Congestion in global container shipping is receding as world trade volumes recorded a 0.8 per cent monthly drop in October, according to Kiel Trade Indicator data.
About 10 per cent of all goods shipped worldwide are in congestion.
For the US — the world’s biggest economy — the indicator showed no change to import levels but a decline of 2.7 per cent in export levels.
Europe’s biggest economy, Germany, saw a drop of 0.9 per cent and 0.2 per cent in imports and exports, respectively. For the EU, October trade was little changed, with no change in imports and exports up 1 per cent on a monthly basis.
However, Asia’s biggest and the world’s most populous economy, China, emerged as a clear outlier. It showed no significant change to import levels (0.9 per cent) but a strong increase in exports (10.1 per cent).
Since China’s exports are currently not sufficient to compensate for the drop in Russia’s trade with the EU, Russia's efforts to replace slipping imports from Europe are proving increasingly difficult
Vincent Stamer,
head of Kiel Trade Indicator
“Global trade is showing an unsteady path, even if this development is not evenly distributed across all countries. German exports have been following this sideways movement in price-adjusted terms for several months now, so the difficult economic conditions are obviously having a noticeable impact on German exporters,” Vincent Stamer, head of Kiel Trade Indicator, said.
“China's export growth over the month of September is a positive outlier in global trade. It remains to be seen if this marks an easing of China's restrictive zero-Covid strategy and if this implies a sustainable positive trend for Chinese exports,” Mr Stamer said.
The Covid-19 pandemic highlighted significant challenges in the logistics sector, with many cargo customers struggling to find shipping containers amid labour disruption in the industry. The acute supply chain bottlenecks have led to congestion and delays at ports, a shortage in containers and a sharp rise in the cost of shipping goods.
The World Trade Organisation's Goods Trade Barometer issued on August 23 suggests that the global goods trade continued to grow in the second quarter of 2022 but that the pace of growth was slower than in the first quarter and is likely to remain weak in the second half of the year.
The WTO projects that the Russia-Ukraine war could lower global gross domestic product growth by 0.7 to 1.3 percentage points, bringing it to between 3.1 per cent and 3.7 per cent for 2022, it said in an April report.
In Russia, the sanctions imposed by western countries are having an impact as monthly changes to trade volumes. October exports and imports were down by 2.6 per cent and 0.4 per cent, respectively, according to Kiel Trade Indicator data.
An analysis of exports from 57 countries and regions to Russia, including the EU and China, for June, July, and August, showed that Russia imported around 24 per cent fewer goods per month than in 2021. The monthly import gap is around $4.5 billion.
While the EU was Russia's most important trading partner in the summer of 2021, China has now taken over this top position. Compared to last year, the EU exported 43 per cent fewer goods to Russia, while China exported 23 per cent more. However, the increase in exports from China to Russia lost momentum in September, Kiel data showed.
“Since China’s exports are currently not sufficient to compensate for the drop of Russia’s trade with the EU, Russia's efforts to replace slipping imports from Europe are proving increasingly difficult,” Mr Stamer said.
“The sanctions imposed by the western alliance are apparently hitting the Russian economy hard and noticeably limiting the population's consumption options.”
This is also indicated by the decline in cargo unloaded at Russian ports.
Saint Petersburg, an important hub for Russia’s trade with Europe, for the first time, achieved less than 10 per cent of the previous year's volumes in October. The major port in the Black Sea, Novorossiysk, reported only 50 per cent of the previous year’s trade.
The port of Vladivostok, which is important to the handling of trade with Asia, also witnessed declines in incoming cargo.
Since the beginning of the year, freight rates from China to Northern Europe have fallen by around two thirds, Kiel said. For the first time in around two years, prices for a standard container are below $5,000.
“The significant drop in freight rates is a positive impulse for global trade and thus also for the German economy. If rates remain low and global shipping congestion continues to ease, low transport costs could partly counteract fears of recession in exporting industries,” Mr Stamer said.
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
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UAE currency: the story behind the money in your pockets
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
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Price: From Dh139,000
On sale: Now
8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com
Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
KILLING OF QASSEM SULEIMANI
