The latest trade fraud, some enterprises have been recruited! Uruguayan con man routine analysis
Recently, I received a complaint from a domestic trading company, saying that through browsing the website to obtain the information of a beef exporter in Uruguay, in the trade with it encountered fraud.
This time, the company complained of misappropriating the information of the enterprise (LIRTIX S.A, No. 177) that has obtained the quality of beef exported to China in Ukraine for publicity. After verification, LIRTIX S.A is a meat processing enterprise wholly-owned by Chinese enterprises, registered on the website of the Ministry of Animal Husbandry, Agriculture and Fisheries, but the company's export business and payment settlement are completed through Uruguay 22 factory, no official website, does not carry out business separately.
It is suggested that relevant domestic enterprises should be vigilant when dealing with Uzbek merchants and pay attention to the following points: first, avoid high-risk payment method transactions, try to use letter of credit and other safe methods of payment, and pay attention to avoid remitting to other accounts other than the supplier when paying for goods, so as to reduce risks;
Second, carefully choose trading partners, carefully screen foreign information, and understand each other's credit status through multiple channels.
3. In case of incidents, timely take appropriate legal means to safeguard their own rights and interests, minimize losses as much as possible, and report the situation to the competent authorities and the Economic and Commercial Office of the Embassy.
Uruguay's economy grew by 1.2% in the first quarter of 2023
According to Uruguay's "La Repubblica" reported on June 16, the central bank of Uruguay released data showing that Ukraine's GDP grew by 1.2% in the first quarter of 2023, which has come out of recession. At current prices, the total GDP is 752 billion pesos, equivalent to 72,133 pesos per person per month, or about $1,800.
Despite drought and declining exports, growth in transport and storage, information and communications, accommodation, food and beverage consumption remained prominent. Notably, demand has increased both at home and abroad. External demand showed exports up 14% in real terms and imports up 12.1%.
The agriculture, livestock, fisheries and mining sectors declined by 4.3% year-on-year in the first quarter of 2023. The total output value of agriculture, animal husbandry and fishery decreased, while the output value of forestry increased. Agricultural production has generally declined, particularly in 2020/2023, with a lower harvest, especially in summer crops. In the livestock sector, slaughtering of livestock and milk production have decreased. The forestry sector performed well, with a significant increase in pulp production and demand, but log exports declined.
Manufacturing remained stable, growing 0.1 per cent year on year. Refining and pulp manufacturing grew strongly. The sector with the greatest negative impact is the meat processing industry, which is mainly affected by shrinking food exports.
Electricity exports are down. Due to the dry climate, electricity generation fell sharply in the first quarter, both hydropower and thermal power generation were not good, and energy imports increased, mainly from Brazil. Construction grew by 3.3% year on year. There was an increase in commercial construction. Construction of energy and communication lines is active. However, investment in central railway construction and road projects has decreased.
Food and beverage, tourist accommodation increased by 4.2% year on year. The main reason is that Uzbekistan has relaxed entry requirements, pushing up the number of tourists. There was growth in the wholesale and retail sector, particularly clothing and footwear sales, as well as small motor vehicle services.
Uruguay's inflation forecast for 2023 is 7.27%
Uruguay's "National newspaper" reported on April 20 that the Central Bank of Uruguay (BCU) released April inflation expectations survey on the 19th, showing that expected inflation has risen in the next 24 months. From January to December 2023, the expected inflation rate is 7.27%. The April forecast has worsened compared to the March forecast. The median forecast for inflation in 2024 is 6.95%. By March 2025, the next 24 months, the forecast inflation is 6.85%.
Previously: Risk tips on preventing fraud and dishonesty in international trade
Recently, the Economic and Commercial Office of the Chinese Embassy in Malta has received a number of requests for help from Chinese enterprises suffering from international trade dishonesty. Because the problems reflected have certain commonalities, on the basis of the situation reflected by the business department, combined with the suggestions of relevant departments and people, we remind enterprises to pay attention to the following risk prevention in international trade operations.
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