Softening demand is the latest threat to world trade, after two years of supply chain disruptions.
While traders previously had to cope with supply chain congestions and upheavals, they may now need to grapple with falling demand especially in developed economies. These dynamics point to recessionary pressure, analysts warned.
Ocean freight rates are intrinsically connected to the retail industry as ocean freight make up over half of all imports into the country, he added. But now, new import orders from the U.S. have slowed and businesses like Samsung U.S., the seventh-largest importer into the U.S., has halved its planned inventory order for July, according to Shifl dataThe second-largest American importer, Target also announced its intentions to cut inventory orders because of ballooning inventory, according to Shifl.
"The U.S. distribution system is stuffed with stuff. Business inventories in April were up nearly 18% from a year ago," Marc Levinson, an independent economist, said on LinkedIn. "My sense is that consumers, particularly lower income consumers, are starting to crack. We are seeing that in consumer discretionary," he said.
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