From 2015 to 2023, global trade and globalization faced challenges from protectionism, the pandemic, and geopolitical tensions. Despite initial resilience, with trade rebounding post-2008 and 2020 crises, recent pressures like the U.S.-China trade war, Brexit, and supply chain debates have sparked a reassessment of dependencies and international cooperation. The U.S.'s tech export bans to China highlight a shift towards competition. The future of globalization is uncertain, with potential paths towards either limited interventions or a more divided world. Read More »

Despite aims to cut reliance on Russian fossil fuels, the EU's imports of Russian LNG surged by 40% from January to July 2023, setting a record. This increase, driven by significant purchases by Belgium and Spain, contrasts with a global average rise of 6%. The EU's growing dependency on Russian LNG, which constitutes 16% of its total LNG imports, raises concerns over energy security and financial support to Russia amidst calls for reduced consumption and potential sanctions to avoid energy crises. Read More »

Africa's rise as a supply chain leader is driven by its rich resources, emerging industries, and integration into global markets, offering vast potential for economic growth and global supply chain diversification. Read More »

Trans-Atlantic shipping rates have plummeted to their lowest in over a decade, with a 79% drop from a 2022 peak to $1,577 per FEU, significantly below pre-pandemic levels, highlighting major shifts in shipping costs and market dynamics. Read More »

The BRICS Alliance aims to use local currencies for trade, reducing reliance on the U.S. dollar to boost economies and efficiency. This move could reshape global financial structures and lessen the dollar's dominance in foreign reserves. Read More »

UPS driver pay is set to reach $170k annually under a new labor agreement, reflecting significant wage hikes amid rising inflation. This move aims to improve worker conditions but is expected to impact UPS's profits due to increased labor costs. Read More »

It is important to know which Incoterms® are applicable in 2023 as they determine the responsibilities of buyers and sellers. Additionally, incorrect Incoterms® can result in costly errors or delays in international trade. Read More »

Simplify & streamline your day-to-day import/export business operations with the best software for exporters 2022. Read More »

A new Australia-India Free Trade agreement was signed on the 2nd of April 2022. The agreement, also known as the Australia-India Comprehensive Economic Cooperation Agreement (AI-CECA) is an interim agreement, as both countries continue to work towards a full Comprehensive Economic Cooperation Agreement. Read More »

Incoterms® were first published in 1936 and are continually updated over time to reflect the changing global business environment to be continually used in 2022 and beyond. Read More »