UK

Department for International Trade (DIT) launches new mentorship programme to help UK farmers and food producers boost their exports.

Your morning coffee briefing from TFG. G7 strikes historic agreement on taxing multinationals, WTO launches a Gender Research Hub to promote cooperation on trade and gender issues and Brexit shrank UK service exports by £110bn, highlighting the extensive consequences of Britain’s decision to break away from the EU.

Since Brexit, UK businesses and their EU clients have been hit with increased euro transaction fees which could potentially cost them millions.

Your morning coffee briefing from TFG. World trade’s recovery from the COVID-19 crisis hit a record high in the first quarter of 2021, increasing by 10% year-over-year and 4% quarter-over-quarter. WTO Director General calls for action on trade finance in low to middle-income countries.

Your morning coffee briefing from TFG. Global inflation troughed last summer, and has risen markedly since. Britain, Ireland agree to work together to smooth post-Brexit trade and the US Colonial pipeline resumes operations following ransomware attack.

Your morning coffee briefing from TFG. Global trade expected to grow 7-9% in 2021. The global shortage of computer chips is hitting SMEs and manufacturers hard

Your Monday morning coffee briefing from TFG. UK and Indonesia strengthen trade ties launching the Joint Economic and Trade Committee.

By the end of 2021, it’s anticipated that LIBOR rates will be discontinued, transitioning to the SONIA or SOFR. But what does this mean for trade finance? ITFA explains

Your Monday morning coffee briefing from TFG. FCI reports a drop in global factoring statistics in 2020, linked to a drop in trade volumes due to the pandemic.

The first estimates for the factoring industry worldwide in 2020 have been announced today by the FCI’s Peter Mulroy. Factoring declines were recorded in most regions except Asia Pacific.

Your Monday morning coffee briefing from TFG. The world is emerging from a deep recession, and the recovery is coming faster than expected. With more than 800m vaccines administered globally, activity holding up despite lockdowns and additional fiscal stimulus coming. The IMF expects the global economy to stage a strong recovery, growing by 6.0% this year, with growth of 4.4% in 2022.

Your Monday morning coffee briefing from TFG. The IMF upgraded its growth forecasts for developed countries and said the global recession would have been three times as deep had governments not intervened.

Your Monday morning coffee briefing from TFG. The WTO is forecasting growth in global merchandise trade of 8.0% this year following a contraction of 5.3% in 2020.

Your Monday morning coffee briefing from TFG. A container ship ran aground, blocking the Suez Canal which carries about 12% of global maritime trade. The blockage may take some time to clear, further disrupting global shipping, already beset by high freight costs and delays caused by the pandemic.

We take a dive into the world of Letters of Credit (LCs) and Standby Letters of Credit – some of the essential tools in cross-border trade transactions.