Mark Bienstock, Managing Director
Bangladesh showed a significant turnaround in the level of exports to the USA in September. Financial pressures regarding labor increases in China have forced many importers and retailers to focus on increasing their Bangladesh expansion. There is also higher confidence in Bangladeshi manufacturing since a number of enhancements have been made to the major factories over the last six months.
Sadie Keljikian, Top Billion Finance
The international shipping industry is preparing for a PR backlash and new rounds of taxes in the aftermath of the upcoming Paris Climate conference. The annual United Nations summit, which is set to take place November 30th through December 11th, seeks to analyze new data regarding climate change and propose policies to reduce global temperatures.
Carriers are weary that any attempt to limit gas emissions would result in higher taxes for an industry that transports 90% of world trade. The latest report from the International Maritime Organization (IMO) showed that between 2007 and 2012, shippers reduced emissions from 2.8% of the world total to 2.2%, a promising step. However, the same study projected a 50% increase in emissions by 2050.
John Kornerup Bang of Maersk, owner of the world’s largest container shipping line, commented on the summit: “We are keen to emphasize that it has to be global, flag neutral and reward early movers. It is obvious to everybody that rates are low and there are structural challenges in the industry… we all suffer from that.”
Officials warn that a second explosion at the port in Tianjin, China on October 12th could have contaminated goods scheduled for export.
The FDA is requiring importers to submit entry and shipping documents for all human and animal food products, human and animal drug products, and medical devices that were originated from, stored in, or transmitted through the Binhai New Area industrial center or Xiditou Township of Beichen District in Tianjin. The FDA is taking these precautions due to the large quantities of hazardous materials stored in the area. The agency requires importers to report where exactly products were stored, how they were packaged and what testing is being done to ensure that they are not contaminated.
US Customs and Border Protection (CBP) has completed 98% of the automatic refunds for Generalized System of Preference (GSP) for entries filed with the “A” SPI and were duty paid. CPB is reviewing the remaining 2% of qualifying entries for expected refunds manually and hope to have them completed by early November. Those who have not received their expected automatic refunds by the end of the first week of November are advised to file a request with CBP.
CBP will also update their Automated Commercial Environment (ACE) Reports on October 31st to include a new homepage, more intuitive design to simplify navigation, and revisions to the training resource page.