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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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We, as the issuing bank, requested the below document, under field 46A. “Insurance policy/certificate for 10.00 percent above CIF value payable to the order of Sampath bank PLC, covering institute cargo clauses (a), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage.” Insurance certificate is presented containing below wording on the face side of the document. “The settlement of loss and damage will be effected, unless otherwise provided, through the intermediary of Marsh SA/NV to whom all documents are to be forwarded for this purpose, and will collect the indemnity under deduction of a commission of one percent” Also, it indicates the LC conditions as a mirror image as follows under the heading of "letter of credit conditions" whereas insurance conditions are incorporated separately in the certificate: "covering institute cargo clauses (A), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage" Having considered the above clauses, we have quoted below discrepancies. 1) Insurance policy indicates a deductible of 1 pct instead of irrespective of percentage. 2) Insurance not marked premium paid Beneficiary’s bank disagrees with our discrepancy and raised below argument: “Insurance policy/certificate does not indicate a deductible of 1 pct irrespective of percentage on the face of the document and banks will not examine terms and condition in insurance document as per ISBP paragraph K22 and marked as premium paid under the LC conditions. Considering above, may we have your opinion on the discrepancy quoted by us and the counter argument raised by the beneficiary’s bank.