2024-09-13 01:35:00 ET
Summary
- The worldwide PMI surveys compiled by S&P Global Market Intelligence indicated that global trade further deteriorated midway through the third quarter of 2024.
- While some of the recent trade decline has been linked to disruptions to the supply chains, August data suggest that we are also seeing a deepening of the manufacturing downturn underscored by worsening demand conditions and destocking.
- Manufacturing new export orders fell at the fastest pace in the year-to-date in August.
- The EU and Canada remained the worst performers among the top 10 trading economies, with the rates of export decline being especially sharp for the EU.
The following is an excerpt from the monthly S&P Global Monthly Global Trade Monitor, produced with GTAS Forecasting. ...
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Steepest Deterioration In Trade Conditions Since December 2023