International Trade News for July 2024
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🇮🇪 EORI Registration Changes by Irish Revenue
Irish Revenue now requires an Eircode/Postcode for EORI registrations. Customers with active TAN or PVA must update their addresses to include an Eircode by 15th September 2024 to avoid shipment delays. To check if your records contain a valid Eircode, validate your EORI number on the European Commission website. Update your address on Revenue Online Services by following the provided instructions. Both EU and Irish EORI number holders must comply with this requirement to ensure TAN/PVA utilisation. For more details, refer to the official guide.
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🌍 Global Trade Update Shows Positive Trends in eCommerce
The international eCommerce landscape is experiencing a positive shift, with the first quarter of the fiscal year marking a significant rebound in global trade. According to the latest report from UNCTAD, the value of global trade in goods increased by approximately 1%, and services by 1.5%, compared to the last quarter of 2023. This surge is driven largely by the export activities of major economies such as China (9%), India (7%) and USA (3%). This growth is expected to inject an additional $250 billion into goods trade and $100 billion into services trade in the first half of 2024 alone.
🇮🇳 New Shipper/Consignee Address Regulation in India
The Directorate of Revenue Intelligence (DRI) has advised all shippers and consignees to now provide a complete correspondence address. This includes the consignee’s name, mobile number, house number, street number, area name, state, country and zip code. Incomplete or inaccurate information may result in significant hold-ups causing import clearance and delivery delays.