Updates : EU customs compendium, BTOM impact, UK global trade position, Flower tariff suspension, Russian metal trade ....

Get your weekly dose of the latest trade and customs updates. Dive right in and see what’s happening!

Customs Valuation Compendium has been updated by the European Commission

A revised edition of the EU Compendium of customs valuation texts, developed by the Customs Code Committee and the Customs Expert Group - Customs Valuation Section, has been released.

This document includes interpretative notes, an overview of rulings of the EU Court of Justice, conclusions and commentaries on specific valuation topics.? Get updated

Source : EU Commission

BTOM Checks Forecasted to Cost UK Businesses ￡2 Billion and Drive Inflation

A recent report warns that the implementation of new post-Brexit UK border controls, set to take effect later this month, will incur a ￡2 billion cost for British businesses and contribute to increased inflation.?

According to the Allianz report, the checks outlined in the government's "border target operating model" (Btom) will impact ￡21 billion worth of agricultural product imports.?

This includes items such as eggs, live trees and plants, meat, and fish, which collectively represent approximately 3% of all UK imports.

Last week, ministers disclosed that businesses might face charges of up to ￡145 for each shipment imported through Dover.?

This development has sparked concerns that it will lead to higher food prices and disproportionately impact small businesses. Read more?

Source: The Guardian?

UK Rises to Fourth Place in Global Services Trade Export Rankings

The UK has become the world’s fourth largest exporter thanks to a boost in services ?according to the latest trade figures.??

According to the latest statistics from the UN Conference on Trade and Development (UNCTAD), which leads on global trade for the UN, the UK has overtaken France, Netherlands and Japan to take the fourth position.

It comes after the UK ranked seventh in 2021, moving up three places in the figures for exporting goods and services in 2022 , the United Nations (UN) has confirmed. Find out here

Source: Institute for Export and International Trade

UK and U.S. to Tighten Grip on Trade of Russian Metals

The UK and the U.S. have jointly announced enhanced measures to further restrict Russian metal exports by expanding the existing ban to include the world’s two largest metal exchanges London Metal Exchange (LME) and Chicago Mercantile Exchange (CME).

Metal exchanges like LME and CME play a “central role in facilitating the trading of industrial metals around the globe”, the UK government said in a statement on Friday (12 April).

These restrictions can have significant implications for global commodity markets and trade dynamics, affecting both producers and consumers of these metals. Read more?

Source: Gov.uk

UK Suspends Tariff for Flower Exports

The UK has put a pause on the Global Tariff for cut flowers in order to stimulate trade and offer consumers greater value.?

Now, unlimited quantities of flowers can be exported to the UK with a 0% tariff, even if they pass through a third country.?

The suspension of the 8% duty on cut flowers applies globally but this change is especially significant for flower growers in East Africa, who often transport their blooms through third countries or auction houses before reaching the UK.

The objective is to boost trade and enhance the economic ties between the UK and the region.?

Consumers in the UK could also benefit greatly, enjoying advantages in terms of pricing, seasonal availability, and variety. Find out more

Source: Gov.uk

#UKexport #trade #tradecompliance #customs

Want to stay updated with the latest trade and customs news ? Like, subscribe and share?for more !