Issue link: http://www.insightdigital.biz/i/1308856
30 | /INSIGHT ON MANUFACTURING • November 2020 w w w.in s i g h t o n m f g . c o m Are businesses that rely on trade ready for a crash? That's the question posed by Ngosong Fonkem, a trade compliance attorney with Page Furca and a member of the Global New North Steering Committee, and several other authors in a new book, "Trade Crash: A Primer on Surviving and Thriving in Pandemics & Global Trade Disruption." Fonkem says the global impact of the COVID-19 pandemic and the November U.S. elections could lead to a trade crash and the end of the global supply chain as we know it in 2021. Learn more at tradecrash.com. Export woes By the NUMB#RS Trade deficit reaches new high The U.S. trade deficit rose to its highest level since August 2006 when it hit $67.1 billion this past August, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. From July to August this year, the deficit grew $3.7 billion. The World Trade Organization predicts that global trade volumes could fall 9.2 percent in 2020, an improvement from the previous estimate of 12.9 percent. On the upside, the WTO predicts that global trade should rebound, rising by an estimated 7.2 percent in 2021. Manufacturing comeback Manufacturing activity expanded in October at its best pace since February. The composite index went from 15 in September to 32.3 in October, with faster growth in new orders, shipments and the average workweek. Economic snapshot The Greater Green Bay Chamber's economic development arm introduced a new economic scorecard at GreenBayMade.com. This site is the first of its kind for tracking key economic indicators in the Green Bay area. The scoreboard provides statistics that will be updated quarterly, including: regional overview, workforce by industry, target industry snapshot, ALICE (Asset-limited, income-constrained, employed) data, and economic development projects, including total projects, new jobs created, new capital investment and new square footage. The first scorecard shows the strength of manufacturing in the region: • Manufacturing jobs have grown 7 percent in the past five years • 31,611 manufacturing jobs • Industry concentration of 2.13 (the higher the number, the better) • Average wages of $68,320 Truckers feel the pressure The COVID-19 pandemic has increased demand for certain commodities (face masks and hand sanitizer, anyone?) and driven important truckload volumes higher in specific markets. That trend looks to continue well into 2021. Truckers will continue to see tight capacity and high demand for fast-moving consumer goods. Source: Dat.com