Global Trade News

China and Brazil recently achieved a groundbreaking milestone in their trade relations by completing a transaction entirely in their local currencies, the renminbi (RMB) and the Brazilian real. This significant development, facilitated by the Bank of China (BOC), represents a notable shift away from traditional trade settlements conducted in US dollars. Read More »

India's ban on non-basmati white rice exports to control domestic prices impacts global markets, affecting Asia and Africa the most. With India being a major rice supplier, this move raises concerns over food security and price stability worldwide. Read More »

Global air cargo demand saw its first rise in 19 months, with August 2023 data showing a 1.5% year-on-year increase. Regional performance varied, with Asia-Pacific leading at 4.9% growth, while Africa experienced a 4.7% decline. Read More »

Asia-Europe container shipping faces immense pressure, with spot rates plummeting below $1k USD per FEU, the lowest since FBX index reporting. The Ukraine-Russia conflict exacerbates Europe's challenges, impacting demand and capacity growth, intensifying the shipping crisis. Read More »

Waabi and Uber Freight team up to revolutionize the logistics industry with AI-powered autonomous trucks. Their partnership integrates Waabi's advanced technology with Uber Freight's platform, offering a comprehensive "driver-as-a-service" solution. Operating between Dallas and Houston, these autonomous trucks promise improved efficiency, safety, and sustainability for supply chains. Read More »

The Electronic Trade Documents Act, effective in the UK as of September 20, 2023, transforms trade practices by granting electronic documents legal equivalence to paper ones. This monumental shift liberates businesses from cumbersome paper processes, aligning trade practices with modern standards and facilitating smoother operations, especially for SMEs. Read More »

Colombia's economic shift: Cocaine production may soon outpace oil as the top export. With a decline in oil and a surge in cocaine revenues, President Petro's lenient policies have led to record production levels, presenting complex challenges for Colombia's future. Read More »

AI in supply chains transforms logistics with predictive analytics, warehouse automation, and route optimization. Gartner predicts 50% of organizations will invest in AI by 2024, enhancing efficiency and customer satisfaction in the post-COVID era. Read More »

Parallel Systems, founded by ex-SpaceX engineers, unveils autonomous electric rail cars for greener freight. Aiming to shift trucking to rail, these cars offer an efficient, sustainable transport option, potentially cutting 175 tons of CO2 per 100,000 miles. Read More »

The FIT Alliance is leading a charge to digitize global trade with the "Declaration of the electronic Bill of Lading" (eBL), targeting a shift from paper to digital. This initiative, backed by giants like the ICC and DCSA, aims for 50% eBL adoption in five years, promising massive cost savings and a boost to global trade. Despite challenges like legal recognition and system compatibility, efforts are underway to ensure a smooth transition, marking a significant step towards modernizing trade documentation. Read More »