current product; existing product
Refers to a product that is currently available on the market or in use, as opposed to a new, discontinued, or planned version.
We will switch to the new model as soon as the current product is out of stock.
Compared with the existing product, the new model is lighter.
旧型 means an old model or type, often implying it is no longer current, whereas 現行品 is still the active product.
Compound of 現行 (current, existing) and 品 (product, goods).