Category: For Business

Iceland’s economy in 2025 showcases a blend of resilience and innovation, underpinned by its commitment to renewable energy and strategic sectoral development.

Key Economic Sectors 👇

1️⃣ Renewable Energy: Iceland stands out globally with nearly 100% of its electricity generated from renewable sources, primarily hydroelectric and geothermal energy. This sustainable energy infrastructure supports energy-intensive industries, notably aluminum smelting, which benefits from the country’s low-cost electricity.*

2️⃣ Tourism: Tourism has become a cornerstone of Iceland’s economy, contributing significantly to GDP and export revenues. The nation’s unique landscapes and natural phenomena continue to attract visitors worldwide.**

3️⃣ Fisheries: Deep-sea fishing remains vital, accounting for approximately 40% of Iceland’s exports. The industry supports export income and provides employment opportunities across the country. ​

4️⃣ Agriculture: While agriculture represents a smaller portion of the economy, recent initiatives aim to enhance food security by increasing domestic production, including cultivating crops like corn.***

Iceland maintains robust trade relations, primarily with European nations. Key export destinations include the Netherlands, Germany, the United Kingdom, and the United States. The country also has a Free Trade Agreement with China, facilitating trade in goods and services. ​

In 2024, Iceland’s GDP experienced fluctuations, with a contraction of 0.5% in the third quarter, largely due to a decrease in external trade in services. However, strong investment activities, particularly in the IT and fishing sectors, indicate a resilient economic foundation poised for recovery. ​

Iceland’s strategic focus on sustainable energy, tourism, and fisheries, coupled with its proactive trade engagements, positions the nation for continued economic resilience and growth.​

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*Source: https://lnkd.in/dRqQuU84
**Source: https://lnkd.in/dkm3-MYM
***Source: https://lnkd.in/dDJfnqXm

As of 2024, the United Kingdom’s economy is characterized by its strong services sector, advanced manufacturing, and a robust trade network.

Key Economic Sectors 👇

👉 Services
The services sector dominates the UK economy, accounting for approximately 79% of GDP. This includes financial services, IT, and creative industries. Exports of services have grown significantly, reaching £479.4 billion in the 12 months ending September 2024, with the United States being the top destination.

👉 Manufacturing and Technology
Advanced manufacturing and pharmaceuticals remain vital, alongside an emerging focus on green technologies.

👉 Energy
The UK continues to invest in renewable energy projects, aiming to strengthen its position in sustainable energy production.

Top Export Products 👇

👉 Goods
Major exports include machinery, vehicles, pharmaceuticals, and aerospace products. The automotive and aerospace sectors are particularly vital to the UK’s trade portfolio.

👉 Services
Financial services, insurance, and telecommunications are key export strengths, with significant contributions from digital and creative services.*

The United States is the UK’s largest trade partner, followed by Germany, Ireland, and France. Other significant partners include the Netherlands and Switzerland.*

The European Union remains a crucial market, accounting for around 42.5% of UK exports in 2023, though trade with non-EU countries has grown faster in recent years.

While the UK continues to grapple with challenges such as trade deficits and global competition, its strong service-oriented economy and diversification of trade partnerships position it well for future growth. Let me know if you need more specifics!

Nova Global offers reliable parcel shipping services between businesses and the United Kingdom, while also exploring new opportunities within the E-commerce sector.

*Source: https://www.gov.uk/government/statistics/trade-and-investment-core-statistics-book/trade-and-investment-core-statistics-book

Moldova’s economy has significantly transformed in recent years, shifting from traditional sectors to more diversified industries.

In 2022, the country experienced a 5% economic contraction*. However, sectors such as Information and Communication Technology (ICT), manufacturing, and automotive industries emerged as significant contributors to the economy. This shift underscores a strategic diversification of the economy and a move towards more technologically advanced industries.

Key Economic Sectors👇

1️⃣ Agriculture
Historically, agriculture has been a cornerstone of Moldova’s economy, producing large amounts of fresh and processed fruits and vegetables, walnuts, honey, meat, dairy products, and poultry.

2️⃣ Information and Communication Technology (ICT)
The ICT sector has seen substantial growth, contributing significantly to the country’s GDP.

3️⃣ Manufacturing and Automotive Industries
The manufacturing sector, including automotive production, has become a cornerstone of Moldova’s economy, contributing approximately 13.5% to total exports in 2022.

Moldova’s trade dynamics have evolved, with the European Union (EU) becoming its primary trading partner. In 2022, Moldova’s exports to the EU reached USD 2.53 billion, accounting for 49.3% of total exports. Imports from the EU rose sharply to EUR 4.36 billion, led by mineral fuels and machinery**.

Other significant trading partners include Romania, Ukraine, China, Turkey, and Germany. Imports from these countries encompass mineral fuels, machinery, and chemicals.

Overall, Moldova’s economy is transitioning towards a more diversified and technologically advanced structure, with the EU playing a pivotal role in its trade relations.

Nova Global provides businesses with dependable parcel shipping services to and from Moldova and is also exploring opportunities in E-commerce.

*Source: https://invest.gov.md/en/economic-overview-2/
**Source: https://invest.gov.md/en/trade-potential-2/

In 2023/2024, the European cross-border e-commerce market hit €326 billion, with online marketplaces contributing 69% of this total.

Leading platforms like Amazon and eBay maintain significant dominance. However, the top 100 marketplaces have seen a 39.29% growth, reaching €197.01 billion.

Despite projected slight declines in marketplace share by 2025, cross-border GMV continues to grow, with almost all visitors expected to engage in cross-border shopping, signaling ongoing expansion in the sector.

Here are some key takeaways:
The e-commerce landscape is rapidly changing, driven by multichannel strategies and the rise of Chinese marketplaces.

Sellers increasingly diversify their platforms, driven by high Amazon costs, market saturation, and the need for brand independence.

Shein and Temu disrupt global competition with direct-from-manufacturer models, low prices, and social media-driven marketing, though their growth raises regulatory concerns over local business impacts and labor practices.

The success of global e-commerce will depend on how effectively Western companies adapt through innovation and tackle challenges in an increasingly competitive and regulated market.

Read more by following the link:
https://www.cbcommerce.eu/blog/2024/10/10/top-100-cross-border-marketplaces-europe-report-european-cross-border-e-commerce-reaches-new-heights/

As of 2024, Lithuania’s economy continues its recovery, supported by diverse key sectors and strategic trade partnerships.

Key Economic Sectors 👇

Manufacturing remains a vital part of Lithuania’s economy, with a particular focus on chemicals, machinery, and electronics. Lithuania also has a strong reputation in food processing and textiles sectors.

Services contribute a significant portion to the GDP, with growing sectors including IT, finance, and tourism. The digital sector in particular has seen rapid expansion, aided by Lithuania’s favorable business environment for startups.

Agriculture is another important sector, though it has seen some challenges due to market fluctuations and climate conditions. The agricultural landscape includes products like grains, vegetables, and dairy.

Top Export Products (2023) 👇

Petroleum oils and related products (such as fuel) accounted for the largest share of exports, making up around 11.9% of the total export value.

Other significant exports include motor vehicles, furniture, pharmaceuticals, and cereals.

Lithuania also exports chemicals, including medicaments and plastics, contributing to the global supply chain in diverse industries.

Key trade partners include Germany, Poland, Latvia, the United States, and the Netherlands.

Nova Global provides businesses with dependable parcel shipping services to and from Lithuania and is also exploring opportunities in E-commerce.

*Source: https://trendeconomy.com/data/h2/Lithuania/TOTAL

According to the eCommerce Navigator Q3 2024 report, the cost-per-click (CPC) growth has stabilized at 2% year-over-year after several quarters of double-digit inflation. This stabilization allows brands to scale ad volume without proportionate cost increases. Meanwhile, retail media spending grew by 28% year-over-year, significantly outpacing traditional digital advertising.

Amazon remains a dominant player, but Walmart is gaining traction with higher engagement rates (1.2% CTR vs. Amazon’s 0.8%). Walmart’s more stable return-on-ad-spend (ROAS) metrics and growing advertiser investment highlight the increasing competition in this space.

To succeed in this dynamic market, brands should leverage stabilized costs, diversify platform strategies, and balance performance marketing with brand-building initiatives. With retail media projected to account for $140.1 billion globally in 2024, those who adapt effectively will thrive.

Here are some key takeaways:

• Cost Stabilization: CPC growth plateaued at 2% YoY, creating an opportunity to scale ad volume without significant cost hikes.

• Platform Growth: Retail media spending increased by 28% YoY, outpacing traditional digital advertising.

• Future Trends: Brands should balance lower-funnel tactics with brand-building and diversify across platforms for better engagement and ROI.

Read more by following the link: https://www.forbes.com/sites/kirimasters/2024/11/13/retail-media-costs-stabilize-while-competition-heats-up/

As of 2024, Slovakia’s economic state shows signs of moderate growth and stability. The GDP per capita is projected to be around USD 26,714, indicating a steady increase from previous years​​. The Slovak economy is expected to grow by 2.2% in 2024 and 2.9% in 2025, driven by private and public consumption, along with rebounding exports due to stronger external demand​.

Key economic sectors in Slovakia include industry and services, with the services sector contributing about 58.5% of GDP and employing approximately 62% of the workforce. The industrial sector, which includes significant contributions from the automotive and electronics industries, accounts for 28.5% of GDP and employs 36% of the workforce​​.

Slovakia’s top export products include cars, which constitute the largest share of exports at $26.9 billion, followed by motor vehicle parts, video displays, broadcasting equipment, and electricity. The primary export destinations are Germany, the Czech Republic, Hungary, Poland, and France​​.

Key trade partners include Germany, which is the largest destination for Slovak exports, followed by neighboring countries like the Czech Republic and Hungary. This close economic relationship is facilitated by geographical proximity and integrated supply chains within the European Union​​.

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In 2022, the Czech Republic was the number 46 economy in the world in terms of GDP and the number 30 in total exports.

Top exports: Cars, Broadcasting Equipment, Motor vehicles; parts and accessories, Computers and Office Machine Parts.

Key partners: Germany, Slovakia, Poland, France and Austria.

In 2023, the Czech Republic was the world’s biggest exporter of Motor cars and other motor vehicles principally designed for the transport of persons ($31 billion) and Parts and accessories of motor vehicles ($16.9 billion).

The Czech Republic is considered a developed country with a high GDP per capita (around $51,000 at purchasing power parity). Manufacturing and services are the two biggest sectors, making up about 75% of the GDP.

The Czech Republic boasts a strong labor market with low unemployment and a well-educated workforce. The tourism industry is also a significant contributor to the economy.

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Cross-Border Commerce Europe releases the ‘Top 250 Fashion & Beauty Retail Europe,’ highlighting the sector’s €122B market in 2022, set to grow to €144B by 2026.

C2C marketplaces and sustainability trends drive industry dynamics. Despite inflation challenges, online fashion & beauty’s market share is anticipated to exceed 25% by 2026. Key players like Zalando, Amazon, and eBay lead the rankings. The report explores emerging trends, including fast fashion contenders like CIDER and TEMU.

In sports fashion, Nike tops the list, leveraging AI and cutting-edge tech. Founder Carine Moitier acknowledges the market research team for fostering cross-border growth in the industry.