Global Trade News
European Union’s Russian LNG Dilemma
Last updated on August 31, 2023 by Ben Thompson
Despite aims to cut reliance on Russian fossil fuels, the EU's imports of Russian LNG surged by 40% from January to July 2023, setting a record. This increase, driven by significant purchases by Belgium and Spain, contrasts with a global average rise of 6%. The EU's growing dependency on Russian LNG, which constitutes 16% of…
Africa’s potential as supply chain leader
Last updated on August 24, 2023 by Ben ThompsonAfrica's rise as a supply chain leader is driven by its rich resources, emerging industries, and integration into global markets, offering vast potential for economic growth and global supply chain diversification.
Ocean shipping rates hit multi-year low
Last updated on August 24, 2023 by Ben ThompsonTrans-Atlantic shipping rates have plummeted to their lowest in over a decade, with a 79% drop from a 2022 peak to $1,577 per FEU, significantly below pre-pandemic levels, highlighting major shifts in shipping costs and market dynamics.
BRICS Alliance & US Dollar Pressures
Last updated on August 9, 2023 by Ben ThompsonThe BRICS Alliance aims to use local currencies for trade, reducing reliance on the U.S. dollar to boost economies and efficiency. This move could reshape global financial structures and lessen the dollar's dominance in foreign reserves.
USA Driver Pay Reaches $170k
Last updated on August 9, 2023 by Ben ThompsonUPS driver pay is set to reach $170k annually under a new labor agreement, reflecting significant wage hikes amid rising inflation. This move aims to improve worker conditions but is expected to impact UPS's profits due to increased labor costs.
