806 companies exported from Puy-de-Dôme in 2025.

That is a modest increase from 793 exporters in 2024, marking a return to growth after the previous year’s decline.

At first glance, the story appears straightforward: the number of companies engaged in international trade is increasing.

But the five-year data reveals something more interesting.

The export ecosystem is (slowly)growing while its internal structure is changing. Industry remains the largest sector, but it is no longer the main source of growth. Commerce is expanding faster in absolute terms, agriculture has recorded the strongest sustained growth among the major sectors, and the 2025 recovery was driven primarily by commerce and services.

The question is therefore no longer simply how many companies export.

It is increasingly about which sectors are creating new exporters and whether those exporters can remain active over time.

The headline: 806 exporters and a modest return to growth

Puy-de-Dôme counted 806 exporting companies in 2025, compared with 793 in 2024.

That represents annual growth of approximately 1.6%.

Over a longer period, the department’s exporter population has also expanded.

The number of exporters increased from 737 in 2014 to 806 in 2025, an increase of roughly 9% over eleven years.

The more recent five-year trend is more moderate.

Between 2020 and 2025, the number of exporters increased from 767 to 806.

That represents a 5-year CAGR of approximately 1.0%.

In other words, Puy-de-Dôme’s international business base is growing but gradually.

The more important story lies beneath the aggregate number.

Sector dynamics: five years of uneven growth

The export ecosystem has not evolved evenly.

Between 2020 and 2025, each major sector followed a different trajectory.

Industry remains the largest exporting sector, but commerce has been the main contributor to growth in the number of exporters over the last five years.

1. Industry remains the backbone but growth has stalled

Industry remains the largest sector in Puy-de-Dôme’s exporter population.

In 2025, 311 industrial companies exported, compared with 308 in 2020.

That is effectively flat growth over five years.

The resulting CAGR is just 0.2%.

The sector’s importance should therefore not be confused with dynamism.

Industry remains structurally dominant, but the number of industrial exporters has not expanded significantly.

In fact, the historical trend suggests a peak earlier in the period, followed by a gradual decline.

The number of industrial exporters reached 327 in 2022, before falling back to 311 in 2025.

This matters because industrial companies are traditionally at the core of territorial export ecosystems.

Puy-de-Dôme has maintained this industrial base but it is not currently generating significant growth in the number of new exporters.

2. Commerce is the main engine of exporter growth

Commerce is the sector that contributed the most to the expansion of Puy-de-Dôme’s exporter population.

The number of exporting companies increased from 270 in 2020 to 291 in 2025.

That represents:

• +21 exporters

• +7.8% over five years

• A 1.5% CAGR

Commerce alone contributed more than half of the total net increase in exporters between 2020 and 2025.

Of the department’s 39 additional exporters over the period, 21 came from commerce.

The sector has also demonstrated a strong recovery in the latest year.

After declining from 306 exporters in 2023 to 278 in 2024, commerce rebounded to 291 exporters in 2025.

That is an annual increase of approximately 4.7%.

The implication is significant.

While industry remains the largest sector, commerce is increasingly responsible for the renewal and expansion of the export base.

3. Agriculture is small, but has the strongest sustained growth among the major sectors

Agriculture remains a relatively small component of Puy-de-Dôme’s exporter ecosystem.

However, its five-year growth rate is notable.

The number of agricultural exporters increased from 37 in 2020 to 43 in 2025.

That represents a 3.1% CAGR, the strongest sustained growth among the four major sectors.

The sector remains volatile in absolute terms.

It reached 51 exporters in 2024 before falling back to 43 in 2025.

This means agriculture should not be interpreted as a large-scale engine of exporter growth.

Instead, the data suggests a smaller but increasingly international segment of the local economy.

Its importance is strategic rather than numerical.

4. Services are growing slowly with signs of recovery

Services increased from 142 exporters in 2020 to 147 in 2025.

That corresponds to a 0.7% CAGR.

The trajectory has been less stable than the aggregate five-year number suggests.

The sector reached 163 exporters in both 2021 and 2022, before declining in subsequent years.

The increase to 147 exporters in 2025 represents a recovery, but the sector remains below its earlier peak.

The broader conclusion is that services are participating in the internationalisation of the local economy, but they have not yet become a major driver of exporter growth.

The composition of growth is changing

The five-year numbers reveal an important structural shift.

Between 2020 and 2025, Puy-de-Dôme gained 39 exporters.

The contribution of each major sector was:

• Commerce: +21

• Agriculture: +6

• Services: +5

• Industry: +3

This means that more than half of the net increase in exporters came from commerce.

Industry remains the largest sector.

But commerce is increasingly responsible for growth.

This distinction matters.

A territory can have a strong industrial export base while simultaneously experiencing growth in new exporter creation outside industry.

That appears to be what is happening in Puy-de-Dôme.

2025: a recovery led by commerce and services

The latest year reinforces the five-year trend.

Between 2024 and 2025:

SectorAnnual changeCommerce+4.7%Services+4.3%Industry−1.3%Agriculture−15.7%

The total exporter population increased because growth in commerce and services outweighed declines elsewhere.

This is perhaps the most important change in the 2025 data.

The recovery in the number of exporters was not driven by industry.

It was driven primarily by sectors outside the department’s traditional industrial core.

A dynamic ecosystem: companies are entering, but many are also leaving

The total number of exporters tells only part of the story.

The 2025 data shows significant movement into and out of international markets.

During the year:

• 232 companies entered exporting

• 219 companies exited

• 574 companies remained active from the previous year

• 409 companies qualified as regular exporters, meaning they had maintained export activity continuously over five years

The number of new exporters increased by approximately 23.4% compared with 2024.

At the same time, the number of companies maintaining export activity from one year to the next declined.

This suggests a highly dynamic ecosystem.

Companies continue to discover international markets.

But maintaining a long-term export presence remains more difficult.

The policy challenge is therefore not only to help companies start exporting.

It is also to help them continue exporting.

That distinction becomes particularly important when evaluating the success of export-support policies.

A high number of new exporters can look positive in the short term.

But sustainable internationalisation depends on conversion from:

new exporter → repeat exporter → regular exporter.

Geography: Europe remains central, but diversification is accelerating

Europe remains the foundation of Puy-de-Dôme’s export geography.

In 2025:

• 370 companies exported to the European Union

• 418 exported to non-EU Europe

The number of exporters targeting traditional European markets declined in the latest year.

By contrast, the strongest growth came from the Americas.

Between 2024 and 2025:

• Americas: +10.5%

• Africa: +1.3%

• Asia: −0.8%

• European Union: −6.0%

• Non-EU Europe: −6.0%

The Americas therefore stand out as the most dynamic international destination group in 2025.

This does not mean Europe is becoming less important.

Europe remains central to the export ecosystem.

But the data suggests that the growth frontier for new international relationships may increasingly lie outside traditional European markets.

Germany remains the largest EU market

Germany is the leading European Union destination by export value.

Exports to Germany reached approximately €559 million, representing 26.8% of Puy-de-Dôme’s exports to the European Union.

Other major EU destinations included:

• Spain: €293 million

• Italy: €281 million

• Netherlands: €201 million

• Belgium: €177 million

Germany’s position confirms the continued importance of European industrial and commercial integration for Puy-de-Dôme exporters.

The United States is the leading non-EU market by value

Outside the European Union, the United States is the largest export market by value.

Exports reached approximately €370 million, representing 25.4% of exports to third countries.

The United Kingdom followed with approximately €240 million.

One particularly interesting feature of the data is the difference between market value and market breadth.

Switzerland was served by the largest number of exporters, with 312 companies active in the market.

However, export value to Switzerland approximately €136 million was considerably lower than export value to the United States.

This suggests that different international markets play different roles.

Some markets are dominated by large-value flows.

Others are accessible to a broader population of exporters.

That distinction is important when analysing the internationalisation of local businesses.

The strategic picture

The 2025 data points to a Puy-de-Dôme export ecosystem that is becoming more diversified.

Three conclusions stand out.

1. Industry remains essential but it is no longer the main growth engine

Industry remains the largest exporting sector.

However, its exporter population has been broadly flat over five years.

Future growth in the number of exporters is increasingly coming from outside the industrial sector.

2. Commerce is becoming the primary source of exporter growth

Commerce generated the largest absolute increase in exporters between 2020 and 2025.

It also led the recovery in 2025.

The sector is therefore playing an increasingly important role in expanding the department’s international business base.

3. The real challenge is exporter sustainability

Puy-de-Dôme has a significant number of companies entering international markets.

But the data also shows substantial exits.

The strategic objective should therefore go beyond increasing the number of first-time exporters.

The stronger objective is to increase the number of companies that become regular, long-term exporters.

The bottom line

Puy-de-Dôme’s export ecosystem is growing, but slowly.

The number of exporters reached 806 in 2025, up from 767 five years earlier.

Yet the sector dynamics reveal a changing structure.

Industry remains the backbone.

Commerce is driving most of the growth.

Agriculture is the fastest-growing major sector in percentage terms.

Services are recovering, but remain below their earlier peak.

And behind the aggregate numbers, the ecosystem remains highly dynamic: hundreds of companies enter and leave export markets every year.

The next phase of Puy-de-Dôme’s internationalisation will therefore not be defined simply by how many companies start exporting.

It will be defined by whether the growing population of new exporters can become sustainable, repeat participants in international markets.

806 exporters.

39 more than in 2020.

And a clear shift in where the growth is coming from.

Methodology: exporter counts are based on the annual French Customs operator statistics for companies headquartered in Puy-de-Dôme. Five-year CAGR is calculated between 2020 and 2025 using five annual growth periods. Sector analysis focuses on the evolution in the number of exporting operators, not export value.
Data source: https://lekiosque.finances.gouv.fr/site_fr/regions/region_operateur.asp

TL;DR

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C_202603925

1. Fiscal Discipline & Structural Reforms

• Spending Control: Adhere to EU net expenditure ceilings to correct past deviations, while improving the overall efficiency and effectiveness of public spending.

• Defense & Energy: Gradually scale up defense and security spending sustainably; restrict energy support measures to targeted, temporary relief for vulnerable households and energy-intensive firms.

• Taxation & Cadastre: Enhance growth and fairness by tackling tax evasion, cutting tax expenditures (including VAT exemptions and environmentally harmful subsidies), and updating property cadastral values.

• Demographics & Pensions: Protect pension sustainability and growth by attracting/retaining talent and encouraging older worker participation, particularly in Southern Italy.

2. Recovery & Cohesion Funding

• Implementation: Maintain momentum on reforms and investments tied to the Recovery and Resilience Facility (RRF).

• Strategic Funds: Accelerate the deployment of cohesion policy programs, leveraging mid-term review flexibilities and strategic reallocations.

3. Innovation, Capital Markets & Industrial Policy

• R&D & Commercialization: Expand innovation procurement, strengthen university-to-market research commercialization, and enhance career pathways for researchers.

• Capital Growth: Mobilize domestic savings, develop capital markets, and expand venture capital, private equity, corporate bond issuances, and public listings to help firms scale.

• Balanced Growth: Execute an industrial strategy to reduce territorial disparities and streamline policy measures alongside key infrastructure projects.

4. Governance, Justice & Competition

• Public Administration: Boost administrative capacity and effectiveness, especially at the local level and in the South.

• Justice System: Reduce case backlogs and shorten court disposition times.

• Market Access: Remove barriers to free movement of goods and lift remaining competition restrictions, particularly in the transport and electricity sectors.

5. Green Transition & Climate Resilience

• Renewable Energy & Grids: Accelerate electrification, streamline permitting (especially at regional levels), and invest in power grid and storage infrastructure.

• Climate Adaptation: Coordinate institutional responses to climate risks using nature-based solutions and climate insurance.

• Utilities Infrastructure: Fix infrastructural gaps in water and waste management, focusing on Southern regions.

6. Labor, Education, Healthcare & Social Protection

• Labor Market: Tackle job segmentation, undeclared work, and low wages by supporting active labor market policies, effective collective bargaining, and affordable care services.

• Education & Skills: Strengthen basic skills, expand vocational education and training (VET), and improve the labor-market relevance of higher education.

• Healthcare & Social Safety Net: Address healthcare staffing shortages to ensure timely access to care, and improve social service coverage for vulnerable groups (especially children) within fiscal limits.

Notice of initiation of an interim review of the anti-dumping measures applicable to imports of silicon originating in the People’s Republic of China requested by Euroalliages aisbl

Anti-dumping measure in force (Aug’22): (EU) 2022/1394

Details here, here and here.

The European Commission is cracking down on a suspected construction chemicals cartel across France, Germany, and Spain. Several major manufacturers and trade associations have been hit with Statements of Objections for allegedly coordinating price hikes on cement and concrete additives between 2021 and 2022. If confirmed, these antitrust violations could result in fines up to 10% of global turnover.

The companies and trade associations accused of participating in the suspected construction chemicals cartel across France, Germany, and Spain include:

• France: Cemex, Chryso, Mapei, Master Builders Solutions, MC Bauchemie, Sika, TAM, and the trade association SYNAD.

• Germany: Cemex, Ha-be, Mapei, Master Builders Solutions, MC Bauchemie, Liesen, Remei, Sika, and the trade association Deutsche Bauchemie.

• Spain: Chryso, Mapei, Master Builders Solutions, MC Bauchemie, Sika, and the trade association ANFAH.

German-China Trade 2026: Imports Rise While Car Exports Plummet

Recent data from the Federal Statistical Office reveals shifting dynamics in the trade relationship between Germany and China during the first five months of 2026. China has firmly maintained its position as Germany’s most important trading partner for imports, reaching 72.4 billion euros between January and May—a 6.2% increase compared to the previous year.

At the same time, German exports to China fell by 14.5% to 29.6 billion euros, heavily impacted by a sharp 26.1% drop in motor vehicle exports and a 17.5% decline in machinery. This combination of rising imports and falling exports pushed Germany’s trade surplus with China up to 42.8 billion euros, compared to 33.5 billion euros during the same period in 2025.

The import data highlights a deep reliance on technology and green energy transition goods from China, which accounted for the vast majority of imported portable computers, smartphones, lithium-ion batteries, and photovoltaic elements during this period. As these trends unfold, they point to significant structural changes in how the two industrial economies interact.

Dutch exports grew by 5.5 percent in May 2026, building on the 4.6 percent growth recorded in April. Statistics Netherlands (CBS) reports that increased shipments of petroleum products and electrical machinery fueled this rise. Alongside exports, import volumes also trended upward, climbing 5.4 percent compared to May 2025. This surge in imports stemmed primarily from higher demand for petroleum, machinery, and chemical products.

Beyond current trade volumes, the outlook for Dutch exporters shows signs of stabilization. CBS data indicates that export conditions became less unfavorable in July than they were in May, largely due to a smaller contraction in German manufacturing output.

The domestic manufacturing sector also maintained strong momentum. Calendar-adjusted manufacturing output rose by 4.9 percent in May 2026 compared to the same month last year, matching April’s performance. While nearly 40 percent of industrial sectors saw production increases, the machinery sector stood out with the sharpest growth. Conversely, the chemical and transport equipment industries experienced the steepest production declines.

Optimism is spreading among Dutch manufacturers. Producer confidence climbed from -2.0 in May to 1.3 in June—the highest level recorded in nearly four years. This shift reflects a more positive outlook regarding production expectations for the coming three months. Manufacturers within the electronics and machinery sector expressed the highest levels of confidence, signaling a robust phase for the industry as it heads into the second half of the year.

The European Commission has officially initiated an anti-dumping investigation into imports of cylindrical primary alkaline manganese dioxide batteries from the People’s Republic of China. This proceeding follows a formal complaint lodged on May 18, 2026, by VARTA Consumer Batteries GmbH & Co. KGaA, which is supported by other major industry players including Energizer Europe B.V.. The core of the complaint alleges that Chinese producers are selling these batteries in the European Union at unfairly low, "dumped" prices, which the complainant argues is supported by evidence of significant economic distortions in China, such as state-directed influence, heavy subsidization, and unfair control over key raw materials like electrolytic manganese dioxide.

The investigation aims to determine whether these imports are causing material injury to the Union industry, with evidence already cited regarding declining market share, reduced profitability, and price undercutting for European producers during the period between 2022 and 2025. Furthermore, the complainants have highlighted that this situation deteriorated further in early 2026, threatening the long-term viability of EU manufacturing. The Commission is currently assessing whether imposing anti-dumping measures would serve the Union's interest, while also considering the possibility of retroactive duty collection through the registration of imports. Interested parties, including producers, importers, and users, are encouraged to participate in the process to ensure their views are considered as the Commission evaluates the potential for trade remedies.

The Netherlands saw a solid economic performance in 2025, with Gross Domestic Product (GDP) growing by 1.6 percent. A deeper look at the data from Statistics Netherlands (CBS) reveals a clear trend: exports were the primary engine behind this growth.

Exports: The Main Driver

Exports of goods and services were responsible for 0.9 percentage points of that 1.6 percent growth, meaning they accounted for more than half of the total economic expansion.

What is particularly encouraging is the shift toward high-value activity. Domestic exports—goods actually manufactured within the Netherlands—were the strongest performers, contributing 0.5 percentage points to the growth. There was a notable surge in the exports of machinery, food, and agricultural products produced on Dutch soil.

Meanwhile, services exports added 0.3 percentage points, and goods re-exports (items imported and then shipped out with little processing) contributed 0.1 percentage points. This shift toward domestic manufacturing is significant because it typically generates more economic value for the country than simply re-exporting goods.

The Role of Domestic Spending

While exports led the way, domestic spending—which includes household consumption and business investment—contributed the remaining 0.7 percentage points to the growth.

It is worth noting that government expenditure was the largest contributor within this category. While household consumption and business investment also grew, their overall impact on GDP was dampened because a significant portion of those categories involves imported goods, which do not count toward Dutch GDP.

The 2025 figures highlight the continued importance of the Dutch manufacturing and export sector. After a difficult 2023, where a decline in exports led to an economic contraction, the country’s ability to produce and sell high-quality goods—particularly in machinery and agriculture—has proven to be a vital stabilizer and growth accelerator for the national economy.

The investigation was triggered by an application from INEOS Olefins & Polymers UK, a manufacturer based in Scotland. They argue that these imports are hurting their business. The TRA will determine if this dumping is occurring and if it is causing injury to the UK industry. If they find proof of harm, they may recommend new trade measures, such as tariffs, to ensure fair competition.

The European Commission has proposed a two-year plan to support Armenia’s economy by temporarily lifting trade duties on many of its exports.

This move comes in response to recent trade restrictions imposed by the Russian Federation, which have severely impacted Armenian producers of goods like wine, brandy, and agricultural products.

Key details of the proposal:

• Tariff Relief: The EU will temporarily suspend duties on a broad range of Armenian products, helping businesses access the European market more easily. This includes ferroalloys (HS 7202).

• Agricultural Support: Targeted duty-free quotas will be established for eight specific agricultural products.

• Solidarity & Resilience: This initiative aims to help Armenia diversify its trade routes, strengthen its economic resilience, and offset the negative impact of current external pressures.

This support package reinforces the EU-Armenia partnership, focusing on economic stability and shared democratic values.

A group of major European chemical producers—including BASF, Covestro, PCC Rokita, Shell, and Chimcomplex—has filed a formal complaint with the European Commission. They are requesting an official anti-dumping investigation into polyether polyols imported from China.

What is the product? Polyether polyols are versatile organic polymers used to make polyurethane. They are essential building blocks for:

• Flexible Foams: Used in furniture, mattresses, car seats, and footwear.

• Rigid Foams: Used for thermal insulation in refrigerators and buildings.

• CASE Applications: Coatings, adhesives, sealants, and elastomers used in construction and automotive manufacturing.

The Producers’ Allegation The European companies claim that their businesses are under threat. They argue that Chinese producers are selling these materials at “dumped” prices—artificially low prices that do not reflect the true cost of production.

According to the complaint, this surge in cheap imports is hurting the European industry in several ways:

• Price Depression: The aggressive low-pricing from Chinese exporters has forced European producers to drop their prices to stay competitive, eating into their profits.

• Financial Strain: The European industry is seeing its financial performance deteriorate, making it difficult to cover production costs.

• Threat to Survival: The complainants argue that without intervention, EU production capacity will continue to shrink, potentially leading to the loss of a vital European industry.

What Happens Next? The European Commission is now tasked with investigating these claims. They will look at whether the Chinese imports are indeed unfairly priced and if they are causing “material injury” to European manufacturers. If the Commission finds the allegations to be true, they may impose anti-dumping duties to level the playing field and protect European production.

This case is a significant moment for the EU chemical sector, as it pits the need for affordable raw materials against the goal of maintaining a healthy, competitive manufacturing base within Europe.

The recent long-term partnership between Selecta one and Beekenkamp Group is a masterclass in how proactive regulatory navigation creates a sustainable competitive moat.

By centralizing propagation production at Selecta Wagagai in Uganda, these industry giants have done more than just achieve operational synergy—they have effectively aligned their supply chain with the latest EU phytosanitary standards.

The Intelligence Angle:

• Regulatory De-risking: By ensuring their production infrastructure met the rigorous “pest freedom” criteria established by recent EU regulations, the partners have effectively “pre-cleared” their supply chain for long-term access.

• Operational Moat: Meeting strict EU-mandated standards requires massive capital and technical expertise. This consolidation creates a barrier to entry that smaller competitors will struggle to replicate.

• Strategic Stability: By securing this exclusive agreement, both firms have insulated themselves from trade volatility, ensuring consistent market access through a proven, compliant hub.

In modern horticulture, regulatory compliance is no longer just a legal hurdle—it is a competitive asset. Companies that treat these technical standards as a core component of their market entry strategy are the ones defining the future of the supply chain.

The European Commission has recently initiated an “absorption reinvestigation” into imports of trichloroisocyanuric acid (TCCA) from China. The core allegation? That Chinese exporters have been deliberately lowering their export prices to neutralize the remedial effect of anti-dumping duties imposed in late 2025.

It sounds like a straightforward case of trade circumvention. But look closer at the data, and a different story emerges—one dictated not by policy, but by global commodity markets.

The Urea Connection

TCCA production is heavily dependent on urea, a volatile commodity. When we overlay the price of TCCA exported to the EU with the global benchmark price for E. Europe Urea, the “absorption” narrative begins to collapse.

Between late 2025 and April 2026, both TCCA export prices and global urea benchmarks plummeted in near-perfect synchronization.

Market Dynamics vs. Intentional Absorption

The Commission’s investigation assumes that price decreases in the post-November 2025 period were a calculated effort to absorb duties. However, data from the World Bank’s “Pink Sheet” confirms that input costs for producers faced massive, market-driven swings during this exact window.

If an exporter reduces their prices because their primary raw material—urea—dropped by nearly 10% in a single month, is that “absorption,” or is that simply efficient market pricing?

What’s Next?

For companies currently being scrutinized, the defense is clear: Correlation is not causation. To successfully counter these allegations, exporters must move beyond the Commission’s simplistic view of trade flow and present a comprehensive cost-basis model.

By demonstrating that export price fluctuations are a direct reflection of underlying raw material volatility, the industry can force a re-evaluation of whether these trade defense measures are protecting European producers or simply distorting the reality of the global chemical market.

This analysis is based on public European Commission trade defense notices and independent commodity pricing benchmarks. The following interpretation represents my personal analysis and may reflect a particular perspective on market data.

The European Union has introduced Regulation (EU) 2026/1384, a new measure taking effect on July 1, 2026, aimed at protecting the European steel market from the damaging effects of global overcapacity.

The steel sector is a critical pillar of the EU economy, essential for industries like construction, clean technology, and defense. However, a massive, persistent surplus of steel production worldwide—expected to reach 721 million tonnes by 2027—has placed the European industry under severe strain, leading to job losses, financial struggles, and historically low production levels.

Key Features of the New Regulation

To combat these challenges, the EU has established a comprehensive framework that includes:

• Tariff Quotas and Duties: The regulation sets annual tariff-free import quotas for various steel product categories. Once these quotas are filled, an out-of-quota duty of 50% will be applied to prevent market flooding and trade diversion.

• “Melt and Pour” Transparency: To ensure better oversight of the supply chain, importers will eventually be required to provide evidence—such as a mill test certificate—identifying the “melt and pour” country of origin (where the raw steel was initially produced).

• Flexibility and Monitoring: The Commission will manage these quotas on a quarterly basis. During the first year, there is flexibility to carry over unused quotas to ensure stable supply chains, though future adjustments may be made based on market conditions.

• Strategic Adaptability: The regulation grants the Commission the power to adjust quota volumes and implement bilateral safeguard measures to respond quickly to market shifts, security needs, or further developments in global overcapacity.

Long-Term Goals

This regulation is part of the EU’s broader commitment to ensuring the viability, resilience, and sustainability of its steel industry, particularly as it undergoes a transition toward carbon-neutral production. The Commission is committed to regular, transparent reporting and will conduct periodic assessments to ensure these measures remain effective and proportionate to the needs of the market.

The Italian Competition Authority (AGCM) cleared the acquisition of the Italian medical technology leader Esaote S.p.A. by the Chinese giant Midea Group.

The Deal Structure

Midea has acquired full control of Esaote by purchasing the remaining shares of Shanghai Lu Zi, the holding company that owns the Italian firm. Midea, through its subsidiary Wandong, previously held a 22.49% stake; it has now bought out the remaining partners, including the majority shareholder Jiangsu Yuyue Technology.

Between January and April 2026, EU27 countries imported 97,404 new plug-in cars from China .... a 130% increase relative to the same period last year. Germany, Spain, Italy, and Poland saw significant volume increases; on the other side of the spectrum, Belgium (the EU’s main import gateway) saw its volumes shrink by some 36%, bringing the overall number of units for the first four months of 2026 to roughly 16,400 cars.

Are we seeing some inventory building before the expected tariffs for PHEVs kick in???

The Regulatory Basis

The WRO is grounded in 19 U.S.C. § 1307, a federal statute that mandates the detention of goods produced, in whole or in part, through forced labor.

The Evidence Against Serbia Zijin

CBP’s investigation concluded that there is “reasonable suspicion” that operations at the Serbia Zijin facility violate international labor standards. According to the agency, their findings were based on a wide array of evidence, including worker statements, photographs, field notes, and academic research.

The agency highlighted six specific International Labour Organization (ILO) indicators of forced labor identified at the facility: abuse of vulnerability, withholding of wages, intimidation and threats, restriction of movement, retention of identity documents, and excessive overtime.

Importers now face a narrow path forward: they must either export or destroy their detained shipments, or provide sufficient evidence to CBP proving that the goods were not produced under forced labor conditions.

Company Response

Serbia Zijin Copper D.O.O. has publicly acknowledged the CBP decision, emphasizing that it takes the matter “seriously.” In a statement, the company affirmed its opposition to all forms of forced labor and stated it remains committed to complying with both applicable laws and international human rights standards.

The company is currently undertaking an internal review, noting that any assessment of labor rights should be based on “objective, sufficient, transparent, and verifiable facts.” They have expressed a willingness to engage in open dialogue and cooperate with independent, fact-based oversight.

This remains a developing situation as importers and the company navigate the impact of this trade enforcement action.

German Exports and Imports Rise in April 2026

German foreign trade gained momentum in April 2026 as both exports and imports recorded monthly and yearly growth. According to preliminary data from the Federal Statistical Office (Destatis), calendar and seasonally adjusted exports grew by 0.9 percent compared to March 2026, reaching €136.6 billion. Imports climbed even faster, rising 1.2 percent to €122.1 billion.

On a yearly basis, the growth is even more pronounced. Compared to April 2025, German exports increased by 3.6 percent, while imports jumped by 6.2 percent. Because imports outpaced exports, the adjusted trade surplus narrowed slightly to €14.5 billion, down from €14.7 billion in March 2026 and €16.9 billion in April 2025.

Trade Within the European Union

Germany’s trade with European Union member states saw steady gains in April. Adjusted exports to EU countries edged up 1.0 percent to €79.1 billion compared to the previous month, while imports from the bloc grew by 0.4 percent to €61.0 billion. Within this group, exports to nations outside the euro area surged by 3.0 percent, while imports from those same countries dropped by 3.4 percent.

Shifts in Global Markets

Outside the EU, Germany’s trade relationships showed mixed results. The United States remained the top destination for German goods in April 2026. German businesses exported €11.4 billion worth of merchandise to the US, marking a 1.8 percent increase from March. However, this figure represents a sharp 12.9 percent drop compared to the same month last year. Meanwhile, monthly exports to the United Kingdom plunged by 9.5 percent to €6.7 billion, and exports to China fell 3.5 percent to €5.8 billion.

On the import side, the People’s Republic of China maintained its position as Germany’s largest supplier. Germany imported €15.6 billion in goods from China, a slight 0.2 percent increase from March. Imports from the United States saw a significant boost, climbing 7.6 percent to €8.6 billion, while imports from the United Kingdom dropped 4.7 percent to €3.3 billion.