Post by account_disabled on Mar 9, 2024 3:56:46 GMT -5
Global trade continues to show positive signs despite concerns about a possible global recession. However, with unusually high congestion in North Sea ports, high shipping costs and the resulting supply chain issues, the situation could change.
According to the Kiel Institute for the World Economy, more than 2% of global shipping capacity is tied up in the North Sea, with ships unable to be loaded or unloaded.
According to the latest Ecuador Mobile Number List data, world trade increased by 0.4% in June compared to the previous month. Europe as a whole, however, is showing weaker results, with Germany seeing a 2.5% increase in imports but a slight decline in exports. The EU, in general, also shows a slight decrease in exports and imports. In comparison, both the US and China, where port congestion has decreased, continued to show stronger increases for both imports and exports.
The main result of the congestion in northern Europe is a decrease in trade between Europe and Asia, with 20% less trade volume, a figure that has not been seen since the beginning of the restrictions due to Covid-19.
This congestion is due to a strike by sector workers in Germany and the Netherlands, who are demanding job improvements, including wage increases to combat the effect of inflation, which affects lower-paid workers.
Today, labor negotiations in Germany have reached a critical point in which port companies are asking for legal action to avoid a crisis in the supply chain. These negotiations affect around 12,000 employees at 58 companies in Lower Saxony, Bremen and Hamburg.