BEIJING: A vessel carrying soybeans from the United States, which has been anchored off China’s coast for more than a month since hefty tariffs were imposed, entered the port of Dalian on Saturday, according to Thomson Reuters Eikon shipping data.
The short journey into the northern Chinese port is the first by Peak Pegasus, which has 70,000 tons of US soybeans on board, since the ship arrived off the coast on July 6 just hours after Beijing imposed 25 percent import duties on $34 billion worth of US goods, including soybeans.
The penalties were in response to a similar move by Washington as part of a tit-for-tat trade dispute between the world’s two largest economies.
The ship was moored in the port just after midnight on Sunday morning, according to the latest data.
The move into the dock suggests the cargo may be about to be unloaded, becoming the first US soybean shipment to incur the new penalties as the trade dispute deepens. China’s state grain stockpiler Sinograin is the buyer of the shipment, according to a source familiar with the matter.
Another ship carrying US soybeans, Star Jennifer, has been anchored off Dalian since arriving on July 24.
The final stages of Peak Pegasus’ one-month journey to Dalian captured public attention in China as it became uncertain if it would arrive in time before the duties kicked in.
Last month, Chinese state media deployed the legume in a political cartoon aimed at undermining support for the trade dispute among US farmers, key supporters of US President Donald Trump.
Soybeans, which are used to make cooking oil and animal feed, are the top US agricultural export to China, with the trade worth $12.7 billion in 2017.
Last week, the Trump administration said it would start collecting tariffs on another $16 billion worth of Chinese imports from Aug. 23, as it tries to put pressure on China to negotiate trade concessions. Beijing has said it will retaliate in kind.
US soybean cargo enters Chinese port after weeks at anchor amid trade row
US soybean cargo enters Chinese port after weeks at anchor amid trade row
- Soybeans, which are used to make cooking oil and animal feed, are the top US agricultural export to China
- The final stages of Peak Pegasus’ one-month journey to Dalian captured public attention in China
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
