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December 2024
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Stay Updated with the Latest News from the International Trade Council and Our Members

Report Indicates Record Foreign Direct Investment into the U.S. Exceeding $200 Billion

January 4, 2024

Daisy

In a significant development, the U.S. Department of Commerce proudly announced a remarkable milestone, surpassing $200 billion in client-verified foreign direct investment (FDI). This achievement, facilitated by the SelectUSA program within the International Trade Administration, signifies a substantial contribution to the U.S. economy, supporting over 200,000 jobs across the nation and its territories since the […]

Indonesia Achieves 3.26 million Tons in 2023 Domestic Palm Oil Sales Obligation

January 4, 2024

Daisy

In a recent announcement, Trade Ministry official Syailendra revealed that Indonesia successfully met its domestic palm oil sales obligation for the year 2023, reaching a notable 3.26 million metric tons. This accomplishment was complemented by the issuance of export permits totaling 25.2 million tons.   Syailendra further disclosed that, out of the granted permits, approximately […]

Norwegian Seafood Exports Surge to New Heights, Fueled by Salmon Success

January 4, 2024

Daisy

In a remarkable achievement, Norway’s seafood exports marked a historic milestone, reaching a record NOK 172 billion (£13 billion) for the past year. The figures, released by the Norwegian Seafood Council, revealed a notable increase of NOK 20.7 billion (almost £1.6 billion), representing a substantial 14% growth compared to 2022.   Seafood continues to be […]

China’s service sector surges with a record expansion in December, boosting global economic confidence

January 3, 2024

Daisy

In a remarkable turnaround, China’s service sector experienced its fastest growth in five months, indicating a robust rise in new business and injecting a renewed sense of optimism into the industry, according to the latest Caixin/S&P Global services purchasing managers’ index (PMI) released on Thursday.   Contrary to an official survey that suggested a contraction […]

Nicaragua and China Forge New Economic Ties with Commencement of Free Trade Agreement

January 1, 2024

Daisy

In a significant step towards deepening economic collaboration, Nicaragua and China officially initiated trading under a new free trade agreement on Monday. This landmark agreement grants the Central American nation the opportunity to export approximately 71% of its products to the largest Asian market without facing tariffs.   State media reports reveal that the exported […]

South Korea’s Export Growth Moderates in December Amidst Global Dynamics

December 31, 2023

Daisy

In December, South Korea witnessed a third consecutive month of export growth, albeit at a slower pace, according to recent data. While global semiconductor sales remained robust, weakened demand for Korean products in China tempered overall export expansion.   The data revealed a 5.1% increase in exports, totaling $57.66 billion in December. This marked a […]

Spain Ensures Policy Continuity with Cuerpo’s Appointment as Economy Minister

December 29, 2023

Daisy

  In a strategic move signaling continuity in economic policies, Spanish Prime Minister Pedro Sanchez has appointed Carlos Cuerpo as the new Economy and Trade Minister, succeeding the outgoing Nadia Calvino. Cuerpo, a 43-year-old close ally of Calvino, affirmed in his inaugural speech that his approach would align with the successful policies of his predecessor. […]

U.S. Extends Steel and Aluminum Tariff Rate Quotas for European Union, Reflecting Biden Administration’s Economic Priorities

December 28, 2023

Daisy

In a significant update, U.S. Secretary of Commerce Gina M. Raimondo issued a statement following President Biden’s signing of two Presidential Proclamations, prolonging the European Union’s access to U.S. tariff rate quotas (TRQs) for steel and aluminum for an additional two years.   Secretary Raimondo underscored President Biden’s economic agenda, which places a strong emphasis […]

U.S. President Joe Biden Prolongs EU Tariff Suspension, Nurturing Trade Relations

December 28, 2023

Daisy

In a move to foster ongoing negotiations and collaboration, U.S. President Joe Biden announced on Thursday the extension of the suspension of tariffs on European Union steel and aluminum for an additional two years. This decision underscores the commitment of both the United States and the European Union to finding comprehensive solutions to address challenges […]

US and Mexico Strengthen Collaboration to Address Migration Challenges

December 28, 2023

Daisy

In a collaborative effort to address the escalating issue of record migration at their shared border, the United States and Mexico have pledged to enhance cooperation, as announced in a joint statement following high-level talks. The discussions, which took place after U.S. Secretary of State Antony Blinken’s visit to Mexico, focused on strategies to manage […]

Global Oil Industry Reshapes in 2024 Amidst U.S. Consolidation

December 26, 2023

Daisy

In a transformative year for the oil and gas sector, the industry embarked on a $250 billion acquisition spree in 2023, capitalizing on high stock prices to secure cost-effective reserves and brace for anticipated industry consolidation. Major players, including Exxon Mobil, Chevron Corp, and Occidental Petroleum, executed acquisitions totaling $135 billion, positioning themselves strategically to […]

Resolution at Ukraine-Poland Border as Polish Farmers Conclude Blockade

December 24, 2023

Daisy

In a positive development for cross-border trade, Ukrainian border services announced the resumption of lorry movement after Polish farmers concluded their blockade at one of the key border crossings between Ukraine and Poland. The blockade had disrupted truck traffic, causing delays and challenges for both nations.   According to the Ukrainian border service’s statement on […]

Global Shipping Routes Adjust as Vessels Sidestep Red Sea Amid Houthi Threats

December 22, 2023

Daisy

Amid growing considerations for safety in the Red Sea, two vessels engaged in transporting oil or oil products between the U.S. Gulf Coast and India have chosen alternative routes, according to vessel tracking data. This adjustment aligns with the proactive efforts of a U.S.-led coalition working to enhance the security of vessels in the region, […]

EU and UK Extend Trade Rules to Prevent Tariffs on Electric Vehicles

December 21, 2023

Daisy

In a significant development, the European Union (EU) and the United Kingdom (UK) have decided to grant electric vehicle (EV) manufacturers an extension until the end of 2026 to comply with local content regulations. This move effectively postpones the imposition of tariffs on electric vehicles traded between the EU and the UK.   This extension, […]

U.S. and Mexico Acknowledge Need for Increased Border Enforcement

December 21, 2023

Daisy

In a recent conversation between U.S. President Joe Biden and Mexican President Andres Manuel Lopez Obrador, both leaders concurred on the necessity of enhancing border enforcement between their nations, as a surge in attempted border crossings has disrupted trade activities. This consensus was disclosed by the White House.   In response to this shared concern, […]

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