Day: January 27, 2023

Jan 27

The impact of the African Continental Free Trade Area on the continent’s mining sector

As a top producer of numerous critical mineral commodities, Africa is set to benefit from the rapid increase in the rate of global energy transition, with the continent’s mining industry playing a role in sourcing and supplying these critical minerals for use in clean energy initiatives. Exporting these critical minerals as raw materials, however, reduces Africa’s trading position to one of price takers, and the current disruptions in global supply chains are hampering the trade of these commodities in Africa, Read Full Details…

Jan 27

Statistics International trade in goods by change of ownership and border crossing

The international trade in goods statistics describe the monthly development of imports and exports of goods. These figures provide insight into the Netherlands’ trade in goods with other countries. They are of great importance in determining gross domestic product (GDP). In addition, the figures provide insight into the Netherlands’ trade position vis-à-vis foreign countries. The figures describe which goods physically enter or leave the Netherlands and from which country the goods originate or what the destination of the goods is. Read Full Details…

Jan 27

UAE expects digital assets to ‘play a major role’ in international trade

The United Arab Emirates (UAE) has indicated an interest in exploring virtual currencies for international trading as it aims to reduce its dependency on the U.S. dollar. UAE’s Minister of State for Foreign Trade, Thani Al-Zeyoudi, told Bloomberg that the country would be pivoting to digital assets in 2023 after making significant headway in their regulation over the last few months. Al-Zeyoudi disclosed this at the recently concluded World Economic Forum (WEF) in Davos with policymakers and business leaders in Read Full Details…

Jan 27

Government updates on impact of upcoming strikes, ALVS downtime and minister’s Felixstowe visit

The Institute of Export & International Trade (IOE&IT), serving as a key interlocutor between government and industry, continually updates its members and the wider trade community about major developments affecting UK trade. These include updates from the government about upcoming civil service strikes, downtime on the Automatic Licence Verification System (ALVS) and a recent visit to a key port in Suffolk by the environment minister. The first two were communicated by HMRC to the Joint Customs Consultative Committee (JCCC), of Read Full Details…

Jan 27

9 more firms recognised as authorised economic operators

The revenue board announced the names in a programme on World Customs Day at a capital hotel, where 18 entities were also awarded International Customs Organisation’s certificates of merit The National Board of Revenue (NBR) has recognised nine more companies, including Fair Electronics and Omera Cylinders, as authorised economic operators – who enjoy some privileges at ports during export-import. Other firms are Shoeniverse Footwear, Jihan Footwear, ACI Godrej Agrovet, Towa Personal Protective Device Bangladesh, Cutting Edge Industries, MBM Garments and Read Full Details…

Jan 27

China EximBank raises credit support to foreign trade industry

The Export-Import Bank of China (China EximBank), which is a state-funded and state-owned policy bank supporting China’s foreign trade, had increased credit support for the foreign trade industry in 2022.Towards the end of 2022, China EximBank’s outstanding loans to the country’s foreign trade industry totalled 2.87 trillion yuan (around $423.92 billion), which was an increase of 470 billion yuan compared to the start of the year, according to local media reports. Outstanding loans in yuan and other currencies that were Read Full Details…