Pacific Island Trade Agreement | Wales Export Potential | DHL Global Trade Barometer

Posted on 22/03/2019 by DHL Express

UK and Pacific Islands trade agreement

An arrangement between the UK and the Pacific Islands to maintain existing trade arrangements was signed last week. The agreement will see British businesses and consumers continuing to benefit from trading arrangements with Fiji and Papua New Guinea after the UK leaves the EU.

International Trade Secretary Dr Liam Fox spoke of the benefits this agreement will bring for Britain. “I am delighted to sign this trade continuity agreement today as it will allow businesses to keep trading as freely as they do today, even in a no deal scenario. This is good news for British business and consumers who will continue to benefit from the continued supply of products, including sugar and fish.”

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Growing export potential in Wales

Exports of goods from Wales have grown to £16.9 billion in the year to Q3 2018, helping to build a reputation for innovation for itself around the world. Wales shows a growing range of opportunities in areas such as semiconductors, cyber security, neuroscience, wound healing and the financial and insurance sectors.

The UK’s export credit agency, UK Export Finance, has dedicated finance managers in Wales and has provided nearly £7.5 million of support for Welsh exporters, resulting in over £64 million worth of overseas sales. The UK Government has said it will continue to work with firms in Wales to deliver investment, exports and new opportunities.

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DHL Global Trade Barometer

By analysing the global supply chain of seven key countries, the DHL Global Trade Barometer (GTB) provides deep insight into macroeconomic factors that are affecting trade. It’s an essential tool for businesses dealing in international trade as it can identify trends within industry, which gives insight to sectors that are rising or falling.

Tim Scharwath, CEO of DHL Global Forwarding, Freight explains, “The DHL Trade Barometer is a unique tool to forecast the future development of trade. We use a lot of data, which we then run through artificial intelligence to come up with a clear understanding of how the trade will develop in the next three months.”

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