In January-August 2023 the external merchandise trade (excluding non-declared trade) of Georgia amounted to USD 14 005.0 million, 16.8 percent higher to the same period of 2022. The exports equaled USD 4 079.4 million (14.4 percent higher), while the imports stood at USD 9 925.7 million (17.8 percent higher). The negative trade balance was USD … Read more
According to July’s release of the Government’s Office for National Statistics (ONS), the UK’s economy shrank by 0.5% and imports also fell by 0.4%.
Nevertheless, one bright light among the gloomy data is mentioned by the international delivery expert Parcel Hero. It is a 4.4% growth of the UK’s goods exports to the European Union (EU) (after taking inflation into account).
According to David Jinks, Parcel Hero’s Head of Consumer Research, Britain’s July exports to the EU soared by £0.5 billion over June, to £15.3bn. However, exports to non-EU countries decreased by £0.2bn (-1.3%). Does it mean that the Brexit-imposed restrictions are now having less impact?
The results can be compared only taking into account the pre-Brexit, pre-pandemic Britain of 2019: comparing July 2019 and July 2023’s results, there has actually been a £1.6bn rise in the value of Britain’s monthly EU exports (without considering inflation).
The Bank of England’s inflation calculator shows that July 2019’s EU exports of £13.7bn were actually worth around £16.6bn today in real terms, but this comparison doesn’t take into account changes in the relative value of the euro, for example.
The fact that Britain’s EU exports have actually fallen year-on-year is more concerning.
However Britain’s exports of fuels grew up by a £0.4bn due to increased exports of crude oil to the Netherlands and France and refined oil to Belgium.
Another example of Britain’s economy doing heavy lifting was a £0.2bn increase in exports of machinery and transport equipment to the EU, mainly contributed by the increase in mechanical power generators and mechanical machinery sales to the Netherlands.
According to Parcel Hero’s analysis, trading issues are setting down for larger exporters shipping to the EU, in spite of new red tape and Customs fees, particularly for products whose components (eg microchips) are sourced outside of the UK.
Nevertheless, the full impact of all the expected Brexit border regulations hasn’t been fully seen yet. There is hope for reaching a pragmatic solution to some of these issues for both the EU and the UK. The scrapping of plans for the controversial “UKCA” CE-replacement mark, on the majority of products, should serve as a good model for the future.
Obviously, a strong concern was caused by July’s drop in exports to non-EU countries, with the USA remaining the UK’s single largest individual overseas market. Despite some significant hurdles in US trade, the UK’s trade with this country has not suffered a similar upheaval.
Tariffs of 0% to 37.5%, with the typical rate being 5.63% are still applied to most UK goods exported to the US that are valued at over $800 (the US import tax threshold).
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Host country India presented itself as a rapidly growing world economy at the G20 Summit in New Delhi on 9 and 10 September 2023. India became more important for Germany as its trading partner also in the first seven months of 2023. Goods to the value of 8.7 billion euros were imported from India to … Read more
In July, the total volume of goods exports (adjusted for number of working days) fell by 0.9 percent year on year, as reported by Statistics Netherlands (CBS). The contraction was virtually the same as in the previous month. The decrease in July was mainly seen in exports of metal and chemical products. Exports of machinery … Read more
There was varied economic news this week, as the Government’s Office for National Statistics (ONS) released July’s economic figures. The UK’s economy shrank by 0.5% and imports also fell 0.4%. However, the international delivery expert ParcelHero says one bright light among the gloomy data is that the UK’s goods exports to the European Union (EU) … Read more
On September 6, the European Commission (EC) board is to consider proposals by European Commissioner for Agriculture Janusz Wojciechowski to solve the problem of Ukrainian grain exports to five “frontline” countries, Poland, Hungary, Slovakia, Bulgaria, and Romania. The European Commissioner said this on Tuesday, September 5, in the Spanish city of Córdoba at a press … Read more
In a strategic move to foster international economic ties, the Chamber of Commerce of Serbia (PKS) and the Ohio Development Department (ODD) have inked a Memorandum of Understanding centred on economic development, as announced by the PKS. This groundbreaking economic agreement marks the first such collaboration between the PKS and a US state-level association, aiming … Read more
Kazakh Minister of Trade and Integration, Arman Shakkaliyev, presented Kazakhstan’s trade opportunities at the eighth Belt and Road Summit in Hong Kong on Sept. 13, reported the Prime Minister’s press service. Identifying China as Kazakhstan’s second-largest trading partner, Shakkaliyev cited a trade turnover of $24.2 billion for 2022. He expressed the intention to boost non-oil … Read more
External Merchandise Trade (excluding non-declared trade) of Georgia amounted to USD 14 001.1 million in January-August 2023, 16.8 percent higher year-on-year. The value of export increased by 14.3 percent reaching USD 4 075.4 million, while the import increased 17.8 percent and amounted to USD 9 925.7 million. The trade deficit equaled USD 5 850.2 million … Read more
According to primeminister.kz, the activation of cooperation in trade and economic and transport and logistics spheres were discussed by Alikhan Smailov, Prime Minister of the Republic of Kazakhstan, and Lin Wu, Secretary of the Party Committee of Shandong Province of China. As it was noted by Head of the Government, more than 6% of the total volume of trade between Kazakhstan and China falls on Shandong today. However, further promotion of Kazakhstan’s goods in the Chinese market and the search for new areas of cooperation is important for the country. This highlights a particular relevance of the development of transportation potential and deepening of cooperation within the framework of the “One Belt, One Road” initiative. The launch of the first return train on the route “China – Europe” for the delivery of Kazakh barley to the PRC, which took place the day before in Almaty, will facilitate this task. According to Alikhan Smailov, Kazakhstan is ready to increase the supply of Kazakhstani products along this route and expand the range of supplied goods and services. The importance of holding in Astana a Kazakh-Chinese forum on cooperation with Shandong Province was also emphasized by Prime Minister. He added that productive trade and investment interaction between the two countries’ business circles will be undoubtedly expanded by this event. The establishment of productive cooperation between Shandong Province and the regions of Kazakhstan was emphasized by Lin Wu in turn. Simultaneously, cooperation in the areas of deep processing of agricultural products, trade and construction of logistics infrastructure has a great potential to be expanded. Representatives of more than 100 enterprises of Shandong Province in the above sectors visited the event this time. A number of joint trade and economic projects is expected to be signed. According to Lin Wu, the both sides expressed their confidence in their future cooperation’s extension and deepening the partnership between their enterprises and realization of more joint projects, achieved through common efforts. Shandong Province is China’s important agricultural production area located on the east coast of the country. Wheat, cotton, peanuts, tobacco, bast crops, etc. are grown there. This province is one of China’s major horticultural and field-growing areas, leading aquaponics and silk cocoon breeding centers. A Memorandum of Cooperation under which Kazakhstan Temir Zholy and Shandong Port Group, China’s largest port operator, agreed to develop multimodal container services and related digital products was signed in December 2022.
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