News

ICC release 2023 Trade Registry Report

13/11/2023

The 2023 ICC Trade Registry Report is now available for purchase and download via the following link:

https://iccwbo.org/news-publications/policies-reports/icc-trade-register-report/?msdynttrid=iQJj3ltCaTdQ2yCJxqYPbQ_yo90bbwtKGiouc4tIaBI#single-hero-document

Here are some of the emerging trends identified in the Report:

International goods trade flows reached $23.8 trillion in 2022, up 10.7% from 2021 and slightly above the forecast in last year’s Trade Register of $23.3 trillion. 

The travel and transportation sector saw the fastest trade growth among sectors, amounting to 41% in 2022.

Computer and Telecoms services grew in line with its previous trend, at a pace of 6% in 2022.

Trade in services reached $6.8 trillion in 2022, up 14% from 2021, driven by strong growth across all regions in a continued post-pandemic recovery.

Energy, metals and mining is expected to see the largest decline in nominal terms, with a 4.9% decrease from 2022 to 2023

Real two-way trade flows between Russia and Western countries are expected to continue to decline (by 32% with the UK, by 44% with the USA, and by 35% with the EU), while flows between Russia and other countries are expected to increase (38% with India, 16% with China).

Boston Consulting Group forecasts nominal goods trade to decline by 1.9% from 2022 to 2023, as the reduction in commodity prices causes prices for traded goods to fall. 


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Latest Question

LC required field 44E: Any port in Thailand Field 44F: Any port in Vietnam Bill of lading presented with the bellowing details: Pre-carriage by and Place of Receipt ITAL BONUS V.0474-113S SAHATHAI, THAILAND Vessel and Voy No. and Port of Loading EVER OBEY V.0444-045N LAEM CHABANG, THAILAND Laden on Board the Vessel: OCTOBER 11, 2025 ITAL BONUS V. 0474-113S AT LAEM CHABANG, THAILAND 1. Can we raise the discrepancy: “B/L ON BOARD NOTATION INDICATED PRE-CARRIAGE I/O OCEAN VESSEL”? According to ISBP 821 paragraph E6 (c) (i) when a bill of lading indicates place of receipt different from the port of loading and there is an indication of a means of pre-carriage, it is to bear a dated on board notation which also indicates the name of vessel and the port of loading stated in the credit. In the presented bill of lading, the “on board” notation refers to the pre-carriage vessel ITAL BONUS, instead of the ocean vessel EVER OBEY, even though the port of loading is stated as LAEM CHABANG, THAILAND. We would like to seek your opinion whether this should be considered a discrepancy, or whether it is acceptable given that both Place of Receipt (SAHATHAI, THAILAND) and Port of Loading (LAEM CHABANG, THAILAND) comply with LC field 44E (“Any port in Thailand”). If it is to be treated as a discrepancy, kindly indicate any relevant ICC Opinion or ICC Official Interpretation (e.g., from ICC Opinions R-series or TA-series) that supports this view. 2. Kindly also confirm whether the following two forms of on-board notation would both be acceptable under ISBP 821 E6(c) (i): + Option 1: Laden on Board the Vessel: OCTOBER 11, 2025 EVER OBEY V.0444-045N AT LAEM CHABANG, THAILAND Or + Option 2: Laden on Board the Vessel: OCTOBER 11, 2025 ITAL BONUS V. 0474-113S AT SAHATHAI, THAILAND