Industrial Sector Trade Report – April 2023

Aerial view of cargo containers in Long Beach port California USA

Industrial Sector Trade Report – April 2023

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April 2023


Below you will find a link for GCP’s April 2023 Trade Report, which provides on-going background and context around the many trade and cost pressures we are facing together.

Take a look at the notes below to get a sneak peek into the report:

  • An economist criticized Biden’s protectionist trade policies, warning that taking away production from others in a zero-sum way would backfire and leave America worse off in the end.
  • Industry 5.0, the next stage of global manufacturing, relies on intelligent analytics and cognitive computing to automate supply chains and make data-driven decisions based on facts.
  • IMF lowers global growth outlook for 2023 to 2.8% from 3.4% last year, citing downside risks. Predicts GDP to rise by 3% in 2024.
  • National Outbound Tender Reject Index (OTRI) falls below 3%, marking the softest truckload market in six years, due to COVID-19 pandemic.
  • US container imports rose by 6.9% in March 2023 and are expected to continue increasing throughout the summer, returning to pre-pandemic levels.
  • US-China trade tensions have been on the rise for seven years, and the pandemic highlighted the significance of sourcing critical materials from China for American industry.
  • In February, the US trade deficit in goods and services increased to $70.5 billion as a result of declining exports and imports, indicating a decrease in demand for goods both domestically and globally.
  • US industrial production rose for the third straight month in March, beating expectations, but only the utilities sector showed gains while auto and non-auto manufacturing activities declined.

For a deeper look into all these topics and more open the full report in the link below.

This months report is 2669 words, 8.5 minute read.

Click Here to View The Full Report