Promising years for international trade?
News from 01 to 15 March 2023
The latest trade performance figures in America have been published! Today we inform you about this data and also, about actions and technology that will impact its future.
Chile’s balance recorded a trade surplus
Chile’s trade balance posted a surplus of US $1,999 million in February. In total, the country exported US $8,339 million, which represented an increase of 14.2% over the same month in 2022, and its imports reached US $6,340 million, which meant a year-on-year decrease of 14.8%.
Other figures that drove this behavior were:
- The value of copper exports reached US $3,449 million.
- Shipments from the agricultural sector totaled more than US $1,001 million.
Additionally, mining is playing a fundamental role in the economic recovery of the country (it represents 15% of the gross domestic product). And, pending consolidated official data, annual growth is expected to be between 2% and 2.4%.
Mexico’s exports grew
Mexican exports grew 25.6% annually in January, which meant their best data in 11 months. According to experts, this was at a very high rate and was based on the growth of the United States and the effect of nearshoring, among other situations.
Some of the outstanding products were: automotive shipments (+64.9%), manufacturing (+28.3%), agricultural (9.8%), extractive (+9.6%), and oil (+8.9%). And, specifically, the behavior of the automotive sector was thanks to the recovery that they are currently going through supply chains.
While it is not known exactly if there will be a full recovery of the chains, it is believed that significant progress will continue in the delivery performance.
The United States will tighten its policies in LATAM
Maxine Burkett, US Undersecretary for Ocean, Fisheries, and Polar Affairs, revealed that the country is reviewing its policies to strengthen its requirements on fishery traceability to receive exports from Latin America.
She explained that this analysis of the fishing chain is being carried out in conjunction with the Food and Agriculture Organization of the United Nations (FAO) and the World Trade Organization so that subsidies for the fishing sector meet certain criteria to protect the oceans.
In this context, She also highlighted that for Panama, the United States is the main destination for its seafood exports, so it has a great responsibility to ensure that its activities are not exacerbating the effects of illegal fishing.
The trade relationship between Peru and the European Union is strong
Between 2013 (when the trade agreement between Peru and the European Union entered into force) and 2022, a positive trade balance has always been maintained. The value of exports has ranged from US $4,000 million to US $7,000 million (except in 2021 due to the post-pandemic global “rebound” ) and imports around US $5,000 million.
Speaking specifically of the last year, the main destinations for shipments were: the Netherlands (US $1,789 million), Spain (US $1,627 million), and Germany (US $1,082 million). And in the case of imports, the countries of origin were: Germany (US $1,155 million), Spain (US $875 million), and Italy (US $787 million).
On the other hand, the products that topped the list of the most commercialized were copper minerals and concentrates (exports for US $893 million) and other drugs for human use (imports for US $92 million).
Blockchain: potential and utility in international logistics
Blockchain is a decentralized and distributed technology that allows creating of a permanent and secure record of transactions and events. And its impact on international logistics processes can be very noticeable.
It can offer different solutions to your challenges, such as:
- Traceability
- Security
- Data transparency
For this reason, more and more people are giving it a chance. In fact, by 2025 the market size of this technology is expected to reach 39.7 billion US dollars, and 55% of companies confirmed that they already implement blockchain technology in their operations.
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