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.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
UAE%20PREMIERSHIP
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The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
Apple%20Mac%20through%20the%20years
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
The%20Little%20Mermaid%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rob%20Marshall%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EHalle%20Bailey%2C%20Jonah%20Hauer-King%2C%20Melissa%20McCarthy%2C%20Javier%20Bardem%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
BUNDESLIGA FIXTURES
Saturday
Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)
Bayer Leverkusen v Schalke (5.30pm)
Wolfsburg v Cologne (5.30pm)
Mainz v Arminia Bielefeld (5.30pm)
Augsburg v Hoffenheim (5.30pm)
RB Leipzig v Bayern Munich (8.30pm)
Borussia Monchengladbach v Freiburg (10.30pm)
Sunday
VfB Stuttgart v Werder Bremen (5.30pm)
Union Berlin v Hertha Berlin (8pm)
Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
FIXTURES
All times UAE ( 4 GMT)
Friday
Saint-Etienne v Montpellier (10.45pm)
Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)
Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%C2%A0profile
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