• Scotch whisky exports recover from pandemic, tariffs hits

      Scotch whisky exports recover from pandemic, tariffs hits

      The exports of the famous Scotch whisky crawled back from downturn caused by Covid-19 pandemic and the new higher US import tariffs. The Scotch Whisky Association (SWA) confirmed that the value of exports in the first half of 2021 was 31% higher than the same period of 2020 as volumes surged by 42%, BBC reported. Still the value was 10% lower than the 2019 record.

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    • EU posts €69.6bn 6-month trade surplus with UK

      EU posts €69.6bn 6-month trade surplus with UK

      Eurostat announced that the EU exports to Britain posted a 4.7% month on month increase in June while trade with European goods with the rest of the world decreased. At the same time Eurostat noted that imports from UK were "nearly unchanged", Reuters reported. The increased EU exports to Britain are coupled with a 0.6% drop in the bloc's exports to the rest of the world on the month, Eurostat said.

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    • World food prices slump for first time in a year

      World food prices slump for first time in a year

      United Nations food agency (FAO) announced that world food prices posted in June their first fall in 12 months. The decline in prices was largely driven by cheaper vegetable oils in addition to cheaper cereals and dairy products, Reuters elaborated. FAO also said that worldwide harvests of cereals would result in almost nearly 2.817bn tonnes in 2021. That estimate is slightly weaker than previously forecast, but still on course to hit an annual record.

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    • UK aims to join Asia-Pacific free trade accord

      UK aims to join Asia-Pacific free trade accord

      The United Kingdom plans to launch negotiations to join the Asia-Pacific free trade pact, BBC reported. Those intentions are targeted to secure to businesses from Britain to "some of the biggest economies of the present and future", the government said. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) consists of 11 countries and includes Australia, Canada and Japan. Membership in the pact would result in reduction of tariffs on exports such as cars and whisky.

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    • Brexit, pandemic slashed by half UK exports to EU

      Brexit, pandemic slashed by half UK exports to EU

      The exports of food and drinks from Britain to the European Union have dropped nearly by half due to trade barriers linked to Brexit and Covid-19 lockdowns, BBC reported. The Food and Drink Federation (FDF) figures confirm that sales to EU dropped by a total of 47%in the first three months of the year, compared with the same period in 2020.

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    • UK, Australia agree large-scale trade deal

      UK, Australia agree large-scale trade deal

      UK Prime Minister Boris Johnson and Australian PM Scott Morrison announced they had reached agreement over a large trade deal between the two countries, BBC reported. UK has been pushing ahead with efforts to substitute EU as trade partner after the Brexit process was completed. This is the first trade deal to be negotiated from scratch since the UK left the EU. The agreement is seen as key step towards the Britain joining a wider Asia Pacific free-trade agreement.

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    • UN warns of record food prices surging

      UN warns of record food prices surging

      The United Nations Food and Agriculture Organisation warned of possible global food shortage amid soaring costs related to pandemic, Reuters reported. The costs of imports monitored by FAO are seen soaring by 12% this year. The spike in costs is driven by extremely high demand in lockdown periods. The world's food import costs, which include shipping charges, is projected to reach to a record $1.715 trillion this year, from $1.530 trillion in 2020, FAO elaborated in its twice-yearly Food Outlook report.

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    • UK seals deal with Norway, Iceland and Liechtenstein

      UK seals deal with Norway, Iceland and Liechtenstein

      UK announced it had achieved a post-Brexit agreement with three European countries, Reuters reported. Norway, Iceland and Liechtenstein which are part of the European Economic Area confirmed that the trade accords with Britain were sealed. The deals end a post-Brexit period which marked the separation of UK from EU.

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