US Imposes Sanctions to Disrupt Hamas’ Funding Sources Following Deadly Attack in Israel

Global Trade Daily, United States news, War

US Imposes Sanctions to Disrupt Hamas’ Funding Sources Following Deadly Attack in Israel

November 3rd, 2023 Tim Jay Leave a comment

In response to the deadly attack carried out by Hamas in Israel, the United States has taken a decisive step by issuing sanctions aimed at disrupting the group’s sources of funding. These measures were announced during President Joe Biden’s visit to Israel, reaffirming the United States’ support for its ally. The sanctions primarily target individuals involved in Hamas’ investment portfolio and a Gaza-based cryptocurrency exchange, along with other entities.

The US Treasury Department, in a statement, outlined that these sanctions focused on nine individuals and one entity spread across Gaza, Sudan, Turkey, Algeria, and Qatar. These actions came in the wake of Hamas’ destructive attack on October 7, which claimed the lives of 1,400 people in Israel. In retaliation, Gaza health authorities report that more than 3,000 Palestinians have lost their lives in bombings.

Treasury Secretary Janet Yellen emphasized the urgency of these measures, stating, “The United States is taking swift and decisive action to target Hamas’s financiers and facilitators following its brutal and unconscionable massacre of Israeli civilians, including children. We will continue to take all steps necessary to deny Hamas terrorists the ability to raise and use funds to carry out atrocities and terrorize the people of Israel.”

These sanctions specifically address six individuals associated with Hamas’ covert investment portfolio, building upon earlier sanctions imposed in 2022 on officials and companies linked to this international portfolio. Notably, one of the key targets is a Gaza-based cryptocurrency business known as “Buy Cash Money and Money Transfer Company.” This firm provides services related to money transfer and virtual currency exchange, including the use of the cryptocurrency Bitcoin. According to the Treasury, this company has also been utilized by other terrorist groups for fund transfers.

Blockchain research firm Elliptic revealed that crypto wallets controlled by “Buy Cash Money and Money Transfer Company” have received more than $25 million in cryptocurrencies since 2015.

In response to these sanctions, Buy Cash stated that it is a “licensed international company” without specifying which authority granted its license. The company also disputed the claim of receiving $25 million in its wallet, attributing the discrepancy to fluctuations in Bitcoin’s value.

It’s worth noting that one of Buy Cash’s crypto wallets was among several seized by Israel’s National Bureau for Counter-Terrorist Financing in June 2021, as indicated in the Treasury’s statement.

Additionally, a group of 105 US lawmakers sent a letter to the US Treasury Department and the White House expressing their “grave concern” about Hamas and its affiliated group, Palestinian Islamic Jihad, using digital assets to fund their operations and evade US sanctions.

Global Trade Daily, United states news

Import of Iron and Steel Forging in United States Soars by 66% to $10M in August 2023

October 17th, 2023 IndexBox Leave a comment

U.S. Iron And Steel Forging Imports

In August 2023, approximately 2M units of iron and steel forging were imported into the United States; with an increase of 70% against the previous month’s figure. Overall, total imports indicated a noticeable increase from August 2022 to August 2023: its volume increased at an average monthly rate of +2.1% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2023 figures, imports increased by +70.0% against July 2023 indices. Over the period under review, imports hit record highs at 2.2M units in September 2022; however, from October 2022 to August 2023, imports stood at a somewhat lower figure.

In value terms, iron and steel forging imports skyrocketed to $10M (IndexBox estimates) in August 2023. In general, total imports indicated a pronounced increase from August 2022 to August 2023: its value increased at an average monthly rate of +2.1% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2023 figures, imports increased by +65.6% against July 2023 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India (804K units), China (410K units) and Canada (269K units) were the main suppliers of iron and steel forging imports to the United States, with a combined 75% share of total imports.

From August 2022 to August 2023, the biggest increases were in India (with a CAGR of +11.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel forging suppliers to the United States were India ($4M), China ($2.1M) and Canada ($1.4M), with a combined 75% share of total imports.

India, with a CAGR of +11.8%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In August 2023, the iron and steel forging price stood at $5.0 per unit (CIF, US), dropping by -2.5% against the previous month. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in October 2022 an increase of 13% m-o-m. Over the period under review, average import prices reached the maximum at $5.4 per unit in December 2022; however, from January 2023 to August 2023, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In August 2023, the countries with the highest prices were Italy ($5.6 per unit) and Canada ($5.2 per unit), while the price for Mexico ($4.9 per unit) and India ($4.9 per unit) were amongst the lowest.

From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Italy (+0.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Global Trade Daily, United states news

Price of Metal Household Furniture in the U.S. Drops by 3% to $3,548 per Ton

August 18th, 2023 IndexBox Leave a comment

U.S. Metal Household Furniture Import Price in June 2023

In June 2023, the metal household furniture price stood at $3,548 per ton (CIF, US), falling by -3.2% against the previous month. Over the period under review, the import price showed a slight slump. The growth pace was the most rapid in January 2023 an increase of 10% m-o-m. The import price peaked at $4,286 per ton in February 2023; however, from March 2023 to June 2023, import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was Mexico ($8,323 per ton), while the price for China ($2,520 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by India (+1.1%), while the prices for the other major suppliers experienced mixed trend patterns.

U.S. Metal Household Furniture Imports

In June 2023, approximately 95K tons of metal household furniture were imported into the United States; reducing by -3.6% on the month before. Overall, imports showed a pronounced decrease. The growth pace was the most rapid in November 2022 with an increase of 14% m-o-m.

In value terms, metal household furniture imports dropped to $336M (IndexBox estimates) in June 2023. In general, imports continue to indicate a noticeable descent. The most prominent rate of growth was recorded in November 2022 when imports increased by 13% month-to-month.

U.S. Metal Household Furniture Imports by Country

In June 2023, China (64K tons) constituted the largest supplier of metal household furniture to the United States, with a 68% share of total imports. Moreover, metal household furniture imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (11K tons), sixfold. Taiwan (Chinese) (9.8K tons) ranked third in terms of total imports with a 10% share.

From June 2022 to June 2023, the average monthly rate of growth in terms of volume from China totaled -3.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Vietnam (-0.7% per month) and Taiwan (Chinese) (+7.4% per month).

In value terms, China ($161M) constituted the largest supplier of metal household furniture to the United States, comprising 48% of total imports. The second position in the ranking was held by Vietnam ($60M), with an 18% share of total imports. It was followed by Taiwan (Chinese), with a 9.2% share.

From June 2022 to June 2023, the average monthly growth rate of value from China amounted to -5.2%. The remaining supplying countries recorded the following average monthly rates of imports growth: Vietnam (-2.1% per month) and Taiwan (Chinese) (+5.9% per month).

Source: IndexBox Market Intelligence Platform

Global Trade Daily, United states news

Export of Liquid Milk in the U.S. Sees Modest Decline, Reaching $35M in June 2023

August 15th, 2023 IndexBox Leave a comment

U.S. Fluid Milk Exports

In June 2023, fluid milk exports from the United States amounted to 11K tons, remaining relatively unchanged against the month before. Over the period under review, exports, however, continue to indicate a perceptible decline. The pace of growth was the most pronounced in March 2023 with an increase of 40% m-o-m.

In value terms, fluid milk exports dropped to $35M (IndexBox estimates) in June 2023. In general, exports, however, saw a mild slump. The growth pace was the most rapid in March 2023 with an increase of 33% against the previous month. As a result, the exports reached the peak of $45M. From April 2023 to June 2023, the growth of the exports failed to regain momentum.

Exports by Country

Canada (3.6K tons), Mexico (2.1K tons) and Taiwan (Chinese) (1.4K tons) were the main destinations of fluid milk exports from the United States, together comprising 66% of total exports. These countries were followed by the Dominican Republic, the Philippines and South Korea, which together accounted for a further 16%.

From June 2022 to June 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +2.6%), while the other leaders experienced mixed trend patterns.

In value terms, Canada ($15M) remains the key foreign market for fluid milk exports from the United States, comprising 42% of total exports. The second position in the ranking was taken by Mexico ($6.2M), with an 18% share of total exports. It was followed by Taiwan (Chinese), with an 8.7% share.

From June 2022 to June 2023, the average monthly rate of growth in terms of value to Canada stood at -1.8%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Mexico (+0.1% per month) and Taiwan (Chinese) (-5.8% per month).

Export Prices by Country

In June 2023, the fluid milk price stood at $3,260 per ton (FOB, US), which is down by -6.9% against the previous month. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in September 2022 when the average export price increased by 10% against the previous month. Over the period under review, the average export prices hit record highs at $3,541 per ton in February 2023; however, from March 2023 to June 2023, the export prices remained at a lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was South Korea ($4,640 per ton), while the average price for exports to the Dominican Republic ($856 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+12.1%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Global Trade Daily, United states news

Price of U.S. Mandarin and Clementine Plummets to $1,400 per Ton

August 10th, 2023 IndexBox Leave a comment

U.S. Mandarin and Clementine Import Price in June 2023

In June 2023, the mandarin and clementine price stood at $1,400 per ton (CIF, US), with a decrease of -8.4% against the previous month. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in December 2022 when the average import price increased by 9.1% against the previous month. Over the period under review, average import prices attained the peak figure at $1,669 per ton in April 2023; however, from May 2023 to June 2023, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In June 2023, the highest price was recorded for prices from Chile ($1,462 per ton) and Peru ($1,392 per ton), while the price for South Africa ($1,284 per ton) and Uruguay ($1,309 per ton) were amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Peru (+0.0%), while the prices for the other major suppliers experienced a decline.

U.S. Mandarin and Clementine Imports

In June 2023, supplies from abroad of tangerines, mandarins, clementines, satsumas increased by 284% to 61K tons, rising for the second month in a row after two months of decline. Overall, imports enjoyed measured growth.

In value terms, mandarin and clementine imports skyrocketed to $85M (IndexBox estimates) in June 2023. Over the period under review, imports enjoyed a modest expansion.

U.S. Mandarin and Clementine Imports by Country

In June 2023, Chile (29K tons) constituted the largest supplier of mandarin and clementine to the United States, accounting for a 48% share of total imports. Moreover, mandarin and clementine imports from Chile exceeded the figures recorded by the second-largest supplier, Peru (12K tons), twofold. Uruguay (10K tons) ranked third in terms of total imports with a 16% share.

From June 2022 to June 2023, the average monthly growth rate of volume from Chile amounted to +5.8%. The remaining supplying countries recorded the following average monthly rates of imports growth: Peru (-2.4% per month) and Uruguay (+0.1% per month).

In value terms, Chile ($43M) constituted the largest supplier of mandarin and clementine to the United States, comprising 50% of total imports. The second position in the ranking was held by Peru ($17M), with a 20% share of total imports. It was followed by Uruguay, with a 15% share.

From June 2022 to June 2023, the average monthly rate of growth in terms of value from Chile totaled +5.6%. The remaining supplying countries recorded the following average monthly rates of imports growth: Peru (-2.4% per month) and Uruguay (-0.7% per month).

Source: IndexBox Market Intelligence Platform

Global Trade Daily, United states news

Import of Mechanical Power Transmission Equipment in May 2023 Increases to $262M in the United States

August 8th, 2023 IndexBox Leave a comment

U.S. Mechanical Power Transmission Equipment Imports

After two months of growth, purchases abroad of mechanical power transmission equipment decreased by -6.3% to 21K tons in May 2023. Overall, imports continue to indicate a slight reduction. The pace of growth appeared the most rapid in July 2022 when imports increased by 23% against the previous month. As a result, imports attained the peak of 34K tons. From August 2022 to May 2023, the growth of imports remained at a somewhat lower figure.

In value terms, mechanical power transmission equipment imports expanded markedly to $262M (IndexBox estimates) in May 2023. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in July 2022 when imports increased by 14% month-to-month. As a result, imports attained the peak of $277M. From August 2022 to May 2023, the growth of imports failed to regain momentum.

Imports by Country

In May 2023, China (5.8K tons) constituted the largest supplier of mechanical power transmission equipment to the United States, accounting for a 28% share of total imports. Moreover, mechanical power transmission equipment imports from China exceeded the figures recorded by the second-largest supplier, India (2.2K tons), threefold. South Korea (1.9K tons) ranked third in terms of total imports with a 9.3% share.

From May 2022 to May 2023, the average monthly growth rate of volume from China totaled -3.2%. The remaining supplying countries recorded the following average monthly rates of imports growth: India (-0.3% per month) and South Korea (-1.0% per month).

In value terms, the largest mechanical power transmission equipment suppliers to the United States were China ($37M), Germany ($36M) and Japan ($31M), with a combined 40% share of total imports. Mexico, Canada, India and South Korea lagged somewhat behind, together comprising a further 32%.

Among the main suppliers, Mexico, with a CAGR of +3.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In May 2023, the mechanical power transmission equipment price amounted to $12,709 per ton (CIF, US), with an increase of 16% against the previous month. Over the period under review, import price indicated a modest expansion from May 2022 to May 2023: its price increased at an average monthly rate of +1.3% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on May 2023 figures, mechanical power transmission equipment import price decreased by -6.0% against January 2023 indices. The pace of growth was the most pronounced in January 2023 an increase of 24% against the previous month. As a result, import price reached the peak level of $13,523 per ton. From February 2023 to May 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In May 2023, the country with the highest price was Germany ($22,906 per ton), while the price for South Korea ($5,283 per ton) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by Germany (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Global Trade Daily, United states news

May 2023 Sees $888M Surge in U.S. Import of Curtains and Linen

July 27th, 2023 IndexBox Leave a comment

U.S. Curtain And Linen Imports

In May 2023, purchases abroad of curtains and linen increased by 8.3% to 174K tons, rising for the second month in a row after eight months of decline. Over the period under review, imports, however, showed a perceptible decrease. The pace of growth was the most pronounced in April 2023 with an increase of 17% m-o-m.

In value terms, curtain and linen imports rose notably to $888M (IndexBox estimates) in May 2023. In general, imports, however, continue to indicate a pronounced curtailment.

Imports by Country

In May 2023, China (113K tons) constituted the largest supplier of curtain and linen to the United States, with a 65% share of total imports. Moreover, curtain and linen imports from China exceeded the figures recorded by the second-largest supplier, Pakistan (28K tons), fourfold.

From May 2022 to May 2023, the average monthly growth rate of volume from China amounted to -1.5%. The remaining supplying countries recorded the following average monthly rates of imports growth: Pakistan (-3.3% per month) and India (-2.4% per month).

In value terms, China ($465M) constituted the largest supplier of curtain and linen to the United States, comprising 52% of total imports. The second position in the ranking was taken by India ($222M), with a 25% share of total imports.

From May 2022 to May 2023, the average monthly rate of growth in terms of value from China totaled -2.8%. The remaining supplying countries recorded the following average monthly rates of imports growth: India (-2.5% per month) and Pakistan (-4.4% per month).

Import Prices by Country

In May 2023, the curtain and linen price amounted to $5,112 per ton (CIF, US), surging by 2.6% against the previous month. Overall, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $5,676 per ton in May 2022; however, from June 2022 to May 2023, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was India ($9,024 per ton), while the price for Pakistan ($3,802 per ton) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by India (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

Global Trade Daily

May 2023 Sees 13% Surge in U.S. Loudspeaker Imports, Reaching $63M

July 26th, 2023 IndexBox Leave a comment

U.S. Loudspeaker Imports

In May 2023, approximately 3.6M units of single loudspeakers (in enclosure) were imported into the United States; jumping by 28% compared with April 2023 figures. Over the period under review, imports, however, continue to indicate a mild decline. Over the period under review, imports attained the peak figure at 4.7M units in October 2022; however, from November 2022 to May 2023, imports remained at a lower figure.

In value terms, loudspeaker imports amounted to $63M (IndexBox estimates) in May 2023. In general, imports, however, showed a slight downturn. Imports peaked at 87M units in September 2022; however, from October 2022 to May 2023, imports stood at a somewhat lower figure.

Imports by Country

In May 2023, China (2.2M units) constituted the largest loudspeaker supplier to the United States, accounting for a 59% share of total imports. Moreover, loudspeaker imports from China exceeded the figures recorded by the second-largest supplier, Thailand (410K units), fivefold. The third position in this ranking was held by Mexico (401K units), with an 11% share.

From May 2022 to May 2023, the average monthly growth rate of volume from China amounted to -3.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Thailand (+1.6% per month) and Mexico (+1.8% per month).

In value terms, China ($30M) constituted the largest supplier of loudspeaker to the United States, comprising 48% of total imports. The second position in the ranking was taken by Mexico ($15M), with a 24% share of total imports. It was followed by Vietnam, with an 8% share.

From May 2022 to May 2023, the average monthly rate of growth in terms of value from China amounted to -3.4%. The remaining supplying countries recorded the following average monthly rates of imports growth: Mexico (+2.0% per month) and Vietnam (+3.4% per month).

Import Prices by Country

In May 2023, the loudspeaker price stood at $17.3 per unit (CIF, US), falling by -11.7% against the previous month. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in July 2022 an increase of 20% m-o-m. The import price peaked at $23.2 per unit in December 2022; however, from January 2023 to May 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In May 2023, the country with the highest price was Mexico ($38.0 per unit), while the price for Taiwan (Chinese) ($5.6 per unit) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by Thailand (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Global Logistics, Global Trade Daily, News

UPS and Teamsters Union Announce Tentative Agreement to Avert Strike

July 25th, 2023 Tim Jay Leave a comment

The Teamsters on Tuesday reached the most historic tentative agreement in UPS history, protecting and rewarding more than 340,000 UPS Teamsters. The highly lucrative contract raises wages for all UPS Teamsters, creates more full-time jobs, and includes a wide range of benefits for UPS employees. The UPS Teamsters National Negotiating Committee unanimously endorsed the five-year tentative agreement.

Teamsters General President Sean M. O’Brien commenting on the agreement said that Rank-and-file UPS Teamsters sacrificed everything to get the country through the pandemic and also that the union went into the fight committed to winning for their members.

Teamsters General Secretary-Treasurer Fred Zuckerman commenting on the agreement mentioned that UPS came dangerously close to putting itself on strike, but kept firm on their demands which is why the contract was such that levels the playing field for workers.

Deal Results in Higher Wages, More Jobs, Equal Pay, A/C, MLK Day, Part-Time Rewards. Highlights of the tentative 2023-2028 UPS Teamsters National Master Agreement include:

* Historic wage increases. Existing full- and part-time UPS Teamsters will get $2.75 more per hour in 2023, and $7.50 more per hour over the length of the contract.

*Existing part-timers will be raised up to no less than $21 per hour immediately, and part-time seniority workers earning more under a market rate adjustment would still receive all new general wage increases.

*General wage increases for part-time workers will be double the amount obtained in the previous UPS Teamsters contract — and existing part-time workers will receive a 48 percent average total wage increase over the next five years.

*Wage increases for full-timers will keep UPS Teamsters the highest paid delivery drivers in the nation, improving their average top rate to $49 per hour.

*Current UPS Teamsters working part-time would receive longevity wage increases of up to $1.50 per hour on top of new hourly raises, compounding their earnings.

*New part-time hires at UPS would start at $21 per hour and advance to $23 per hour.

*All UPS Teamster drivers classified as 22.4s would be reclassified immediately to Regular Package Car Drivers and placed into seniority, ending the unfair two-tier wage system at UPS.

*Safety and health protections, including vehicle air conditioning and cargo ventilation. UPS will equip in-cab A/C in all larger delivery vehicles, sprinter vans, and package cars purchased after Jan. 1, 2024. All cars get two fans and air induction vents in the cargo compartments.

*All UPS Teamsters would receive Martin Luther King Day as a full holiday for the first time.

*No more forced overtime on Teamster drivers’ days off. Drivers would keep one of two workweek schedules and could not be forced into overtime on scheduled off-days.

*UPS Teamster part-timers will have priority to perform all seasonal support work using their own vehicles with a locked-in eight-hour guarantee. For the first time, seasonal work will be contained to five weeks only from November-December.

*The creation of 7,500 new full-time Teamster jobs at UPS and the fulfillment of 22,500 open positions, establishing more opportunities through the life of the agreement for part-timers to transition to full-time work.

*More than 60 total changes and improvements to the National Master Agreement — more than any other time in Teamsters history — and zero concessions from the rank-and-file.

Members from the 176 UPS Teamster union locations in the U.S. and Puerto Rico will meet on July 31 to review and recommend the tentative agreement. All UPS rank-and-file members will receive a list of improvements in the contract. Locals will conduct member meetings and Teamsters will have several weeks to vote on the offer electronically. Member voting begins August 3 and concludes August 22.

Global Logistics, Global Trade Daily, United states news

US Trade Activity shows Resilience Amid Challenging Global Conditions

July 20th, 2023 Tim Jay Leave a comment

Transaction volumes across US supply chains grew at their fastest pace in more than two years as domestic trade activity showed renewed signs of resilience following a recent slump.

Data from Tradeshift’s Q2 Index of Global Trade Health shows that the volume of new orders and invoices exchanged between US buyers and their suppliers grew at 3 points above its expected range in Q2, recovering from a level 6 points below the baseline in the previous two quarters.

Emerging signs of stability in the US contrast with a more uneven global picture. Total transaction volumes across the Tradeshift platform grew at 4 points below the expected range, a modest improvement on the 5-point deficit in Q1, but nonetheless evidence of a trading environment that remains sluggish.

The Eurozone and the UK followed the global trend, with trade activity in the Eurozone 3 points below expectations in Q2 compared to a score of -8 in the previous quarter. In the UK, transaction volumes grew at 5 points below the baseline in Q2 compared to -7 points in Q1.

The decline in global demand has impacted the pace of China’s recovery following its lifting of COVID restrictions at the beginning of the year. Transaction volumes between Chinese buyers and suppliers rose at 1 point above the expected range, indicating progress that is more steady than spectacular.

Globally, order volumes stayed flat at 2 points below the expected range in Q2 and appear to be settling at that level. Key sectors, including transport and logistics, and manufacturing, also appear to be settling into a lower rhythm after consecutive quarters of steeply declining activity. Invoice volumes fell more sharply in Q2, suggesting that supply chains are having to adjust to the prolonged drop in orders.

US Imposes Sanctions to Disrupt Hamas’ Funding Sources Following Deadly Attack in Israel

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