Trade Downturn Eases At Start Of 2024 Despite Red Sea Disruptions


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MirageC/Moment via Getty Images The worldwide Purchasing Managers' Index (PMI) surveys compiled by S&P Global Market Intelligence indicated a further deterioration of global trade in December, thereby extending the sequence of decline to nearly two years. That said, the rate of contraction eased to the weakest in nine months and was only marginal despite heightening disruptions around the Red Sea at the start of the year. The seasonally-adjusted PMI New Export Orders Index posted 49.2, up from 48.4 in December, rising to a level just below the long-run average. Manufacturing trade downturn slows while services return to growth The manufacturing...