Trade Alert

New requirements for shipping into Northern Ireland and Southern Ireland since Brexit

Since Brexit, goods imported into Northern Ireland from the Republic of Ireland have risen by 77% in value. On the other hand, Imports from GB have decreased by 16%, especially in imports of food, live animals, and manufactured goods. 

Declarations are only required for goods moving from Britain into Northern Ireland but not for movements over the Irish border into the republic. 

Now that Britain has left the EU, many traders have chosen to establish bases in Northern Ireland to increase trade with the Republic of Ireland.

DIT update on Tradeshow Access Programme

When the Department for International Trade (DIT) relaunches its export strategy, it promises to have a new approach regarding support for British businesses. 

The TAP (Tradeshow Access Programme) helped exporters with the costs of attending trade exhibitions abroad. 

The DIT believes that TAP was not enough; more needs to be done to help businesses across the UK and target those benefiting most from tradeshows.

To ensure exporters more opportunities across the globe, DIT will utilise UK export finance, a GREAT promotional campaign and the new Enhanced International Support Service. 

UK Export Finance signs partnership with Central America’s leading development bank

To encourage joint financing of major clean energy, infrastructure and construction projects, UKEF (UK export finance) signed a partnership with CABEI (Central America’s leading development bank). 

Major UK exports, businesses and jobs in the UK projects in Central America will be supported financially by both institutions. 

A trade association agreement was signed in 2019 between the UK and Central America. The UKEF-CABEI memorandum of understanding aims to increase trade links and builds on the already existing trade agreement. The 2019 agreement covers trade in services and goods, including provisions on rules, preferential tariffs and quotas. Furthermore, commitments in areas such as intellectual property, geographical indications and government procurements are also included.  

Other International news

Third busiest port closes due to COVID outbreak

Ningbo-Zhoushan Port in China, the third busiest globally, shut on Wednesday after a worker tested positive. BBC reports that closing the terminal on Meishan island will drop the port’s capacity for container cargo by ¼. 

When a Yantian port shut due to a COVID outbreak for more than a month, goods were backed up in factories and storage yards, and freight rates increased even more and showed no signs of slowing down. 

These strict measures will have severe negative effects on the supply chain as the terminal closed until further notice is key to servicing Europe and North America. This Christmas, higher prices and shortages of certain goods are expected due to the closure of Chinese ports, rising freight costs and driver shortages.

How will the Taliban take over of Afghanistan affect international trading

With the Taliban in control, it is predicted that international trade will halt, leading to a surge in smuggling. The initial signs started in July when customs revenue of the Afghanistan government dropped by 30%. 

Afghanistan is at the centre of numerous trade routes connecting Europe and the Middle and the Far East, including China’s Belt and Road initiative. For this reason, China will attempt to work with the Taliban for the BRI to stay on track.

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