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- 2024-11-11 09:15
“according to the dhl global trade barometer the year willprobably end with moderate world trade. however, we’ve to bear inmind where we come from: the rapid growth world trade has undergonein recent years was like climbing the mount everest. now, we are onthe descent, but we are still breathing altitude air”, timscharwath, ceo of dhl global forwarding, freight, says.
steady but mild decline negatively affects all countries, exceptindia
out of seven surveyed countries, six record mildly negative tradeoutlooks: germany and china both fall by -3 points to an index of45 and 42, respectively. for germany, this development is mainlytriggered by a weakening air trade outlook, which significantlydrops by -7 points to 45. the slowdown in chinese trade is causedby both, sluggish air and ocean trade, leaving china with theweakest growth outlook of all surveyed countries. needless to say,that this downturn can be attributed to the ongoing trade warbetween china and the us. us trade is also expected to contractfurther, albeit an almost unchanged overall trade outlook of 44index points (-1 points compared to the previous update). theoverall outlook for south korea decreases by -2 points to a newindex value of 43.
“the world economy is entering a phase of stagnation, reflectingweak and slowing growth in some major economies and essentially nogrowth or mild contraction in others. persistent trade tensions,elevated political instability and geopolitical risks, and concernsabout the limited efficacy of monetary stimulus continue to erodebusiness and consumer sentiment, with detrimental effects oninvestment and productivity growth. growth in householdconsumption, which has underpinned recent economic performance, hasstayed strong but is weakening in major advanced and emergingmarket economies,” comments eswar s. prasad, professor of tradepolicy and economics at cornell university in ithaca, ny, usa. “thelatest dhl global trade barometer update shows that internationaltrade flows have been adversely impacted by these factors. thedeclining indexes for china and the u.s the two main drivers ofglobal growth, portend a worsening global economic outlook.overall, this gtb update paints a sobering picture of gloomyprospects for the world economy and global trade for the remainderof this year.”
india is the only country which manages to return to a moderategrowth outlook, picking up +5 points to 54 on the back of a veryrobust ocean trade. in contrast to continuously weak air trade (-4point to 44), indian ocean trade significantly increases by +10 toan index of 60.
decrease from previous period reaches japan and uk with delay:countries with highest losses
apart from india, two country developments stand out inparticular: japan and the uk. while japan and the uk had been theonly countries with positive trade outlooks in the previous updatein september, the two countries record the highest losses in thisperiod. both, japan and the uk are falling below the50-points-threshold.
following a period of growth for japanese trade, the forecast forjapan falls by -5 points to 48. this expected slowdown is mainlytriggered by weakening prospects for japanese air trade which dropsby -7 points to 42 index points. declining -4 points to 51,japanese ocean trade still records positive growth momentum.however, the slightly positive outlook is not able to offset thesignificant downturn of japanese air trade. unlike japan, uk tradehad already recorded a downward tendency in the previous update.for the next three months, the forecast for the uk falls below thepoint of no change for the first time: dropping -4 points to a newindex value of 49, the gtb indicates a mild decrease for uk trade.the decline is caused by a slight decrease in air (-4 to 49) aswell as ocean trade (-5 to 48). after several of relativeresilience, this development obviously reflects the persistingbrexit uncertainty.
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