WTO goods barometer points to a possible trade turnaround
According to the World Trade Organization’s (WTO) latest Goods Trade Barometer, global goods trade remained depressed in the first quarter of 2023, but forward-looking indicators point to a possible turnaround in the second quarter.
Canada’s merchandise trade surplus rises to $1.9 billion in April
Statistics Canada announced that the country’s merchandise exports increased 2.5% in April, while imports edged down 0.2%. As a result, Canada’s merchandise trade surplus with the world widened from $231 million in March to $1.9 billion in April.
Selected Government Memorandums, Notices and Decisions
Here is a selection of relevant memorandums, notices, and decisions published this week. If you have any questions, be sure to contact your Axxess specialist. Government of Canada: Customs Notice 23-14: Amendments to the Departmental Consolidation of the Customs Tariff: Rate Reduction and Statistical Note
Consultation on proposed amendments to the Valuation for Duty Regulations
The Canada Border Services Agency (CBSA) is proposing amendments to the Valuation for Duty Regulations.
Canadian railways’ total freight volume was up 5.4% in March
Statistics Canada reports that Canadian railways transported 33.2 million tonnes of freight in March, up 5.4% from March 2022 levels, marking the 11th consecutive month of year-over-year increases.
Global air cargo demand sees slower decline in April
According to data for the month of April released by the International Air Transport Association (IATA) global air cargo markets were showing a continued, but slower, decline against the previous year’s demand performance.
G20 merchandise trade shows resilience in first quarter of 2023
According to the latest estimates from the Organisation for Economic Co-operation and Development (OECD) G20 merchandise exports rebounded in value terms in Q1 2023, as measured in current US dollars.
Selected Government Memorandums, Notices and Decisions
Here is a selection of relevant memorandums, notices, and decisions published this week. If you have any questions, be sure to contact your Axxess specialist.
Consultations on the proposed Canada-Africa Economic Cooperation Strategy
The Government of Canada announced the launch of public consultations on the Canada-Africa Economic Cooperation Strategy (CA-ECS).
Gross domestic product in the OECD rose by 0.4% in the first quarter of 2023
According to provisional estimates from the Organisation for Economic Co-operation and Development (OECD) gross domestic product (GDP) in the OECD rose by 0.4% quarter-on-quarter in the first quarter of 2023, slightly up from 0.2% growth in the previous quarter. Quarterly OECD growth rates have been weak since the first quarter of 2022.
