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Passenger Car Price in UK Increases to $36,155 per Unit

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Global Trade Daily, Market insight

Passenger Car Price in UK Increases to $36,155 per Unit

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 United Kingdom Passenger Car Import Price in February 2023

In February 2023, the passenger car price stood at $36,155 per unit (CIF, United Kingdom), rising by 8.9% against the previous month. In general, import price indicated a moderate increase from February 2022 to February 2023: its price increased at an average monthly rate of +2.0% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on February 2023 figures, passenger car import price decreased by -3.1% against December 2022 indices. The most prominent rate of growth was recorded in March 2022 when the average import price increased by 31% month-to-month. As a result, import price reached the peak level of $37.5M per thousand units. From April 2022 to February 2023, the average import prices failed to regain momentum. \

Prices varied noticeably by the country of origin: the country with the highest price was Mexico ($36,135 per unit), while the price for Japan ($18,073 per unit) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by China (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

United Kingdom Passenger Car Imports

In February 2023, overseas purchases of passenger cars increased by 28% to 129K units for the first time since November 2022, thus ending a two-month declining trend. In general, imports, however, saw a pronounced setback. The growth pace was the most rapid in November 2022 when imports increased by 66% m-o-m. Over the period under review, imports hit record highs at 174K units in February 2022; however, from March 2022 to February 2023, imports remained at a lower figure.

In value terms, passenger car imports surged to $4.7B (IndexBox estimates) in February 2023. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 with an increase of 52% against the previous month. Imports peaked at 5.3B units in March 2022; however, from April 2022 to February 2023, imports stood at a somewhat lower figure.

United Kingdom Passenger Car Imports by Country

China (24K units), Spain (21K units) and the Czech Republic (12K units) were the main suppliers of passenger car imports to the UK, together accounting for 45% of total imports.

From February 2022 to February 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +11.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to the UK were China ($596M), Spain ($450M) and Slovakia ($366M), with a combined 30% share of total imports. These countries were followed by the Czech Republic, South Korea, Japan, Hungary, Belgium, Romania, Turkey, Mexico, the United States and Portugal, which together accounted for a further 31%.

Among the main suppliers, Mexico, with a CAGR of +5.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

 

 

brexit
Archives, EU Trade, Global Trade Daily, International Trade

THE ROAD TO BREXIT

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As Scott Miller wrote in one of our earliest articles, How Will Brexit Affect the UK’s Trade Relationships, the outcome of the UK’s exit from the European Union (EU) single market and customs union has broad implications for the UK economy and its terms of trade with the rest of the world.

On March 29, 2017, the UK’s notification of its intention to withdraw from the EU under Article 50 of the Lisbon Treaty triggered a statutory two-year clock for completion. That deadline was ultimately extended until January 31, 2020, when a transitional period began.

TradeVistas originally offered this timeline to summarize key events and milestones between 2015 and the first quarter of 2019, including the resignation of Prime Minister Theresa May and first term of Prime Minister Boris Johnson. It has since been expanded to reference the ongoing negotiations that continue in hopes of avoiding a “hard Brexit” on December 31, 2020, reverting to trade rules in the WTO.

For more narrative on how events have unfolded and why, we recommend the writing of Amanda Sloat at Brookings, who has followed the issue closely.

Download the infographic below updated as of October 16, 2020.

________________________________________________________________

Andrea Durkin is the Editor-in-Chief of TradeVistas and Founder of Sparkplug, LLC. Ms. Durkin previously served as a U.S. Government trade negotiator and has proudly taught international trade policy and negotiations for the last fifteen years as an Adjunct Professor at Georgetown University’s Master of Science in Foreign Service program.

This article originally appeared on TradeVistas.org. Republished with permission.

business in the UK
Archives, Foreign Trade Zones, Global Logistics, Global Trade Daily

Important Things to Know about Doing Business in the UK

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Interested in expansion into UK markets? It’s a worthwhile investment. The UK is one of the most prosperous and stable markets in the world, with a high wealth per capita and plenty of opportunities for capital acquisition, especially within London. 

You’d be forgiven for thinking this kind of prosperity was fairly exclusive. Indeed, following Brexit, it would seem that opening up a business in the UK as a foreign national is going to be quite a challenge. But, in fact, it’s quite the opposite.

Starting a business in the UK is really easy for newcomers and foreign nationals. You can establish a Limited Company in Britain without jumping any additional hurdles. You don’t need VISAs, agreements of trade or anything else — and there is no requirement for specific ID or passports. All you need is a company name, at least one director, to provide all necessary documentation (not as intimidating as it sounds) and to follow the process of registering for taxation. The only barrier you may face compared to a British resident is you’ll need to register your business to a UK address; easily done these days through virtual offices. This criterion of requiring an address does not exist to exclude anyone from starting up in Britain. It is merely a gateway to simpler correspondence and domestic accountability — should accountability be necessary.  

It should be noted that accountability is rarely necessary, but when it is, it’s vital. This is because the UK business landscape rests upon a complicated legal structure. Industries form around different regulatory bodies, and standards are upheld by various commissions, depending on your area of business. The nature of the UK business landscape is very protective and favors business stability and longevity. Follow the legal processes correctly and you’ll have a lot of the tools you need to thrive. However, failure to follow the legal structures imposed on your business can result in problems. Regulations are strictly enforced and consequences for non-compliance can be severe.

Education is your best bet. Enter the market aware of all your obligations and legal responsibilities. Legal advice from specialists — those who can ensure you get set up properly and conform to the right guidelines — is often recommended if it is an affordable expense. More than anything, this is to ensure you don’t miss any of the finer details — because your competitors, and customers, will likely be aware of those finer details and take you to task for rule-breaking. 

Standards of education in the UK are very high. Similar to the USA, it is legally required for all students to attend formal education until they are 18. Following basic education, many move on to university as higher education is often subsidized by the government with the rest of the money obtained through widely-available student loan systems. Expectations for levels of education are high, so be prepared to meet the high standards set by domestic learning, and contend with partners and consumers who know what they’re talking about. It’s a good business practice in the UK to assume that your customers know as much about your industry as you do, if not more. 

This fact leads us to the most important lesson you can learn about doing business in the UK. Good business routinely comes down to good business relationships. Every successful entrepreneur and business owner knows that who you know is just as important as what you know. That means no matter where you do business, you need to build healthy alliances and relationships.

In the UK, the key to building great relationships lies in navigating society and culture. The UK business landscape is a powerful environment for building strong, long-lasting, and loyal relationships that can provide pivotal opportunities for growth. But you have to get this right. In general, UK business culture — particularly the modern and adaptive landscape of London and other large cities — is very open to foreigners. The more you travel outside of cities to do business, the more cultural barriers you may find stand in your way, but this often comes not from hostility towards outside opportunities, but a lack of familiarity. Time and effort to establish yourself is what’s important when dealing with business communities with a lack of experience of foreign trade. A slow and tactful approach is always going to play favorably in the UK, no matter where you are trading.

However, with this idea of openness in mind, there are certainly still some cultural lessons to be learned before diving head-first into business within the UK. As we’ve mentioned, you’re building relationships, and the key to any successful relationship is behaving correctly. Loud, obnoxious, and forceful traits are unwelcome in British culture. Pushing for hard sales or getting in people’s faces with ideas might seem like the mark of passion and enthusiasm, but it won’t make you many friends — even in London. Modesty, restraint, and an even temperament are important. You’re looking to play the long-game here, building up stable bridges over time through humility, gradually increased levels of trust, and real-world demonstrations of your expertise and worth. 

In the UK, talk is cheap. 

Once you do start forming those relationships, you’ll have to be careful not to lose them. Bonds in UK business culture are tough to break once established, but the early days make them vulnerable if strife is introduced. Privacy is coveted, as is space. Don’t get too personal, and respect distances people establish. 

While there are ways your behavior can influence the business relationship, there are also ways that the actions of your new British partners could affect you. If you’re not aware of these factors, you may misinterpret them, which can again lead to conflict. We’re talking specifically about humor. Jokes — commonly at the expense of others — are prevalent in the UK. Referred to as “banter”, these are often light-hearted remarks aimed at teasing another individual. The intent is most-always friendly, but if you’re not familiar with the custom, it can appear to be offensive. The levels of “banter” you’ll experience can vary wildly from person to person, but it is a widespread form of social interaction in the UK. Just remember, it’s all in good fun, so laugh along. People who are unable to take a joke are generally looked upon unfavorably. 

Anything else it’s important to know about doing business in the UK?

To make a cup of tea, first, boil the kettle. Place a tea bag in a mug. Ask how many sugars. Each request, for example, “two sugars” means one teaspoon of sugar. Add the requested amount of sugar. Pour the water in. Leave to brew for a few minutes. Ask if they’d like milk. If yes, add a small amount of milk until the tea goes from dark to pale brown. Stir well. Remove the tea bag with your spoon. Extra points if you use the spoon to crush the teabag against the inside of the mug to squeeze out any remnants of flavor.

______________________________________________________________________

This article was written by Rajesh Velayuthasamy, founder and director of Mint Formations, a company that supports local and foreign nationals to establish a business presence within the UK. 

coronavirus
Archives, Global Trade Daily, International Trade

How the Coronavirus Pandemic has Diversified UK Business

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As the Coronavirus pandemic has altered our ways of living and working – potentially for good – it has sent shockwaves through areas of UK business previously thought untouchable.

The thriving food and hospitality sector has steadily grown over recent years but faces an uncertain future as social distancing becomes a new norm of everyday life.

Of course, some industries have enjoyed something of a boon during the lockdown as their products, services, and expertise have come to the fore, or been adapted to suit the needs of the population.

How have businesses altered their offering?

Many eateries have kept afloat by switching their sit-down service to take-out or delivery, while robotic delivery of food and drink in Milton Keynes could offer a glimpse into the future of the industry, long after Covid-19’s grip on our daily lives has subsided.

The airline industry has been similarly decimated as planes have been grounded but swapping passengers for cargo has allowed some to maintain business.

Land-based delivery services have thrived, especially those connected to online shopping, like our trips to the high street or retail centers have been curtailed by the lockdown.

This has not come without the need for a change to regular services, however, with health and safety now more paramount, businesses have needed to be agile in swiftly adapting sanitary and sterile methods of delivery especially when dealing with at-risk customers.

Can businesses help in the fight against Coronavirus?

Some of the biggest swings in business have seen entities completely change their line of work in a bid to help fight the virus.

Producing personal protective equipment (PPE), such as masks, gowns, and gloves, has become a priority for many textile companies.

In the bid to build more hospital equipment, Formula 1 teams used their engineering might take on the task. World champion outfit Mercedes produced a ventilator which was used in a trial by the NHS and made the plans freely available for other manufacturers to build their own versions.

As the need for clear public communication has risen, printing business instant print was marked as NHS supply chain critical, producing an adapted product range including posters, signage, floor stickers and more to be used in a host of healthcare settings.

Will UK businesses recover after Coronavirus?

This is a tricky question to answer, as to how our daily lives will look once the pandemic subsides remains a grey area.

As scientific exploration into the virus continues, the threat of a ‘second wave’ of illnesses sweeping the world is set to make the resumption of our previous ways of life something that is implemented slowly, if indeed some things we used to take for granted ever do return to our daily routines.

Work settings may change, infrastructure will likely have to be adapted to suit a more socially distant population. How crowds gathering in shops, restaurants, bars, concerts, sporting events and more will be managed is almost impossible to predict as simply containing the virus still remains the highest priority.

As some countries begin to tentatively emerge from lockdown and try to get to grips with a ‘new normal’, the world will look to the likes of Australia and New Zealand for cues, while China has also looked to restore many of the social liberties that were taken away when the virus began to spread in its Hubei province.

If your business has been impacted by the Coronavirus, perhaps some of the examples above can help guide you through the rocky times or inspire a change of direction that may bring greater success once the pandemic passes.

brexit
Archives, EU Trade, Global Trade Daily

What’s Your Brexit Security Strategy?

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Boris Johnson’s new Conservative majority is set to plow forward with leaving the EU on January 31st, 2020, however, what exactly does this mean for Britain’s logistics industry? K9patrol has put together this infographic highlighting concerns and possible issues with the logistics industry post-Brexit.

As we’ve seen so far, there still appears to be uncertainty ahead regarding Brexit, and this could impact logistics especially. With further disruption and delays, new regulations and potential diplomatic breakdown between the UK, the Republic of Ireland and the EU, there does seem to be some very real threats posed to this particular industry. Cargo security, in particular, will be a major concern for many businesses within logistics because of goods that would otherwise be in transit may have a possibility of being sold on or delayed for long periods of time in foreign countries. The EU receives around 50% of our exports, so with this, e should take this possible risk very seriously.

We hope this infographic lays out potential future issues that this may bring, and with this better understand the key political decisions that might affect them and their business.

Any arguments made by the evidence in the infographic is incidental and do not reflect our political opinions as a business.

 

 

 

 

What’s Your Brexit Security Strategy?
Infographic: K9 Patrol

 

 

anchovies
Archives, Global Trade Daily, Imports/Exports

The UK Emerges as the Largest Market for Anchovies Exports from Spain

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IndexBox has just published a new report: ‘Spain – Anchovies (Prepared Or Preserved) – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.

The revenue of the preserved anchovies market in Spain amounted to $128M in 2018, falling by -3.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Overall, anchovies consumption, however, continues to indicate a slight decline. The most prominent rate of growth was recorded in 2010 when the market value increased by 7.3% y-o-y. In that year, the anchovies market attained its peak level of $154M. From 2011 to 2018, the growth of the anchovies market failed to regain its momentum.

Production in Spain

In 2018, the anchovies production in Spain totaled 11K tonnes, remaining stable against the previous year. The total output volume increased at an average annual rate of +2.5% over the period from 2007 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The growth pace was the most rapid in 2014 with an increase of 14% y-o-y. Anchovies production peaked in 2018 and is likely to continue its growth in the near future.

Exports from Spain

In 2018, the exports of prepared or preserved anchovies from Spain totaled 3.6K tonnes. In general, the total exports indicated prominent growth from 2007 to 2018: its volume increased at an average annual rate of +5.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, anchovies exports reached their peak figure at 3.7K tonnes in 2015; however, from 2016 to 2018, exports failed to regain their momentum.

In value terms, anchovies exports totaled $54M (IndexBox estimates) in 2018. Overall, the total exports indicated buoyant growth from 2007 to 2018: its value increased at an average annual rate of +5.7% over the last eleven years.

Exports by Country

The UK (597 tonnes), Italy (471 tonnes) and France (404 tonnes) constitute the main destinations of anchovies exports from Spain, with a combined 40% share of total exports. These countries were followed by the U.S., Switzerland, Australia, the Netherlands, Canada, Germany, Egypt, Belgium and the Czech Republic, which together accounted for a further 45%.

In 2018, exports to the UK posted solid growth and practically regained their former peak achieved in 2015. This enabled the UK to overcome Italy in the ranking of top foreign markets for anchovies from Spain.

Export Prices by Country

The average anchovies export price stood at $14,843 per tonne in 2018, lowering by -3.7% against the previous year. Over the period under review, the anchovies export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 17% against the previous year. The export price peaked at $16,142 per tonne in 2008; however, from 2009 to 2018, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Switzerland ($18,866 per tonne), while the average price for exports to Canada ($4,136 per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Belgium, while the prices for the other major destinations experienced more modest paces of growth.

Imports into Spain

In 2018, the amount of anchovies (prepared or preserved) imported into Spain stood at 2.1K tonnes, growing by 16% against the previous year. Over the period under review, anchovies imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2010 when imports increased by 50% against the previous year. Imports peaked at 3.4K tonnes in 2015; however, from 2016 to 2018, imports failed to regain their momentum.

In value terms, anchovies imports amounted to $13M (IndexBox estimates) in 2018. In general, the total imports indicated measured growth from 2007 to 2018: its value increased at an average annual rate of +0.8% over the last eleven-year period.

Imports by Country

In 2018, Peru (989 tonnes) constituted the largest anchovies supplier to Spain, with a 47% share of total imports. Moreover, anchovies imports from Peru exceeded the figures recorded by the second-largest supplier, Morocco (493 tonnes), twofold. The third position in this ranking was occupied by Argentina (225 tonnes), with a 11% share.

From 2007 to 2018, the average annual growth rate of volume from Peru totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Morocco (+1.7% per year) and Argentina (-4.1% per year).

Source: IndexBox AI Platform

wood
Archives, Global Trade Daily, Imports/Exports

U.S. Wood Container and Pallet Market – the U.K. Strengthened Its Position As the Largest Market for U.S. Exports

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IndexBox has just published a new report: ‘U.S. Wood Container and Pallet Market. Analysis And Forecast to 2025’. Here is a summary of the report’s key findings.

The revenue of the wood container and pallet market in the U.S. amounted to $10.7B in 2018, rising by 8.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The market value increased at an average annual rate of +10.2% from 2013 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The most prominent rate of growth was recorded in 2014 with an increase of 20% y-o-y. Wood container and pallet consumption peaked in 2018 and is expected to retain its growth in the near future.

Production of Wood Container and Pallet in the U.S.

In value terms, wood container and pallet production stood at $10.5B in 2018. The total output value increased at an average annual rate of +9.2% from 2013 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The pace of growth was the most pronounced in 2014 when production volume increased by 16% against the previous year. Over the period under review, wood container and pallet production attained its maximum level in 2018 and is likely to continue its growth in the immediate term.

Exports from the U.S.

In 2018, approx. 106K tonnes of wood container and pallet were exported from the U.S.; increasing by 7.7% against the previous year. In general, wood container and pallet exports continue to indicate a temperate expansion. The most prominent rate of growth was recorded in 2014 with an increase of 134% year-to-year. Exports peaked at 334K tonnes in 2015; however, from 2016 to 2018, exports stood at a somewhat lower figure.

In value terms, wood container and pallet exports totaled $200M (IndexBox estimates) in 2018. The total export value increased at an average annual rate of +9.7% over the period from 2013 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by 32% against the previous year. Over the period under review, wood container and pallet exports reached their maximum at $200M in 2015; however, from 2016 to 2018, exports remained at a lower figure.

Exports by Country

The UK (48K tonnes) was the main destination for wood container and pallet exports from the U.S., accounting for a 45% share of total exports. Moreover, wood container and pallet exports to the UK exceeded the volume sent to the second major destination, Ireland (17K tonnes), threefold. Japan (14K tonnes) ranked third in terms of total exports with a 14% share.

From 2013 to 2018, the average annual growth rate of volume to the UK amounted to -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (+28.6% per year) and Japan (+25.9% per year).

In value terms, the UK ($77M) remains the key foreign market for wood container and pallet exports from the U.S., comprising 38% of total wood container and pallet exports. The second position in the ranking was occupied by Ireland ($31M), with a 16% share of total exports. It was followed by Japan, with a 13% share.

From 2013 to 2018, the average annual rate of growth in terms of value to the UK was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (+33.5% per year) and Japan (+31.2% per year).

Export Prices by Country

In 2018, the average wood container and pallet export price amounted to $1,886 per tonne, rising by 1.7% against the previous year. In general, the wood container and pallet export price continues to indicate strong growth. The pace of growth appeared the most rapid in 2016 an increase of 93% against the previous year. Over the period under review, the average export prices for wood container and pallet attained their maximum in 2018 and is likely to continue its growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2018, the country with the highest price was Spain ($2,620 per tonne), while the average price for exports to the UK ($1,617 per tonne) was amongst the lowest.

From 2013 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines, while the prices for the other major destinations experienced more modest paces of growth.

Imports into the U.S.

Wood container and pallet imports into the U.S. totaled 227K tonnes in 2018, picking up by 5.4% against the previous year. The total import volume increased at an average annual rate of +2.6% from 2013 to 2018; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2016 when imports increased by 14% y-o-y. Imports peaked in 2018 and are likely to see steady growth in the immediate term.

In value terms, wood container and pallet imports amounted to $376M (IndexBox estimates) in 2018. Overall, wood container and pallet imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 11% year-to-year. In that year, wood container and pallet imports reached their peak of $389M, and then declined slightly in the following year.

Imports by Country

In 2018, France (159K tonnes) constituted the largest wood container and pallet supplier to the U.S., accounting for a 70% share of total imports. Moreover, wood container and pallet imports from France exceeded the figures recorded by the second-largest supplier, China (32K tonnes), fivefold. Spain (6.2K tonnes) ranked third in terms of total imports with a 2.7% share.

From 2013 to 2018, the average annual growth rate of volume from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.7% per year) and Spain (+57.9% per year).

In value terms, France ($218M) constituted the largest supplier of wood container and pallet to the U.S., comprising 58% of total wood container and pallet imports. The second position in the ranking was occupied by China ($105M), with a 28% share of total imports. It was followed by Brazil, with a 1% share.

From 2013 to 2018, the average annual growth rate of value from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.7% per year) and Brazil (+15.9% per year).

Import Prices by Country

The average wood container and pallet import price stood at $1,659 per tonne in 2018, going down by -8.2% against the previous year. In general, the wood container and pallet import price continues to indicate a measured decline. The pace of growth was the most pronounced in 2015 an increase of 18% against the previous year. In that year, the average import prices for wood container and pallet reached their peak level of $2,097 per tonne. From 2016 to 2018, the growth in terms of the average import prices for wood container and pallet remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was China ($3,254 per tonne), while the price for Spain ($388 per tonne) was amongst the lowest.

From 2013 to 2018, the most notable rate of growth in terms of prices was attained by France, while the prices for the other major suppliers experienced a decline.

Companies Mentioned in the Report

Ifco Systems North America, Peco Pallet, Timber Creek Resource, Index Packaging, Palletone, Northwest Pallet Supply Co., Kamps, The Pallet Factory Inc, Atlas Global Solutions, Buckeye Diamond Logistics, Southwest Forest Products, Independent Stave Company, Elberta Crate & Box Co., Edwards Wood Products, American Fibertech Corporation, Hinton Lumber Products, Wisconsin Box Company, Nefab Packaging, Madison County Wood Products, Supply Chain Solutions, Satco, Commercial Lumber & Pallet Co., Crimstone AAA Operating Company, Wooden Pallets, Missouri Cooperage Company

Source: IndexBox AI Platform

grape
Archives, Global Trade Daily, News

Global Dried Grapes Market 2019 – the UK is the Leading Import Market

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IndexBox has just published a new report: ‘World – Dried Grapes – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.

The global dried grapes market revenue amounted to $6B in 2018, going down by -3.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.3% from 2007 to 2018; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2010 when the market value increased by 15% y-o-y. The global dried grapes consumption peaked at $6.7B in 2014; however, from 2015 to 2018, consumption stood at a somewhat lower figure.

Consumption By Country

China (512K tonnes) constituted the country with the largest volume of dried grapes consumption, comprising approx. 18% of total consumption. Moreover, dried grapes consumption in China exceeded the figures recorded by the world’s second-largest consumer, India (208K tonnes), twofold. The U.S. (160K tonnes) ranked third in terms of total consumption with a 5.6% share.

From 2007 to 2018, the average annual rate of growth in terms of volume in China stood at +6.6%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+8.1% per year) and the U.S. (-5.4% per year).

In value terms, China ($896M), the U.S. ($454M) and India ($444M) were the countries with the highest levels of market value in 2018, with a combined 30% share of the global market.

The countries with the highest levels of dried grapes per capita consumption in 2018 were the UK (1,470 kg per 1000 persons), Germany (831 kg per 1000 persons) and Japan (825 kg per 1000 persons).

From 2007 to 2018, the most notable rate of growth in terms of dried grapes per capita consumption, amongst the main consuming countries, was attained by India, while the other global leaders experienced more modest paces of growth.

Market Forecast 2019-2025

Driven by increasing demand for dried grapes worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.1% for the seven-year period from 2018 to 2025, which is projected to bring the market volume to 3M tonnes by the end of 2025.

Production 2007-2018

In 2018, approx. 2.9M tonnes of dried grapes were produced worldwide; lowering by -5.8% against the previous year. Over the period under review, dried grapes production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when production volume increased by 8.7% y-o-y. The global dried grapes production peaked at 3.2M tonnes in 2016; however, from 2017 to 2018, production remained at a lower figure.

In value terms, dried grapes production stood at $7.1B in 2018 estimated in export prices. The total output value increased at an average annual rate of +3.5% over the period from 2007 to 2018; the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The most prominent rate of growth was recorded in 2013 when production volume increased by 12% against the previous year. The global dried grapes production peaked at $7.3B in 2016; however, from 2017 to 2018, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of dried grapes production in 2018 were China (516K tonnes), Turkey (285K tonnes) and India (230K tonnes), with a combined 36% share of global production.

From 2007 to 2018, the most notable rate of growth in terms of dried grapes production, amongst the main producing countries, was attained by India, while the other global leaders experienced more modest paces of growth.

Exports 2007-2018

In 2018, the amount of dried grapes exported worldwide amounted to 773K tonnes, falling by -4.7% against the previous year. Over the period under review, dried grapes exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2010 when exports increased by 3.5% y-o-y. Over the period under review, global dried grapes exports attained their maximum at 848K tonnes in 2007; however, from 2008 to 2018, exports failed to regain their momentum.

In value terms, dried grapes exports amounted to $1.7B (IndexBox estimates) in 2018. The total export value increased at an average annual rate of +3.6% from 2007 to 2018; the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The pace of growth appeared the most rapid in 2010 with an increase of 30% year-to-year. Over the period under review, global dried grapes exports reached their peak figure at $2B in 2011; however, from 2012 to 2018, exports stood at a somewhat lower figure.

Exports by Country

Turkey represented the key exporter of dried grapes in the world, with the volume of exports reaching 279K tonnes, which was near 36% of total exports in 2018. The U.S. (85K tonnes) occupied the second position in the ranking, followed by Chile (63K tonnes), South Africa (61K tonnes), Uzbekistan (43K tonnes), Iran (42K tonnes) and Argentina (41K tonnes). All these countries together took approx. 43% share of total exports. Afghanistan (26K tonnes), India (23K tonnes), Greece (17K tonnes), China (17K tonnes) and the Netherlands (13K tonnes) followed a long way behind the leaders.

Exports from Turkey increased at an average annual rate of +1.4% from 2007 to 2018. At the same time, Afghanistan (+4.7%), South Africa (+3.7%), India (+3.6%), Argentina (+3.3%) and Uzbekistan (+3.1%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing exporter in the world, with a CAGR of +4.7% from 2007-2018. The Netherlands and Chile experienced a relatively flat trend pattern. By contrast, Greece (-2.8%), the U.S. (-3.2%), China (-3.6%) and Iran (-11.4%) illustrated a downward trend over the same period. From 2007 to 2018, the share of Turkey, South Africa, Argentina and Uzbekistan increased by +5%, +2.6%, +1.6% and +1.6% percentage points, while the U.S. (-4.7 p.p.) and Iran (-15.2 p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($490M), the U.S. ($284M) and Chile ($156M) were the countries with the highest levels of exports in 2018, with a combined 56% share of global exports. These countries were followed by South Africa, Afghanistan, Argentina, Iran, Uzbekistan, Greece, India, the Netherlands and China, which together accounted for a further 36%.

Afghanistan recorded the highest rates of growth with regard to exports, among the main exporting countries over the last eleven years, while the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2018, the average dried grapes export price amounted to $2,145 per tonne, increasing by 17% against the previous year. In general, the export price indicated a resilient increase from 2007 to 2018: its price increased at an average annual rate of +4.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2008 an increase of 26% year-to-year. Over the period under review, the average export prices for dried grapes attained their maximum at $2,351 per tonne in 2011; however, from 2012 to 2018, export prices failed to regain their momentum.

Prices varied noticeably by the country of origin; the country with the highest price was Afghanistan ($3,794 per tonne), while Uzbekistan ($1,236 per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Afghanistan, while the other global leaders experienced more modest paces of growth.

Imports 2007-2018

Global imports stood at 744K tonnes in 2018, declining by -5.9% against the previous year. Overall, dried grapes imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2010 with an increase of 8.2% against the previous year. The global imports peaked at 851K tonnes in 2016; however, from 2017 to 2018, imports remained at a lower figure.

In value terms, dried grapes imports stood at $1.6B (IndexBox estimates) in 2018. The total import value increased at an average annual rate of +3.2% over the period from 2007 to 2018; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2010 with an increase of 27% y-o-y. The global imports peaked at $1.8B in 2013; however, from 2014 to 2018, imports stood at a somewhat lower figure.

Imports by Country

The UK (99K tonnes), Germany (77K tonnes) and the Netherlands (55K tonnes) represented roughly 31% of total imports of dried grapes in 2018. It was distantly followed by Japan (35K tonnes), mixing up a 4.8% share of total imports. Kazakhstan (29K tonnes), France (26K tonnes), Brazil (26K tonnes), Russia (24K tonnes), Canada (24K tonnes), Belgium (22K tonnes), Italy (21K tonnes) and Australia (18K tonnes) followed a long way behind the leaders.

From 2007 to 2018, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by Kazakhstan, while the other global leaders experienced more modest paces of growth.

In value terms, the largest dried grapes importing markets worldwide were the UK ($199M), Germany ($163M) and Japan ($116M), together accounting for 31% of global imports. The Netherlands, Canada, France, Brazil, Italy, Russia, Australia, Belgium and Kazakhstan lagged somewhat behind, together comprising a further 29%.

In terms of the main importing countries, Kazakhstan recorded the highest growth rate of imports, over the last eleven-year period, while the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average dried grapes import price stood at $2,094 per tonne in 2018, growing by 15% against the previous year. Over the last eleven-year period, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2008 when the average import price increased by 23% y-o-y. The global import price peaked at $2,390 per tonne in 2012; however, from 2013 to 2018, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Japan ($3,274 per tonne), while Kazakhstan ($592 per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Japan, while the other global leaders experienced more modest paces of growth.

Source: IndexBox AI Platform

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U.S. HITS RUSSIA & VENEZUELA WITH TOUGHER SANCTIONS

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The Trump Administration on Aug. 2 imposed a second round of sanctions on Russia in response to Moscow’s 2018 use of chemical weapons in the United Kingdom to poison a former Russian spy. Three days later, the White House intensified pressure on the administration of Nicolás Maduro by imposing broad economic sanctions against the Government of Venezuela, a move that could escalate existing tensions with China and … wait for it … Russia!

So much for collusion.

For the seed that planted the intensified economic pressure on the Kremlin, you have to go back to March 2018, when former Russian double agent Sergei Skripal (a British national) and his daughter were poisoned with Novichok, a military-grade nerve agent developed in the Soviet Union, at their home in Salisbury, England. 

The UK determined that the Russian government was responsible for the attacks and, in response, the U.S. expelled Russian officials, closed the Russian consulate in Seattle and, in August 2018, announced sanctions that impacted arms sales and foreign assistance to Russia. The second round of sanctions concern restricted export licensing and loans and other financial assistance from U.S. banks and international financial institutions to Russia. 

As was the case with Russia, the Venezuela sanctions came as a result of a late-night Executive Order by President Donald Trump, who blocked all property, and interests in property, of the South American country’s government that are within the jurisdiction of the U.S. The Secretary of the Treasury is also authorized to impose secondary sanctions on non-U.S. persons who materially support or provide goods or services to the Venezuelan government. 

Trump’s order accuses the Maduro regime of “human rights abuses,” “interference with freedom of expression” and “ongoing attempts to undermine Interim President Juan Guaidó and the Venezuelan National Assembly’s exercise of legitimate authority in Venezuela.”

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Illinois-Based Lifeway Foods Enters Canadian Market

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Morton Grove, IL – Lifeway Foods Inc. has expanded its flagship line of probiotic kefir into Canada, where the cultured dairy beverage is now debuting in more than 1,000 stores across the country.

The company’s entry into the Canadian market marks the company’s second international expansion in 14 months, following the 2013 introduction of its frozen kefir products in the UK.

Lifeway the largest kefir manufacturer in the US with a commanding market share and a 20 percent + annual growth rate. The company said that the move into Canada and the UK “are the first steps in a plan to duplicate our success in the US in other markets around the world.”

According to the latest analysis by Transparency Market Research, global sales of probiotic products will jump from $11.6 billion in 2012 to $15.9 billion in 2019.

Probiotic dairy products accounted for almost 80 percent of all probiotic foodstuffs in 2011 and are expected to continue to command the highest market share, the analysis said.

08/01/2014