Global Trade

15 Aug The truth about the peak season ahead

Posted at 17:48h in Business, Freight Forwarders, Freight Forwarding, Global Trade, Logistics, Logistics Solutions, Ocean Freight, Ports, Shipping, Shipping Containers, Supply Chain, Trade Volume, World Container Index by Susan 0 Comments

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There's been substantial commentary around the lack of a perceived peak season in 2023 however given the rapidly changing situation across the ocean's trade routes, how accurate does this claim continue to be? Whilst traditionally the premise of a peak season is based on the volume...

15 Aug VICT Container VGM Check Weighing – Weight Discrepancy Fee

Posted at 17:44h in Australia, Freight Forwarders, Freight Forwarding, Global Trade, Logistics, Ports, Shipping, Shipping Containers by Susan 0 Comments

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Since 1 June 2023, Victoria International Container Terminal (VICT) at Webb Dock, Melbourne has been applying a VGM Weight Discrepancy Fee for full import and export containers determined to have a variance over or under one tonne from the container's Verified Gross Mass (VGM) declared...

15 Aug Australian barley tariff overturned, will wine be next?

Posted at 17:42h in Business, China, Free Trade Agreement, Global Trade, Trade Agreement, Wine Industry by Susan 0 Comments

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With the recent announcement that China has officially ended tariffs on Australian barley, the Australian Government has confirmed they will aim to replicate the effort on remaining sanctions against wine. Agriculture Minister Murray Watt hailed the end of Chinese tariffs on Australian barley and said the...

15 Aug Australian wine exports decline, reflective of global trend

Posted at 17:29h in Australia, Business, Global Trade, Wine Industry by Susan 0 Comments

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According to Wine Australia’s latest Export Report, the 12-month period to June 2023 has seen Australian wine exports decline by 10 per cent in value to $1.87 billion and 1 per cent in volume to 621 million litres, with the drop largely driven by decreased...

15 Aug Australia-India Trade Agreement sees Australian wine flow into India

Posted at 17:23h in Australia, Free Trade Agreement, Global Trade, India, Trade Agreement, Wine Industry by Susan 0 Comments

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Australia's new free trade agreement with India has seen Australian wine exporters gain preferential access to India's wine market, enabling them to diversify into the country's export market. This agreement has seen tariffs reduce from 150% to 70% on bottles arriving in market at US$15 per...

15 Aug United Kingdom joins Asia-Pacific Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

Posted at 17:18h in Business, Global Trade, Trade Agreement by Susan 0 Comments

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Britain has become the first European member of the Asia-Pacific CPTPP. This move secures access for British exporters to a region with a total GDP of USD 13.6 trillion and over 500 million people. The CPTPP is a free trade agreement signed by 11 Asia-Pacific countries (Australia, Brunei,...

15 Aug ILWU workers reach agreement ending weeks of port disruptions along west coast of Canada

Posted at 17:16h in Freight Forwarders, Global Trade, Industrial Action, Port Disruptions, Ports, Shipping by Susan 0 Comments

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The International Longshore and Warehouse Union (ILWU) has announced that just shy of 75% of its membership has moved to agree to a four-year contract which will see weeks of uncertainty and disruption along the Canadian west coast supply chain conclude. Whilst details of the agreement...

26 Jul UN adopts landmark high seas conservation treaty

Posted at 20:29h in Australia, Environment, Global Trade, United Nations, Water and the Environment by susan pop 0 Comments

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After 20 years of negotiation, the United Nations has adopted a marine biodiversity treaty for the high seas, the first international agreement of its kind. Whilst individual nations have jurisdiction over marine biodiversity out to the edge of their own waters, there have been few, if...

26 Jul World Container Index continues decline

Posted at 20:26h in Freight Forwarders, Freight Forwarding, Global Trade, Logistics, Shipping, Shipping Containers, World Container Index by susan pop 0 Comments

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The latest update of Drewry’s composite World Container Index (WCI) has seen a weekly decrease by 2.7% to reach $1494.46 per 40-foot container whilst the composite index has dropped by 78.9% when compared to the same week last year. The index is now 86% below the...

26 Jul Panama Canal introduces new restrictions in wake of worsening drought

Posted at 20:25h in Australia, Environment, Freight Forwarders, Freight Forwarding, Global Trade, Logistics, Panama Canal, Ports, Shipping, Shipping Containers by susan pop 0 Comments

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Severe drought conditions affecting the Panama Canal is forcing container vessels to lighten their loads and pay higher fees, with further increases in the cost of shipping cargo through the canal expected this summer. The Panama Canal Authority (ACP) has stated it will progressively decrease the...