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Stay Updated with the Latest News from the International Trade Council and Our Members

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

February 8, 2024

Daisy

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

February 7, 2024

Daisy

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

February 7, 2024

Daisy

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

February 7, 2024

Daisy

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

February 6, 2024

Daisy

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

February 6, 2024

Daisy

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

February 6, 2024

Daisy

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

February 6, 2024

Daisy

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

February 6, 2024

Daisy

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 […]

Bangladesh Turns to Indian Potato Imports to Stabilize Market Prices

February 5, 2024

Daisy

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

February 5, 2024

Daisy

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

February 5, 2024

Daisy

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 […]

Taiwan Assures Minimal Impact from Red Sea Disruptions on Trade

February 5, 2024

Daisy

Taiwanese companies appear to be weathering the disruptions in the Red Sea’s crucial shipping lane without significant impact, as these disturbances coincide with the traditional low season in export demand, according to Economy Minister Wang Mei-hua’s statement on Monday.   The Red Sea route has seen certain shipping companies suspending transit to avoid potential attacks […]

EU Emphasizes Support for Solar Industry Amid Import Concerns

February 5, 2024

Daisy

The European Union is prioritizing its ambitious solar power targets as it assesses potential measures to address imports of photovoltaic panels, wafers, and related components, according to a senior EU official’s statement on Monday.   European Commissioner Mairead McGuinness emphasized that the EU is actively developing a comprehensive toolkit to bolster the solar industry, considering […]

UK Minister Engages with U.S. Officials to Promote Northern Ireland’s Renewed Government and Economic Opportunities

February 5, 2024

Daisy

Chris Heaton-Harris, the British minister for Northern Ireland, is set to journey to Washington to hold discussions with U.S. lawmakers regarding the reinstatement of the province’s devolved government. In addition to addressing this pivotal development, he will also highlight the economic potential of Northern Ireland, as stated by his department on Tuesday.   Northern Ireland, […]

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