The new data from Kuehne + Nagel which is a Swiss freight giant clearly indicates the impact of the on-going trade war between the United States and China which is as negative as the word “war” suggests.
The data was published on Tuesday and according to it the global trade for the month of November was increased by 0.3 percent when compared to the previous month.
However in the November of the previous year, i.e. 2017, the trade was growing at a rate 3.1 percent on a month over month basis. This is indicative of a massive shift that has taken place in a year’s time.
This picture still has subtle shades of different meanings. Now for example the overall trade has witnessed an increase by 6.4 percent when comparing it from the same point of the last year.
This in turn has pushed the World Trade Indicator of Kuehne + Nagel up by 143.7. This number is the highest pointer level since the beginning of the records.
Despite this, the impact of the war between the United States and China is evident enough.
Now moving forward with the analysis of the data, it clearly indicates a downward trend that is consistent.
It is not just the global trade growth which has been impacted and is therefore slowing down as a result of it but many other areas have been affected severely and have been shrinking actively because of it.
In the press release, Kuehne + Nagel stated that taking into considerations the ocean freights which are measured with the help of ports that are live throughputs, the unit volume has witnessed a decrease in November.
The data of Kuehne + Nagel matches with that of Maersk which is the largest shipping company of the world which had stated that it has published a data which clearly shows the slowdown in the growth of the global trade container.
Source: BusinessInsider, NewYorkTimes