Wednesday , December 10, 2025 |   04:46:40 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
I-T - Amounts paid by resident Indian distributors to non-resident software manufacturers, as consideration for resale/use of computer software through distribution agreements, is not payment of royalty: ITAT (See Breaking News) TP - ALP is not price which taxpayer is charging or paying for being party in international transaction, but it is the price to be paid or charged in such comparable controlled transaction in comparison to comparable un-controlled transaction: ITAT (See Breaking News) TP - Price charged to non-AEs in India cannot be used as CUP for determining arm's length price of sales of finished products made to overseas AEs: ITAT (See Breaking News) TP - Exercise of jurisdiction u/s 263 to revise final assessment order passed in pursuance to directions of DRP is invalid: ITAT (See Breaking News) Global economy continues to remain fragile: OECD (See Brief) TP - Notional indirect benefit to AE, due to incurring of certain expenditure by assessee in India, is not covered by TP provisions: ITAT (See Breaking News) I-T – As per Explanation to Sec 144C(8), DRP is empowered to examine issues arising out of assessment proceedings even if such issues do not form part of variations proposed by AO: ITAT (See Breaking News) I-T - FPI is free to choose as to how set off of short term capital loss has to be: ITAT (See Breaking News) I-T - TDS is not applicable on commission payment to foreign agents who have rendered services outside India and whose income is not taxable in India: ITAT (See Breaking News)
 
TII SEARCH
 
 
   
Home >> News Brief
 

G20 trade shrinks in Q4 of 2022
By TII News Service
Feb 23, 2023 , Paris

    

G20 merchandise trade contracted in value terms in Q4 2022, compared to the previous quarter and measured in current US dollars. Continuing the downward trend from its peakin Q2 2022, exports and imports declined by 3.5% and 3.1%,respectively, reflecting sluggish global demand and decreasing energy prices (Figure 1 and 2). Falling oil pricesweighed especially heavily on merchandise trade in North America, with exports contracting by6.7% in Canada, 5.4% in the United States, and 3.1% in Mexico in Q4 2022.Conversely, merchandise exports grew by 0.9% in the European Union, as strong sales of machinery and transport equipment in Italy, France and Germany partly offset lower shipments of chemical and metal products. In the United Kingdom, exports fell by 1.6% driven down by energy and chemicals. Chinese exports and imports declined by 7.1% and 2.5%, respectively, as strict COVID-19 containment measures weighed on trade, especially in electronics. Weak demand from China placed further strain on trade in East Asia. Korean exports dropped by 8.3%, largely due to falling semiconductor prices, while Japanese exports declined by 1.4%. Lower sales of primary commodities impacted exports from South Africa (down 9.7%), Indonesia (down 7.4%) and Saudi Arabia (down 14.5%).

G20 services trade also declined in value terms in Q4 2022, as measured in current US dollars (Figure 1 and 2). Exports and imports are estimated to have decreased by 0.8% and 1.5% respectively, following the 1.0% decrease and 0.3% increase recorded in Q3 2022. With shipping costs falling back to pre-pandemic levels, the value of trade in transport services sharply contracted across the G20, while travel continued to recover from the COVID-19 lows. Services exports fell by 1.5% in France and by 1.7% in the United Kingdom, while imports declined at slower pace in both countries. In Germany, exports and imports dropped by 1.9% and 3.9%, respectively, despite strong travel expenditure. Italy, on the other hand, saw an increase in exports (up 4.5%) and imports (up 2.9%), reflecting a pick-up in travel. Plummeting transport receipts and recurring lockdowns depressed Chinese exports (down 12.6%). Similarly, Korean exports and imports contracted sharply. In Canada, exports and imports fell by 0.7% and 4.0%. In contrast, the United States posted a 4.3% increase in exports, driven by travel, transport and business services. A rebound in travel also fueled export growth in Japan (up 2.9%), Australia (up 5.0%) and Brazil (up 2.1%). 

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAA
  • Circulars (I-T Act, 1922)
  • Limited Treaties
  • Other Treaties
  • TIEAs
  • Notifications
  • Circulars
  • Relevant Sections of I-T Rules,1962
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • MLI
  • Relevant Portion of I-T Act,1922
  • GAAR
  • MAP
  • OECD Conventions
  • Draft Guidelines
  • DTC Bill
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • UN Model Taxation
  • Miscellaneous
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • APA Annual Report
  • APA Rules
  • Miscellaneous
  • Relevant Sections of Act
  • Instructions
  • Circulars
  • Notifications
  • Draft Notifications
  • Forms
  • TP Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • FDI Circulars
  • RBI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • INTELLECTUAL PROPERTY
  • CBR Act
  • NBFC Report
  • Black Money Act
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • Multimodal Transportation
  • Vienna Convention
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • MCA Circular
  • Limitation Act
  • Type of Visa
  • SSAs
  • EPFO
  • Acts
  • FAQs
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Arbitration
  • Model Text
  • Agreements
  • Relevant Portion of I-T Act
  • I-T Rules, 1962
  • Circulars
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2025 | Privacy Policy | Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.