A new bilateral trade agreement between the United States and Suriname has facilitated an increase in the export of permanent magnets (HS Code 8505.11) from the US to Suriname, focusing on industrial applications.
2023-10-15
Impact: This agreement is expected to enhance market access for US manufacturers, potentially increasing export volumes by 15% over the next year.
Suriname Increases Demand for US-Made Permanent Magnets
Suriname's growing renewable energy sector has led to a surge in demand for US-manufactured permanent magnets used in wind turbines and electric motors.
2023-09-22
Impact: US exporters may see a steady rise in orders, strengthening trade ties, though supply chain constraints could pose challenges.
US Imposes Quality Standards on Permanent Magnet Exports to Suriname
The US has introduced stricter quality control measures for permanent magnets and related articles exported to Suriname to ensure compliance with international standards.
2023-08-30
Impact: While this may temporarily slow down export processes due to additional inspections, it aims to build trust and long-term reliability in trade relations.
Policy Updates
US-Suriname Trade Facilitation Policy on Industrial Goods
A new policy under the US-Suriname trade framework reduces tariffs by 5% on industrial goods, including permanent magnets (HS Code 8505.11), to encourage bilateral trade and support Suriname's industrial growth.
Date: 2023-10-01
Suriname Updates Import Regulations for Magnetic Materials
Suriname has revised its import regulations, mandating detailed certification for permanent magnets and articles intended for magnetization to ensure safety and environmental compliance.
