Year: 2023

Jan 28

Demand for imported goods grows among cross-border shoppers

Chinese consumers have shown vibrant purchasing power for exquisite and premium consumer goods, with their spending on imported and foreign-branded products becoming a key driver for upgraded consumption, according to industry insiders. Li Yanchuan, head of Amazon China Global Store and Prime, said,”Young Chinese consumers, especially Generation Z, use independent thinking and judgment when choosing brands, and they prefer to pursue niche lifestyles and personalized products.” The “stay-at-home economy” has activated more consumption scenarios and needs, and shopping for healthy Read Full Details…

Jan 28

WCO Secretary General addresses EU Customs representatives

At the invitation of the Swedish Presidency of the Council of the European Union (EU), the Secretary General of the World Customs Organization (WCO), Dr. Kunio Mikuriya, spoke at the EU’s Working Party on Customs Union on 25 January 2023. He presented the WCO’s Strategic Outlook for 2023 and highlighted the focus areas for the current year as well as the Organization’s modernization initiatives and the new theme of the year “Nurturing the next generation: promoting a culture of knowledge-sharing Read Full Details…

Jan 28

Saudi EXIM signs deal with Italian Export Credit Agency to boost trade

The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency, also known as SACE, to boost trade between the two countries. The agreement was inked by EXIM Bank CEO Saad bin Abdul Aziz Alkhalb and the head of the Italian agency Alessandra Ricci at SACE’s headquarters in Rome. The MoU aims at creating a framework for mutual reinsurance to enhance the presence of Saudi exports in Italian markets. The deal also opens up possibilities Read Full Details…

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…

Jan 26

Poland and Hungary Are Testing the Limits of the EU’s Liberalism

Before their illiberal turn, Poland and Hungary were lauded as postcommunist poster children. Both nations have combined moderately redistributive welfare states with attacks on civil liberties — but inflation is putting their growth model to the test. Since 2010, Viktor Orbán, the prime minister of Hungary, has been at the head of an illiberal turn in the European Union. While Germany initiated a historical sea change — Olaf Scholtz’s famous “Zeitenwende” — and France abandoned its conciliatory approach toward Russia, Read Full Details…