UN Study Recommends Global Hemp Trade Tracking to Support Developing Countries

New research has determined that trade data disparities are impeding hemp trade globally and withholding environmental and economic benefits for developing countries. The research, carried out by the United Nations Conference on Trade and Development (UNCTAD), involved all countries around the globe.

In the report, Marco Fugazza wrote that a systematic approach to help measure global trade in hemp products would close the gap between national and global classifications for hemp outputs. Fugazza, a UN economist, explained that this inconsistency hindered policymakers’ ability to come up with strategies to harness industrial hemp’s economic potential and also impacted understanding of global trade dynamics. He added that an international effort to measure hemp trade flows could especially benefit nations in Asia and South America, as their hemp industry was burgeoning.

According to the report, combined national customs data showed that in 2022, the export value of hemp products added up to about $213 million. This differs significantly from data released by the UN Comtrade database, which recorded trade valued at $46 million in the same year. UN commodity trade statistics, or Comtrade in short, utilizes global classifications for hemp products.

The disparity is mainly because Comtrade’s figures only include semiprocessed and raw hemp yard and fiber, excluding food manufactured from hemp grain and finished products. National export figures estimate total trade of the excluded products adds up to $112 million.

In a press release distributed when it introduced the study, UNCTAD explained that the true scale of the international hemp market was underestimated because the global harmonized classification system didn’t include a significant portion of items traded. The report also highlighted that while national hemp-product classifications were more extensive, their coverage had some hindrances. For instance, they didn’t account for outputs for hemp with high potential for sustainability such as hemp biochar and hurd for hempcrete. Hemp biochar contributes to sustainable agriculture by absorbing CO2 and improving the health of soil. On the other hand, hempcrete is a nature-friendly material used for building.

Currently, Canada is the leading exporter of hemp grain globally. With regard to exports of semiprocessed and raw hemp products, the Netherlands, Spain and France dominate the market. The study also determined that China was a huge player in the market for hemp yarn. In addition, the study found that about 60 nations exported hemp between 2019 and 2020, with one-third being developing countries. Overall, nations in the European Union, China and Canada dominate hemp exports globally.

The enhanced tracking being advocated for by the UN could expose market participants in diverse regions around the world to business opportunities with established enterprises such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) that may be looking to diversify their product line-ups, especially in the area of medical products.

About HempWire

HempWire (“HW”) is a specialized communications platform with a focus on hemp-related news, information, and the latest developments in the hemp sector. HempWire is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, HW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, HW brings its clients unparalleled recognition and brand awareness. HW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from HempWire, text “HempWire” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.HempWire.com

Please see full terms of use and disclaimers on the HempWire website applicable to all content provided by HW, wherever published or re-published: https://www.HempWire.com/Disclaimer

HempWire
Denver, Colorado
www.HempWire.com
303.498.7722 Office
Editor@HempWire.com

HempWire is powered by IBN

Archives

Select A Month

HempWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 512.354.7000