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Eurostat: Industrial producer prices up by 0.2% in euro area

December 2017 compared with November 2017
Industrial producer prices up by 0.2% in euro area
Up by 0.1% in EU28

In December 2017, compared with November 2017, industrial producer prices rose by 0.2% in the euro area (EA19) and by 0.1% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In November 2017, prices increased by 0.6% in the euro area and by 0.7% in the EU28.

In December 2017, compared with December 2016, industrial producer prices rose by 2.2% in the euro area and by 2.4% in the EU28.

The average industrial producer prices for the year 2017, compared with 2016, increased by 3.1% in the euro area and by 3.4% in the EU28.

In the EU28, the 0.1% increase is due to rises of 0.2% for both intermediate goods and durable consumer goods and of 0.1% in the energy sector, while prices remained stable for both capital goods and non-durable consumer goods. Prices in total industry excluding energy also rose by 0.1%.

The highest increases in industrial producer prices were observed in Sweden (+1.2%), Ireland (+0.7%), Slovakia (+0.6%) and Finland (+0.5%), and the largest decreases in Denmark (-1.0%), Lithuania (-0.6%), as well as Estonia and Romania (both -0.3%).

Annual comparison by main industrial grouping and by Member State

The 2.2% increase in industrial producer prices in total industry in the euro area in December 2017, compared with  December 2016, is due to rises of 3.0% for intermediate goods, of 2.9% in the energy sector, of 1.5% for non durable consumer goods, of 1.0% for capital goods and of 0.7% for durable consumer goods. Prices in total industry excluding energy rose by 1.9%.

In the EU28, the 2.4% price increase is due to rises of 3.2% in the energy sector, of 3.1% for intermediate goods, of 1.8% for non-durable consumer goods, of 1.1% for durable consumer goods and of 0.9% for capital goods. Prices in total industry excluding energy rose by 2.1%.

Industrial producer prices rose in all Member States. The largest increases were recorded in Belgium (+5.3%), Bulgaria (+5.1%), the United Kingdom (+4.2%), Lithuania (+3.8%) and Ireland (+3.6%).

For full statics, tables and breakdown of category please click HERE

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International Trade Secretary appoints new ‘HM Trade Commissioner’ for China

 

Dr Liam Fox announces Richard Burn as the new HM Trade Commissioner for China during a trade visit to the country.

Picture of Richard Burn

  • Richard Burn named as HM Trade Commissioner for China
  • Dr Fox leads delegation of more than 50 British businesses
  • Prime Minister announces £9 billion of new trade

Richard Burn is the first of 9 HMTCs to represent and promote the UK in important markets across the world.

The announcement comes during a UK trade visit to China led by the Prime Minister in which she announced around £9 billion of new deals for British companies.

Trade between the 2 countries is at record levels, worth over £59 billion annually, with British exports to China growing by more than 60% since 2010. The UK is already one of the largest European recipients of Chinese foreign direct investment.

Leading a delegation of more than 50 businesses to China, Dr Fox announced the first HMTC to head the global operations of the Department for International Trade (DIT) in China.

Each of the HMTCs will lead on export promotion, inward and outward investment, and trade policy overseas on behalf of the UK government. Their work will include developing and delivering a regional trade plan setting out DIT’s priorities in important global markets.

International Trade Secretary, Dr Liam Fox, said:

DIT was established to deliver a new approach to trade and investment promotion and this requires a new, senior, commercial team to lead our trade work overseas.

As an international economic department, we’ve moved quickly to appoint the first of these important roles. With his existing wealth of trade and investment experience, Richard will provide intelligence on the ground, deciding what tailored action is required in China, and playing a vital role in our future global trading relationships.

DIT Permanent Secretary, Antonia Romeo, said:

I’m delighted to welcome Richard to this important new role in DIT, and look forward to working with him to maximise British trade with the Chinese market.

Establishing a network of HMTCs across the world is an important step in building the capability of the Department. HMTCs will be experts in their regions, providing a clear vision and direction to the department’s global operations.

HM Trade Commissioner for China, Richard Burn, said:

China presents unrivalled opportunities for British companies. My role as HM Trade Commissioner for China will be to build on the strong links already in place, as we intensify the ‘golden era’ of UK-China trade. My top priority will be to achieve better market access for sectors in which the UK excels.

Since the start of the visit on Wednesday, Dr Fox has witnessed the signing of a number of commercial deals and also addressed business leaders at a Digital China event promoting future collaboration opportunities between healthcare and big data providers.

Dr Fox also attended a Britain is GREAT reception, showcasing the UK’s creative, consumer, tourism and hospitality sectors.

The visit culminated in today’s China-UK Business Forum, bringing together hundreds of British and Chinese business leaders, including Ali Baba CEO Jack Ma.

Background

About Richard Burn

Richard Burn is currently DIT Director General in China.

Richard has extensive business experience in China, including with Diageo, APCO and Batey-Burn, a market access and investment consultancy he co-founded and ran from 1989 to 1999. Richard has worked closely with government in China and the UK, including as former Prime Minister Sir Edward Heath’s Private Secretary.

About HMTCs

All of the new HMTCs will cooperate closely with HM Ambassadors and High Commissioners, the wider diplomatic network, and other HM Government colleagues based in countries in their region, in a joined-up and co-ordinated government effort overseas to promote UK trade and prosperity.

Two of the roles will also have Foreign and Commonwealth Office (FCO) Consul-General responsibilities in the cities where they are based.

In total, there will be 9 geographical areas that the HM Trade Commissioners will cover:

  • Africa
  • Asia-Pacific
  • China
  • Eastern Europe and Central Asia Network
  • Europe
  • Latin America
  • Middle East
  • North America
  • South Asia

Further HMTCs will be appointed shortly.

Soure: Gov.uk

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Eurostat: Volume of retail trade down by 1.1% in euro area

 

December 2017 compared with November 2017
Volume of retail trade down by 1.1% in euro area
Down by 1.0% in EU28

In December 2017 compared with November 2017, the seasonally adjusted volume of retail trade decreased by 1.1% in the euro area (EA19) and by 1.0% in the EU28, according to estimates from Eurostat, the statistical office of the European Union.

In November, the retail trade volume rose by 2.0% in the euro area and by 2.1% in the EU28.

In December 2017 compared with December 2016, the calendar adjusted retail sales index increased by 1.9% in the euro area and by 2.4% in the EU28.

The average retail trade for the year 2017, compared with 2016, rose by 2.6% in both the euro area and EU28.

Monthly comparison by retail sector and by Member State
The 1.1% decrease in the volume of retail trade in the euro area in December 2017, compared with November 2017, is due to falls of 1.5% for automotive fuel, of 1.2% for non-food products and of 0.7% for “Food, drinks and tobacco”.

In the EU28, the 1.0% decrease in the volume of retail trade is due to falls of 1.1% for non-food products and of 0.7% for both “Food, drinks and tobacco” and automotive fuel.

Among Member States for which data are available, the largest decreases in the total retail trade volume were registered in Luxembourg (-6.2%), Ireland (-2.7%) and Slovenia (-2.3%), while the highest increases were observed in Malta (+3.1%), Estonia (+1.8%) and Romania (+1.3%).

Annual comparison by retail sector and by Member State
The 1.9% increase in the volume of retail trade in the euro area in December 2017, compared with December  2016, is due to rises of 2.7% for non-food products and of 1.3% for “Food, drinks and tobacco”, while automotive fuel fell by 0.8%. In the EU28, the 2.4% increase in retail trade volume is due to rises of 3.7% for non-food products, of 1.2% for “Food, drinks and tobacco” and of 0.4% for automotive fuel.

Among Member States for which data are available, the highest increases in the total retail trade volume were registered in Malta (+12.4%), Romania (+10.1%) and Poland (+9.2%), while decreases were observed in Luxembourg (-20.7%) and Belgium (-2.5%).

Source:  For full statistics, chart and breakdown by sector visit Eurostat HERE

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Eurostat Update: Industrial production up by 1.0% in euro area

Monthly comparison by main industrial grouping and by Member State

The increase of 1.0% in industrial production in the euro area in November 2017, compared with October 2017, is due to production of capital goods rising by 3.0%, durable consumer goods by 1.6%, intermediate goods by 1.1% and non-durable consumer goods by 0.1%, while production of energy remained unchanged.

In the EU28, the increase of 0.9% is due to production of capital goods rising by 2.4%, durable consumer goods by 1.4%, intermediate goods by 0.9%, energy by 0.4% and non-durable consumer goods by 0.2%. Among Member States for which data are available, the highest increases in industrial production were registered in the Czech Republic and Germany (both +3.6%), and Luxembourg (+3.4%), and the largest decreases in
Ireland (-9.4%), Croatia (-3.6%) and Hungary (-2.1%).

Annual comparison by main industrial grouping and by Member State

The increase of 3.2% in industrial production in the euro area in November 2017, compared with November 2016, is due to production of capital goods rising by 6.2% and both intermediate and durable consumer goods by 4.6%, while production of energy fell by 3.4% and non-durable consumer goods by 0.1%.

In the EU28, the increase of 3.5% is due to production of capital goods rising by 6.8%, intermediate goods by 4.8%, durable consumer goods by 4.6% and non-durable consumer goods by 0.3%, while production of energy fell by 2.0%.

Among Member States for which data are available, the highest increases in industrial production were registered in Slovenia (+9.9%), Romania (+9.3%) and the Czech Republic (+8.5%).  Decreases were observed in Ireland (-10.1%), the Netherlands (-4.7%), Denmark (-2.7%) and Croatia (-1.6%).

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UKEF extends support for UK exports to over 60 currencies

Overseas buyers can now access UK government-backed finance in 62 pre-approved local currencies when they buy from the UK.

Overseas buyers of UK exports can now access UK government-backed finance in 62 pre-approved local currencies, Minister for Investment Graham Stuart MP announced today.

The support is available through UK Export Finance (UKEF), the UK’s export credit agency, and will help UK exporters compete for major overseas contracts, by allowing overseas buyers to access long-term finance in their local currency when they buy from the UK.

Graham Stuart MP said:

By giving UK exporters the flexibility to offer government-backed finance to their international customers in the currency of their choice, we are increasing the appeal of sourcing from the UK.

This world-leading offer from UK Export Finance gives buyers all over the world – from Bulgaria to Vietnam – the ability to ‘buy British, pay local.

The announcement builds on the expansion of UKEF’s local currency offering to 43 currencies in the Autumn Statement 2016, compared to fewer than 15 available in 2010.

Being able to access long-term finance is particularly beneficial for overseas buyers whose revenue and accounts are in their local currency, thereby helping to increase the competitiveness of a UK exporter’s offering.

UKEF can now offer pre-approved local currency financing in:

  • Bulgarian Lev
  • Colombian Peso*
  • Croatian Kuna*
  • Dominican Peso*
  • Ghanaian Cedi*
  • Jordanian Dinar*
  • Kazakhstani Tenge*
  • Mongolian Togrog*
  • Moroccan Dirham*
  • Nigerian Naira
  • Pakistani Rupee*
  • Panamanian Balboa
  • Philippine Peso
  • Romanian Leu
  • Serbian Dinar*
  • Sri Lankan Rupee*
  • New Taiwan Dollar
  • Trinidad & Tobago Dollar
  • Vietnamese Dong

*Support will be approved on a case-by-case basis

Source: www.gov.uk – 12 January 2018

 

 

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Trade policy minister sets out future UK-Africa trading relationship

 

Minister for Trade Policy, Greg Hands, has set out his vision for a positive UK-Africa trading relationship.

Minister for Trade Policy, Greg Hands, has set out his vision for a positive UK-Africa trading relationship.

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International Trade Secretary announces new roles to boost trade around the globe

 

The Secretary of State has announced the creation of 9 HM Trade Commissioner roles to represent the UK in trade markets abroad.

The Secretary of State for International Trade, Dr Liam Fox, has this week announced that the Department for International Trade (DIT) will recruit for a new team of Her Britannic Majesty’s Trade Commissioners (HMTCs) to represent the UK in key markets across the world.

The HM Trade Commissioners, one of the government’s manifesto commitments, will play a vital role as the UK leaves the European Union and takes its place as a global champion of free trade in charge of its own independent trade policy. The HM Trade Commissioners will head the global operations of DIT, leading on export promotion, inward and outward direct investment, and trade policy overseas on behalf of the UK government.

The 9 geographical areas that the HM Trade Commissioners will cover are:

  • Africa
  • Asia-Pacific
  • China
  • Eastern Europe and Central Asia Network (EECAN)
  • Europe
  • Latin America
  • Middle East
  • North America
  • South Asia

The HM Trade Commissioners will be senior Civil Service appointments. It is anticipated that appointments will be confirmed during the first half of 2018.

International Trade Secretary, Dr Liam Fox, said:

This is an exciting and challenging opportunity to represent the UK in key markets around the world. We will be seeking the brightest and the best, from both the public and private sectors to use their extensive regional and in-country knowledge, together with their business and government expertise to help build a global Britain.

The new HM Trade Commissioners will be providing a clear vision and direction to my Department’s global operations. That will require providing intelligence on the ground, deciding what tailored action is required in their region, and playing a vital role in our future global trading relationships.

Source: www.gov.uk – 27th November 2017

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Call for bids for producing Japan Cyber Security Market Intelligence toolkit

 

The British Embassy Tokyo is inviting interested parties to submit bids for producing Japan Cyber Security Market Intelligence toolkit to help the UK cyber security companies to capture business opportunities in the Japanese market.

Towards Tokyo 2020, there is rapidly growing need for cyber security in Japan. The UK expertise on cyber security is well recognised in Japan and intensive discussion/collaboration are already happening at government and academia levels. The UK cyber security companies have also started seeing some success.

This project aims to help the UK cyber security companies to capture these business opportunities in the Japanese market, by producing Japan Cyber Security Market Intelligence toolkit. Production of this toolkit would enable the UK companies to understand the current Japanese market situation, make better informed decision on whether enter the market and how to take their next steps, and eventually win contracts. The toolkit will be shared with the UK companies via webinars, seminars, and partners.

Key outputs

The successful bidder should produce a Cyber Security Market Intelligence toolkit by mid March. The toolkit will

  • build on the previous one in 2015, to help UK cyber security businesses in Japan;
  • Provide an overview of the current cyber market in Japan, including market size and prospects, examples of companies currently trading in Japan and the market sectors covered.
  • detail in general terms how Japanese companies purchase cyber security services including decision making process.
  • cover the process for overseas companies to enter the Japanese market (direct sales/partnering etc).
  • provide an assessment of the relative strengths and weaknesses of the Japanese cyber security market and market trends and opportunities.
  • cover any other aspect that UK companies need to know in order to successfully win business in the Japanese cyber security market.
  • include information on Japanese government, legal cyber policies, and governance.
  • useful resources for UK companies to refer to

If you have any queries (including the request to access to the previous toolkit in 2015), please contact: APAC.Procurement@fco.gov.uk

To find out more, including how to bid, please download Provision of a Japan Cyber Security Market Intelligence toolkit (PDF276KB25 pages.

The deadline for bids is 1700 on Wednesday 6 December 2017 (Japan time).

Source: www.gov.uk

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Report: EU trade agreements in place deliver tangible benefits

New Commission report highlights positive outcomes of existing
EU trade agreements and identifies areas for improvement

The EU has today published a report assessing the implementation of its existing trade agreements. This horizontal report is the first of its kind and sheds light on what happens after trade agreements are negotiated and have entered into force.

The publication is another step towards a fully transparent and inclusive trade policy, in line with the Commission’s commitments set out in the EU’s 2015 ‘Trade for All’ strategy.

Commenting on the report, Commissioner for Trade Cecilia Malmström said: “The success of EU trade policy is measured not only by striking new trade deals but also by ensuring that our existing agreements actually deliver. The report published today confirms that our trade agreements are a boost for the European economy: they have meant significant increases in exports, benefitting EU firms and their employees. We are also on the right track when it comes to engaging concretely with our partners on labour and environmental standards. In addition, this report has valuable lessons about what we can do better when putting new agreements in place.”

Overall, EU agreements are shown to lead to more EU exports and growth, with major export increases to, for example:

  • Mexico (+416% since 2000)
  • Chile (+170% since 2003)
  • South Korea (+59% since 2011)
  • Serbia (+62% since 2013)

The report shows that it is often the EU agricultural and motor vehicles’ sectors that benefit the most. For example, exports of cars to South Korea have increased by 244% since 2011, and in the case of the agreement with Colombia and Peru there was a 92% and 73% increase, respectively, in the exports of EU agricultural goods.

The report investigates also the impact of the provisions included in the ‘Trade and Sustainable Development’ (TSD) chapters, covering environment protection and labour rights, present in the newer agreements. While it is too early to draw general conclusions on the implementation of sustainable development goals included in the EU trade agreements, given this is a relatively recent practice, there are already numerous examples of positive collaboration on issues going beyond trade liberalisation that have been made possible thanks to these agreements. The EU could for instance engage on issues such as freedom of association, violence against members of trade unions, child labour, labour inspections, collective bargaining, tripartite consultation, and health and safety at work.

The first lessons highlighted in the report in relation to the implementation of sustainable development chapters will fit into the Commission’s broader debate on how to improve the effectiveness of sustainable development rules in our trade agreements, launched with a discussion paper in July of this year.

The report also identifies areas for improvement to increase the benefits of existing agreements. Despite the overall positive impact of trade agreements for EU exports, EU companies do not take full advantage of the opportunities offered. For example, the extent to which EU businesses are using tariff reductions is lower on the EU side than that of our partners. For exports to countries where there are newer trade deals in place, EU companies make use of available duty rebates for around 70% of their exports, whereas our partners use that duty rebate in around 90% of cases.

Also, for some sensitive products, instead of full liberalisation, the EU and its partners agree on limited market openings through tariff-free allowances, known as Tariff Rate Quotas (TRQs). The report shows that these possibilities are often underused by EU exporters: for cheese, only 4.3% of the total quota was used for exports to Peru, 7.9% to Colombia and 44% to Central America. The same is true for the use of some the TRQs conceded by the EU on some sensitive products, despite these issues being amongst the most controversial during the negotiations.

The report highlights an increasing need to raise awareness amongst EU companies – particularly small and medium-sized ones – about the opportunities that these deals offer, to expand their exports and grow their businesses.

The report will now be subject to discussion with Members of the European Parliament and Member States’ representatives in the Council. Commissioner Malmström will present the report to Member States’ Ministers at the Council meeting on Friday, 10 November. It will also be a basis for discussion with civil society, the next occasion being the upcoming EU Trade Policy Day on 5 December in Brussels.

For the full report please click HERE

Source: European Commission, 9th November 2017

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Industrial producer prices up by 0.6% in both euro area and EU28

 

In September 2017, compared with August 2017, industrial producer prices rose by 0.6% in both the euro area (EA19) and the EU28, according to estimates from Eurostat, the statistical office of the European Union. In August 2017, prices increased by 0.3% in the euro area and by 0.4% in the EU28.

In September 2017, compared with September 2016, industrial producer prices rose by 2.9% in the euro area and by 3.3% in the EU28.

Monthly comparison by main industrial grouping and by Member State
The 0.6% increase in industrial producer prices in total industry in the euro area in September 2017, compared with August 2017, is due to rises of 1.5% in the energy sector, of 0.4% for intermediate goods and of 0.2% for durable consumer goods, while prices remained stable for capital goods and non-durable consumer goods.

Prices in total industry excluding energy rose by 0.1%.

In the EU28, the 0.6% increase is due to rises of 2.0% in the energy sector, of 0.4% for intermediate goods, of 0.2% for durable consumer goods and of 0.1% for non-durable consumer goods, while prices remained stable for capital goods.

Prices in total industry excluding energy rose by 0.2%.

The highest increases in industrial producer prices were observed in the Netherlands (+2.9%), Denmark (+1.4%), Belgium (+1.3%) and Greece (+1.2%), while a decrease was recorded in Cyprus (-1.4%).
Annual comparison by main industrial grouping and by Member State The 2.9% increase in industrial producer prices in total industry in the euro area in September 2017, compared with September 2016, is due to rises of 4.6% in the energy sector, of 3.3% for intermediate goods, of 2.3% for non-durable consumer goods, of 1.0% for capital goods and of 0.7% for durable consumer goods.

Prices in total industry excluding energy rose by 2.2%.

In the EU28, the 3.3% price increase is due to rises of 6.0% in the energy sector, of 3.5% for intermediate goods, of 2.7% for non-durable consumer goods, of 1.1% for capital goods and of 1.0% for durable consumer goods.

Prices in total industry excluding energy rose by 2.5%.

Industrial producer prices rose in all Member States. The largest increases were recorded in Belgium (+7.0%), the Netherlands (+6.4%), Bulgaria (+6.0%), Estonia (+5.5%) and the United Kingdom (+5.4%).

Graph: Eurostat Industrial Prices

Source: Eurostat, 7th November 2017

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