May 2023
Below you will find a link for GCP’s May 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:
- The U.S. manufacturing sector grew in April for the first time in six months, driven by improved supply chains and increased new order inflows.
- U.S. industrial production increased in April, with the manufacturing sector being the biggest contributor to the gain. Auto output saw significant growth.
- U.S. imports are rising and have reached or surpassed 2019 levels, indicating a recovery in trade activity.
- The U.S. trade deficit in goods and services was larger than expected in March, but the total volume of trade increased compared to a year ago.
- Carrier schedule reliability and average delays in global shipping/trade lanes improved in Q1 2023, approaching pre-pandemic levels.
- Global supply chain pressures decreased in April, reflecting weaker demand, reduced shipping congestion, and easing material shortages.
- Lean and just-in-time (JIT) strategies remain important for supply chains, helping manage risk, reduce waste, and increase efficiency.
- The Biden administration aims to “de-risk” rather than “decouple” from China, emphasizing the importance of their industrial strategy in dealing with China’s geopolitical influence.
- Real GDP in the U.S. grew at an annualized rate of 1.1% from Q4 2022 to Q1 2023, with most components, including consumer spending and exports, showing healthy growth.
