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Why aren’t US Farmers Adopting Smart Technology?

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Global Trade Daily, Technology

Why aren’t US Farmers Adopting Smart Technology?

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Farmers who use precision agriculture technologies achieve greater yields than their counterparts who do not. This is according to the US Department of Agriculture and begs the question – if agtech tools are revolutionizing how farmers farm, why has the uptake been so slow? 

A survey by McKinsey of US farmers found less than half were using farm management software. Only 25% had implemented precision agriculture hardware and/or remote sensing, and a paltry 3% indicated they have plans on adopting AI-enabled software moving forward. 

Many of the developed world’s farmers already went through the first generation of digital farming tools. They were clunky, complex, a pain to manage, and the uptake was poor. Over the past couple of years Amazon, Google, and Microsoft have jumped into the arena, tailoring their artificial intelligence (AI) and cloud-computing to the larger industry. Bayer (now owner of Monsanto) has partnered with Microsoft and is rolling out what promises to be the most user-friendly service tying agribusiness to a cloud provider. 

Venture capital funding for sensing, Internet-of-Things, and farm management software increased by 35% last year. Relying on GPS, sensors, and AI, precision agriculture is posited to be the next big wave in farm innovation. Yet, high implementation costs, uncooperative weather, disease, and an aging demographic of farmers are proving to be the prickly thorns hindering uptake. 

American farmers are older than the average in most professions. At 58 years of age, a slower shift to technology is understandable. Most farmers rely on the guidance of agronomists and advisers as opposed to apps. The other concern of this demographic is data privacy. With age comes an increased reluctance to share farm-specific data. Compared to younger farmers, this is an area that significantly divides the two cohorts. 

Large farms and farming operations have been gobbling up market share over the past two decades. Bigger players use technology more efficiently and also pay the upfront costs necessary to implement efficiency-saving tools. Farmers who have opted for precision agriculture technologies with corn, cotton, soybeans, and winter wheat reap impressive yields compared to those who choose to remain with the status quo. 

A deluge of data is something that is certainly hindering widespread adoption. Yet, this generation’s apps are infinitely more user-friendly than the clunky options first rolled out two decades ago. Memories of unpleasant, first-generation technologies should not keep wide swaths of America’s farmers stuck in the past.  

Global Trade Daily, United states news

Export of Railway Goods Wagons in the United States Sees a Modest Rise to $54M in June 2023

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U.S. Railway Goods Wagon Exports

After two months of growth, overseas shipments of railway or tramway goods vans and wagons (not self-propelled) decreased by -9.6% to 652 units in June 2023. Overall, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in August 2022 with an increase of 103% month-to-month. The exports peaked at 1.7K units in June 2022; however, from July 2022 to June 2023, the exports failed to regain momentum.

In value terms, railway goods wagon exports surged to $54M (IndexBox estimates) in June 2023. Over the period under review, exports recorded a abrupt setback. The pace of growth was the most pronounced in August 2022 when exports increased by 108% against the previous month. Over the period under review, the exports attained the peak figure at 150M units in June 2022; however, from July 2022 to June 2023, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (539 units) was the main destination for railway goods wagon exports from the United States, with a 83% share of total exports. Moreover, railway goods wagon exports to Mexico exceeded the volume sent to the second major destination, Canada (113 units), fivefold.

From June 2022 to June 2023, the average monthly rate of growth in terms of volume to Mexico stood at +3.4%.

In value terms, Mexico ($42M) remains the key foreign market for railway goods wagon exports from the United States, comprising 78% of total exports. The second position in the ranking was taken by Canada ($12M), with a 22% share of total exports.

From June 2022 to June 2023, the average monthly rate of growth in terms of value to Mexico amounted to +6.8%.

Export Prices by Country

In June 2023, the railway goods wagon price stood at $82,656 per unit (FOB, US), surging by 29% against the previous month. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in September 2022 when the average export price increased by 56% against the previous month. The export price peaked at $94,924 per unit in October 2022; however, from November 2022 to June 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In June 2023, the country with the highest price was Canada ($105K per unit), while the average price for exports to Mexico stood at $78,031 per unit.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+3.3%).

Source: IndexBox Market Intelligence Platform  

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Global Trade Daily

May 2023 Sees 13% Surge in U.S. Loudspeaker Imports, Reaching $63M

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U.S. Loudspeaker Imports

In May 2023, approximately 3.6M units of single loudspeakers (in enclosure) were imported into the United States; jumping by 28% compared with April 2023 figures. Over the period under review, imports, however, continue to indicate a mild decline. Over the period under review, imports attained the peak figure at 4.7M units in October 2022; however, from November 2022 to May 2023, imports remained at a lower figure.

In value terms, loudspeaker imports amounted to $63M (IndexBox estimates) in May 2023. In general, imports, however, showed a slight downturn. Imports peaked at 87M units in September 2022; however, from October 2022 to May 2023, imports stood at a somewhat lower figure.

Imports by Country

In May 2023, China (2.2M units) constituted the largest loudspeaker supplier to the United States, accounting for a 59% share of total imports. Moreover, loudspeaker imports from China exceeded the figures recorded by the second-largest supplier, Thailand (410K units), fivefold. The third position in this ranking was held by Mexico (401K units), with an 11% share.

From May 2022 to May 2023, the average monthly growth rate of volume from China amounted to -3.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Thailand (+1.6% per month) and Mexico (+1.8% per month).

In value terms, China ($30M) constituted the largest supplier of loudspeaker to the United States, comprising 48% of total imports. The second position in the ranking was taken by Mexico ($15M), with a 24% share of total imports. It was followed by Vietnam, with an 8% share.

From May 2022 to May 2023, the average monthly rate of growth in terms of value from China amounted to -3.4%. The remaining supplying countries recorded the following average monthly rates of imports growth: Mexico (+2.0% per month) and Vietnam (+3.4% per month).

Import Prices by Country

In May 2023, the loudspeaker price stood at $17.3 per unit (CIF, US), falling by -11.7% against the previous month. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in July 2022 an increase of 20% m-o-m. The import price peaked at $23.2 per unit in December 2022; however, from January 2023 to May 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In May 2023, the country with the highest price was Mexico ($38.0 per unit), while the price for Taiwan (Chinese) ($5.6 per unit) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by Thailand (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Global Trade Daily, United states news

 May 2023 Sees Astonishing $922M Increase in U.S. Import of Locks and Keys

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U.S. Lock And Key Imports

In May 2023, purchases abroad of padlocks, locks and keys of base metal increased by 7.4% to 127K tons, rising for the second consecutive month after two months of decline. In general, imports, however, continue to indicate a mild curtailment. The pace of growth appeared the most rapid in April 2023 when imports increased by 11% month-to-month.

In value terms, lock and key imports rose notably to $922M (IndexBox estimates) in May 2023. Overall, imports, however, saw a relatively flat trend pattern.

Imports by Country

In May 2023, China (60K tons) constituted the largest lock and key supplier to the United States, accounting for a 48% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, Mexico (17K tons), threefold. The third position in this ranking was held by Canada (16K tons), with a 12% share.

From May 2022 to May 2023, the average monthly growth rate of volume from China totaled -2.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Mexico (+0.9% per month) and Canada (+0.8% per month).

In value terms, the largest lock and key suppliers to the United States were China ($277M), Mexico ($202M) and Canada ($113M), with a combined 64% share of total imports.

In terms of the main suppliers, Mexico, with a CAGR of +1.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Imports by Type

In May 2023, base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal (113K tons) constituted the largest type of lock and key supplied to the United States, accounting for a 89% share of total imports. Moreover, base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal exceeded the figures recorded for the second-largest type, locks; (other than those for motor vehicles or furniture), (key, combination or electrically operated), of base metal (6.1K tons), more than tenfold. The third position in this ranking was taken by base metal motor vehicle locks (5.8K tons), with a 4.6% share.

From May 2022 to May 2023, the average monthly rate of growth in terms of the volume of import of base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal totaled -1.7%. With regard to the other supplied products, the following average monthly rates of growth were recorded: locks; (other than those for motor vehicles or furniture), (key, combination or electrically operated), of base metal (-1.2% per month) and base metal motor vehicle locks (+1.8% per month).

In value terms, base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal ($706M) constituted the largest type of lock and key supplied to the United States, comprising 77% of total imports. The second position in the ranking was taken by locks; (other than those for motor vehicles or furniture), (key, combination or electrically operated), of base metal ($110M), with a 12% share of total imports. It was followed by base metal motor vehicle locks, with a 7.5% share.

Import Prices by Country

In May 2023, the lock and key price stood at $7,285 per ton (CIF, US), rising by 1.6% against the previous month. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in February 2023 when the average import price increased by 4.1% against the previous month. Over the period under review, average import prices attained the peak figure at $7,628 per ton in March 2023; however, from April 2023 to May 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In May 2023, the country with the highest price was Germany ($14,906 per ton), while the price for China ($4,596 per ton) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by Germany (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform  

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Global Trade Daily

U.S. Umbrella Import Plummets 18% to $55M in March 2023

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 U.S. Umbrella Imports

In March 2023, after two months of growth, there was significant decline in supplies from abroad of umbrellas, when their volume decreased by -7.7% to 12M units. Over the period under review, total imports indicated mild growth from March 2022 to March 2023: its volume increased at an average monthly rate of +1.2% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on March 2023 figures, imports increased by +38.2% against December 2022 indices. The pace of growth appeared the most rapid in April 2022 with an increase of 77% m-o-m. As a result, imports attained the peak of 18M units. From May 2022 to March 2023, the growth of imports remained at a somewhat lower figure.

In value terms, umbrella imports fell significantly to $55M (IndexBox estimates) in March 2023. In general, imports recorded a perceptible setback. The growth pace was the most rapid in December 2022 with an increase of 28% against the previous month. Imports peaked at 89M units in April 2022; however, from May 2022 to March 2023, imports remained at a lower figure.

Imports by Country

In March 2023, China (12M units) was the main umbrella supplier to the United States, accounting for a 98% share of total imports. It was followed by Cambodia (120K units), with a 1% share of total imports.

From March 2022 to March 2023, the average monthly rate of growth in terms of volume from China stood at +1.3%.

In value terms, China ($52M) constituted the largest supplier of umbrella to the United States, comprising 95% of total imports. The second position in the ranking was taken by Cambodia ($1.4M), with a 2.5% share of total imports.

From March 2022 to March 2023, the average monthly rate of growth in terms of value from China stood at -3.5%.

Imports by Type

In March 2023, umbrellas having a telescopic shaft (excluding garden umbrellas) (7.6M units) constituted the largest type of umbrella supplied to the United States, accounting for a 65% share of total imports. Moreover, umbrellas having a telescopic shaft (excluding garden umbrellas) exceeded the figures recorded for the second-largest type, garden or similar umbrellas (2.4M units), threefold.

From March 2022 to March 2023, the average monthly growth rate of the volume of import of umbrellas having a telescopic shaft (excluding garden umbrellas) stood at +4.8%. With regard to the other supplied products, the following average monthly rates of growth were recorded: garden or similar umbrellas (-2.7% per month) and umbrellas and sun umbrellas (other than having a telescopic shaft or garden umbrellas) (-2.9% per month).

In value terms, garden or similar umbrellas ($44M) constituted the largest type of umbrella supplied to the United States, comprising 79% of total imports. The second position in the ranking was taken by umbrellas having a telescopic shaft (excluding garden umbrellas) ($7.5M), with a 14% share of total imports.

Import Prices by Country

In March 2023, the umbrella price amounted to $4.7 per unit (CIF, US), falling by -11.2% against the previous month. Over the period under review, the import price continues to indicate a perceptible setback. The pace of growth was the most pronounced in October 2022 when the average import price increased by 79% against the previous month. Over the period under review, average import prices hit record highs at $8.1 per unit in March 2022; however, from April 2022 to March 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Cambodia ($11.4 per unit), while the price for China stood at $4.5 per unit.

From March 2022 to March 2023, the most notable rate of growth in terms of prices was attained by Cambodia (+4.4%).

Source: IndexBox Market Intelligence Platform 

march
Global Trade Daily, United states news

U.S. Wood Box Import Surges 30% to $9.8M in March 2023

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U.S. Wood Packing Imports

In March 2023, the amount of cases, boxes, crates, drums and similar packings of wood imported into the United States soared to 1.4M units, growing by 42% on the month before. In general, imports showed a temperate increase. The growth pace was the most rapid in January 2023 when imports increased by 133% m-o-m. Over the period under review, imports reached the peak figure at 1.4M units in June 2022; afterwards, it flattened through to March 2023.

In value terms, wood box imports surged to $9.8M (IndexBox estimates) in March 2023. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the maximum at 12M units in May 2022; however, from June 2022 to March 2023, imports stood at a somewhat lower figure.

Imports by Country

Mexico (521K units), Canada (481K units) and Honduras (305K units) were the main suppliers of wood box imports to the United States, together comprising 94% of total imports. These countries were followed by the Netherlands and China, which together accounted for a further 3.3%.

From March 2022 to March 2023, the biggest increases were in the Netherlands (with a CAGR of +9.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wood box suppliers to the United States were Canada ($3.7M), the Netherlands ($2.6M) and Mexico ($1.3M), with a combined 77% share of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +7.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In March 2023, the wood packing price amounted to $7.0 per unit (CIF, US), reducing by -8.1% against the previous month. Over the period under review, the import price continues to indicate a noticeable setback. The growth pace was the most rapid in July 2022 when the average import price increased by 67% against the previous month. Over the period under review, average import prices attained the maximum at $15.6 per unit in December 2022; however, from January 2023 to March 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In March 2023, the country with the highest price was the Netherlands ($113 per unit), while the price for Honduras ($794 per thousand units) was amongst the lowest.

From March 2022 to March 2023, the most notable rate of growth in terms of prices was attained by China (+0.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

 

 

management consumer inc shortage liberal forecast e-commerce brands x sai.tech
Global Trade Daily, News, United states news

SAI.TECH Announces Presence on SelectUSA Investment Summit

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SAI.TECH Global Corporation, a Sustainable Bitverse Operator announced presence to introduce SAI.TECH and its recent SAI NODE OHIO 5MW project in Ohio on 2023 SelectUSA Investment Summit on May 03 in Maryland, the United States.

The SelectUSA Investment Summit is the highest-profile event in the U.S. dedicated to promoting foreign direct investment(FDI), connecting investors, companies, economic development organizations (EDOs) and industry experts to seize every opportunity available to make investment deals happen through U.S. Investment. The 2023 SelectUSA Investment Summit was held at National Harbor, Maryland from May 1-4, 2023 to establish new connections and opportunities to grow through investing in the U.S.

SAI.TECH’s founder and CEO Arthur Lee was invited to attend the SelectUSA Summit to introduce SAI.TECH and its recent ESG oriented cryptomining center SAI NODE OHIO 5MW project in Ohio, showing the public the value and details of this new project.

This ESG Friendly Cryptomining Techonlogy Development Center develops technologies to recycle cryptomining heat for different heating needs, such as greenhouse and building heating, poultry industry operation. Thus, this center will not only save both bitcoin mining cost and electricity cost for greenhouse growers but also provide the public with the new model of innovative sustainable clean bitcoin mining. In the future, SAI NODE will cooperate with more industrial partners, showing the public more common heat application scenarios that our innovative datacenters can provide heating services to including but not limited to agricultural greenhouses, aquaculture facilities, and major types of buildings (residential/commercial/warehouse).

SAI NODE OHIO 5MW is SAI.TECH’s second SAI NODE OHIO project, the first one was launched in August last year in Ohio installed SAI.TECH’s first generation products. It is currently under construction and will be deploying SAI.TECH’s new ULITIAAS products TANKBOX and RACKBOX with upgraded liquid cooling and waste heat recovery technologies. The reason SAI.TECH chose Ohio to develop business is because Ohio is a hub of traditional data center companies and operations in North America with rich clean energy sources like nuclear, hydro, wind and solar power.

More significantly, this center will also serve as High Performance Computing Site including Bitcoin Mining and will also be available for AI computing, to design and develop hardware system architecture for AI and LLM as well as GPU clusters enabled with ULTIAAS’s liquid cooling and waste heat utilization technology.

With the mission of building ESG friendly sustainable computing power in mind, SAI.TECH will create a lot of value and bring the U.S enormous opportunities on the basis of SAI NODE projects and our techniques

In the coming 24 months SAI.TECH will build up the capacity of SAI NODE OHIO datacenter up to 15MW, which we expect to bring over $3 million of investment and create around 20 full-time positions directly in construction, operation and management. We also expect to attract third-party greenhouse owners to colocate on the site, which could bring additional $7 million of investment and around 15 full-time positions.

Through the reuse of energy, SAI.TECH can reshape the industrial pattern, help to introduce more heating consumption enterprises like large greenhouse growers, and enable the existing high-performance computing enterprises to quickly move from high-energy air cooling to high-efficiency liquid cooling and waste heat utilization mode, which will create more job opportunities and investment.

SAI.TECH’s patented liquid cooling and heating reuse technology are able to make the computing and heating industry more sustainable while reducing the cost of computing and heating reuse industries like agricultural greenhouse, industrial and commercial buildings. In this way, SAI.TECH will bring significant social value by reducing energy consumption and carbon emissions of the U.S., accelerating the achievement of carbon neutrality in the United States and globally.

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Archives, Global Trade Daily, News, Technology

Impact Networking Expands Its Texas Footprint with New Office in Austin

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Managed IT Service Provider of the Houston Astros Announces Office Opening in the State Capital of Texas

Impact Networking, a national managed service provider (MSP), announced today that it has leased office space in Austin, Texas, due to the immense popularity of its work in Houston. This sales, service, and technology showroom is expected to open May 1. It is centrally situated in the state capital of Texas to offer fast and personal service, giving clients access to experts in managed IT, cybersecurity, marketing, and more.

Founded in 1999, Impact integrates technology, expertise, and outstanding customer service to help clients solve the most pressing business problems and identify new opportunities in engaging and insightful ways, making them faster, more productive, and more secure. Specializing in managed IT, cybersecurity, digital transformation, marketing, and print services, Impact provides clients with the sustainable competitive advantages necessary for them to thrive in an increasingly digital world today, tomorrow, and for the next 10 years.

In August 2021, Impact announced its multi-year partnership with the Houston Astros as the official managed IT service provider of the MLB team. A few months later, the company announced its new office location in Texas at Midway’s much anticipated East River development in Houston, expected to open June 1.

Impact is headquartered in Lake Forest, Illinois, and currently supports thousands of organizations from 23 branches across the United States. For more information about Impact and its managed services, visit www.impactmybiz.com.

About Impact Networking

Impact Networking is a national managed service provider (MSP) that offers managed IT, cybersecurity, digital transformation, marketing, and print services to businesses of all sizes. Founded in 1999, Impact integrates technology, expertise, and outstanding customer service to help clients solve the most pressing business problems and identify new opportunities in engaging and insightful ways, making them faster, more productive, and more secure. Today, Impact employs more than 900 industry experts and supports thousands of businesses from 23 locations across the Unites States.

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Archives, Global Trade Daily, Market insight

14% Increase in Offshore Drilling in North America makes USA’s Petroleum Liquid Feedstock Market Highly Important for the Economy

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FMI anticipates that the global petroleum liquid feedstock market valuation could reach US$ 313 billion in 2023. As per the projection of the analysts, the market is likely to record a value of over US$ 474.1 billion by 2033, registering a CAGR of 4.2% between 2023 and 2033. Increase in oil & gas prices and the demand for aromatics and growth of the petrochemical industry and automotive fleet are expected to drive the global demand for petroleum liquid feedstock during the forecast period.

A significant area of the energy sector is the petroleum liquid feedstock market. This includes the supply and demand of different petrochemical products used as feedstock in multiple applications. It entails the production, refinement, and distribution of liquid petroleum products. They have various uses, such as the production of chemicals, polymers, and other industrial products as well as fuel for vehicles.

Global supply and demand, geopolitical unrest, and technical advancements are a few of the variables that have an impact on the liquid petroleum products market. The market is also subject to price volatility, with prices often fluctuating in response to changes in global economic conditions, production levels, and supply chain disruptions.

The market is significantly fueled by the petrochemical industry. An increase in petrochemical product utilization in end-use sectors has contributed to the petrochemical industry’s growth. Additionally, political and economic considerations have an impact on the price of oil and gas globally which shapes the market expansion.

The production and processing of aromatics are one of the main applications of petroleum liquid feedstock. Owing to their high usage as feedstock for several products, aromatic compounds like xylene, benzene, and toluene are in high demand from different end-use sectors including the chemical industries. This is likely to propel the market for petroleum liquid feedstock to expansion.

Naphthalene is a significant byproduct of petroleum liquid feedstock. The naphthalene products market is an important sub-segment of the petroleum liquid feedstock market and it has experienced significant growth lately. The increased demand for naphthalene products across different end-use sectors, such as textiles, plastics, and construction, is responsible for this expansion.

The growth in technological developments is another key market factor for the petroleum liquid feedstock industry. Specifically, the transportation industry is what drives demand for petroleum liquid feedstock. Local transportation uses naphtha and oil which are petroleum liquid feedstocks. They include motor vehicles, engine vehicles, and bunkers. Marine fuel is also used in the industrial and commercial sectors.

Naphtha is an important product within this market as it is a feedstock used in the production of various products. The naphtha products market is primarily driven by the petrochemical industry which uses naphtha as a feedstock for the production of plastics, synthetic rubber, and other chemicals. The growth of the petrochemical industry across the world has driven the demand for naphtha products in recent years. In addition to its use in the petrochemical industry, naphtha is also used as a fuel for power generation and as a blending component in gasoline production.

To produce low Sulphur fuels and high-value petrochemicals, the industry is witnessing a trend towards lighter and cleaner feedstock. Natural gas liquids (NGL) are being utilized more often as a petrochemical feedstock and as a crude oil alternative while biofuels and renewable feedstocks like biomass and waste oils are also becoming more significant.

The opportunities in the market are vast and varied. Expanding the uses of petroleum products as feedstock for new and ongoing applications in the petrochemical, refining, and energy industries is substantial potential. Developing new and innovative processing technologies to convert lower-value feedstocks into high-value products is another significant opportunity.

The Oil and Gas Sector in the United States Switches to Survival Mode

The United States petroleum liquid feedstock market is highly important for the economy of the country as it is one of the leading producers and consumers of petroleum products. The World Oil research of international petroleum ministries and departments predicted a 14% increase in offshore drilling in North America in 2022.

The availability of significant shale gas and crude oil deposits is likely to have a beneficial impact on the future of the United States industrial sector. For instance, according to the Energy Information Administration (EIA), proven crude oil reserves increased to 367 million barrels in 2019. The extensive shale resource development and the expanding use of data analytics to boost drilling and production are also anticipated to hasten the adoption of oil & gas analytics.

Nevertheless, factors including a drop in exploration and production activity and an increase in inventory costs limit market expansion. With growing concerns over climate change and the transition towards cleaner energy sources, the market is likely to face significant challenges during the forecast period.

For the first time since EIA started providing statistics on renewable diesel production, renewable diesel output topped biodiesel production in the January 2023 Petroleum Supply Monthly (PSM), which contains United States’ biofuel production data through November 2022.

Competitive Landscape

The global petroleum liquid feedstock market is highly fragmented with Tier-I players accounting for approximately 25%-35% of the global petroleum liquid feedstock market, while other global players along with several local players account for the remaining market share. Global market leaders in the petroleum liquid feedstock market are BP p.l.c., Exxon Mobil Corporation, TOTAL S.A., Royal Dutch Shell plc, Idemitsu Kosan Co., Ltd., Flint Hills Resources and YPF.

Key Market Players and Their Recent Developments in the Petroleum Liquid Feedstock Market

BP p.l.c. – The British Petroleum Corporation plc and BP Amoco plc were both renamed to become BP plc, a global oil and gas corporation with its headquarters in London. According to sales and earnings, it is among the top “supermajors” in the oil and gas industry. It is a vertically integrated business that engages in electricity generation, trading, distribution, and marketing, as well as oil and gas exploration and extraction.

In September 2022, the agreement to buy EDF Energy Services was announced by BP p.l.c. This increased BP’s market share in the retail electricity and gas market for the United States commercial and industrial (C&I) customers.

In August 2022, together, BP and Eni formally launched Azule Energy, a new independent joint venture that combines the two firms’ Angolan activities in a 50/50 split.

In February 2022, a strategic partnership between Nuseed and BP was formed to quicken the market’s acceptance of Nuseed Carinata as a low-carbon and sustainable biofuel feedstock.

Exxon Mobil Corporation – The ExxonMobil Corporation is a global oil and gas company with its headquarters in the United States. It was created on November 30, 1999, by the union of Exxon and Mobil. These two retail brands are still in use today with Esso for gas stations and downstream goods. The corporation is vertically integrated throughout the whole oil and gas sector. It also has a chemicals section that creates plastic, synthetic rubber, and other chemical goods.

In January 2023, ExxonMobil disclosed that it possessed a bulk stake in Imperial Oil Limited. The business will spend around US$560 million to advance the building of Canada’s leading renewable fuel facility.

In November 2022, ExxonMobil revealed the arrival of the first LNG cargo from the $8 billion Coral South floating LNG (FLNG) project off the coast of Mozambique, adding more LNG to the world energy market.

TotalEnergies – One of the seven supermajor oil corporations, TotalEnergies SA is a French multinational integrated energy and petroleum firm that was created in 1924. Its operations span the whole oil and gas value chain, from the exploration and extraction of crude oil and natural gas to the creation of electricity. Its maneuver also includes the movement of petroleum products across international borders and the sale of those products.

In January 2023, the Lapa South-West oil development, which is 300 km off the Brazilian coast in the Santos Basin, received TotalEnergies’ approval for the final investment decision. With a 45% ownership stake and a joint venture with Shell (30%) and Repsol Sinopec (25%), TotalEnergies manages the project. Three wells will be used to develop Lapa South-West.

In September 2022, in the Grandpuits (Seine-et-Marne) zero-crude platform, TotalEnergies and SARIA reached a partnership to develop sustainable aviation fuel.

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Archives, Education, Global Trade Daily

3 Strategies for Importing Goods From the U.S. to Europe

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Bilateral trade between the U.S. and the European Union has been a longstanding phenomenon. According to the U.S. Census Bureau, the EU is one of the U.S.’s biggest trading partners — with $823 billion of goods traded in 2022.

By definition, exports are goods or services produced in one country and sold in another, while imports are goods and services not produced domestically. The World Trade Organization identifies the U.S. as the world’s largest importer, followed by the EU and China, which has been the largest exporter of goods since 2009, Statista data shows. The U.S. ranks third in exports, behind China and the EU.

Exports to the EU totaled nearly $319 billion. Meanwhile, imports from the EU amounted to $504 billion, making the trade deficit $186 billion, U.S. Census Bureau data found. In simple terms, the U.S. receives more imported trade goods than it exports to the EU.

Why Are U.S. Imports So Difficult to Maintain for E-Commerce in Europe?

The COVID-19 pandemic, prolonged inflationary pressures, political unrest, new international regulations, and complicated logistics have created numerous trade challenges for retailers and e-commerce companies based in the U.S.

In my experience as the CEO and co-founder of Go Global Ecommerce, it is generally easier to import goods into Europe than the U.S. The U.S. has more restrictions on products and policy regulations, though every country has its own specifications, standards, and means of trading. Let’s discuss the various items that can complicate the trading process.

Factors Complicating the Importing of Goods From the U.S. to the EU

The first factor complicating international e-commerce is the state of overall economic conditions. We know that economies can change daily. Add in possible recessions, changing regulations, and political unrest, and you have a case of complicated trade. A complication or change in one country — or at one level of the business landscape — can create a domino effect on trade worldwide.

When it comes to the economic outlook, nearly 90% of supply chain leaders surveyed for a Container LogTech report said they fear “inflation and recession will be the biggest factors that will impact businesses” this year. Of course, negatively impacted businesses will negatively affect trade.

Furthermore, trade regulations differ for every industry, product, business, and sector. When it comes to customs, a free trade agreement or coalition is typically in place. A free trade agreement, such as the North American Free Trade Agreement (NAFTA), is a pact that eliminates many barriers and tariffs between countries, making it easier to import and export goods.

However, some types of goods have custom duties, such as aluminum, alcohol, and steel. A customs duty is a tariff or tax on specific goods the owner, purchaser, or customs broker must pay. These are handled by governments and regulators. International regulations and logistics complicate the process of importing goods from the U.S. for sale within the EU. For example, U.K. e-commerce fulfillment is especially trickier post-Brexit.

Geography is another factor that can affect trade. For example, as a country equipped with big boats and high-tech shipping machinery, it is easier to trade goods in the Netherlands. Trade routes, shipping requirements, and warehousing needs can impact shipping and trade in countries that don’t have the necessary ports, stations, or equipment for handling a large influx of imports.

In sum, factors that impact trade include the type of product, economic conditions, geography, and political agreements. Fortunately, goverments and regulators can help facilitate trade flow, improve accessibility for U.S. imports, and boost the overall network of e-commerce in Europe.

Business Moves to Make for Effective Cross-Border E-Commerce

Smooth implementation of cross-border e-commerce solutions requires regulations and political agreements. Yet government and agencies aside, there are ways to expand your company’s e-commerce business across borders as well.

E-commerce in Europe is on the rise as companies like Shopify, Zalando, and the Otto Group expand, and startups like Klarna and Flink continue to pop up on the market. There is a massive demand for e-commerce in the European market. To keep up with these changing tides, consider the following tips to expand your business’s cross-border e-commerce abilities.

  1. Analyze the best route for your business.

Every country has pros and cons, regulations, and laws. First, determine which country has the best tax considerations and payments process for your business. Perhaps localizing your efforts in Europe instead of the U.S. would prove most beneficial. Ask yourself whether the location has a strong presence of business partners, market maturity, and your business’s target customers.

Then, determine whether you want to expand physically to other countries. Your company could benefit by opening a warehouse in the EU. This move can help you save time and money on shipping and efficiency costs.

Establishing warehouses abroad can also ease transportation concerns, saving you the headache of mapping out the best shipping routes.

  1. Invest in the experts.

Compliance is crucial. To ensure your business is set up for success from the start, invest in a legal department or a company with international expertise. Whether you hire in-house or outsource advice, these shipping experts can provide you with e-commerce regulations guidance and help you ensure your business displays all necessary legal information to customers.

Nowadays, more businesses are choosing the merchant of record model to stay compliant when selling internationally. International e-commerce experts can also guarantee that you abide by all trade duties, tax regulations, and laws no matter where your customers are located.

  1. Put your customers above profit.

A strong and impressive customer experience is what keeps your customers continuously choosing your company. Find ways to simplify your return and exchange policy, but note how the cost of customs and duties will work when a product needs to be returned. Analyze the potential costs of returns and exchanges, but don’t make the customer bear the brunt of the transaction.

Cross-border e-commerce brings companies international market opportunities. It can be challenging for companies to keep up when faced with ever-changing trade regulations and agreements. Fortunately, by following these three strategies, you can expand your business internationally today. The opportunity and demand are ongoing, and the potential for e-commerce in Europe is continuous.

Simone De Ruosi is the CEO and co-founder of Go Global Ecommerce. With a background in engineering and business and sound knowledge of productive system management and strategic business management, he recently completed his MBA at the ESCP Business School (placed at No. 6 in the FT Global MBA 2022 rankings). When he co-founded and launched Go Global Ecommerce in 2020, he set out to assist brands that were ambitious about expanding on a global scale — an objective that has been fulfilled, having helped brands such as Nestlé, Kraft Heinz, Smeg, The Ridge, and Blauer USA grow internationally. He is a Mensa member, a keen sportsman, and, above all, a family man.