Global trade turned increasingly active as we headed into the second half of the year. To facilitate your business planning, we have summarised key changes in the global market last month for easy reading:
India Issued Ban on Sub-standard Footwear Imports
India implemented the Quality Control Orders (QCOs) on Footwear Products effective from July 1, 2023. Unless the footwears concerned are compliant with the QCOs and certified by the Bureau of Indian Standards (BIS) with an official BIS License, they cannot be imported into India.
EU Countries Imposing Restrictions on Plastic Use
Beginning July 1, 2023, the Netherlands implemented the New rules for disposable plastic cups and containers that required customers to pay for disposable plastic cups and food packaging for carryout and delivery consumption. Customers must also be offered a reusable alternative or be permitted to use their own reusable cup or container.
At the same time, since July 1, 2023, France enforced the Decree N°2023-478 that once again bans the sale of fruit and vegetables packaged in plastic, but with exemptions for 29 fruits and vegetables, as well as ripe fruit.
China-Costa Rica Mutual Recognition Agreement on Customs AEO Came Into Force
From July 1, 2023, the China-Costa Rica Mutual Recognition Agreement (MRA) on Customs Authorized Economic Operator (AEO) officially came into force. Both countries’ AEO enterprises will receive preferential treatments when importing their goods through China’s and Costa Rica’s customs, including less time in customs procedures, priority in product inspection etc.
Japan's Nagoya Port Suffered from Cyberattack for 2 Days
On July 4, 2023, Nagoya Port, the largest among the Japanese ports, saw a cripple in its logistics functions due to a ransomware attack, with loading and unloading of 50,000 cargoes and transport of 20,000 cargoes disrupted. The port was the latest famous port that experienced a cyberattack.
European Council Adopted New Regulation on Batteries
On July 10, 2023, the European Council of the EU passed the New EU regulatory framework for batteries previously confirmed by the European Parliament. The new rules stipulate the lifecycles, from manufacture, reuse to recycling, of all types of batteries sold in the EU countries, ensuring the batteries’ safety, sustainability and competitiveness.
China's Customs Released 2023H1 Outbound Trade Figures
China’s General Administration of Customs announced on July 13, 2023 the country’s trade figures (imports and exports) in the first half of 2023. In January to June this year, the gross total of national imports and exports amounted to 20.1 trillion, a YoY growth of 2.1%.
Export-Import Bank of China Signed Strategic Agreement with Guangxi Government
On July 14, 2023, the Export-Import Bank of China signed a strategic agreement with the Guangxi Zhuang Autonomous Region Government on speeding up better cooperation for ASEAN’s Belt and Road, and strengthening ties for important nexus for the national, international “dual-circulation”, propelling high-level opening-up together.
Japan Restored South Korea to Export Whitelist
On July 21, 2023, Japan’s revised Export Control Policy became effective which reinstated South Korea to its whitelist for exports. Meanwhile, South Korea also reinstated Japan to its preferential export whitelist, signifying the end of the export control trade dispute between the 2 nations.
Keep yourself abreast of the latest international trade news by staying tuned to our regular NewsBites blogposts, which will provide you with sourcing updates and expert insights!
Seize every opportunity to meet with global suppliers and buyers on our e-Marketplace and ride on the advantage of promoted international trade by clicking below banner:
Reach out for marketing your own products too:
Related posts:
Bureau Veritas Consumer Products Services Features: Ultimate Guide for US & EU Footwear Labeling Requirement
The Future Is Green: Lifestyle Product Trends and Sourcing Behaviour at HKTDC Lifestyle Fairs
Sourcing Behaviour of International Buyers: Latest Insights and Market Trends
(EV)OLUTION Rise of Electric Vehicle and Opportunities That Follows
