Become a Member

Archive for the ‘News’ Category

Guatemala Commits to Maintaining Taiwan Ties Amidst Pursuit of Greater China Trade

News, Trade Relations

February 8, 2024

In response to a decline in sugar production caused by adverse weather conditions in Mexico, the United States is set to diversify its sources of sugar imports, albeit at higher costs, according to the latest report from the U.S. Department of Agriculture (USDA). The USDA’s monthly supply and demand report (WASDE) revealed a revision […]

US Adjusts Sugar Imports Amid Mexican Supply Shortfall

Agricultural Trade, News, United States

February 8, 2024

In response to a decline in sugar production caused by adverse weather conditions in Mexico, the United States is set to diversify its sources of sugar imports, albeit at higher costs, according to the latest report from the U.S. Department of Agriculture (USDA). The USDA’s monthly supply and demand report (WASDE) revealed a revision […]

US Lawmakers Advocate for Export Control Measures on Social Media Platform

News, Technology Trade Policy, United States

February 8, 2024

In a bipartisan effort, a group of 15 US lawmakers has urged the Commerce Department to consider placing a China-based parent company of a popular social media platform on the government’s export control list. Led by Representative Dan Crenshaw and Representative Josh Gottheimer, the lawmakers emphasized the need to address potential vulnerabilities stemming from the […]

Finland Boosts Developing Economies’ Trade Participation with EUR 1.2 million Contribution

International Trade, News

February 8, 2024

In a significant move to bolster developing economies’ engagement in global trade, Finland has pledged EUR 1.2 million (CHF 1.14 million) to four World Trade Organization (WTO) trust funds. This initiative aims to support developing countries and least-developed country (LDC) members in better understanding and applying international trade regulations. During a signing ceremony at […]

Korea’s Trade Surplus Hits Record High, Exceeding Expectations

News, Trade Relations

February 7, 2024

In a significant economic update, Korea has revealed a current account surplus surpassing $35 billion for the previous year, outstripping initial projections. The data, released by the Bank of Korea (BOK), indicates a robust 37% increase from the prior year, with December marking the eighth consecutive month of surplus, reaching $7.41 billion. This growth is […]

Britain Extends Tariff-Free Trade Agreement with Ukraine

News, Trade Agreements, Ukrain

February 7, 2024

In a significant development, Britain has announced the extension of tariff-free trade with Ukraine until 2029, extending crucial support to Kyiv in light of recent events. Following the conflict in the region two years ago, Britain abolished tariffs on all trade with Ukraine. Initially slated to end in March 2024, the agreement has now […]

US Poised to Surpass China as Germany’s Top Trade Partner

China, News, Trade Relations, United States

February 7, 2024

According to the head of foreign trade at the German Chamber of Industry and Commerce (DIHK), current trends suggest that the United States is on track to overtake China as Germany’s primary trade partner by 2025, at the latest. Preliminary data from the Federal Statistics Office indicates that German exports and imports to China […]

German Industrial Orders Surge Unexpectedly in December

Germany, Manufacturing, News

February 6, 2024

In a surprising turn of events, German industrial orders experienced a significant upswing in December, marking the most substantial month-on-month increase in over three years. The surge, fueled by a remarkable influx of aircraft orders, was reported by the federal statistics office on Tuesday. Orders soared by 8.9% compared to the previous month, after […]

Global Efforts in Trade and Development Highlighted at WTO Meeting

Global Trade, News

February 6, 2024

The World Trade Organization (WTO) recently convened to discuss ongoing initiatives aimed at promoting trade and development worldwide. The upcoming Aid for Trade Global Review, scheduled for June 26 to 28, will focus on integrating trade into development strategies under the theme of “Mainstreaming Trade”. The biennial Global Review serves as a critical platform […]

Rice Imports Rise in January: Philippines Adapts to Changing Conditions

Agricultural Trade, News, Philippines

February 6, 2024

Recent data from the Department of Agriculture’s Bureau of Plant Industry (DA-BPI) reveals an uptick in rice imports in the Philippines during January 2024. According to reports, inbound shipments of rice reached 268,006 metric tons (MT) by January 25, marking a 6.15% increase compared to the same period last year. Despite this growth, the […]

China’s Robust Commodity Imports Signal Strong Start to New Year

China, Global Trade, News

February 6, 2024

China has kicked off the new year with a surge in imports across major commodities, indicating a robust beginning amid economic caution surrounding the Lunar New Year holidays. Despite the upcoming Lunar New Year falling in February this year, traders and end-users seem to have accelerated purchases in January. The week-long holidays, from Feb. […]

China Strengthens NEV Industry Amidst Global Trade Scrutiny

China, Global Trade, News

February 6, 2024

In response to recent global trade regulations and inquiries, the Ministry of Commerce has unveiled proactive measures to bolster the new energy vehicle (NEV) sector. Emphasizing collaboration with international partners, the guidelines aim to enhance global cooperation while navigating challenges such as ongoing investigations into subsidies for the NEV industry. Encouraging NEV manufacturers to […]

Global Review of Aid for Trade 2024 Emphasizes Mainstreaming Trade into Development Strategies

Global Trade, News

February 6, 2024

The forthcoming Global Review of Aid for Trade, slated for 26 to 28 June at the WTO, will spotlight the theme of “Mainstreaming Trade,” announced during a recent Committee on Trade and Development meeting. This biennial event serves as a pivotal platform to address the needs of developing economies and least developed countries (LDCs) in […]

Bangladesh Turns to Indian Potato Imports to Stabilize Market Prices

Agricultural Trade, Bangladesh, News

February 5, 2024

In a bid to address soaring prices and ensure market stability, the Bangladesh government has authorized the import of 34,000 tons of potatoes from India. This strategic move has already led to a significant reduction in retail prices, with costs dropping from Taka 40-45 to Taka 25-30 per kg. Anticipating the upcoming Ramadan season, 49 […]

Agro-Forestry-Fishery Exports in January See Impressive 80% Surge

Agricultural Trade, News

February 5, 2024

Vietnam’s agro-forestry-fishery exports have kicked off the year on a remarkable note, with January witnessing an outstanding 80% increase in exports compared to the same month last year. According to the Ministry of Agriculture and Rural Development (MARD), the total export value in January reached $5.14 billion, while imports amounted to $3.72 billion, resulting in […]

Ukraine Urges Government to Safeguard Access to EU Market for Agricultural Exports

Europe, International Trade, News, Ukrain

February 5, 2024

Ukraine’s agricultural unions are urging their government to take all necessary steps to safeguard their unhindered access to the European market for their food products, according to a statement by the UCAB association on Monday. In a recent announcement, the European Commission extended the suspension of import duties on Ukrainian exports, which was initially […]

The International Trade Council is a global, peak-body, chamber of commerce that supports businesses and governments by providing resources, advocacy, and networking opportunities to promote international trade and foreign direct investment. It serves as a platform for organizations to collaborate, share knowledge, and navigate the complexities of global markets.

About the ITC

Resources

Legal

© 2024 - International Trade Council. A Peak-Body, International Chamber of Commerce.