Month: March 2023

Mar 02

Negotiating a Letter of Credit (L/C) in Export Trade: Challenges and Strategies for Exporters

Exporters face a number of challenges when negotiating a letter of credit (L/C) in international trade. A letter of credit is a financial instrument that ensures payment to the exporter from the buyer’s bank, provided that the exporter meets certain conditions specified in the L/C. In this article, we’ll explore some of the main challenges that exporters face when negotiating L/Cs, as well as some strategies for overcoming these challenges. Challenges in Negotiating  of Letter of Credit (L/c) Complexity of Read Full Details…

Mar 02

Starting a Digital Export-Import Business: How an Online Coach Can Help

The world of export-import business is changing rapidly, with the rise of digital technologies making it easier than ever to trade globally. As a result, many entrepreneurs are now exploring the potential of digital export-import, looking to tap into new markets and reach customers around the world. However, starting a digital export-import business can be challenging, with many different factors to consider and navigate. One way to make the process easier and more efficient is to work with an online Read Full Details…

Mar 02

Survey of laws helps African countries remove hurdles to trade in services

Policymakers have traditionally focused on manufacturing-led development as the means to improve incomes and reduce poverty. But services are now taking center stage. Services account for about half of the workforce in low and middle-income economies, up from about 40 percent in the 1990s. That increase has almost offset the decline in the share of workers in agriculture. The share of workers in manufacturing, meanwhile, has remained almost unchanged. Services – ranging from transport and telecommunications to health and education Read Full Details…

Mar 02

Gem, jewellery demand leads to expanded show in India

The continued positive impact of the gem and Jewellery industry on India’s domestic and export trade has led to an expansion of one of the country’s most anticipated industry events. For the first time in its 39-year history, the Gem & Jewellery Export Promotion Council’s (GJEPC’s) flagship event, the India International Jewellery Show Premiere (IIJS Premiere), will be held at dual venues in Mumbai: Jio World Convention Centre (JWCC) and Bombay Exhibition Centre (BEC) (located in NESCO Goregaon). JWCC will Read Full Details…

Mar 02

Scotland should demand single market access after NI deal, says Yousaf

Scotland should “demand” access to the EU single market after Rishi Sunak’s new deal over Northern Ireland, SNP leadership candidate Humza Yousaf has said. Speaking at the first hustings in the party’s leadership contest in Cumbernauld, Mr Yousaf asked “how dare (the UK Government)” tell Scotland it cannot have access to the single market while touting the benefits of the new deal – dubbed the Windsor Framework. The agreement – struck this week – removes the protocol’s barriers on trade Read Full Details…

Mar 02

Vietnam speeds up digitalization in trade promotion activities

Digitalising trade promotion activities and the application of information technology are important aspects of the country’s strategy for building a digital government, digital economy, and digital society, said Vu Ba Phu, Director of the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT). Hanoi (VNA) – Digitalising trade promotion activities and the application of information technology are important aspects of the country’s strategy for building a digital government, digital economy, and digital society, said Vu Ba Read Full Details…

Mar 02

Seafood sector seeks to speed up free trade pact

Visakhapatnam: The seafood exporters in Andhra Pradesh and parts of surrounding states are looking to speed up the Free Trade Agreement (FTA) with key export destinations for relief from customs duty and to boost seafood exports. With the setbacks in US, the biggest market for seafood exports, seafood exporters said that there is urgent need to consider altering the strategy to attain the ambitious export target of $14 billion by 2025. We are appealing to the Union government and officials Read Full Details…

Mar 02

Chinese Coke Exports to Decrease in January Owing to the CNY

SHANGHAI, Mar 2 (SMM) – In December 2022, the exports of Chinese coke stood at 518,000 mt, down 15.8% from the previous month and up 117.5% from the same period last year. The import volume was 29,000 mt, a decrease of 58.0% from the previous month but an increase of 31.1% from the same period last year. In January, steel mills made pre-CNY stockpiling, and those who held low coke inventory due to poor steel sales were more active in Read Full Details…

Mar 02

US methanol trade flow shifts to exports

US methanol trade flows shifted in 2022, making the US into a predominantly methanol-exporting nation. The US exported 3.3mn metric tonnes (t) of methanol in 2022 versus 1.5mn t of imports, according to the latest data from Global Trade Tracker. In 2021, the balance was 2.3mn t of exports against 2.3mn t of imports. In 2017, the US imported 2.6mn t of methanol and exported 1.2mn t. High natural gas production and low methanol costs caused this shift in the Read Full Details…

Mar 01

WHAT YOU NEED TO KNOW ABOUT THE EU SINGLE MARKET

What is the EU? Defining the European Union and its role in global tradeThe European Union (EU) is an economic and political union between 27 European countries. Originally created in 1958 between six countries, the agreement has expanded over the decades and now includes 27 countries across the European continent. The EU’s free trade zone is based on a multilateral agreement that centers on the creation of an internal single market. This single market was established by the EU customs Read Full Details…