November 20, 2022 Today’s Economic and Trade Consulting
1.Euro zone business activity shrinks at slowest pace in four months
Recently, the Eurozone released data that the initial value of the Markit composite PMI in December was 48.8, which was better than the market's expected 48 and the previous value of 47.8. The decline in business activity in the region slowed to a fresh four-month low in December, according to the data, suggesting that the likely recession ahead will be shallower than previously thought.
2. EU: The trade deficit with Russia has reached the largest since 2008
According to a recent report by the Russian Satellite Agency, which is based on data from the statistical departments of European countries, from January to August this year, trade volume between three-quarters of the EU countries and Russia has increased. From January to August, the trade volume between Russia and Europe increased by 28% compared with the same period last year, reaching 191.5 billion euros. Among them, the EU's exports to Russia were 36.2 billion euros, and the imports were 155.3 billion euros. The EU's trade deficit with Russia was 119.1 billion euros, the largest since 2008.
3. Mexico: The central bank raises interest rates for the 13th consecutive time
The Bank of Mexico recently announced that it will increase the benchmark interest rate by 0.5 percentage points to 10.5%. This is the 13th consecutive interest rate hike by the Bank of Mexico since June 2021. According to the latest data from Mexico's National Institute of Geography and Statistics, the country's annualized inflation rate was 7.8% in November, which has slowed down for two consecutive months. According to local media analysis, due to the recent slowdown in the country's inflation, the Bank of Mexico may adopt a relatively moderate interest rate adjustment in 2023, or may no longer follow the pace of the Fed's interest rate hike.
4. US West Coast container imports continue to decline
It is reported that the Port of Los Angeles reported a total throughput of 639,000 TEU in November, down 21% year-on-year. Among them, imports fell 24% year-on-year to 307,000 TEU, down 9% from October. Imports in November this year were 17% lower than the same period in 2019. Empty container volume decreased by 26% year-on-year to 242,000 TEU, while export volume increased by 9% year-on-year to 90,000 TEU.
5. The container throughput of Long Beach Port in November fell by 21% year-on-year
According to the shipping industry website, the container throughput of Long Beach Port (LB) in the United States in November was 588,700 TEU, a year-on-year decrease of 21%. Among them, imported heavy containers were 259,400 TEU, a year-on-year decrease of 28.4%; export heavy containers were 125,000 TEU, a year-on-year increase of 13.8%; empty container throughput was 204,300 TEU, a year-on-year decrease of 25.2%.
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