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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An agreement establishing a joint company in Serbia has been signed by Serbian logistics services provider Transfera and the local subsidiary of Austria’s OBB Rail Cargo Group (RCG). According to Transfera, the development of intermodal logistics solutions will be the main aim of the new company, based in Belgrade. Transfera CEO, Dusko Radovic, said that … Read more
A successful pilot shipment from China through the Middle Corridor logistics route was announced on Monday by Georgian Deputy Economy Minister Guram Guramishvili. According to him, the country has become a “significant player in the global supply chain”. After travelling via Kazakhstan, the Caspian Sea and Azerbaijan, cars loaded in the Chinese city of Ürümqi … Read more
According to the European Commission, the Solidarity Lanes have let Ukraine export over 136 million tonnes of grain, ore and steel and import over 52 million tonnes of goods, including fuel, vehicles and fertilizers, as well as military and humanitarian assistance since 2022. As the European Commission said, the lanes supplement the Black Sea route … Read more