According to a report by the Financial Times, global trade growth is set to more than double this year as inflation eases and a booming US economy contributes to the upswing. The value of global goods trade hit an all-time high at $5.6 trillion in the third quarter of the year, with services standing at about $1.5 trillion.
For the remainder of the year, slower growth is forecast for the trade in goods but a more positive trend is expected for services, albeit from a lower starting point. Additionally, top international trade stories have highlighted efforts by the G7 to diversify supply chains away from China and calls by carmakers for Britain and the EU to rethink post-Brexit trading arrangements.
This news indicates the dynamic and rapidly evolving nature of international trade in today's global economy. Despite challenges and uncertainties, the overall outlook appears positive and growth-oriented. As a member of the gas stove and home appliance industry, we will continue to improve and create more valuable products during this crisis.
This is the news from original articles: Financial Times and World Economic Forum.
In the face of the new foreign trade situation, factories can consider the following strategies:
Adapt to changes in the global economic environment: The global economic environment and geopolitical influences have reconfigured trade relationships everywhere, and competition has become fierce. Therefore, factories should adapt to these changes and find new trading partners and markets.
Take advantage of the opportunities presented by digitization: As digitization changes the way we trade, it creates complex new issues for trade rules. Factories can take advantage of the opportunities presented by digitalization, such as through smart products, 3D printing, and data streaming to improve production and sales processes.
Watch out for domestic consumption: While export orders may be rising, domestic consumption may lag. Factories should pay attention to this situation and consider how to attract domestic consumers by improving product quality and service.
Addressing labor shortages: Many factories are facing labor shortages at the same time that export orders are surging and manufacturing is rebounding from the COVID-19 recession. Solving the problem may require factories to improve working conditions and treatment for employees, or reduce their reliance on human labor through automation.
Post time: May-21-2024