A recent study carried out throughout February and March by the German-Serbian Chamber of Commerce (AHK Serbia) reports that Serbia will have become a net exporter to Germany by 2025, overtaking its imports from the economic powerhouse. Serbia’s emergence as one of Germany’s top 50 most significant trading partners is a testament to the ongoing … Read more
According to Ukraine’s First Deputy Prime Minister – Economy Minister, Yulia Sviridenko, the EU will extend trade preferences for Ukraine through 2025 for the last time. By next summer the association agreement will have been updated in such a way that the expected terms of trade for the period before Ukraine joins the EU will be established.
The effect of the so-called autonomous trade measures extended several times under which the EU abolished duties and quotas on Ukrainian products have begun since June 2022 and will expire on June 5, 2024. EU institutions approved the new extension that will maintain the current trade regime through June 5, 2025 and contain protective mechanisms allowing to take prompt measures in trade in case of significant disruptions in the EU common market or the markets of one or more Member States.
As Sviridenko said, agricultural goods, or more precisely, 36 categories of them, for which tariff quotas or an input price system had previously been applied are mainly concerned by the duty-free trade regime for Ukraine.
According to the Economy Ministry, a number of negative decisions were caused by the sharp change in trade flows between Ukraine and the EU in recent years.
Sviridenko also highlighted the long-term collaboration with the governments of neighboring states and with EU institutions in elimination of these phenomena, including the extension of autonomous trade preferences such as provisions on special protective measures, in particular, automatic measures for corn, meat poultry, sugar, oats and cereals. The agreement between Ukraine and the EU on updating of the association agreement in order to set the expected terms of trade for the country for the period before it joins the EU is the most important thing.
As she said, not only duties on agricultural goods, which have not yet been liberalized, but also production standards, which will help remove prejudices regarding Ukrainian products, will be discussed during the negotiations. The removal of all restrictive measures adopted by neighboring EU member states that contradict the logic of open trade will be also negotiated by the Ukrainian government.
According to the Ministry of Economy, the absence of anti-dumping and protective measures in relation to Ukrainian metallurgical products is included in the EU trade preferences concerning the supply of other goods to the European market.
65% of Ukrainian exports and 51% of its imports is currently accounted for the EU.
In 2014 they signed the Association Agreement, which envisages a gradual economic and political rapprochement between Ukraine and the EU.
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According to the report of the Ukrainian Agrarian Council’s (UAC) Pusk analytical cooperative, Ukraine is likely to produce within 19 million to 20 million tonnes of wheat production in in 2024, and the country would export up to 14 million tonnes of it in the 2024-2025 agricultural year (July 2024 to June 2025).
Pusk reported that wheat offer will significantly shrink in the new season. Ukrainian wheat stocks decreased by 3 million tonnes compared to last year. The country has signed contracts for exporting 1.65 million tonnes. Initial estimates predict that Ukrainian wheat production this year will not exceed 19 million to 20 million tonnes, compared to 23 million tonnes harvested last year. So, it will be possible for Ukraine to export no more than 13 million to 14 million tonnes in the new season, according to Ukrainian media.
The export potential of wheat stocks would be reduced by this decline in them and in production in the next season by 2 million to 3 million tonnes.
The report said that wheat would be made more expensive in the new season by these objective factors. The price will rise from $200 to $210 per tonne of food-grade wheat at least as early as in the fall and winter. Both the exchange and traders would also be pushed up by weather risks.
Growing demand and prices for food-grade wheat, as buyers are accumulating stocks, was mentioned in the report. Cheaper logistics as another factor boosting sales of Ukrainian wheat was also named by the experts.
According to Pusk, the CPT market has a positive effect from recent going of freight prices down by $2 to $4 per tonne a week. As we can see, growing trade in grain owes to this tendency concerning wheat prices. Downward trends on the physical market, especially based on CPT, are often seen in May and June. However, record high prices may be reached this season by food-grade wheat, although this will happen no sooner than in September.
The United States Department of Agriculture (USDA) reports an increase of its outlook of wheat exports from Ukraine in the current agricultural year (July 2023 to June 2024) by 1.5 million tonnes to 16.5 million tonnes in April.
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 the preliminary data published by the National Statistics Service of Georgia (Geostat) in January-March 2024, Georgia’s foreign trade attained the value of $4.699 billion. It means that it decreased by 6.5% compared to the same period of 2023.
The decrease of exports from Georgia in January – March 2024 attained 9.3% ($1.326 billion), while the downfall of imports reached 5.3% ($3.373 billion). Consequently, the country’s negative trade balance represented 43.6% of its foreign trade turnover and reached $2.047 billion.
$722 million in trade volume made Turkey Georgia’s largest trade partner in the same period. Russia ($619 million), China ($331 million), United States ($329 million), and Azerbaijan ($299 million) were other large trade partners.
$236 million made Kyrgyzstan Georgia’s largest trade partner in exports during the reporting period. Russia ($161 million), Kazakhstan ($147 million), Azerbaijan ($135 million) and Armenia ($127 million) were other Georgia’s large trade partners.
Turkey ($625 million), Russia ($458 million), the United States ($299 million), China ($267 million) and Germany ($223 million) were Georgia’s largest trading partners In terms of imports.
Motor cars ($444 million) led the largest commodity groups in exports in January-March 2024, followed by wine of fresh grapes ($84 million), ferro-alloys ($73 million), spirituous beverages ($57 million), precious metal ores and concentrates ($40 million), natural or artificial mineral and aerated waters, not containing added sugar ($37 million), nitrogenous fertilizers ($34 million), medicaments put up in measured doses ($29 million), waters, mineral and aerated waters, containing added sugar ($24 million), T-shirts knitted ($24 million) and other commodities ($483 million).
Motor cars ($487 million), petroleum and petroleum oils ($290 million), petroleum gases and other gaseous hydrocarbons ($184 million), medicaments put up in measured doses ($153 million) telephone sets and apparatus for the transmission or reception of voice, images or other data (including wired/wireless networks) ($79 million), motor vehicles for the transport of goods ($49 million), bars and rods of iron or non-alloy steel ($41 million), automatic data processing machines and units thereof ($38 million), structures and parts of structures of iron or steel ($30 million), motor vehicles for the transport of ten or more persons ($29 million) and other commodities ($1.995 billion) were the major commodity groups 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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According to the Uryadovy Kuryer newspaper, revision of special measures on exports and imports of fresh cut roses to Ukraine, regardless of the country of origin, has been initiated by Ukraine’s Interdepartmental Commission on International Trade on April 12, due to the expiration of their terms. The decision came into force on April 17.
Extension of the special duty on imports of roses to Ukraine, which was introduced three years ago, was proposed by Ascania-Flora LLC. In the first year, it reached 56%, 44.8% in the second and 35.84% in the third.
These special measures had a positive impact on the domestic producer’s activity, but they also caused a significant damage to it.
According to the Interdepartmental Commission on International Trade, the information contained in the Ascania-Flora’s request showed that the domestic producer was adapting to the competitive environment.
So, it introduced the special duty on imports of roses on April 16, 2021.
The Ukrainian State Statistics Committee reports that imports of fresh cut roses to Ukraine reached 470,080 pieces, or 20.6 tons, in January-February. 392,430 pieces made Ethiopia the main supplier. Kenya, Ecuador, the Netherlands, and Colombia were included in the list of other suppliers.
72,650 roses were exported by Ukraine to Lithuania and Moldova in January-February.
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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The Enterprise Georgia, the state agency promoting entrepreneurship, investment and exports, has implemented a program supporting establishment of export market connections, and about 20 Georgian enterprises have been visited by French, Dutch and British buyers.
Textile industry, packaging material and toy enterprises were shown to the visitors during three days.
According to Tornike Zirakishvili, the Deputy Director of Enterprise Georgia, it is important to show export opportunities of Georgian companies to prospective foreign partners to encourage more exports from Georgia.
Partners of the program, OCO Global consulting company and the United States Agency for International Development, help 50 local companies expand their connections and markets.
According to the Agency, various services help companies participating in the program “correctly position themselves” and increase sales in international markets.
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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Ukraine’s embassy in Accra has been officially inaugurated to strengthen diplomatic ties with Ghana. Ghanaian and Ukrainian citizens will get consular services there. Trade and bilateral partnerships will be facilitated, and business collaboration between the two nations will be enhanced. Ukraine’s commitment to partnering with Ghana to foster a conducive business environment, leveraging Ghana’s stable economic and political landscape to generate employment opportunities for citizens of both countries was emphasized by special Representative of Ukraine to the Middle East and Africa, Dr. Maksym Subh.
The bilateral relations between Ghana and Ukraine began in August 1992, shortly after Ukraine gained independence. Political cooperation has been their main focus for many years, and a foundation for mutual understanding and collaboration has been laid. Ghana’s exporting commodities (manganese, aluminium ore, cocoa powder) make economic and trade relations promising for Ukraine. Ukraine has exported hot-rolled iron bars, raw iron bars, and cold-rolled iron to Ghana. These dynamics have been disrupted by the ongoing conflict in Ukraine, and the progress towards strategic outcomes was hindered. According to Dr. Maksym Subh, the key to advancing cooperation and understanding between the two countries is formal and informal humanitarian contacts.
Ghana’s unwavering support for Ukraine’s territorial integrity amidst the Russia-Ukraine conflict has been expressed by Deputy Minister of Foreign Affairs and Regional Integration, Kwaku Ampratum-Sarpong.
According to the Deputy Minister, the visit of a Ukrainian trade delegation in April 2018 has rejuvenated trade relations between the two countries. Agriculture, transportation, industrial equipment, telecommunications and paving the way for enhanced economic collaboration were included in the list of the areas of discussion. As Kwaku Ampratum-Sarpong added, Ghana is still an attractive destination for business on the continent, especially for Foreign Direct Investment.
He indicated that the commencement of trading activities under the African Continental Free Trade Area (AfCFTA) made of Ghana the gateway to economic growth for the entire continent.
A significant milestone in international diplomacy was marked by the establishment of the Ukraine Embassy, as well as the commitment of both Ukraine and Ghana to fostering closer ties and collaboration was reinforced.
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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As German Agriculture Minister Cem Ozdemir said before a meeting of the European Union’s Agriculture and Fisheries Council configuration (AGRIFISH) that was held in Brussels on Tuesday, European Council representatives achieved a compromise on extending the autonomous trade measures for admitting Ukrainian agrarian products to the European market through a dialogue. Germany welcomes it and will continue to help Ukraine normalize its exports to global markets, including to countries of the Global South.
According to Ozdemir, the compromise is welcomed and it enjoyed massive support in Germany. Ukrainian media quoted that Germany was interested in ensuring the continuation of Ukrainian exports of agricultural products, primarily to destinations in the Global South, where food products are needed urgently.
Nevertheless, the Minister said that wheat had been called for excluding from the list of sensitive products by Berlin.
The compromise was described by Ozdemir as “reasonable,” as the EU agricultural sector’s and Ukraine’s interests are simultaneously promoted by it.
According to the report, a provisional deal on renewing the suspension of import duties and quotas on Ukrainian exports to the EU until June 5, 2025 was reached by the European Parliament and the European Council on Monday. Protective measures for farmers in EU countries have also been provided.
As the European Parliament said in a statement on its website, these unilateral trade liberalization measures will help stabilize the Ukrainian economy and facilitate the country’s gradual integration into the EU’s internal market.
It was also said that the European Commission will be empowered to take swift action and impose any measures it deems necessary in the instance of significant disruption to the EU market or the markets of one or more EU countries due to Ukrainian imports, for instance wheat.
For example, the EU may apply an emergency brake for particularly sensitive agricultural products, i.e. poultry, eggs, sugar, oats, groats, maize and honey as part of reinforced safeguard measures aimed at protecting its farmers. The extension of the reference period used as a base for employing this automatic safeguard was agreed on by negotiators.
Nevertheless, tariffs would be reviewed if imports of these products rise above the average of import volumes recorded in the second half of 2021 over the whole of 2022 and 2023. It was also committed by the European Commission to step up its monitoring of imports of grain, particularly wheat.
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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As Zhou Qian, the Chinese Ambassador to Georgia, noted on Saturday, the bilateral trade turnover with Georgia amounted to $2 billion and increased by 48 percent in 2023, compared to the previous year. The total number of investments from China to Georgia exceeded $800 million.
The Ambassador said in his exclusive interview with Imedi TV channel that China has been one of Georgia’s leading trade partners and the largest investor for many years. He also explained that Georgia’s favorable geographical location and free trade regimes with many countries makes it interesting for Chinese companies.
“Readiness” of the Chinese companies to engage in the process of developing Georgia as an energy, transport and digital hub was emphasized by Qian, as well as the establishment of a strategic partnership between the two states and the benefit of the implementation of the visa-free regime in this regard were also stressed by him.
According to the Ambassador, the Chinese Railway Department is ready to be “actively involved” in the investment, construction and operation of the Georgian railway, ports, as well as energy and other projects, which would be connected to the Middle Corridor, a multimodal transport corridor connecting China to Europe through the South Caucasus.
One Belt One Road initiative, the Chinese global infrastructure development strategy to invest in more than 150 countries, including Georgia, was also highlighted by Qian. He said that Georgia was “the first to respond to” this initiative and become a beneficiary of China’s “huge market”.
Middle Corridor plays a very important role for Georgia. Chinese companies are also interested in “all infrastructure projects”.
As Qian announced, the visa-free regime between the countries would “most likely” be officially signed in April and would be implemented in the coming months. He also noted that China and Georgia were “actively working” to add more direct flights.
People-to-people contacts will be undoubtedly facilitated, trade and investment cooperation between the two countries will also be activated and the number of Chinese tourists [in Georgia] will be increased due to this. The Chinese Ambassador expressed his hope for preservation of the spirit of the historical Silk Road and strengthening of cooperation of the two people in the future.
Qian announced Georgia’s participation in the international tourism exhibition – ITB China – that will take place in May in Shanghai and pointed out that Georgia and cooperation between tourist agencies of the two states would be further promoted in China.
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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GEOSTAT data reports that trade between Georgia and Armenia reached 100.623 million USD in January-February 2024 (103.2 million USD less than in the same period of the previous year).
Compared to the same period of 2023, exports from Georgia fell down from 133.082 million USD to 78.795 million USD in January-February 2024.
Imports decreased by almost 50 million USD compared to the same period of 2023 year and attained 21,828 million USD.
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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