as corporate powerhouses.

In Bavaria, cities like Munich and Ingolstadt are anchors for automotive giants such as Audi and BMW. Just to the west in Stuttgart (Baden-Württemberg), the global headquarters of Mercedes-Benz Group and engineering group Porsche AG sit alongside high-tech suppliers like Bosch and automation specialist KUKA.

These firms are central to Germany’s reputation as the world’s leading exporter of vehicles and machinery, a status backed by federal data showing that automotive and mechanical engineering account for significant portions of national exports.

This region also houses SAP, Germany’s most valuable tech company and one of the largest enterprise software makers globally, headquartered in Walldorf.

Moving northwest, the state of North Rhine-Westphalia (NRW) stands out for its industrial diversity.

City hubs such as Cologne, Düsseldorf and Essen host companies ranging from chemical and pharmaceutical firms to logistics players.

Corporations like Henkel (consumer goods), Deutsche Post DHL Group (logistics and shipping) and RWE (energy) anchor the region, which historically developed through coal and steel before evolving into a modern services and industrial base.

The Ruhr Valley, once Europe’s industrial heartland, continues to host major employers and head offices tied to manufacturing, chemicals and power generation, a reflection of how Germany has transitioned from heavy industry to high-tech and sustainability-focused sectors.

In the north, port cities like Hamburg and Bremen appear as hubs for shipping and trade. Hapag-Lloyd , one of the world’s largest container shipping companies, is headquartered in Hamburg, as are major logistics and trade firms. The North Sea ports are central to Germany’s external trade, handling cargo flows that connect Europe with Asia and North America.

Though historically industrial regions east of the old Berlin Wall lagged in corporate headquarters, the map shows new growth sectors.

Berlin, the capital, has become a centre for tech start-ups and digital media companies. While traditional industrial headquarters are fewer than in other regions, Berlin’s influence is rising through innovation and venture capital investment.

In eastern states like Saxony and Thuringia, specialised engineering and cleantech firms have headquarters there, mirroring national efforts to expand renewable energy and advanced manufacturing.

The Democratic Republic of the Congo maintains its position at the top of Africa’s copper hierarchy. With roughly 30,000 tonnes of identified reserves, the DRC remains the continent’s largest exporter of copper, with China and the UAE among its biggest destinations.

Exports to China alone are valued in the hundreds of millions of dollars annually, underscoring the critical role Congolese copper plays in global manufacturing and clean energy supply chains.

The importance of the DRC’s copper sector is more than anecdotal. According to broader market research, the country accounted for around $19.8 billion in copper exports in recent years, more than double that of its nearest African competitor, Zambia, and serves as a linchpin for key global markets in Asia and the Middle East.

Zambia follows closely as Africa’s second most significant copper exporter, with around 20,000 tonnes of reserves. Major consumers for Zambian copper include Switzerland and China, reflecting deep integration into European and Asian metal markets.

Copper is central to Zambia’s economy, making up about 70% of total export earnings and fuelling broader economic activity at home. Mines such as Kansanshi and Lumwana have been long-standing pillars of production in the region, supporting both local industry and foreign trade.

South Africa and Namibia round out the list of Africa’s key copper exporters, with 13,000 and 11,000 tonnes of reserves, respectively. India and China are among South Africa’s principal export markets, while Belgium and Germany figure prominently in Namibia’s trade mix.

Though smaller in volume than the DRC or Zambia, both countries contribute significantly to regional supply chains and are positioning themselves for future growth through exploration and mining partnerships.

Copper is not ordinary but an essential in renewable energy systems, electric vehicles, telecommunications and industrial infrastructure, sectors that are expected to drive demand for decades. Africa’s copper reserves, particularly in the DRC and Zambia, sit along the great African Copperbelt, a mineral belt that runs from the Copperbelt Province of Zambia into the mineral-rich regions of southeastern DRC.

The African Minerals Development Centre (AMDC), established by the African Union to implement the Africa Mining Vision, frames this resource wealth not just as a source of export earnings but as a foundation for industrial transformation. The Centre’s mandate encourages policies that promote value addition, responsible mining, and the strategic use of revenues to support sustainable development across the continent.

Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto, described the deal as a ”‘win-win’ for both countries” that “respects the sovereignty of both countries.”

Under the agreement, several Indonesian exports, including coffee, chocolate, natural rubber, and spices, will enter the U.S. market tariff-free. 

Indonesia is also seeking exemptions for an additional 1,700 commodities, including palm oil. In return, Indonesia will remove tariff barriers on most U.S. products and align its domestic standards with U.S. regulations covering vehicle safety, emissions, pharmaceuticals, and medical devices.

President Prabowo and U.S. President Donald Trump also signed a document titled “Implementation of the Agreement Toward a NEW GOLDEN AGE for the US-Indonesian Alliance.” The framework follows the signing of private-sector and government agreements earlier in the week, valued at US$38.4 billion.

“We have been negotiating very intensively over the past few months, and I believe we have reached a solid agreement on many issues,” President Prabowo said during a meeting with business leaders.

The visit also included discussions on security cooperation. At the inaugural meeting of the Board of Peace (BoP), President Prabowo pledged up to 8,000 troops to support an International Stabilisation Force for Gaza.

“We are fully committed to this plan and that is why we joined the Board of Peace,” Prabowo said. He added, “We know there will be a lot of obstacles… but we are very optimistic with the leadership of President Trump, this vision of real peace will be achieved.”

The Indonesian military has indicated that an advance team of 1,000 personnel could be ready by April, with the full contingent prepared by June.

The trade agreement will take effect 90 days after both countries complete the required legal procedures. Indonesia will also facilitate U.S. investment in critical minerals and energy resources under terms similar to those offered to domestic investors.

Resource control is central to this rise as these countries hold most of the world ’s key minerals, oil, gas, and agricultural output, vital for electric vehicles, AI, energy systems, and food supply. Recognising this dominance, many Global South countries now focus on local processing, industrial diversification, South–South trade and reforms in global institutions.

Demographics, resources and growth increasingly favor the Global South, while advanced economies expand slowly. Thus, the key question now is not whether the shift is happening, but how traditional powers will respond to a world where influence is more shared than dictated.

Xi announced that from May 1, 2026, China will fully implement zero-tariff treatment for 53 African countries with which it has diplomatic relations. He said the move would expand high-level opening-up and create new opportunities for African exports to enter the Chinese market.

In addition to tariff removal, China will promote the signing of a common economic partnership agreement for development and further expand market access for African goods. This includes upgrading so-called “green channels” to speed up customs clearance and facilitate trade.

“The world is undergoing profound changes unseen in a century,” he said, noting the growing influence of the Global South and the African Union’s role in advancing continental integration and defending Africa’s interests.

The announcement comes as China and Africa mark 70 years of diplomatic relations. Over the decades, China has become one of Africa’s largest trading partners and a major source of infrastructure financing.

Xi said China is ready to work with African nations to deepen mutually beneficial cooperation, strengthen people-to-people ties and build what he described as an “all-weather China-Africa community with a shared future.”

Under the new arrangement, zero levies will apply to all African countries except Eswatini, which maintains diplomatic relations with Taiwan.

China considers Taiwan part of its territory and has not ruled out the use of force to assert control over the island.

China is Africa’s largest trading partner and supports major infrastructure projects across the continent through its Belt and Road initiative.

Several African countries have increasingly turned to China and other trading partners after US President Donald Trump imposed steep tariffs worldwide last year.

Announcing the implementation date as African leaders gathered in Ethiopia for the annual African Union summit, Xi said the zero-tariff deal “will undoubtedly provide new opportunities for African development.”

The data shows that identified copper deposits, that is, those already discovered but not yet mined, contain about 2.1 billion metric tons of the metal. When added to what’s already been produced, the total discovered copper comes to about 2.8 billion metric tons.

Here’s where it gets even more remarkable:

In other words, only about 11 % of the planet’s estimated copper has actually been mined so far.

Moreso, copper matters because it’s a foundational material for everything from electrical wiring and plumbing to renewable energy systems and electric vehicle batteries. Its conductivity, durability and recyclability make it indispensable to modern infrastructure.

That’s why demand has surged in recent years, driven by technologies linked to electrification, green energy, electric vehicles and even artificial intelligence infrastructure, all of which rely heavily on copper.

According to industry reports, global demand for copper could grow significantly over the next decade as the clean energy transition accelerates.

Where the world’s copper is found

While a massive amount of copper remains undiscovered, the majority of identified reserves are concentrated in a handful of countries:

Despite copper’s critical role in the global economy, recent exploration activity has struggled to uncover new major deposits. An analysis by S&P Global found that between 1990 and 2023, 239 copper deposits meeting strict size thresholds were identified, containing roughly 1.315 billion metric tons of copper. However, the number of discoveries in recent years has been declining.

"All negotiations have been completed, with legal drafting reaching 90 percent. We are now waiting for the signing schedule," Airlangga said on February 3, as quoted by local news site Tempo .

The announcement comes moments after Washington agreed to slash reciprocal tariffs on Indian goods from 50% to 18%, easing pressure on Asia’s third-largest economy. 

Indonesia is now set to become the next major Asian country to secure tariff relief under the Trump administration.

Airlangga has previously said the U.S. agreed to cut reciprocal tariffs on Indonesian goods from 32% to 19%, supported by import concessions and purchase commitments, though details will only be released after the deal is signed.

The tariff talks began in April 2025 and covered market access, non-tariff barriers, investment and critical minerals cooperation. Once signed, the agreement will be reported to lawmakers in both countries.

Indonesia ran a $16.5 billion trade surplus with the United States in the January to November 2025 period, up from nearly $13 billion in all of 2024, underscoring the economic stakes of the deal.

These are not just footnotes; they are the " living sinews" of a relationship built on shared sacrifice. From the forgotten Chinese mariners of Liverpool to the intergenerational gratitude of British families, these stories remind us that even in an age of geopolitical turbulence, the bond between our peoples has always been defined by mutual support.

Today, we find ourselves in an Age of Strategic Fragmentation. As the United States increasingly pivots toward "willful unilateralism" and protectionist isolation, the global order is being pulled apart. In this volatile landscape, the rationale for a pragmatic, deep-seated partnership between the UK and China has never been more compelling.

The economic synergy

From a trade perspective, our two nations are not competitors, but essential components of a single, sophisticated ecosystem. My six years in the UK have shown me a perfect complementary curve: the UK’s leadership in high-end services , green finance, and life sciences finds its most natural outlet in China’s massive consumer market and rapid industrial application.

Take the current shift in British infrastructure . As the UK moves toward the renationalization of its railways, there is a golden opportunity for pragmatic cooperation. China’s high-speed rail expertise - unmatched in scale and cost-efficiency - can provide the UK with the technological blueprint for a cheaper, cleaner, and more reliable public transport system. This isn't just about tracks and trains; it’s about meeting net-zero targets through proven, accessible technology. In fields like robotics, British "brains" (AI and sensor research) coupled with Chinese "limbs" (advanced manufacturing) are already creating tools that will define the next industrial revolution.

A two-way street

Beyond the boardrooms, the heartbeat of our relationship is found in cultural resonance. In China, "Britishness"—from the craftsmanship of a Brompton bicycle to the heritage of Holland & Barrett—is synonymous with quality and trust.

Conversely, in the UK, I have seen a remarkable surge in "China-curiosity." Mandarin has become one of the most sought-after languages in British schools, and the celebration of the Chinese New Year is no longer confined to Chinatowns; it has become a fixture of the British festive calendar, from London’s Trafalgar Square to the streets of Manchester. This grassroots enthusiasm for each other's culture acts as a powerful buffer against political friction, reminding us that our societies are more integrated than the headlines suggest.

A shared responsibility

Politically, both London and Beijing have a vested interest in maintaining a stable, multilateral world order. In an era where international norms are being challenged by "America First" impulses, the UK and China can act as anchors of rationality. Whether it is upholding the Paris Agreement or safeguarding global supply chains, our cooperation is a prerequisite for global stability.

The "special relationship" with Washington need not come at the expense of a "pragmatic relationship" with Beijing. In fact, a Britain that engages deeply with China is a Britain that carries more weight on the world stage.

  We owe it to the memory of George Hogg, Eric Liddell, and the survivors of the Lisbon Maru to ensure that the bridge they built is not dismantled by the political whims and point-scoring of the present. As the world fragments, the UK and China have the opportunity—and the responsibility—to prove that cooperation is not a relic of the past, but the only viable path to a sustainable future.

The article solely represents the views of Yubin Du, a journalist for Chinese broadcaster CGTN who was based in London between 2019 and 2025

At the heart of the industry is Butterfly Kingdom, a butterfly farm based in San José that combines exhibition with commercial breeding and exports. Among the dozens of species cultivated, the Blue Morpho stands out as the most sought-after, prized internationally for its large size and striking iridescent blue wings. Pupae raised across the country are collected and prepared there for shipment to destinations in the Americas, Europe, the Middle East and beyond.

Butterfly farming has developed into a decentralised production chain that relies heavily on small-scale rural participation. Families raise different species on minimal plots of land, often little more than a backyard, before sending the pupae to the capital, where exporters manage inspections, documentation and international logistics. The low land and investment requirements make the activity an accessible source of steady income.

Costa Rica currently exports around 70 butterfly species, with the Blue Morpho leading the market. The model reflects the country’s long-standing focus on conservation-based entrepreneurship, transforming its rich ecosystems into sustainable economic opportunities while maintaining strong demand in global cultural and tourism institutions.

Recent industry data compiled by ReportLinker, which aggregates insights from leading market research firms, shows that production is highly concentrated among a small group of countries, with New Zealand and China in the lead.

According to ReportLinker’s research of global dairy production reports, New Zealand accounts for just over 32A% of the world’s dry whole milk powder output, making it the single largest producer. China follows with approximately 26%, while Brazil ranks third at nearly 13%. Together, these three countries produce more than two-thirds of the world’s supply.

Why New Zealand Leads

New Zealand’s dominance is not accidental as the country’s dairy sector is heavily export-oriented, supported by pasture-based farming, advanced processing infrastructure, and global supply chains that prioritise milk powders due to their long shelf life. Whole milk powder is particularly attractive for export markets in Asia, the Middle East, and Africa, where refrigeration can be limited, and demand for versatile dairy ingredients remains high.

The country’s focus on value-added dairy products rather than liquid milk consumption has further reinforced its leadership position.

On the other hand, ReportLinker-referenced market analyses highlight that China’s milk powder production is driven primarily by domestic demand, especially for infant formula and processed foods. Following food safety reforms and heavy investment in local dairy processing, China has significantly expanded its capacity to produce whole milk powder internally, reducing reliance on imports while still remaining a major buyer on the global market.

Emerging producers

Behind the top two, Brazil holds roughly 12.6% of global production, benefiting from a large cattle population and growing dairy processing capacity. Argentina, Mexico, and Chile also feature among the top producers, though each accounts for under five percent of total output.

Smaller but notable contributors include the United States , Indonesia, Belarus, and Russia, each supplying just over one percent. ReportLinker data suggests that in many of these countries, whole milk powder production serves a mix of domestic consumption, food manufacturing, and regional trade rather than large-scale global exports.

On environmental responsibility, Aqua stands apart from the field with 50.3%. The gap to second place is not marginal but structural. Le Minerale follows at 35.4%, leaving a 14.9-point distance that no other attribute in the study replicates.

A dense mid-tier then gathers tightly, with Nestlé Pure Life at 28.7%, Cleo at 25.9%, Vit at 25.0%, Hydrococo at 25.0%, Ades at 24.9%, and Pristine 8.6+ at 24.6%. Below them, Crystalline records 23.6%, Club 22.4%, Super Q2 21.8%, and Equil 21.7%.

At the bottom of the category, Qasis posts 18.9%, Total 8+ 18.6%, Amidis 18.4%, and Sanqua 17.5%. What this really means is that sustainability leadership is no longer contestable without a step-change in credibility. Aqua owns this space decisively.

Value for money is competitive

Value perception tells a different story. Le Minerale leads with 39.2%, but unlike sustainability, the category compresses quickly behind it. Cleo follows closely at 36.8%, while Ades records 35.6% and Aqua 34.7%.

Pristine 8.6+ sits at 34.5%, Nestlé Pure Life at 34.2%, Vit and Club both at 34.1%, and Crystalline at 33.0%. Hydrococo posts 32.4%, Qasis 31.7%, and Super Q2 30.7%.

The lowest tier remains competitive, with Amidis and Total 8+ both at 29.1%, Equil at 28.8%, and Sanqua at 28.7%. The takeaway is clear: value for money is broadly shared, making it a weak lever for long-term differentiation unless paired with other strengths.

Innovation, taste, and health reward focused challengers

Innovation shows one of the tightest leadership races in the study. Le Minerale leads at 28.5%, followed by Hydrococo at 27.5% and Crystalline at 27.1%. Cleo records 26.3%, Pristine 8.6+ 25.2%, and Nestlé Pure Life 24.6%.

Taste perception reinforces this pattern. Le Minerale leads at 33.2%, narrowly ahead of Hydrococo at 32.1%. Crystalline follows at 26.6%, Aqua at 26.1%, and Nestlé Pure Life at 25.6%. Sanqua again sits last at 17.9%.

On health perception, Le Minerale posts 38.8%, followed by Aqua at 36.0% and Hydrococo at 35.1%. Together, these results show that consumers reward brands that commit clearly to functional and experiential benefits rather than spreading their messaging thin.

Trust, quality, and familiarity define modern leadership

Perceived quality is increasingly polarised. Aqua dominates with 50.9%, closely followed by Le Minerale at 48.8%. The next tier drops sharply, with Nestlé Pure Life at 38.4% and Hydrococo at 37.2%. Sanqua records the lowest score at 27.6%.

Safety and trust show near parity at the top, with Le Minerale at 34.3% and Aqua at 34.2%. However, brand awareness gaps quietly shape outcomes. Le Minerale shows the lowest uncertainty at 3.5%, followed by Aqua at 3.8%. In contrast, Sanqua faces a 27.3% “don’t know” rate, limiting its ability to convert any positioning into equity.

For weaker brands, the first challenge is not persuasion but visibility. Consumers cannot trust what they cannot confidently evaluate.

About the research

The findings are drawn from the 2025 Bottled Water Consumer Survey conducted by Impactum Insights. The study was carried out using an online quantitative survey method, with computer-assisted web interviews conducted between 10 September and 10 October 2025. A total of 1,094 Indonesian internet users aged 18 and above participated in the research, providing a nationally representative view of consumer perceptions across 16 major bottled drinking water brands.

According to the figures shown on the above map, Portuguese respondents top the list at roughly 70% in favour of a common European army, while only Finland appears below the 50 % mark.

Countries across central and southern Europe also show solid majorities supporting an EU-wide defence force. What this really means is a growing appetite among citizens for greater strategic autonomy rather than outsourcing security entirely to external allies.

These trends reflect broader debates in European capitals about defence cooperation and self-reliance. A 2025 poll showed widespread support for deeper EU-level defence cooperation and increased defence spending, with some surveys reporting that more than three-quarters of EU citizens favour stronger joint defence initiatives.

The shift in opinion comes at a time of heightened geopolitical tension. Russia ’s war in Ukraine continues to shape attitudes toward security in Europe, and leaders from several EU states have publicly discussed the idea that the bloc should be able to defend itself independently if necessary.

That debate has taken on new urgency in light of recent friction between Europe and the United States over Greenland, the world’s largest island, controlled by Denmark but strategically located between North America and Europe.

U.S. President Donald Trump reignited discussion about acquiring Greenland, arguing the island’s location is vital to U.S. security interests in the Arctic and North Atlantic. Analysts note that Greenland sits astride key missile defence and early warning routes, making it a flashpoint in great-power competition.

Greenland’s government and Denmark have firmly rejected any takeover, and large “Hands off Greenland” protests erupted in Nuuk and Copenhagen in early 2026 in defence of the island’s sovereignty.

Donald Trump, on the other hand, has announced that eight European countries will face new import tariffs of 10% starting in February and to rise to 25% by June unless Denmark agrees to sell Greenland to the United States, a move he argues is critical for American national security.

The threatened tariffs target Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland, and come amid Trump’s broader push to gain control or influence over the strategically important Arctic territory.

The EU is yet to convene to plan a countermeasure.

Uruguay continues to position the EU–Mercosur agreement as a historic opportunity, with supporters describing it as the creation of the world’s largest free trade zone. The deal is seen by the government as a strategic bet to expand market access, attract investment, and strengthen Uruguay’s role as a reliable trading partner between South America and Europe, even as negotiations face resistance within the EU.

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The European Union has proposed mobilising €45 billion (US$52.2) to calm widespread agricultural protests opposing the EU–Mercosur agreement. The move reflects internal European tensions over the deal, particularly concerns from farmers about competition, standards, and market disruption, developments closely watched in Uruguay, given the agreement’s centrality to its export strategy.

Uruguay’s political system remains divided over the situation in Venezuela

Uruguay’s political landscape is once again split over how to approach the crisis in Venezuela . Disagreements persist across parties on diplomatic positioning, recognition of leadership, and responses to human rights concerns, underscoring long-standing ideological divisions in the country’s foreign policy debates.

Antifascist organisation challenges Yamandú Orsi over comments on Nicolás Maduro

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Economic debate intensifies over exchange rate lag, flat dollar, and competitiveness

Uruguay is facing renewed debate over what has been described as a “so-called” exchange rate lag, with data from the end of 2025 fuelling concerns about competitiveness. A flat dollar has helped keep inflation low but at the cost of export competitiveness, while water stress has also brought the issue of guaranteeing potable water supply back into focus, highlighting the interconnected pressures facing the country’s economic model.

The policy would impose a heavy tax on imports from nations with active trade ties to Iran, although the US government has not formally published the full details and legal framework of the measure.

Zimbabwe has signed 12 memoranda of understanding (MoUs) with Iran covering key sectors such as agriculture, mining , pharmaceuticals, and tourism, and officials had hoped to boost bilateral trade substantially, from around US$30 million to US$500 million, through joint ventures and investment partnerships.

“The 25% tariff essentially acts as a massive transaction tax on any country maintaining these ties,” a Zimbabwean trade expert told the Zimbabwe Independent, warning that deals signed in late 2023 are now at risk.

For Zimbabwean companies, the tariff poses a new and difficult economic choice as to whether to continue pursuing trade goals with Iran and face higher costs imposed by the United States, or scale back ties to avoid potentially losing competitiveness in the US and global markets.

Under the new rules, any country trading with Tehran could see its goods face higher duties when entering the US market, even where those countries have limited or regional trade volumes with Iran.

Export data shows that a small group of countries dominate the world market, with Ireland, the Netherlands and New Zealand taking the top spots.

Here’s a breakdown of the latest figures, what’s driving the rankings, and why it matters for consumers and producers around the world.

Ireland tops the charts

Ireland leads the world in butter exports, accounting for an estimated 17.3% of the global export value, or roughly $1.78 billion. That puts Ireland narrowly ahead of its European neighbour, the Netherlands.

Ireland’s success in butter exports stems from its dairy-centric agricultural model. With abundant grassland and a climate well-suited to pasture-based farming, Irish dairy cows produce milk rich in fat, ideal for making butter and other high-value dairy products.

Irish dairy cooperatives have also focused on export markets for decades, building strong distribution channels in Europe, the Middle East and beyond.

The Netherlands and New Zealand close behind

Hot on Ireland’s heels is the Netherlands, contributing about 17.0% of global butter export value with approximately $1.75 billion in shipments. The Dutch dairy sector is highly efficient, combining advanced processing technology with strong international logistics links through key ports such as Rotterdam.

Third in line is New Zealand, with 16.8% of exports valued at around $1.72 billion. New Zealand’s dairy industry is globally competitive because of its pasture-based system and the dominance of large, export-oriented cooperatives like Fonterra. Proximity to Asia , one of the fastest-growing markets for dairy, also helps New Zealand sustain its export volumes.

European powerhouses

After the top three, the landscape widens, but no country approaches the export shares of Ireland, the Netherlands and New Zealand:

These European producers benefit from large dairy industries that focus on a range of products, with butter playing a key role in their export mix.

Mid-tier and emerging exporters

Further down the list:

Even though the United States is one of the largest dairy producers globally, it exports less butter than smaller European and Oceanian countries. That’s partly because much U.S. butter stays in the domestic market, where demand is strong, and prices can be attractive for producers.

In practical terms, it is designed to lower barriers to trade and investment, set common rules for doing business, and create a more predictable framework for political and economic cooperation between the two regions.

Two structural details that explain both the ambition and the political pain:

What’s actually in it

At its core, the agreement targets tariff and non-tariff barriers across a large share of goods trade:

The Council’s own framing is that this would create the world’s biggest free trade zone, covering over 700 million consumers, and it points to substantial existing EU-Mercosur trade flows (over €111 billion in goods trade in 2024, plus significant services trade).

Why was it contested?

The opposition has not been about a single clause. It has been a collision between three politically hard issues to reconcile: farm economics, environmental credibility, and trust in enforcement.

EU farmers fear being undercut, especially in “sensitive” sectors

European farming organisations and several member states argued that increased market access for Mercosur products could push down prices for EU producers, particularly in sectors like beef, poultry and sugar. This is why “farmers on tractors” became the recurring image around the agreement across multiple EU countries.

Even where quotas and safeguards exist, farmers and their political allies often focus on the direction of travel, and that is more competition from producers they believe face lower costs and different regulatory burdens.

Environmental groups and some governments worry about deforestation and climate enforcement

Critics argue the deal risks incentivising expansion of beef and soy production, with knock-on effects for deforestation and biodiversity, particularly in sensitive ecosystems such as the Amazon. This line of criticism has been especially influential in France and among environmental NGOs.

In response, the European Commission’s Q&A document stresses that the updated deal makes the Paris Agreement an “essential element” of the relationship, and that this can allow suspension if a party seriously breaches or withdraws from the Paris framework. It also references commitments linked to halting deforestation after 2030 in line with Paris-related national plans.

Standards and “fair competition” arguments: pesticides, food safety, production rules

A persistent theme has been the claim that EU farmers face stricter requirements ( animal welfare , pesticides, traceability, environmental compliance) and that imports should be held to equivalent standards to avoid creating a two-tier system.

The Commission’s Q&A is explicit that EU sanitary and phytosanitary standards are non-negotiable , and it outlines plans for strengthened audits, checks, and an SPS dialogue/committee with Mercosur counterparts. It also flags an intention to pursue stronger alignment on production standards for imports, including certain pesticides.

When it is being signed, and what happens next

Here’s the timeline in plain terms:

After the signature, the agreement still needs to clear the legal and political gates that actually make it real:

Today, just two countries, Vietnam and Sri Lanka, control more than half of the world’s cinnamon exports by value. New trade data shows how these nations have turned an ancient spice into a modern export powerhouse, reshaping supply chains and global food markets in the process.

According to figures compiled by the International Trade Centre and supported by CIA World Factbook export and commodities data, Vietnam is currently the world’s largest exporter of cinnamon. The country accounts for 27.6% of global exports, valued at approximately $227 million.

Sri Lanka follows closely with a 26.6% share, worth around $218 million. What this really means is that the cinnamon trade is anchored firmly in Asia.

Vietnam’s rise has been rapid and deliberate. Large-scale cultivation , particularly in Yen Bai and Quang Nam provinces, has allowed the country to meet rising global demand at competitive prices. Government support for agricultural exports and efficient processing systems has further strengthened its position.

Sri Lanka’s success is built on a different foundation. As the world’s primary source of Ceylon cinnamon , the country commands higher prices due to its distinctive flavour profile and lower coumarin levels.

International Trade Centre data shows that Sri Lankan cinnamon is especially sought after in Europe and other health-conscious markets. Despite higher production costs, its strong reputation has preserved its global competitiveness.

China ranks third in global cinnamon exports, with 15.3% of the market valued at 125 million US dollars. Indonesia follows with 13.7%, or roughly $112 million.

Both countries benefit from integrated agricultural systems and strong regional trade networks. China ’s exports often feed into processing and re-export chains, while Indonesia’s production remains closely tied to smallholder farmers, particularly in Sumatra.

Countries such as the Netherlands, the United States, Germany, and France are not major cinnamon growers, but they remain significant exporters by value. Their role is largely logistical.

The Netherlands, for example, accounts for 3.3% of global exports, reflecting its position as a key European trade and redistribution hub. International Trade Centre data shows that spices frequently enter Europe through Dutch ports before being re-exported across the region.

Global demand for cinnamon continues to grow, driven by interest in natural foods, wellness products, and plant-based diets. The market is expected to reach about $1.95 billion by 2034.

Across the Middle East, the Americas and parts of Eurasia, proven oil reserves run into the hundreds of billions of barrels.

These figures represent oil that is technically recoverable under current economic and technological conditions. But they are not a guarantee of production, nor do they reflect how easily that oil can be brought to market.

Venezuela continues to lead the world in proven crude oil reserves, with around 303 billion barrels documented beneath its soil, nearly one-fifth of all known reserves globally.

Most of this oil is located in the vast Orinoco Belt, a region rich in extra-heavy crude. These reserves are technically recoverable, but turning them into export-ready barrels has historically posed major challenges. Many experts argue that much of Venezuela’s certified “proven” total is tied up in heavier, harder-to-refine crude that is expensive to extract and process.

Saudi Arabia follows closely with roughly 267 billion barrels of proven reserves, supported by decades of investment in extraction, refining and export infrastructure. Vast fields such as Ghawar underpin the kingdom’s role as a stabilising force in global supply and a central player within OPEC.

Iran also ranks among the world’s leading reserve holders, with more than 200 billion barrels of proven crude. Its reserves are largely conventional and geologically favourable, yet sanctions and limited access to international capital have constrained how much of this oil reaches global markets. The result is a gap between geological potential and real-world output.

Outside the Middle East, oil wealth takes different forms. Canada’s vast reserves are driven largely by oil sands, which significantly boost its reserve figures but come with higher extraction costs and environmental scrutiny.

Russia holds substantial reserves spread across Siberia and other regions, highlighting its role as a major energy exporter despite logistical and geopolitical challenges. In the United States, proven reserves are smaller by comparison, but advanced technology and investment have enabled high production levels, particularly from shale formations.

Other countries such as Iraq, the United Arab Emirates, Kuwait and Libya form a second tier of oil-rich states. Many of these nations possess large, relatively low-cost reserves but differ widely in political stability, investment climate and production capacity. Together, they reinforce how unevenly oil resources and the ability to exploit them are distributed worldwide.

One of the biggest misconceptions is assuming that reserves equal supply . They do not. Reserve figures say little about how much oil a country produces day-to-day, how resilient its infrastructure is, or how vulnerable it may be to political or economic disruption. Some nations convert a high share of their reserves into steady exports, while others struggle to do so despite large resource bases.

Negotiated over more than 25 years, the Mercosur–EU agreement aims to deepen political dialogue and expand trade between South America and Europe by lowering tariffs and widening market access. While Mercosur countries expect gains in agro-industrial and energy exports, the deal has faced resistance from farming groups in several EU states.

The signing would close the negotiation phase, but the agreement must still be approved by the European Parliament and ratified by Mercosur members before it can enter into force.

China is the world ’s largest importer of vitamins, with imports valued at US$415.3 million, accounting for 8.2% of total global vitamin imports. This reflects the country’s massive pharmaceutical, food processing and supplements industries, alongside rising domestic demand linked to urbanisation and health awareness.

While China is also a major vitamin producer, it still relies on imports for specialised formulations, high-grade inputs and supply stability across its vast manufacturing base.

The United States ranks second, importing US$286.1 million worth of vitamins, or 5.6% of the global total. Demand is driven by a mature supplements market, widespread use of fortified foods and a healthcare system that heavily integrates nutritional products.

Vitamin imports into the US support everything from over-the-counter supplements to medical nutrition and animal feed.

Europe’s steady demand

Several European countries also feature prominently on the list:

Belgium’s position is notable. Despite its small size, it acts as a pharmaceutical and logistics hub for Europe, with major ports and processing facilities that redistribute vitamins across the region.

Russia imports US$258.8 million, accounting for 5.1 per cent of global vitamin imports, reflecting strong demand from its food and pharmaceutical sectors.

Further down the list, Uzbekistan appears with US$164.6 million (3.2%), highlighting how emerging economies are investing more heavily in nutrition, food security and healthcare inputs.

Smaller markets, strategic demand

Saudi Arabia , Hong Kong , and Canada round out the top ten. While their import volumes are smaller, each plays a strategic role:

That massive number places it above Saudi Arabia, Iran and Canada, a fact that once made the country one of the most influential players in the global oil market.

The bulk of these reserves lies in the Orinoco Oil Belt, a vast region of heavy and extra-heavy crude that dwarfs conventional deposits in both scale and potential.

Yet, despite having the largest reserves, it produces only a small fraction of the global supply of roughly 1 million barrels per day, less than a third of its output two decades ago.

Reserves on paper do not automatically mean oil reaches the market. Much of Venezuela’s crude is heavy and difficult to extract and refine. Producing it requires advanced technology, large-scale investment and reliable infrastructure. Years of economic crisis, political instability and international sanctions have weakened all three.

The world’s energy markets are paying close attention for a few reasons:

1. Strategic energy stocks and shifting geopolitics

Recent events, including the capture of Venezuelan President Nicolás Maduro by U.S. forces, have intensified global focus on who controls Venezuela’s oil. The United States has signalled plans to invite American and international companies back into the nation’s energy sector to unlock its resource potential.

2. Global supply implications

If Venezuela could boost production, it would reshape oil flows and regional influence. Heavy crude from the Orinoco Belt is particularly valuable because many refineries, especially on the U.S. Gulf Coast, are structured to process dense oil grades.

3. Investment and infrastructure challenges

Rebuilding Venezuela’s oil industry won’t happen overnight . Experts estimate tens of billions of dollars would be needed to modernise ageing facilities, address underinvestment and restore capacity lost to years of neglect and sanctions.

4. Geopolitical flashpoints

Venezuela’s oil isn’t just an economic asset. It’s a geopolitical lever. China, Russia and other states hold financial and energy ties with Caracas, and shifts in Venezuelan production can ripple into diplomatic and strategic relationships.

After all these areas of scrutiny and worry, the question remains: Who controls Venezuela's oil now?

What began in Tehran’s Grand Bazaar has quickly expanded far beyond the capital. Demonstrations are now reported in major cities, including Mashhad, Shiraz, Isfahan, and Kerman, with unrest affecting nearly all 31 provinces.

People from across Iranian society have joined the protests. Shopkeepers, students, oil workers, retirees and low-income families are taking to the streets, driven by anger over soaring prices, a collapsing currency and long-standing political failures.

Iran’s economy is at the centre of the crisis. Inflation has surged, the rial has fallen to historic lows, and the cost of essentials such as food and medicine has risen sharply. For many households, wages have failed to keep pace, turning daily life into a struggle for affordability.

As the rial continues to lose value and budget pressures deepen, unrest has spread beyond traditional economic centres. Protests have reached university campuses, suburban neighbourhoods and rural towns.

Student demonstrators are no longer chanting only about prices, but also demanding greater freedom and political change, signalling a shift from economic protest to broader opposition to the state.

Unlike previous uprisings, this movement has no single leader. It is decentralised, drawing support from a wide cross-section of society, and has been amplified in part by calls for mass action from figures outside Iran, including members of the diaspora.

Human rights organisations and international observers report hundreds of arrests and about 62 deaths, including children in some documented cases.

As demonstrations intensify, the government has moved to restrict information. Internet and mobile phone services have been disrupted or shut down in multiple regions, limiting communication among protesters and making independent reporting increasingly difficult.

Iran’s Supreme Leader, Ayatollah Ali Khamenei, on Friday, January 9, condemned the protests and accused protesters of acting on behalf of U.S. President Donald Trump during a televised broadcast.

Trump has, in turn threathened to have Iran pay dearly if more civilians or protesters are killed during the demonstrations.

He shared with a reporter that Iran has “been told very strongly … that if they do that, they’re going to have to pay hell.”

What happens next will depend on whether the state can contain the unrest or whether economic pressure and public anger continue to push Iran toward deeper instability.

The list, compiled using data from GourmetPro and visualised by World Visualized, shows Indonesian convenience retailers far outpacing regional rivals, while diversified conglomerates and state-linked cooperatives maintain strong national footholds elsewhere.

Indonesia ’s convenience store model dominates

At the top of the ranking are Indomaret and Alfamart, Indonesia’s two retail behemoths.

Their dominance is driven by Indonesia’s urban density, fragmented traditional retail sector and permissive zoning laws, which allow small-format stores to cluster closely together. Both chains focus on low-cost essentials, mobile payments and neighbourhood-level accessibility rather than large weekly shops.

Regional conglomerates with cross-border reach

Dairy Farm International Holdings, ranked third with 10,000+ stores, represents a different model. Headquartered in Hong Kong, the group operates a portfolio of brands including Giant, Cold Storage, Wellcome and 7-Eleven across Hong Kong, Singapore, Malaysia, Indonesia, Vietnam and Cambodia.

Rather than scale in one country, Dairy Farm leverages brand segmentation and middle-class consumption growth across multiple markets.

Vietnam and Japan-backed expansion

Vietnam’s VinMart+, with 2,400+ stores, reflects the rapid formalisation of Vietnam’s grocery sector. Backed by Vingroup and later Masan Group, VinMart+ has expanded aggressively into urban and semi-urban areas as incomes rise and modern retail replaces wet markets.

Japan’s AEON Group, ranked fifth with 2,000+ stores across Malaysia, Indonesia, Vietnam and Cambodia, has focused on mall-anchored supermarkets and hypermarkets, targeting aspirational consumers and stable middle-income demand.

Thailand and Malaysia’s neighbourhood chains

Thailand features prominently through Big C and Mini Big C, together operating more than 2,000 outlets. Their strategy mirrors Indonesia’s convenience model, but with tighter regulation and stronger competition from traditional markets.

Malaysia’s 99 Speedmart, with over 1,000 stores, has built success through a discount-first approach, tight inventory control and limited product ranges, making it resilient during inflationary periods.

National champions and cooperatives

Final on the list are Puregold Price Club in the Philippines and NTUC FairPrice in Singapore.

In a notable policy change effective 1 January 2026, China removed a three-decade VAT exemption on contraceptive drugs and devices, including condoms and birth control pills, imposing a standard 13% tax in a bid to address its persistent population decline. The move, part of broader measures to boost birth rates, follows years of falling fertility and reinforces Beijing’s prioritisation of family support policies alongside earlier childcare subsidies and pro-marriage initiatives. Officials hope that framing childbearing as socially and economically supported will stabilise demographics in the world’s most populous economy.

China accuses the US of ‘blatant interference’ after Trump claims Venezuela oil

China’s Foreign Ministry criticised the United States on Wednesday, accusing Washington of “blatant interference in Venezuela’s internal affairs” after President Donald Trump announced that up to 50 million barrels of Venezuelan oil would be transferred to the United States for sale, a move Beijing says violates Venezuela’s sovereign rights over its natural resources. China insists Caracas has “full permanent sovereignty” over its oil and called the US actions a breach of international norms, amid broader tensions over control of Venezuelan energy exports. The dispute comes as the US has also seized Venezuela-linked tankers and eased sanctions to redirect crude flows, triggering diplomatic pushback from Beijing and other global partners.

China bans some exports to Japan after PM’s Taiwan remarks

China has imposed immediate restrictions on exports of certain rare earths and other dual-use items to Japan, escalating tensions after the Japanese prime minister Sanae Takaichi warned that a Chinese invasion of Taiwan would threaten Japan’s survival. Beijing said the curbs cover goods with both civilian and military uses, including materials critical to electronics, aerospace and defence, though it did not specify individual products. The move could have significant consequences for Japan, which sourced around 63% of its rare earth imports from China in 2024.

Cambodia extradites alleged scam kingpin Chen Zhi to China

Cambodia has arrested and extradited to China tycoon Chen Zhi, accused of leading a major online scam network and wanted by US authorities on related charges. The Cambodian government said Chen, whose citizenship was revoked last month, was handed over at China’s request after a months-long investigation. US and UK officials have accused him of running a transnational fraud operation that scammed victims worldwide and exploited trafficked workers, part of a regional surge in online scam centres across Southeast Asia.

China sanctions two more Taiwanese cabinet ministers

Beijing has sanctioned Taiwan’s Interior Minister Liu Shyh-fang and Education Minister Cheng Ying-yao, adding them to its list of what it calls “stubborn Taiwan independence figures” for actions it says promote separatism. The measures bar the two ministers and their families from entering mainland China, Hong Kong and Macau, and ban companies linked to them from operating in the mainland.

Mexico accounts for 43.5% of total global brandy exports, with shipments valued at $4.1 billion . That puts the country far ahead of every other exporter.

Over the past two decades, the country has built a powerful spirits export ecosystem, driven by large-scale production, competitive pricing, and strong access to key markets, especially the United States .

While tequila and mezcal often get the spotlight, brandy has become a major export engine in its own right.

Much of this growth is tied to high-volume, mass-market brandy production that caters to consumer demand in North America , parts of Africa, and Asia. The scale of Mexico’s exports suggests not just strong demand, but also highly efficient supply chains and well-established distribution networks.

China ranks a distant second, exporting around $1 billion worth of brandy, or 10.7% of global exports. This reflects China’s growing role in spirits production, driven by domestic consumption and expanding export ambitions.

Europe remains influential, but fragmented. Italy exports about $669 million worth of brandy, followed by France at $252 million, Spain at $302 million, and Germany at $229 million. Rather than competing on volume, many European producers focus on premium positioning, heritage branding, and higher price points.

Countries such as Hong Kong, the Netherlands, the United States, and the UK round out the list, often acting as re-export hubs or serving niche markets.

Valued at about $61.78 billion in 2025 , the global spirits market is changing fast. Consumers are more open to non-traditional origins, while price sensitivity in emerging markets favours large-scale producers.

At the same time, trade routes are being reshaped by inflation, currency movements, and evolving alcohol regulations.

Mexico’s lead in brandy exports mirrors a broader trend as production power is moving toward countries that can combine scale, cost efficiency, and access to major consumer markets. This is especially relevant as global alcohol consumption patterns shift away from premium-only narratives toward everyday, accessible spirits.

While artificial intelligence and semiconductors are still driving market momentum, some of the biggest gains are coming from companies many investors once considered mature, or even left behind.

Leading the list is Western Digital (WDC), up more than 260% so far this year, followed closely by Robinhood Markets (HOOD) and Seagate Technology (STX). The common thread tying many of these winners together is not hype alone, but a sharp rebound in earnings expectations, renewed demand for data infrastructure , and a global surge in AI-related investment.

According to Bankrate , which compiled the performance data shown in the image, storage and memory companies have been among the biggest beneficiaries of the AI boom. As cloud providers, AI developers, and data centres race to expand capacity, demand for hard drives and memory chips has surged after a prolonged industry downturn.

This trend is reinforced by Micron Technology (MU), up nearly 180%, and Lam Research (LRCX), a key supplier of semiconductor manufacturing equipment. Industry analysts note that AI models require enormous amounts of high-bandwidth memory and advanced chips, reigniting capital expenditure across the semiconductor supply chain.

Beyond tech hardware, the chart also highlights companies riding broader structural shifts. Palantir Technologies (PLTR) has continued its rally as governments and corporations expand spending on data analytics, defence technology, and AI-enabled decision systems.

Meanwhile, Newmont (NEM), the world’s largest gold miner , reflects renewed investor interest in hard assets amid geopolitical tensions, persistent inflation risks, and ongoing conflicts in Eastern Europe and the Middle East.

Even more striking is the presence of Warner Bros. Discovery (WBD) and Robinhood, whose strong gains point to shifting sentiment rather than pure fundamentals. Robinhood has benefited from increased retail trading activity and crypto-linked revenue growth, as digital assets rebound in 2025 following regulatory clarity in major markets such as the US and EU.

All of this is unfolding against a backdrop of strong equity market performance. The S&P 500 has reached repeated record highs in 2025, driven by easing inflation pressures, expectations of eventual interest-rate cuts, and continued optimism around productivity gains from AI.

The country’s dominance reflects its long-established role as a global cocoa processing and food manufacturing hub, centred around the Port of Amsterdam and advanced agri-processing infrastructure.

Malaysia ranked second with 12.2% of global exports worth $422 million, underscoring Southeast Asia’s growing importance in value-added food processing, even though much of its cocoa is imported.

Germany followed closely, exporting $364 million worth of hot chocolate products, while Indonesia and Spain rounded out the top five exporters.

Data from World ’s Top Exports confirms that countries leading hot chocolate exports are typically those with strong food processing industries, advanced logistics, and access to global markets, rather than simply cocoa production alone.

This explains why France, Singapore, the United States and Brazil also feature among the top exporters, each leveraging manufacturing capacity, branding, and distribution networks to compete globally.

Notably, Ghana, one of the world’s largest cocoa producers, appears on the list with $142 million in exports, reflecting gradual progress in moving beyond raw cocoa exports toward finished and semi-finished chocolate products, an issue long debated in African trade and industrialisation policy .

The hot chocolate trade figures come amid broader shifts in global food markets. Rising cocoa prices, driven by climate-related supply disruptions in West Africa and tighter global stocks, have placed pressure on manufacturers worldwide.

In 2024, cocoa prices reached multi-decade highs , prompting concerns about inflation in chocolate and confectionery products.

At the same time, global demand for premium and ready-to-drink chocolate beverages has risen, particularly in Europe, North America and parts of Asia, boosting export volumes despite higher input costs.

According to pre-Christmas estimates highlighted by EuroNews, gift spending in Europe’s largest economies was projected to exceed €360 billion ($423 billion), with the United Kingdom, Germany and France forecast to account for the largest shares.

The projections reflected both population size and consumer resilience, even as inflation, high interest rates and geopolitical uncertainty continued to weigh on household budgets in the run-up to Christmas.

The United Kingdom was forecast to lead spending, with Christmas gift purchases estimated at €103.9 billion, followed by Germany at €85.24 billion and France at €71.65 billion. Southern Europe was expected to record lower, but still substantial spending, with Italy projected at €43.04 billion and Spain at €30.6 billion, while the Netherlands (€15.13 billion) and Belgium (€11.18 billion) completed the ranking.

EuroNews reported that while consumers approached the season cautiously, many still prioritised Christmas gifting, often cutting back in other areas or actively seeking discounts rather than abandoning festive traditions altogether.

Although headline inflation had eased in several eurozone countries compared with its 2022 peak, prices for food, energy and housing remained elevated ahead of Christmas. Retailers across Europe reported a noticeable shift toward discount-driven shopping, earlier purchasing and greater reliance on online sales during the festive period.

The report also indicated that many shoppers opted for fewer but more meaningful gifts, while budget retailers and second-hand platforms saw increased demand in the weeks leading up to Christmas.

For retailers, the festive season remained a critical trading period. In countries such as Germany and France, Christmas sales were estimated to account for up to a quarter of annual retail revenue, making the period vital for overall business performance.

Taken together, the spending projections offered cautious optimism to retailers after several challenging years marked by pandemic disruption, supply-chain shocks and rising operating costs, even as consumers continued to navigate economic uncertainty.

According to Statista , Coca-Cola consistently ranks as the most purchased soft drink brand in Germany, far ahead of competitors in both sales volume and brand recognition.

The company employs more than 6,000 people nationwide and operates multiple bottling plants.

On the other hand, Vita Cola’s resilience in eastern Germany is rooted in history. First produced in 1958 in the former East Germany (GDR), Vita Cola became the region’s answer to Western soft drinks, which were largely unavailable during the Cold War.

After German reunification, many East German brands disappeared. Vita Cola , however, survived and experienced a revival, marketing itself as a regional alternative with a distinct citrus flavour and lower acidity than Coca-Cola. Today, it remains especially popular in Thuringia, Saxony and Saxony-Anhalt.

The German cola map emerges at a time when multinational food and beverage companies are facing pressure worldwide. From supply chain disruptions linked to the war in Ukraine to rising sugar taxes and health regulations across Europe, global brands are being challenged to adapt.

Coca-Cola itself has acknowledged the importance of localisation, increasingly tailoring products and marketing strategies to national and regional tastes.

While Coca-Cola’s dominance across most of Germany remains unchallenged, Vita Cola’s stronghold in the east serves as a reminder that history and regional identity still matter.

For consumers in Thuringia, choosing Vita Cola is not just about flavour but also about cultural continuity.