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According to the Institute for Economic Research and Policy Consulting (IER) quoted by Ukrainian media on Tuesday, exports of goods from Ukraine decreased by 7% in June 2024 year-on-year to its all-time low of $2.77 billion since the beginning of this year.
IER’s foreign trade monitoring showed a drop of exports of agricultural products by 2% to $1.60 billion and a 12% increase of exports of specific products. Different exports developed in different ways. For example, corn exports rose by 21%, while wheat and oil exports fell by 32% and 5%, respectively.
A slump by more than 9% to $355 million year-on-year was demonstrated by exports of metallurgy products in June. As the IER said, higher energy costs and a change in the structure of exports probably caused this problem: the decline of exports of pig iron and certain types of rolled products was accompanied by the rise of exports of semi-finished and other products.
Meanwhile, a 33% surge was shown by exports of mineral products, especially iron ore, but they couldn’t surpass the results reached in January-April 2024.
According to the IER, the volume of iron ore exports in tonnes rose by 87% in June, though it was lower than in January-April 2024, due to the resumption of exports from the Odessa ports.
The increase of exports of mineral products reached only 33%.
Almost no changes were recorded concerning imports in June compared to May, but they grew up by12% year-on-year and attained $5.63 billion.
In specific sectors the rise of imports of machinery and equipment in June 2024 attained nearly 20% year-on-year (especially imports of drones, batteries, and generators), while lower import prices caused a slight fall of imports of vehicles in dollar terms.
Higher imports of coke and coal caused by the needs of the metallurgical industry, where steelmaking was ramped up, led to a soar by 16% year-on-year of imports of energy products.
It was accompanied by a drop of imports of chemical products and food products.
Imports of “other goods” (primarily purchased for the needs of the Ukrainian Armed Forces) grew up, which caused the import of as much as $752 million worth of goods under this category into Ukraine, compared to $400 million in the previous months of the year.
The IER reports the rise of imports of the electricity from $6 million in June 2023 to $78 million in June 2024, as well as batteries from $18 million a year earlier to $68 million in June 2024 due to the shortage of electric power.
NH Logistics UKR has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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According to US State Department report on the investment environment in Georgia in 2024, Georgia favorably compares to regional peers and overall business and investment conditions are sound, but there is a continued lack of confidence in the judicial sector’s ability to adjudicate commercial cases independently or in a timely, competent manner, with some business dispute cases languishing in the court system for years.
Georgia’s economic growth rate was on average over five percent from 2005 through 2023 despite the shock from the COVID pandemic. Tourism revenues, a surge in immigration and financial inflows, and a rise in transit trade through Georgia made the country’s economy increase in 2021 by 10.4 percent and outperform expectations in 2022 with 10.2 percent growth. A return to more traditional economic drivers (tourism, increasing exports, and strong foreign capital inflows) made the economy grow by 7.5 percent and inflation drop to 0.4 in 2023. Georgia’s GDP growth is forecasted between five and seven percent in 2024.
Nevertheless, there are such problems as inefficient decision-making processes at the municipal level, lack of effective anti-trust policies, accusations of political meddling, selective enforcement of laws and regulations, including commercial laws, and difficulties resolving disputes over property rights.
Georgia is eligible to export many products duty-free to the United States under the Generalized System of Preferences program according to a Bilateral Investment Treaty signed in 1994.
Increased east-west trade along the Middle Corridor has made transit and logistics priority sectors due to a significant profit they can bring to Georgia. Recent increases in cargo through the Middle Corridor connecting Europe to Central Asian markets, as well as strategic infrastructure investments and regional cooperation have made the expanding Central Asian market the source of long-term growth for Georgia. A new tender for the development of the Anaklia port, a deep seaport whose original tender was canceled in 2020, was announced by the Georgian government In February 2023. The international tender for the design and construction of Anaklia port’s marine infrastructure was announced by the government in March 2024. According to the report, plans to build a new Tbilisi International Airport were announced by the government in April 2024.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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On 17 October 2023 China and Serbia signed the Free trade Agreement that took effect on 1 July. Tariffs on taxable goods will be eliminated on 90% by both countries.
A decrease by 20% annually will be shown by tariffs on Serbian wine, so, they will reach 0% in five years.
China’s Ministry of Commerce reports that the current import tariff on small-packaged wines and sparkling wines made from fresh grapes is 11.2%, compared to a typical 14% tariff rate for these products in China.
Nevertheless, a 13% value-added tax and a 10% consumption tax on wine is still imposed by China.
There are some 20,100ha of vineyards in Serbia today across 22 wine regions incorporating 77 wine districts.
White wine varieties, popular with Chinese consumers, occupy close to 60% of the country’s vineyards. Development of tastes and growth of consumer knowledge promise a white wine revolution in the country.
Xiao Pi, a Chinese wine influencer and e-commerce retailer based in Shanghai, noted that what white wines make up 40% of the wine sales on his e-commerce platform during a session at this year’s Vinexpo Asia trade show entitled ‘Roundtable with Industry Titans: Insights into the Future of China’s Wine Market’.
The rise of white wine in China was recorded after the launch of the platform in 2018. As many as 200 varieties are grown in Serbia, though more than two-thirds of plantings are accounted for the top 10.
According to China’s Ministry of Commerce, a reduction in tariffs was provided for over 60% of taxable goods goods.
As Chinese government news agency Xinhua reported, they will gradually reduce to zero the tariffs on over 95% of products, including electric generators from Serbia, electric motors, tires, beef and nuts.
Pingxiang Customs in south China’s Guangxi Zhuang Autonomous Region issued to Serbia the first certificate of origin for exports. This free trade agreement (FTA) between China and Serbia took effect on July 1st.
A company in Shangli county issued the certificate of origin for 384 boxes of fireworks granting a 2 percent tariff reduction when clearing customs in Serbia.
The deal signed in October 2023 guarantees an exemption from tariffs to approximately 90 percent of the products traded between China and Serbia and zero tariffs to over 60 percent of them immediately after the FTA goes into effect.
Main export products will be covered by the proportion of final zero-tariff items in import value that will reach roughly 95 percent for both sides.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

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Ukrainian Deputy Economy Minister and Trade Representative Taras Kachka posted on social media that Ukraine’s international trade in goods remained stable in January-June 2024 compared to the same period in 2023, as the country has exported $19.5 billion worth of goods in H1 this year, which is equal to last year’s figure. He has also … Read more

An updated Canada-Ukraine Free Trade Agreement (CUFTA) was issued by Ukrainian First Deputy Prime Minister and Economy Minister Yulia Sviridenko and Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng on June 26. It will protect investments and develop the trade between Ukraine and Canadia. Ukrainian employees will get temporary entry based … Read more

Georgia’s external merchandise trade derceased by 2.2 percent in January-May 2024 (USD 8 432.0 million). The imports increased by 0.7 percent (USD 6 158.0 million), while the exports decreased by 9.2 percent (2 274.0 million). The share of negative trade balance in external trade turnover constituted 46.1 percent (USD 3 884.0 million in January-May 2024).
The share of the top ten trading partners by exports in the total exports of Georgia reached 79.7 percent In January-May 2024: Kyrgyzstan (USD 360.2 million), Kazakhstan (USD 274.8 million) and Russia (USD 273.1 million).
The share of the top ten trading partners by imports in the total imports of Georgia attained 68.3 percent in January-May 2024: Türkiye (USD 1 078.1 million), Russia (USD 731.0 million) and United States (USD 601.4 million).
The share of the top ten trading partners in the total external trade turnover of Georgia was 67.1 percent in January-May 2024: Türkiye (USD 1 254.4 million), Russia (USD 1 004.1 million) and China (USD 691.6 million).
Motor cars were the top export items in January-May 2024 (USD 739.7 million, 32.5 percent of total exports). The share of wine of fresh grapes in the total exports amounted to 6.2 percent (USD 140.7 million). Ferro-alloys occupied the third place (USD 105.6 million, 4.6 percent of the total exports).
Motor cars were the top import commodities in January-May 2024 (USD 967.4 million, 15.7 percent of the total imports), followed by the petroleum and petroleum oils (USD 513.9 million, 8.3 percent of imports). Third top import commodity were the medicaments (USD 265.5 million, 4.3 percent of imports).
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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Companies interested in entering to Serbian and Chinese markets have learned about the most important elements of the Free Trade Agreement between Serbia and China, which comes into effect on July 01. Assistance and visits of Serbian entrepreneurs to encourage them to take advantage of this opportunity, which should not be missed, was announced by the relevant Ministry.
Nearly 20,000 products, more than half of which will be ready for import and export without customs duties from July 01, are included in the list of the Free Trade Agreement between Serbia and China.
Minister Tomislav Momirović warns about the danger of people from the region, from Europe, and around the world who will come here and take advantage of this agreement, open companies, and adapt production if Serbians and Chinese don’t get involved first, if their business world and business community don’t immediately recognize this opportunity.
According to Sophia Li from Linglong International, both Chinese and Serbian companies will get more goods and materials from the agreement.
She says that in her opinion a lot of preparation must be done from the part of Serbian entrepreneurs to develop the market in China, and they will survive in that market as long as they have good products.
Experts think that a new investment climate and opportunity for joint ventures, primarily with European partners, are being created by Serbia with the help of the agreement with China in Europe, along with Georgia and Switzerland. The importance of Serbian production of more than 50 percent of the products marketed in China is emphasized by experts.
According to Mihajlo Vesović from the Serbian Chamber of Commerce, logistics costs in trade with China are currently very stable. The importance of strategic thinking was highlighted by him.
Vesović notes that the ‘Belt and Road Initiative’ allows transport and trade between China and Serbia, and generally Europe, to be as efficient, cost-effective, and competitive as possible.
A wide range of opportunities is guaranteed by over ten thousand export positions to China and over eight thousand import positions. Dr. Bojan Lalić, Director of the Belt and Road Institute in Belgrade, emphasizes this fact and adds that it is necessary to transform every opportunity into a result.
Serbian producers will send various types of fish, beans, fresh fruits and vegetables, pharmaceutical products, and seats for the automotive industry on pallets heading to China without customs duties starting July 01. The population of the Chinese market is estimated at 1.4 billion people.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

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According to the press service for the Ukrainian Economy Ministry cited by Ukrainian media, representatives of Ukrainian and Japanese entities met in Berlin the day before Ukraine Recovery Conference 2024 in the frames of public-private roundtable and signed 23 cooperation memoranda.
Ukrainian First Deputy Prime Minister, Economy Minister Yulia Sviridenko said that the both sides had been working on deepening mutual bilateral cooperation systemically. For example, they have signed fifty-six agreements at a conference in Tokyo in February this year, which marked a tangible progress in their cooperation. Over 20 cooperation memoranda aimed at developping of specific projects on the ground are signed today, and the government are ready to give the necessary assistance to their implementation.
As media said, cooperation between Ukraine and Japan will be deepen in the spheres of infrastructure restoration, green construction, energy, agriculture, modernization of agricultural machinery, financing of affordable housing, waste recycling, healthcare, and rehabilitation and prosthetics for the wounded.
Access to the Japanese technical assistance will have been received by the Ukrainian projects via the United Nations Industrial Development Organization (UNIDO) and will reach188 million euros in total. They will implement about 30-40 projects at the initial stage to transfer Japanese technologies to Ukrainian companies. A grant of up to $10 million will be received by each project. A tender for Japanese bidders was announced by the Ukrainian government and UNIDO last week.
The possible delivery of tractors to small and medium-sized farms and a memorandum of mutual understanding on using satellite images for soil analysis and sowing plans were also mentioned by Sviridenko.
She said that insurance will be provided to Japanese companies participating in recovery projects in Ukraine by the Nippon Export and Investment Insurance (NEXI). Support of investment projects and providing grants to small and medium-sized companies for the Ukrainian economic recovery from the part of the Japan International Cooperation Agency (JICA) will continue.
Gratitude to the Japan Bank of International Cooperation (JBIC) for helping Ukraine, including through cooperation with G7 members and international institutions in building the EBRD-G7 DFI-EDFI co-investment platform for Ukraine, was expressed by Sviridenko.
The Ukrainian Economic Ministry’s press service has announced in Berlin the opening of the Japan External Trade Organization (JETRO) office in Kiev.
NH Logistics UKR has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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An update of the current situation and macroeconomic indicators in the banking and financial sectors of the country was provided by The National Bank of Georgia on Wednesday.
Inflation
The increase of the annual inflation reached two percent in May. “Higher fuel and some food prices” caused the increase of prices by 0.4 percent compared to April. The rate of base inflation, excluding volatile items, is 1.7 percent.
Banking sector
The central bank reported loans’ increase by 18.4 percent year-on-year in April and the decrease of the dollarisation of deposits to 48.3 percent. The dollarisation of the total credit portfolio remained at 44.7 percent.
Foreign sector
Investment and consumer goods made imports of goods increase by 11.3 percent year-on-year, according to NBG, but a decrease in the export of intermediate, consumer and investment goods made the registered export of goods decrease by 12.7 percent year-on-year in April.
The official international reserves totalled $4.8 billion in April ($37.4 million increase compared to the previous month).
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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Jacek Zarzecki of Copa-Cogeca, the EU’s leading agrarian association, said that most of the quotas set for Ukrainian agrifood exports to the European Union under the Autonomous Trade Measures (ATM) for 2024 were used up by Ukraine by April (150% of the quota for oats, 66% eggs, 41% poultry, 70% sugar, 47% maize, 62% groats, and 51% honey).
He suggested to bar imports of sensitive agricultural products from Ukraine in July.
The extension of ATMs for Ukraine was endorsed on May 13 for another 12 months starting June 2024 by the Council of the EU, as reported earlier.
It was stipulated in the agreements that Ukraine could export to the EU poultry, eggs, sugar, oats, groats, maize, and honey within the average of import volumes recorded in the second half of 2021 and over the whole of 2022 and 2023 while the ATMs remain in effect.
Article 4(7) of the Regulation on Autonomous Trade Measures on imports of Ukrainian agricultural products from June 6, 2024 to June 5, 2025 allows Ukraine to export duty-free 57,101 tonnes of poultry, 9,662 tonnes of eggs, 109,439 tonnes of sugar, 18,507 tonnes of honey, 4.648 million tonnes of maize, 1,017 tonnes of oats, and 8,603 tonnes of groats.
NH Logistics UKR has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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