A to Zs of Global Trade News for 2023
Posted on January 5, 2023
With the New Year upon us, let's take a look into international trade forecasts, trends, and strategies from around the globe. Although there are still many challenges to doing business internationally, we offer here, a more holistic perspective of global exports, topics, and trends as we look into 2023.
- Agriculture exports may slow into 2023 as the world economy slows, reports Successful Farming. Inflation, war, and policy debates, amplify the uncertainty going into the new year.
- Looking ahead to 2023, global beef exports have shifted. With increased production in Australia, the decreases in the US and Europe will be offset, and Brazil is to maintain strong production. Read more at Beef Magazine.
- US Customs and Border Protection has updates concerning changes to the Customers Broker Regulations. Details include working with brokers directly to execute power of attorney directly with importers. Read more on the specifics on the new rulings effective on December 19, 2022, to be satisfied by February 2023, on the CBP Website.
- Decreasing ocean freight rates from China to West Coast are a welcome sight, down 90% as global trade falls off fast, according to this article from CNBC.
- How has E-Commerce changed this year? Let us count the ways, rising costs all around, a social media boom, growth turns global and much more to explore here.
- The freight market will soften, experts say, as the demand for many goods goes down, reports Supply Chain Quarterly.
- A geopolitical outlook for 2023: What to Watch in 2023: Outlooks for the Year Ahead from Teneo's Geopolitical Risk Team
- Highlights from the World Economic Forum (WEF) for December 2022 include clean technology tax breaks, WTO's green trade initiatives, and Australia's free trade agreements. Here are the six things you need to know for December 2022 from the WEF.
- Joint US Trade Representative and Department of Commerce readout of the first Indo-Pacific economic framework negotiating round is available for review here.
- Still in a bit of a jam, US ports are making slow progress toward easing transportation issues. Let's take a look at the top 5 ports in the US and their traffic in 2022 with Global Trade Magazine
- The United Kingdom enters a new round of negotiations with India for future trade agreements. These are the first formal negotiations since July 2022, reports Reuters.
- Learn more about exports at these upcoming trade events for the new year with the International Trade Administration.
- The manufacturing industry has three top predictions from Forbes for 2023 – keep supply chains agile, look into outsourcing trends, and digital advancements in manufacturing continue to improve. Keep an open mind as you stay on top of manufacturing capabilities coming into the new year.
- Navigating freight chassis shortages for small and medium-sized businesses has been a challenge. IBNews Magazine offers tips on how to work with these persistent challenges.
- Global oil demand is predicted to grow slowly in 2023 but stay strong. The International Energy Agency identifies several economic challenges happening globally, but the demand for oil remains strong.
- As container imports continue to plunge, railroads are still under fire in this Transportation Roundup from the Specialty Soya and Grain Alliance brief.
- This quarter, the United Nations Conference of Trade and Development reports that global trade is set to hit a record of $32 trillion in 2022. This, amid outlooks for a grim 2023.
- The Re:Fuel with Freight Waves as Scott Berhang takes a look at what 2023 holds for the future of oil and gas, while looking back at how 2022 came to be.
- A step forward for sustainable aviation fuel (SAF), as the first ‘net-zero’ trans-atlantic flight is scheduled for 2023 according to EuroNews. The flight will be powered by SAF and leave the UK bound for the US.
- Get some quick insights on new trade topics every day with Two minutes in Trade. They provide brief overviews of topics impacting trade from a variety of angles each day.
- United States Office of Trade Representatives extends exclusions from China section 301 tariffs by an additional nine months. The official press release is available here.
- Varying models and charts presented by the World Bank show 2022 in review with the major events and their global impact. The nine charts for 2022 can be found here.
- The White House offers a Fact Sheet outlining the new US-Africa Partnership to promote two-way trade and investment in Africa. Growth in investments, economic development, innovation, and entrepreneurship are on the horizon as Africa engages more with global markets.
- Cross (X) Border trade between nations is almost always a win-win, says the International Monetary Fund. They provide historical context and real-world examples of the implications of trade between countries. Learn more from this back-to-basics article.
- A year inreview with the Mckinsey Institute covers topics and data analysis from current events, the supply chain catastrophe, inclusive economies, energy, and some future insights.
- Zero percent growth is anticipated for Korea's Exports leading into 2023. Outbound shipments have been slowly decreasing, and growing concerns of a decelerating global economy hang heavy for the 4th largest Asian economy.
As you can see, there is a lot going on in the world of global trade. The links above only scratch the surface, and we have what could be a bumpy road ahead in 2023, according to many of the predictions. What 2022 has taught us is to continue to remain flexible and find adaptable ways that benefit multiple parties to work toward solutions. Let's keep looking beyond our borders and see how we can continue growing in 2023.