December Trade: Major Events Recap

Global trade market is ever-changing with new challenges and opportunities. To facilitate your business planning, we have summarised key happenings last month for easy reading:

Amazon announced on December 5 2023 that starting from January this year, the commission rate for clothing products priced below US$15 will be reduced to 5%; for products priced between US$15-20, the rate will be reduced to 10%. Previously, the commission rate for these two categories of products was 17%.

Good news to clothing merchants who sell on Amazon online!

Brazil Officially Took Over As the Rotating Presidency of G20

On December 1, Brazil officially assumed the rotating presidency of the G20. The Brazilian government said it would focus on 3 core themes during its 1-year term: the fight against hunger, poverty and inequality; sustainable development, and reform of global governance. The G20 financial track comprises 8 working groups, and it will also set up a global anti-hunger and poverty alliance working group, a global mobilization response to climate change working group and an ecological economy initiative.

UK Became the Second Economy to Implement "Carbon Tax"

The European Parliament and the European Union Council passed the “Regulation 2023/956 on the Establishment of Carbon Border Adjustment Mechanism” in May 2023, establishing the CBAM mechanism in law. On December 18, the British government officially announced that it would implement the UK’s Carbon Border Adjustment Mechanism from 2027, and the initial covered product categories include aluminum, cement, ceramics, fertilizers, glass, hydrogen, and iron and steel.

The CBAM to be implemented in the UK literally means a "Carbon Tax".

Keep yourself abreast of the latest international trade news by staying tuned to our regular NewsBites blogposts, which will provide you with sourcing updates and expert insights!

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