International trade has taken significant hits recently due to various export restrictions imposed by governments, leading to notable declines across multiple sectors. For example, fresh vegetable exports from Bangladesh have plummeted by 57.93% year-on-year during the first six months of fiscal year 2024-25, as reported by the Export Promotion Bureau. Exports have dropped to $29.60 million, down from $70.36 million during the same period last year.
Bangladeshi exporters attribute this decline primarily to surging prices, increased freight costs, and reduced government incentives. Kawser Ahmed Rubel, CEO of Global Trade Link, noted significant increases in air freight costs, mentioning, "It costs about Tk 400 to export one kilogramme (kg) of vegetables, and sometimes it even goes up to Tk 450," compared to around Tk 300 per kg during winter last year. He also pointed out rising prices for vegetables purchased from farmers, which has made exports far less profitable.
The outlook is similarly bleak for the mining sector. Canadian mining giant Barrick Gold expressed its potential decision to temporarily halt operations at its Loulo-Gounkoto mine within Mali if the military government does not lift stringent gold export restrictions within the week. Since the military coup of 2020, Mali's junta has intensified pressures on foreign firms, which has now escalated with authorities blocking gold exports and issuing attachment orders on stockpiles—endangering the livelihood of approximately 8,000 employees and local suppliers. Barrick made it clear, stating, "Natural resources generate livelihoods for thousands, if not millions of people." This standoff has led the company to seek international arbitration even as it aims to renegotiate terms to increase the Malian state’s share of profits.
On the other side of the globe, the Argentine government announced the lifting of its 16-year ban on scrap metal exports. Minister for Deregulation Federico Sturzenegger hailed this move as pivotal for enhancing the metal recycling industry and unlocking international markets. The export ban had been originally implemented to bolster the local steel industry and stabilize prices for scrap metals like iron and copper. According to Sturzenegger, "The export ban had artificially suppressed local scrap prices," emphasizing the government’s shift is likely to invigorate both recycling and small-to-medium enterprises by allowing access to broader markets.
Meanwhile, Lithuanian President Gitanas Nausėda has called for urgent reassessment of the previous government's decision to limit the export of thousands of dual-use goods to just ten countries. He remarked, "This is geographically inadequate... targeting groups of goods... difficult to classify as dual-use items." Those restrictions, approved by the previous administration, have been seen as limiting opportunities for Lithuanian exporters within high-tech sectors and could cost businesses around €250 million annually. The government is poised to adjust these restrictions based on feedback from industry representatives.
Lastly, the European Union's pork exports are projected to decline by approximately 1% annually over the coming decade, primarily due to recovering production capacities seen across Asia, particularly by countries like China, the Philippines, and Vietnam. While Asia experiences this rebound, demand for imports might increase from regions like the U.S. and Africa. Current projections indicate EU pork export volumes remaining stable through 2035, even as market demands shift, particularly with the UK likely to become the largest EU pork export destination.
These developments shed light on how export restrictions and rising operational costs reshape the global trade narrative, sparking concerns and encouragement alike across varied sectors. While some nations see new opportunities arising from policy shifts, others grapple with the sobering realities of decreased global competitiveness.