global trade

Author Name: Emma Hau – Marketing Analyst at FreightAmigo | 1/4/2022

Sanctions raised against Russia by the western countries disrupts global trade since February, many economies are seeing a drop in international trade.  Meanwhile, reshape in global trade unlocks new opportunities for some other countries.

A recent report from the German think tank shows Russia is being hurt the most by the sanctions, with a projected 11.8% drop in exports in February compared with a month earlier. The US saw a 3.9% decline in shipments abroad, the European Union a 2.8% fall and Germany a 3.8% slide, according to the report.

Under this trade deal, the US agreed to partially lift the tariffs on steel and aluminum produced in the UK.  In return, the UK will lift its retaliatory tariffs on more than $500 million in American exports, including alcohol and consumer products.

Taking Russia and Ukraine’s export on wheat and barley as example, their prices go up since the conflict.  Prices of wheat has risen 21% while barley skyrocketed 33%.

Although the conflict disrupts global trade, it also unlocks new trading opportunities for some countries.  Global buyers are now seeking alternatives for Russia’s export and Canada becomes one of the popular options because they both shares similar export products.  Buyers are also looking at Brazilian oil, Argentinian wheat and Australian copper.

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