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

Philippine Agriculture Eyes Robust Expansion in Japanese Market

January 8, 2024

Daisy

In a strategic move, the Department of Agriculture (DA) has announced its ambitious plans to enhance and diversify the export of agricultural products to Japan, aiming to capitalize on opportunities for growth in the Japanese market.   Agriculture Secretary Francisco Tiu Laurel, Jr. highlighted the intent to boost shipments of a variety of agricultural goods, […]

South Korea’s Instant Noodles Exports Skyrocket to Record High of $1 Billion in 2023

January 7, 2024

Daisy

In a remarkable achievement, South Korea’s exports of the beloved Korean instant noodles, known as ramyeon, soared to an unprecedented high, hitting nearly $1 billion (1.31 trillion won) in 2023, as per government data and industry sources.   The Korea Customs Service reported a substantial annual increase, with ramyeon exports reaching $952 million last year, […]

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 […]

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 […]

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