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.
