Uzbekistan’s location in Central Asia could be used to connect trade routes in Asia and Europe. Over the last few years, the country has been actively seeking to diversify its economy and boost trade. In April 2021, Uzbekistan joined the EU’s GSP+ (Generalised Scheme of Preferences) scheme, which will remove trade tariffs on two thirds of the product lines covered by GSP, and is expected to aid economic growth.
This infographic showcases factors increasing global prices for everyday goods, such as supply chain shortages, political instability and climate change.
Ahead of the future strengthened trading relationship between the UK and Australia, Austrade together with the FDF would like to explore opportunities, gaps and trends across food and drink in both countries.
The global economy faces new headwinds following the Russian invasion of Ukraine in February 2022, while the COVID-19 pandemic is not yet over. The war in Ukraine and its resulting sanctions imposed on Russia are projected to cause accelerated energy and commodity prices, further disruptions in global supply chains and reduced business and consumer confidence.
This blog post comments on the macroeconomic implications of the Ukraine-Russia conflict
Euromonitor forecasts global inflation in the range of 6-9% in 2022, compared to an annual average of 3.8% in 2001-2019. Inflationary pressures have been rising since 2021, with surging demand for goods, pandemic-induced disruptions, rising energy prices, and labour shortages. The war in Ukraine and economic sanctions on Russia have compounded this inflationary environment, particularly for energy and food prices.
Inflation is now top of mind for economies, businesses and consumers alike. Rising prices affect consumer purchasing power, while resulting in changes in their spending and shopping behaviour. Growing production costs due to higher raw materials and transportation prices, being coupled with shifting consumer behaviour, mean companies now need to adjust their strategies in order to retain customers, profit margins and growth momentum.
Both Russia and Ukraine are important suppliers of commodities, agricultural goods and manufactured goods to the global economy. Russia’s invasion of Ukraine and economic sanctions will have a negative impact on supply chains and are likely to impact a wide array of industries, ranging from food products to hi-tech goods. In addition, the invasion adds more pressure to global logistics and the transportation network.