FLTW - Trade Downturn Eases At Start Of 2024 Despite Red Sea Disruptions
2024-02-07 18:15:00 ET
Summary
- The worldwide PMI surveys compiled by S&P Global Market Intelligence indicated a further deterioration of global trade in December, thereby extending the sequence of decline to nearly 2 years.
- The seasonally adjusted PMI New Export Orders Index posted 49.2, up from 48.4 in December, rising to a level just below the long-run average.
- The manufacturing sector continued to lead the downturn in global trade at the start of 2024, albeit with the rate of decline moderating.
- Canada and EU recorded sharp and almost comparable rates of new export orders decline in January, though both regions saw the situation ameliorate slightly compared to the end of 2023.
- Brazil and Russia recorded moderate declines in overall export orders at the start of the year.
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Trade Downturn Eases At Start Of 2024 Despite Red Sea Disruptions