An update from MGTA

Midwest Global Trade Association

World Trader

From the President

By Kylle Jordan, MGTA President

Happy Holidays MGTA Community!

I hope you’re staying warm and enjoying this festive time of year.  I also hope that you’ve saved the date for our annual meeting.  We expect a great crowd and an entertaining evening at Pinstripes on Thursday, February 9th. I look forward to seeing many of you there!

As the year draws to a close, so does my time as MGTA President.  It’s been a fun and rewarding year for me and for the association.  From sold out professional development events hosted by our fantastic members, to packed networking events on trending topics like opening relations with Cuba – 2016 has been great!  My sincere thanks go out to all of our volunteers, members and committees for the hard work you do to ensure these events go off without a hitch! 

I’d also like to take this time to introduce your 2017 President – Ms. Anna Ouattara.  Anna has been a member of the MGTA for many years, on the board of directors for the last three, and an active volunteer with our professional development committee.  Outside of the MGTA, Anna has worked in the Minnesota logistics community for over a decade – from positions with C. H. Robinson, Donaldson and 3M – today she is a professor of supply chain and global trade at St. Paul College.  I look forward to passing the torch to my friend and colleague in February!

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Upcoming Events

Global Trade Education Lunch: Tariff changes effective from 1 January 2017

Tuesday, January 17, 2017
11:30 am to 1:00 pm

Cooper Irish Pub
1607 Park Place Boulevard
St. Louis Park, Minnesota  55416

View Details and Register Online


ACE- The Unchartered Operational Terrain

Thursday, January 26, 2017
8:30 a.m. to 12:00 p.m.

Ewald Conference Center
1000 Westgate Drive
St. Paul, Minnesota  55114

View Details and Register Online


MGTA 2017 Annual Meeting

Thursday, February 9, 2017
5:30 p.m. to 9:30 p.m.

Pinstripes Edina
3849 Gallagher Dr
Edina, Minnesota  55435

View Details and Register Online

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Software for Supply Chain Management

By Kylle Jordan, MN DEED

Supply chain management software (SCM) is the software tools or modules used in executing supply chain transactions, managing supplier relationships and controlling associated business processes.  Manufacturers turn to software to reduce common risks like:

  • Complex and extended global supply networks are a consequence of globalization and the chase for "low cost" manufacturing.  The reality is that many manufacturers are experiencing significantly longer product lead times than ever before, driving a level of complexity   in   the   supply   chain   that   can   prove   problematic, particularly if agility and responsiveness are required.
  • Volatile demand is the new norm, with "information-empowered" consumers who are less brand loyal and far more selective than ever before — and, frankly, are willing  to "leave  their  wallet  at home" if the value they require in a purchase is not apparent. Peer reviews and recommendations are driving brand switching, and private label alternatives are becoming more popular.
  • Growing regulation, particularly in the area of traceability, is certainly worrisome to manufacturers, many of which prefer to be proactive   rather   than   reactive.   Traceability   has   reinvigorated efforts to improve visibility and supply chain responsiveness, particularly for manufacturing companies that make products for the end consumer
  • Inflation    and    direct    input    costs remain    a    concern    for manufacturers that lack the ability to make price increases stick or are already at a cost disadvantage versus the competition

Every year, Software Advice speaks to thousands of prospective buyers seeking new supply chain management (SCM) software. An analysis of these interactions found that:

  • Small businesses are willing to spend a rather hefty amount—$30,000, on average—for new SCM software.
  • Midsize and large businesses are willing to spend an average of $171,000 for new SCM software.
  • Only 6 percent of small businesses are currently using commercial supply chain management software, compared to 21 percent of midsize and large businesses.

While premises-based software was still more widely used than SaaS solutions for SCM in 2014, Gartner projects that about two-thirds of the growth in SCMS adoption between 2015 and 2018 will be based on the SaaS subscription model: driven by a growing realization of the benefits of cloud-based services, the SaaS-based SCM market grew by about 24 percent in 2014 and is projected to continue to grow at a 19 percent compound annual growth rate (CAGR), reaching $4.4 billion in annual sales by 2018.

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The State of the Maritime Industry at the Close of 2016

By Thierry Ajas, Randstad Professionals

Survival of the Biggest or…

Going back to the article that I wrote for the previous newsletter, another wave of mergers was “to be expected going forward which [might] bolster the position of the biggest carriers.”  Although Hyundai Merchant Marine and Zim Lines have been able to hold their own so far, Maersk Line made the headlines at the beginning of December by announcing the acquisition of Hamburg Süd,  a steamship line owned by the Ötker Group, a family-owned German conglomerate involved in shipping, banking, food and beverages.
The roughly $4 billion deal, one of the biggest deals for a container operator, will boost Maersk Line’s presence on North-South shipping routes. The deal, which is subject to regulatory approvals around the world, is expected to be completed by the end of next year, and the final price is subject to the completion of due diligence.

According to the Wall Street Journal, Hamburg Süd has a 25% share of all shipments in and out of Brazil. The deal would boost Maersk Line’s share of global seaborne freight to 18.6% from 15.7%, according to maritime data provider Alphaliner.

Hamburg Süd, the world’s seventh largest operator, operates 130 container vessels with a capacity of 625,000 containers. It has 5,960 employees in more than 250 offices and reported sales of $6.73 billion in 2015.

The German company, which is largely debt-free, resisted takeover attempts for years. But with the difficult market conditions and no immediate prospects for a recovery in the industry, the Ötker family decided to exit from the shipping sector, according to the people familiar with the discussions.

“Giving up our engagement in shipping after an 80-year-long ownership in Hamburg Süd was not an easy decision for my family. We are very confident, though, to have chosen the best of all possible partners,” said August Ötker, the family’s patriarch.

Despite a flurry of consolidation in which France’s CMA CGM, the industry’s third-biggest player, bought Singapore’s Neptune Orient Lines, and Japan’s three largest shipping companies merged, the industry remains largely fragmented.

Dozens of small operators have been constantly undercutting one another on price, driving freight rates even lower and making it more difficult for the industry to cope with capacity that is an estimated 30% above demand.

“Consolidation will continue,” Mr. Søren Skou, Maersk Line’s CEO said, adding that over the next few years the top 20 global operators now “could be cut down to a handful.”

Will History repeat itself?

Korea Line signaled in November that it might be open to ordering new ships because shipbuilding prices are low. The South Korean government also is eager to prop up its ailing shipping industry, having proposed a state-supported ship financing vehicle with initial capital of 1 trillion won ($851 million). The new fund will provide financing of up to 6.5 trillion won to help the nation’s shipowners acquire new vessels. That’s something Hyundai Merchant Marine could draw on, as its successful restructuring made it eligible for state aid to order new medium-sized ships to replace chartered or scrapped vessel, and Korea Line outbid it for now-defunct Hanjin Shipping’s trans-Pacific networks.

In its effort to transform itself from a regional force to a global carrier, Islamic Republic of Iran Shipping Lines this week said it would order four 14,000-TEU ships  with financing from the South Korean government. The government-backed ocean carrier last year announced plans to add 579,000 TEUs of capacity to its existing fleet totaling only 99,867 TEUs.

Hints that capacity might tighten at the top global operators, but not those that want to be among them, come as other industry analysts warn that  the gap between supply and demand will widen in the coming years. An excess of 1.4 million TEUs in 2015 will grow to 2 million to 3.3 million TEUs by the end of 2020, Boston Consulting Group said in early November. Industry capacity will run 8.2 to 13.8 percent larger than demand by the end of 2020, compared with the 7 percent excess of supply over demand in 2015, BCG said.

The deceleration of demand BCG sees ahead — 3.2 percent on average in the next four years compared with the frothy days of mid-single-digit growth before the recession, when trade outpaced GDP expansion — is the result of a new normal of insipid demand and container shipping oversupply. “Before 2015, the industry’s major challenge was overcapacity,” BCG said. “During 2015, demand proved weak, and trend analysis suggests that this lower demand will characterize the industry.”

Meanwhile, Rickmers Maritime Trust confirmed it’s selling for scrap a seven-year-old Panamax container ship, the youngest vessel of its type to ever be demolished. The scrapping of the 4,250-ship highlights the paucity of demand for secondhand Panamax ships now that their canal namesake can handle ships of up to 14,000 TEUs, spurring increased capacity or at least idling of these young, but nearly obsolete ships. The recently sold Rickmers India was originally purchased for $60 million, according to IHS Markit Data, but is now valued at $5.9 million, according to vesselsvalue.com, an online ship valuation analyst.

The oversupply in the 4,000- to 5,100-TEU segment is set to worsen by year’s end, when more are set for redelivery, adding to the 75 ships seeking employment, according to maritime analyst Alphaliner. The return of ships chartered to collapsed Hanjin Shipping propelled the idle container ship fleet to a total of 1.7 million TEUs, equivalent to 9 percent of the global fleet, as of November, according to maritime analyst Drewry.

Not only do container lines have a history of reinjecting capacity once they spot an opportunity to grab market share on a lane, but new entrants could push back the timeline for matching demand and capacity. Woo Oh-hyeon, chairman of Korea Line Corp.’s parent, SM Group, on Dec. 1 said discussions are still under way with regard to acquiring five 6,500-TEU ships from Hanjin, and said new ships will likely be ordered because of the dramatic drop in newbuild prices.

"We're not considering chartering in existing vessels at the moment," Woo on Dec 1 told Fairplay, a sister product of JOC.com within IHS Markit. "In the past, building a new ship cost 50 billion won. Now, you just need 10 billion won to build a ship with a lifespan of up to 17 years.” By offering freight rates 10 percent lower than trans-Pacific competitors, Korea Line envisions grabbing market share with the 21 ships it plans to deploy on the trade lane in early 2017. The company hasn’t said whether it plans to join a major vessel-sharing agreement, or alliance, that would enable it to pool its cargo with partners to fill the larger ships and mitigate overcapacity.

Talk of ship orders at Korea Line and IRISL are a much-needed bright spot for shipbuilders, but liners that weren’t rocked by the waves of historic overcapacity could make the industry as a whole repeat it.

2017 Outlook for rates

Maersk Line Chief Commercial Officer Vincent Clerc told investors during a presentation in mid-December, “Some of the fundamentals seem to point toward a correction on the freight rates or at least a correction on the supply and demand.”

“2017 will be the first year of increasing contract rates since 2010 and this could come as a shock to some logistics managers who had got used to deflationary international transportation costs year after year,” said Philip Damas, head of the logistics practice of Drewry.

Rates will increase, despite shipping over-capacity continuing to be severe in 2017, Drewry projects. That may sound like a paradox, but Drewry said, "Factors such as the higher prices of fuel, the previously unsustainable level of rates and the Hanjin bankruptcy are now weighing heavily on pricing."

Drewry said some of its beneficial cargo owner customers are concerned that the rapid consolidation of the ocean carrier industry - which has moved from the “top 20 global carriers” to a smaller group of “top 14 carriers” - will substantially change the bargaining power of carriers.

However, Drewry noted that its "e-Sourcing Ocean Freight Solution" and benchmarking tools have enabled exporters and importers to mitigate increasing ocean transportation costs and carrier financial risks.

Many European importers have received annual carrier bids for contracts effective from January, with higher fixed rates than in 2016, Drewry said.

"We expect that ocean contract negotiations in the next few months - including the transpacific ones in March-April - will be tougher for shippers and also more complex, so exporters and importers need to be equipped with the best data, sourcing technology, practices and market insight,” Damas said.

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Getting Money Out of Mainland China Gets A Lot More Complicated

By Todd R. Vollmers

There have long been controls on sending money abroad from mainland China.  For example, individuals are not allowed to move more than U.S. $50,000 out of mainland China each year, and there have also been limits and an approval process for companies to transfer money out of the country.  However, due to more recent economic conditions, including a slowing economy, volatility in mainland China equities markets, and devaluation of China’s currency (officially called the Renminbi (“RMB”), which is denominated in Yuan as the unit of account), increasing numbers of Chinese companies and individuals have sought to move currency and/ or acquire assets overseas.

As of November 2016 mainland China-based acquirers had announced U.S. $209 billion in 2016 YTD overseas acquisitions, a 183% increase from the same time period in 2015.  In response to growing capital outflows, Chinese regulators have been imposing more scrutiny, and in some cases new restrictions, on capital outflows.  In late November 2016, the State Administration of Foreign Exchange (SAFE) issued a directive to banks that their domestic customers must obtain approval before transferring $5 million or more (whether in Dollars or Yuan) out of China.  In addition, this rule will also apparently affect RMB deposits in overseas accounts, which previously had escaped most regulation.  It has also been reported that Chinese regulators are drafting rules to require prior approval from the central government in Beijing for very large overseas corporate acquisitions.  Under these draft rules, prior approval would be mandated for deals exceeding $1 billion involving either real estate or an industry different from a Chinese company’s primary area of business, or any acquisition of whatever type exceeding $10 billion.                 

New restrictions are also aimed at Chinese individuals transferring or spending funds overseas.  UnionPay, which operates under the approval of the People’s Bank of China (China’s central bank), has a virtual monopoly on bank cards and card payments in China.  Through new restrictions imposed on UnionPay transactions, the Chinese government is limiting the amount of cash its citizens can withdraw from overseas ATMs.  UnionPay bank cards issued in mainland China are limited to a daily withdrawal limit of 10,000 Yuan per card (~$1,573), and beginning in 2016 cumulative annual cash withdrawals overseas have been limited to 100,000 Yuan per card (~$15,737).  In response to the hundreds of thousands of mainland Chinese who have traveled to Hong Kong to purchase insurance policies (particularly life insurance with investment attributes to hedge against continued weakening of the RMB, and also to get around the $50,000 limit that Chinese individuals are allowed to send overseas annually) UnionPay recently banned Chinese individuals from buying foreign insurance products, with the exception of accident and medical-related policies.  Furthermore, SAFE has directed that UnionPay limit each transaction involving overseas insurance policies to $5,000.     

The new scrutiny and restrictions with regard to transfers of funds from mainland China have had a variety of effects on international business and transactions involving Chinese companies and individuals (e.g. real estate transactions, acquisitions by Chinese companies, overseas payments on contracts, and availability of cash withdrawals for Chinese nationals traveling abroad).  As the Chinese government has tried to slow the outflow of capital from China, these controls have become even more strict, and that trend is likely to continue for the foreseeable future.

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Interest Rates on the Rise

By Jim Glassman, Head Economist, JPMorgan Chase Commercial Banking

What are the implications of the Federal Reserve's decision to raise interest rates?

After a year of solid employment growth and strengthening economic data, the Federal Reserve’s Open Markets Committee voted to hike interest rates by another 25 basis points at the December 14th meeting. The Fed also released economic projections that reveal their intention to raise rates three more times over the coming year.

This marks the first interest rate hike since last December, when the Fed raised rates from near zero, where they had been stuck since the 2008 financial crisis. This decision will lift the target range for overnight rates to between 0.5 and 0.75 percent. Ultimately, the Fed anticipates pushing rates to at least 1 percent above inflation (or approximately 3 percent) in the long run, given the Fed’s 2 percent longer-run inflation target.

Why So Slow?

Interest rate normalization has been a surprisingly slow process. Last December, the majority of committee members anticipated that they would make a series of hikes in 2016, bringing rates to 2 percent or more by year’s end. But concerns about global risks and the absence of inflationary pressure kept the Fed on the sidelines, leaving highly accommodative rates in place to support faster growth and a quicker return to full employment.

The Federal Reserve is mandated to use its power over short-term interest rates to push the economy toward full employment and 2 percent inflation. While inflationary pressure remains well below target, the labor market is starting to show signs of tightening. Adopting a faster pace of interest rate normalization now may help prolong the business cycle’s peak by preventing the emergence of imbalances that could lead to the next recession.

Recovery in the Labor Market

The official unemployment rate has barely moved since last December, holding at around 5 percent, despite the fact that job creation has vastly outstripped population growth over the past year. This indicates that a large hidden population of unemployed and underemployed workers is still moving back into the labor force.

More comprehensive measures of employment show an improving job market, but slack remains. The prime-age workforce participation rate rose steadily throughout 2016, but it remains about 2 percent shy of its prerecession high. Broader measures of unemployment—which include involuntary part-time workers and discouraged workforce dropouts—fell rapidly over the past year, but the slow pace of wage growth is a sign that the labor market is only now beginning to tighten.

Early Action

With inflation below target and the labor market still recovering, why hike rates now? Acting ahead of inflation will allow the Fed to normalize rates gradually to avoid disrupting markets. This hike still leaves interest rates in a very accommodative position, and borrowing costs are likely to remain near historic lows throughout 2017. But by making an incremental hike now, the Fed will have more flexibility to promote financial balance and to keep a lid on inflation as the economy heats up over the coming years.

Ideally, the Fed’s policies will prolong the current business cycle and keep the economy operating at its peak potential for as long as possible. In the past, the top of every business cycle has generated imbalances as the economy began to overheat. But as we approach the current peak, slightly higher interest rates may effectively discourage the creation of the asset bubbles and bad investments that could lead to the next recession.

Market Reaction and the Challenges Ahead

Compared to shocks from overseas, such as the slowdown in Chinese growth or Brexit, the Fed’s widely anticipated decision is unlikely to surprise markets. This quarter-point hike should be no different from last December’s initial hike, which markets took in stride. This decision will leave the federal funds rate, a key anchor for money market rates, below 1 percent, which is still quite low by historic levels.

As the economy strengthens and interest rates return to normal, the market’s attention will likely turn toward the Fed’s balance sheet. During the height of the recession, the central bank launched several rounds of quantitative easing (QE), in which it purchased assets—mostly treasury bonds and mortgage-backed securities—in an attempt to hold down long-term interest rates and encourage private-sector investment.

QE achieved its goal, but the Fed’s balance sheet still retains approximately $3.5 trillion in excess securities. Similar actions by other key central banks have collectively depressed long-term interest rates around the world as well. The implications of an eventual sell-off are unclear—the Fed is almost certain to move gradually, allowing its holdings to shrink by attrition as they mature, which should limit fallout from the bond market. But investors know that long-term treasury yields have been pushed far below their natural equilibrium levels, which opens the door to volatility when the Fed announces a strategy to shrink its holdings.

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The Canada-European Union Comprehensive Economic and Trade Agreement

By Jakub Kowalczyk, Purolator

The Comprehensive Economic and Trade Agreement (CETA) is a tentative free-trade agreement between Canada and the European Union. If enacted, the agreement will eliminate 98 percent of the tariffs between Canada and the EU.

Final ratification is still required by the European Parliament and the legislatures in each EU member country.  A ceremonial signing of CETA was held on October 30, 2016 in Brussels as a show of support for the deal which is more far-reaching than any other trade agreement.

Goals of CETA:

  • Eliminate most tariffs:  98 percent of tariff lines will be duty-free. After seven years, all customs duties on industrial products will disappear.

  • Cut red tape: Wherever possible, customs procedures will be simple, effective, clear and predictable so as to reduce processing times at the border and make the movement of goods cheaper, faster and more efficient.

  • Reduces barriers to trade: CETA will allow Canadian and EU producers to have certain products tested and certified only once (in Canada or the EU). This will reduce testing and certification costs and delays for manufacturers.

  • Provides access to public contracts at all levels: CETA will provide opportunities for Canadian and EU firms to supply goods and services to all levels of the Canadian and EU governments.  This includes EU member state governments, regional and local governments and at the Canadian federal, provincial and municipal level as well. 

  • Improves access for trade in services: CETA gives Canadian service providers the best market access the EU has ever granted.  European firms will have more opportunities to provide services, such as specialized maritime services like dredging, moving empty containers, or shipping certain cargo within Canada.

  • Improves labor mobility: CETA will make it easier for company staff and other professionals to work on the other side of the Atlantic, and for firms to move staff temporarily between the EU and Canada

  • Promotes and protects investment: CETA will give investors greater certainty, stability and protection for their investments. It will ensure all European and Canada investors are treated equally and fairly.  It will improve the investment climate and offer more certainty to investors by not discriminating between domestic and foreign investors and not imposing new restrictions on foreign shareholdings.

  • Strengthens labor and environmental rights: CETA includes the EU's and Canada's obligations under international agreements on workers' rights and environmental and climate protection.

By achieving the goals of CEVA the Canada and the EU hope to provide better opportunities for their citizens by allowing small and medium size business to compete internationally which would provide greater choice and reduce cost to consumers. CETA is progressive.  It goes beyond just removing customs duties, by taking people and the environment fully into account. By doing so, the signers are hoping to set a new global standard for future trade agreements.   


Country of the Month: Turkey

Capital: Ankara
Population: 80,274,604
Median Age: 30.5 years
Urbanization: 73.4% of total population
GDP: $1.589 trillion
GDP Per Capita: $20,400

Background

Modern Turkey was founded in 1923 from the remnants of the defeated Ottoman Empire by national hero Mustafa KEMAL, who was later honored with the title Ataturk or "Father of the Turks." Under his leadership, the country adopted radical social, legal, and political reforms. After a period of one-party rule, an experiment with multi-party politics led to the 1950 election victory of the opposition Democrat Party and the peaceful transfer of power. Since then, Turkish political parties have multiplied, but democracy has been fractured by periods of instability and military coups (1960, 1971, 1980), which in each case eventually resulted in a return of formal political power to civilians. In 1997, the military again helped engineer the ouster - popularly dubbed a "post-modern coup" - of the then Islamic-oriented government. Turkey intervened militarily on Cyprus in 1974 to prevent a Greek takeover of the island and has since acted as patron state to the "Turkish Republic of Northern Cyprus," which only Turkey recognizes. A separatist insurgency begun in 1984 by the Kurdistan Workers' Party (PKK) has long dominated the Turkish military's attention and claimed more than 40,000 lives. After the capture of the group's leader in 1999, the insurgents largely withdrew from Turkey mainly to northern Iraq. In 2013, the PKK and the Turkish Government agreed to a cease-fire, but fighting resumed in 2015. Turkey joined the UN in 1945 and in 1952 it became a member of NATO. In 1963, Turkey became an associate member of the European Community; it began accession membership talks with the EU in 2005. Over the past decade, economic reforms have contributed to a quickly growing economy.

Late 2015 and the first half of 2016 witnessed an uptick in terrorist violence in Turkey's two largest cities and elsewhere. Several car bomb and gun attacks in Ankara in October 2015, and two attacks there in February and June 2015 were followed by an attack on Istanbul's Ataturk Airport. On 15 July 2016, elements of the Turkish Armed forces attempted a coup at key government and infrastructure locations in Ankara and Istanbul. An estimated 300 people were killed and over 2,000 injured when Turkish citizens took to the streets en masse to confront the coup forces. Turkish Government authorities subsequently conducted mass arrests of military personnel, detained several thousand judges and journalists, and suspended thousands of educators in connection with the coup. The government accused coup leaders of links to the "Gulen" movement - an Islamic transnational religious and social movement, which the government designates as a terrorist group.

Economy

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication. An emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, petrochemical, and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix.

After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis, and GDP rebounded strongly to around 9% in 2010-11, as exports returned to normal levels following the crisis. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at yearend 2014.

The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, uncertain commitment to structural reform, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains overly dependent on often volatile, short-term investment to finance its large current account deficit.

Exports - commodities:
apparel, foodstuffs, textiles, metal manufactures, transport equipment

Imports - commodities:
machinery, chemicals, semi-finished goods, fuels, transport equipment

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Do you know an MGTA member who was recently promoted or hired to an import/export company? Know of a member who recently got married or had a new addition to the family? Share the good news with your industry colleagues by emailing Kylle Jordan.

January – February 2017

From the President

Upcoming Events

Software for Supply Chain Management
By Kylle Jordan, MGTA President

The State of the Maritime Industry at the Close of 2016
By Thierry Ajas, Randstad Professionals

Getting Money Out of Mainland China Gets A Lot More Complicated
By Todd R. Vollmers

Interest Rates on the Rise
By Nicolas Schweim

The Canada-European Union Comprehensive Economic and Trade Agreement
By Jakub Kowalczyk, Purolator

Country of the Month Turkey

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