Spain and Japan, countries with the fewest trade barriers in the world (27.06.2024)
Spain and Japan are the countries with the most open regulatory framework for the services sector in the world. Commercial banking, telecommunications and cargo handling are the sectors in which both national economies are more open than the average of Organisation for Economic Co-operation and Development (OECD) members.
World trade resumed growth in the first quarter of 2024 (02.07.2024)
The value of trade in goods increased by 1 per cent quarter-on-quarter in the first three months of 2024 and in services by 1.5 per cent. According to UNCTAD, the growth was due to increased exports from China (9%), India (7%) and the United States (3%). While exports from the above countries increased, European exports remained stable and African exports decreased by 5%.
Following these positive growth trends, world trade is expected to reach $32 trillion by 2024.
G7 Trade G7 in the process of establishing a common regime for international companies (17.07.2024)
The G7 Trade Summit was held on 16 July, with the aim of achieving a level playing field for business in global markets.
The main discussions at the Summit were the search for a common level playing field for international business, the key role of trade in the fight against climate change in favour of balanced and sustainable growth, and alternatives to concerns about China’s continued industrial orientation.
22.3% increase in International Airport Charges (22.07.2024)
Argentina has increased international airport charges by 22.3% from July 2024 to secure the air navigation system while investing in technology and training.
Argentina introduces new measure to speed up exports (22.07.2024)
The Argentinean Customs General Directorate, through General Resolution 5530/2024, has determined changes in the export reference values. The changes introduced by this regulation will make Argentine products more competitive in international markets by promoting a streamlined and less bureaucratic process, a reduction of the administrative burden and a simplification of the export process for producers and exporters.
China replaces the United States as Mexico’s main supplier of cars (24.07.2024)
China is the world’s largest producer of light vehicles. Mexican automotive purchases provided China with US$4.602 billion in 2023. In the first half of 2024, imports of Chinese cars to Mexico grew by 50.8%.
Chinese exports in this sector can also be observed in the European market. China is a leader in the production of electric vehicles, and its exports of this type of car to the European Union have multiplied in the last two years.
Cuba strengthens its trade relations with the South, promoting a market with Africa (28.07.2024)
Cuba has decided that it can no longer depend on cooperation from the North and, in order to avoid this, it has promoted mutual cooperation between the countries of the South at the first session of the Preparatory Committee for the Fourth International Conference on Financing for Development held on 22 July in Addis Ababa.
The interest in strengthening ties with African countries and the African Union and lifting the US trade blockade was also highlighted.
Algeria reactivates trade with Spain in crisis with France (29.07.2024)
As Algeria lashes out at France for its support for Morocco’s autonomy plan for Western Sahara, a former Spanish colony, it is reactivating exports to Spain. After two years of trade blockade, due to Pedro Sánchez’s support for the same autonomy plan that France now intends to support, the Algerian capital has shown its interest in resuming bilateral trade with Spain. Tayeb Zitouni, Algeria’s Minister of Trade and Export Promotion, has confirmed the forthcoming export of 150,000 tonnes of iron ore to Spain.
Chinese foreign trade growth in the second half of 2024 (29.07.2024)
Thanks to China’s cooperation with other countries and regions involved in the Belt and Road initiative, the Xinjiang region, following its trade engagement with more than 200 countries, expects its foreign trade to be boosted and increased in the second half of this year. According to Urumqi Customs, Xinjiang’s imports and exports increased by 48.4% year-on-year. In the first half of the year alone, this region has reached 30.95 billion dollars in imports and exports. Like this region, other regions have also seen their level of foreign trade increase, such as Jiangsu and Xizang.
Bolivia and Paraguay open border to facilitate international trade (29.07.2024)
In order to improve trade relations, Bolivia and Paraguay decided to open their border crossing 24 hours a day, seven days a week.
Due to the opening of the border, foreign trade through the Southern Bioceanic Corridor will increase, as well as the internal supply of products and fuels.
Merchandise trade experiences a 4% increase in the second quarter of 2024 (29.07.2024)
According to the World Trade Organization, in the second quarter of 2024 the volume of global merchandise trade increased by 4%. As in the first quarter, Asia (7%) and North America (5%) led the increase, Europe suffered a 2% decrease and Africa saw a small increase.
The products that saw the biggest change were oil (price increase of 8%), natural gas (increase of 6%), agricultural products (average increase of 4.5%) and metals (slight increase of 3%).
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In Madrid, 31 July 2024
International Trade and Sanctions Department
