Foreign Trade Brief: October 22, 2025
China Strongly Counters Dutch Freeze on Chinese Company Assets; RMB Appreciation; South African Inflation Drops; Argentina Reinstates Export Taxes; Dutch Consumer Confidence Falls; Microsoft Relocates Production Lines; "Waterway High-Speed Rail" Debuts, and More

Netherlands Freezes Chinese Company Assets, China Responds Firmly

The Dutch government recently invoked the Goods Supply Act to freeze all assets of Nexperia in the Netherlands. Within three days, China’s Ministry of Commerce announced export controls targeting Nexperia’s packaging plant in Dongguan. These measures will restrict the company from exporting semiconductor products from its Chinese facility, directly impacting the supply of automotive sensors, power management chips, and consumer device chips.

Peru Central Bank Cuts Benchmark Interest Rate to 4.25%

The Peruvian central bank lowered its benchmark interest rate by 25 basis points to 4.25%, stating that the rate is now close to the estimated neutral level. In August, Peru’s annual inflation expectation remained at 2.2%, within the target range, and is projected to approach the midpoint of the target by year-end.

RMB Exchange Rates (Previous Session)

Offshore RMB

• USD/CNH: 7.1225, up 8 basis points

• EUR/CNH: 8.2671, up 244 basis points

• JPY/CNH (per 100 yen): 4.6800, up 500 basis points

Onshore RMB

• USD/CNY: 7.1202, up 28 basis points

• EUR/CNY: 8.2638, up 234 basis points

• JPY/CNY (per 100 yen): 4.6800, up 400 basis points

Central Parity

• USD/CNY: 7.0930, up 43 basis points

• EUR/CNY: 8.2734, up 162 basis points

• JPY/CNY (per 100 yen): 4.7163, down 6 basis points

South Africa’s August CPI Rises 3.3% Year-on-Year, Easing

South Africa’s CPI increased by 3.3% in August, down from 3.5% in July, marking the first monthly decline since October 2024. Food inflation also fell to 5.2% after six consecutive months of increase.

Argentina Reinstates Export Taxes on Grains and Other Agricultural Products

Just two days after temporarily suspending export taxes on grains, beef, poultry, and other agricultural goods, Argentina’s tax authority reinstated the levies, citing that export declarations had already reached the $7 billion target, eliminating the need for further sales incentives.

Dutch Consumer Confidence Index Drops to -32 in September

The Netherlands’ consumer confidence index remained at -32 in September, significantly below the 20-year average of -10. While purchasing willingness slightly improved to -18, economic outlook assessments worsened further to -53.

Mexico’s E-commerce Transactions Surge 90% Year-on-Year

From August 2024 to August 2025, Mexican SMEs saw a 90% increase in e-commerce transactions, an 86% rise in revenue, and attracted 45% new customers. Fashion and beauty products accounted for nearly 40% of sales, with apparel and accessories contributing 20%, and beauty and skincare products 17%.

Shopee Brazil Launches Mega Logistics Center

Shopee has opened a large-scale logistics center in São Bernardo do Campo, São Paulo, equipped with Brazil’s largest automated sorting system capable of handling up to 3.8 million orders daily. The facility makes Shopee the country’s second-largest warehouse occupier, with total logistics space exceeding 1 million square meters.

CMA CGM to Resume Russia Service in November

After a three-year suspension, French shipping giant CMA CGM will resume calls at St. Petersburg, Russia, starting November 17. The initial service will be operated by the 1,436 TEU feeder vessel North on its Germany-Finland route.

Hainan Airlines Launches Chongqing-Brussels Route

Hainan Airlines plans to launch a direct Chongqing-Brussels flight starting November 22, 2025, to enhance bilateral trade, cultural exchanges, and cooperation.

Microsoft to Move Surface Production Out of China

According to Nikkei Asia, Microsoft plans to shift most of its new product manufacturing—including Surface laptops and data center servers—outside China as early as 2026. The company has asked suppliers to explore producing key components and final assemblies outside China.

Volkswagen Q3 Global Sales Up 1% Year-on-Year

Volkswagen reported a 1% increase in global vehicle deliveries for Q3, reaching 2,198,800 units, driven by new models in Western Europe. Pure electric vehicle deliveries rose 33.1% to 252,100 units.

“Waterway High-Speed Rail” Debuts

During the “14th Five-Year Plan” period, China has built the world’s largest comprehensive transport network, significantly enhancing service levels and technological innovation. The world’s first standard modular battery-swapping electric ship, Hefun Welan 01, successfully completed trials in April in Wuhu, Anhui, marking a milestone in green waterway transport.