Global trade is declining:
The Global PMI New Export Orders index dropped 2.6 points in April, to 47.5, the lowest since the end of 2022.
This marks the sharpest decrease since August 2023.
Excluding March, goods exports have declined continuously since the second half of 2024, according to S&P Global. Additionally, the Manufacturing Future Output Index fell to its lowest since October 2022.
Meanwhile, global services exports contracted for the first time since the end of 2023, marking the steepest contraction since December 2022.
Global trade is slowing. https://x.com/KobeissiLetter/status/1922304576557924613
