Supply Chain Research

Global trade was 0.2% lower on average in 1H vs. a year earlier, making it a key issue at the G20 Summit in Hangzhou. One positive outcome was the Environmental Goods Agreement, which should be completed by year end. Panjiva data shows China is missing out here – its solar power equipment exports fell 42% in July on a year earlier. A global steel forum won’t reduce controversy near term, especially as Chinese exports increased in June and July in dollar terms. More deals, rather than more talk, are needed for global trade to return to growth.