China says it has become the world’s biggest exporter of cars after overtaking Japan in the first three months of the year.

Official figures released in the last week show China exported 1.07 million vehicles in the period, up 58% compared to the first quarter of 2022.

At the same time Japan’s vehicle exports stood at 954,185, after edging up 6% from a year earlier.

China’s exports were boosted by demand for electric cars and sales to Russia.

Last year, China overtook Germany to become the world’s second largest car exporter.

According to China’s General Administration of Customs, China exported 3.2 million vehicles in 2022, compared to Germany’s 2.6 million vehicle exports.

The shift away from fossil fuels has helped fuel the rise of China’s motor industry.

First quarter exports of new energy vehicles (NEVs), which includes electric cars, rose by more than 90%, compared to a year earlier.

Tesla’s China arm, SAIC – the owner of the MG brand – and BYD, which is backed by veteran US investor Warren Buffett, are among China’s top exporters of NEVs.

Elon Musk’s electric carmaker has a huge manufacturing plant in Shanghai which exports to regions including Japan and Europe.

Tesla’s ‘Gigafactory’ is currently capable of producing 1.25 million vehicles a year, and the company is planning to further increase capacity.

Last month, it started making Model Y sport utility vehicles for export to Canada.

China has also seen exports to Russia surge since the start of the Ukraine war, as Western countries imposed trade sanctions on Moscow.

Last, year, Chinese carmakers – including Geely, Chery and Great Wall – saw their market share in Russia jump after rivals including Volkswagen and Toyota quit the country following the invasion of Ukraine.

(BBC News)

The Central Bank of Sri Lanka (CBSL) says the Banking Act directions made by its Monetary Board on cash margin deposit requirements against imports have been revoked.

Thereby, the revocation, made pursuant to Sections 46(1) and 76(J)(1) of the Banking Act No. 30 of 1998, is effective immediately.

A Paris baker of Sri Lankan origin said he “cried” when he heard he had won best baguette in the French capital this week and would be delivering the bread to the presidential palace.

“I cried because we are foreigners and we came here to learn how to make traditional French bread,” Tharshan Selvarajah told AFP on Thursday.

“I am very happy to have won the prize.”

Fifteen baguette connoisseurs on Wednesday selected Selvarajah’s version of the iconic French bread as the best among 175 anonymous contenders.

Members of the jury, including six ordinary Parisians, had to rate dozens of baguette on their taste, crust, crumb, air bubbles, and overall aspect.

“Don’t drink at the start or you won’t be able to make it to the end of the tasting,” Paris official Olivia Polski warned judges before they started.

A video she shared on Twitter shows her then ringing up the baker based in eastern Paris to tell him the good news.

“Noooo,” he can be heard saying on the other end of the line.

Selvarajah told AFP he always makes his long loaves “with love”, while “smiling, laughing and singing”, and the result is well-cooked, delicious and crusty.

He has won 4,000 euros (more than $4,300) and the opportunity to supply baguettes to the presidential palace.

“I’m so happy that the president will taste my bread. Just taking it to the palace is exciting,” he told AFP.

UN cultural body UNESCO awarded the baguette world heritage status in November last year.

Source – AFP