Friday , June 19, 2026 |   15:09:02 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
DTAA - Reimbursement does not contain any income element so as to be taxed as Fees for Technical Services either under I-T Act or under India–Japan tax treaty: ITAT (See Breaking News) DTAA - DDT u/s 115-O is tax levied on distributed profits of domestic company & not on income of shareholder; ergo does not fall within scope of DTAA benefits - YES: ITAT (See Breaking News) I-T- Final assessment order passed in violation of binding DRP directions is void ab initio: ITAT (See Breaking News) DTAA - Excess DDT paid u/s 115-O can be refunded u/s 237 even if not claimed in return due to ITR utility limitation; DTAA rate of 10% applies to DDT: ITAT (See Breaking News) I-T - Consultancy receipts cannot be taxed in India as business income in hands of non-resident in absence of evidence establishing business connection, PE, or fixed base in India: ITAT (See Breaking News) DTAA - Referral fee is purely a commercial income arising from introduction of clients & does not involve any managerial, technical or consultancy services; cannot be treated as FTS: ITAT (See Breaking News) TP - Internal CUP based on tariff charged charged by DGVCL to consumers is reliable benchmark: ITAT (See Breaking News) The 2026 Income Tax Ordinance and non-residents (See TII Edit) DTAA - Re-assessment is invalidated where commenced on incorrect assumption of facts: ITAT (See Breaking News) TP - Variations in functional profile, turnover filter and RPT filter, calls for exclusion of comparable for benchmarking purposes: 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.