Global trade

Trade forms the backbone of the world’s economies, spurring investment, job creation, economic growth, and raising standards of living.

Global trade is being increasingly disrupted as tariff tensions, political unpredictability, protectionist policies and regulatory uncertainty challenge established business models and trade relationships.

The resulting inefficiencies were challenging when the trade environment was stable. But in our increasingly volatile times with COVID-19, Brexit as well as trade and political tensions at both local and global levels, the stakes are far higher.

Now should be a breakthrough era for international trade, as technological advances are making new forms of business possible, built on a foundation of data and insight. EY professionals can help you build an integrated approach by:

  • Shaping responses to changing global tariffs and trading relationships
  • Reducing cost, risk and delays from your trade network
  • Driving better insights through data
  • Reimagining your supply chain operating model
  • Leveraging technologies

EY Global Trade Updates

tradeflash 2023

TradeFlash June 2023

Staying on top of global trade developments and the latest thinking can be challenging. The latest edition of EY TradeFlash features a roundup of the latest developments in global trade, covering key trade topics such as the treatment of royalties, sustainable trade, the impact of supply chain disruption on trade compliance, trade technology and UK free trade agreements.

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tradewatch global trade Mar2023

TradeWatch 2023

In this first edition of the year, we see several of the trade trends that we identified in 2022 —supply chain disruption; a focus on environmental, social and governance (ESG) matters; and ongoing uncertainty around customs valuation — are still high on the agenda, and they are still presenting challenges and opportunities for businesses.

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Tradewatch Americas Insight

TradeWatch Americas Insights 

Under our Americas chapter, focus is on:

  • Brazil: New transfer pricing rules and their impact on customs valuation
  • Canada releases guidance on Select Luxury Items and proposes new reporting obligations on modern slavery in supply chains in 2024
  • Colombia: Government increases customs tariff for apparel and footwear imports, and examines the impact of tax reform on free trade zones
  • US: WTO rules against the US in cases involving Section 232 tariffs, China origin-marking

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Tradewatch Asia Pacific

TradeWatch Asia-Pacific Insights

The Asia-Pacific chapter focuses on key issues, with the following articles:

  • Japan: 2023 tax reform changes to the customs law
  • Japan/Indonesia: Economic Partnership Agreement — introducing electronic certificates of origin
  • Indonesia: New customs procedures for importing software and digital goods electronically
  • Philippines: Customs audits and the Prior Disclosure Program as well as Strategic trade management update

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TradeWatch EMEIA Insights

TradeWatch EMEIA Insights

Under the EMEIA chapter, authors discuss the impact on business of some key court rulings, including:

  • EU: European Commission publishes draft legislation for binding valuation information
  • EU: Russia sanctions pose challenges for companies
  • EU: Updated CBAM regulation published
  • Kingdom of Saudi Arabia: Clearance within two hours initiative
  • UK: Customs valuation policy shift — Method 1 under threat for multinationals
  • UK: Top seven trade trends in 2023

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Previous TradeWatch and TradeFlash editions

TradeWatch 2, 2022

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TradeFlash July 2022

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TradeFlash Feb 2022

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TradeWatch 1, 2022

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TradeWatch 3, 2021

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TradeWatch 2, 2021

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  • Foreign Trade Zone (FTZ) Consulting Services

    Companies import and export a wide range of materials and finished goods on a daily basis. Beyond the logistical and supply chain considerations for such movements, companies may incur additional costs for customs duties and fees at time of import. The use of US Foreign Trade Zones (FTZs) can help to mitigate those costs.

    With an FTZ, goods may be admitted for storage, manipulation or manufacturing without triggering the payment of customs duty when the goods arrive in the US. Only when the goods are subsequently removed from the FTZ to enter US Commerce may the goods be subject to duties. Goods ultimately removed from the FTZ for re-export avoid duty payment altogether.

    Based on the recent Annual Report of the Foreign-Trade Zones Board to the US Congress, there was $767b in inventory admitted into FTZs, and $111b in merchandise exported to foreign countries. In addition, the number of people employed in FTZs is sizable. The report noted that over 460,000 people are employed at 3,300 companies utilizing the FTZ program.

    As demonstrated by these figures and the anticipated increased growth of international trade, the FTZs program is a strategic tool used by US manufacturers and distributors to reduce customs and supply chain costs, promote US competitiveness and generate additional US jobs.

    We have a team of Foreign Trade Zone consultants with a deep understanding of the rules governing FTZs. We can help your business:

    • Evaluate the potential benefit of an FTZ based on your unique supply chain structure
    • Apply for and establish an FTZ by working with local jurisdictions, the FTZ Board and US Customs
    • Conduct trade operations in a compliant and efficient manner by providing centralized, managed services that help you redeploy key resources, shifting their focus from repetitive, transactional activities to what matters most — creating value for the organization
    • Leverage our EY Trade Connect modular trade technology platform including the FTZ inventory system module
    • Navigate the regulatory and compliance requirements associated with operating an FTZ

    Download more information

    Request a call from an EY FTZ advisor