- Global producer capacity goes underutilized for an eighth successive month in November; supplier order books remain unfilled
- Inactivity across Asia’s supply chains bodes ill for near-term global manufacturing improvement
- Demand stays subdued, especially in Europe, where manufacturing is in a recession
- In contrast, North America is displaying greater resistance to global economic drags as supplier spare capacity becomes less prevalent
CLARK, N.J., Dec. 14, 2023 /PRNewswire/ — The GEP Global Supply Chain Volatility Index — a leading indicator tracking demand conditions, shortages, transportation costs, inventories and backlogs based on a monthly survey of 27,000 businesses — was once again in negative territory at -0.34 in November, compared to -0.41 in October, indicating an eighth successive month of spare capacity across global supply chains.
“This persistent, month-after-month, excess vendor capacity means that the end to the global manufacturing recession is still some way off,” explained Todd Bremer, vice president, consulting, GEP. “North America continues to buck the global economic headwinds. Continuing excess supplier capacity in Asia gives manufacturers greater leverage to drive down prices in 2024.”
Weakness in demand for raw materials, components and commodities continued in November, although the global slump in purchasing activity did ease, primarily because of North America, which seems to be well past the peak of its manufacturing industry downturn. In fact, output and new orders at intermediate goods makers in the U.S. — which includes chemicals, metals, electronic components and electrical equipment manufacturers — improved in November.
On the other hand, Europe’s slump in demand remained severe, reflecting recessionary conditions. Capacity at Asia’s suppliers went underutilized to one of the greatest degrees in the post-pandemic era, boding ill for the near-term outlook of global manufacturing.
Slight improvements in global item supply, easing transport cost pressures and destocking, as seen in GEP’s November data, provide additional evidence of continuing weakness across the global economy.
NOVEMBER 2023 KEY FINDINGS
- DEMAND: Weakness in demand for raw materials, components and commodities persisted in November, although, encouragingly, the downturn was its softest since April. Regional data revealed less aggressive cuts to purchasing by North American and Asian companies, but the decline in input demand remained considerable in Europe.
- INVENTORIES: Global businesses continue to demonstrate little appetite for building up their stocks, with inventory managers unwilling to hold surplus stock in warehouses.
- MATERIAL SHORTAGES: Reports of item shortages fell again in November and remained at their lowest since January 2020.
- LABOR SHORTAGES: Reports of backlogs accumulated because of labor unavailability remain historically subdued, showing that production capacities are not constrained by staff supply.
- TRANSPORTATION: Global transportation costs have stabilized and held close to the long-term average in November.
REGIONAL SUPPLY CHAIN VOLATILITY
- NORTH AMERICA: The index rose to -0.21, from -0.34, its highest level since April, and is now well below its low point of -0.85 in June, suggesting the manufacturing downturn has passed its peak in the U.S.
- EUROPE: The index rose to -0.85, from -0.90, but remains at a level consistent with significant economic weakness as recession looms for the continent.
- U.K.: A big increase in the index from -0.93 to -0.58 tentatively suggests the U.K.’s economy may fare better than some of its European peers, but the U.K.’s suppliers are still experiencing considerable spare capacity.
- ASIA: The index rose to -0.24, from -0.38. Nonetheless, this still highlighted one of the greatest degrees of vendor spare capacity in the post-pandemic era.
For more information, visit www.gep.com/volatility
Note: Full historical data dating back to January 2005 is available for subscription. Please contact [email protected].
The next release of the GEP Global Supply Chain Volatility Index will be 8 a.m. ET, January 12, 2024.
ABOUT THE GEP GLOBAL SUPPLY CHAIN VOLATILITY INDEX
The GEP Global Supply Chain Volatility Index is produced by S&P Global and GEP. It is derived from S&P Global’s PMI® surveys, sent to companies in over 40 countries, totaling around 27,000 companies. The headline figure is a weighted sum of six sub-indices derived from PMI data, PMI Comments Trackers and PMI Commodity Price & Supply Indicators compiled by S&P Global.
- A value above 0 indicates that supply chain capacity is being stretched and supply chain volatility is increasing. The further above 0, the greater the extent to which capacity is being stretched.
- A value below 0 indicates that supply chain capacity is being underutilized, reducing supply chain volatility. The further below 0, the greater the extent to which capacity is being underutilized.
A Supply Chain Volatility Index is also published at a regional level for Europe, Asia, North America and the U.K. For more information about the methodology, click here.
GEP® delivers AI-powered procurement and supply chain solutions that help global enterprises become more agile and resilient, operate more efficiently and effectively, gain competitive advantage, boost profitability and increase shareholder value.
Fresh thinking, innovative products, unrivaled domain expertise, smart, passionate people — this is how GEP SOFTWARE™, GEP STRATEGY™ and GEP MANAGED SERVICES™ together deliver procurement and supply chain solutions of unprecedented scale, power and effectiveness. Our customers are the world’s best companies, including more than 550 Fortune 500 and Global 2000 industry leaders who rely on GEP to meet ambitious strategic, financial and operational goals.
A leader in multiple Gartner Magic Quadrants, GEP’s cloud-native software and digital business platforms consistently win awards and recognition from industry analysts, research firms and media outlets, including Gartner, Forrester, IDC, ISG, and Spend Matters.
GEP is also regularly ranked a top procurement and supply chain consulting and strategy firm, and a leading managed services provider by ALM, Everest Group, NelsonHall, IDC, ISG and HFS, among others. Headquartered in Clark, New Jersey, GEP has offices and operations centers across Europe, Asia, Africa and the Americas. To learn more, visit www.gep.com.
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Shanghai’s Lujiazui adds 5 global asset management institutions
SHANGHAI, March 5, 2024 /PRNewswire/ — Five global asset management institutions, including Aspect Capital and Schroders Capital, have signed agreements to settle in Shanghai’s Lujiazui Financial City, said local authorities.
According to Xiao Jian, head of Lujiazui administration bureau under the China (Shanghai) Pilot Free Trade Zone, Lujiazui Financial City has so far attracted more than 8,000 financial institutions.
Lujiazui has become an important cluster for global asset management institutions in China. It now boasts about 80 percent of foreign-funded asset management institutions, 40 percent of foreign-funded corporate banks, nearly one-third of public fund management companies, and nearly one quarter of insurance asset management institutions of the total in the country, Xiao said.
More than 80 world-renowned financial institutions from 13 countries have established over 120 foreign asset management institutions in Lujiazui.
“Lujiazui is an important gathering place and business expansion place for global asset management institutions in China. We are very honored to have the opportunity to join the Global Asset Management Partner Program. We also hope that through this signing, we can contribute to building Lujiazui into the core area of a global asset management center and accelerating Shanghai’s entry into the forefront of global asset management center cities,” Li You, Chief Compliance Officer of Aspect Capital (China) Limited.
“Shanghai has made a great stride in pushing for financial openness and attracting more global financial institutions and investors. The next step could be to take advantage the special status of Shanghai Free Trade Zone and Lingang special area to develop an off-shore financial system, adopting the most advanced financial business models and regulatory regimes,” said Yan Hong, professor of finance of Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University.
LAMPRO International Distributor Summit: A Feast of Gathering and Future Prospect
-Focus On Pro, Pro For Mate–
HUIZHOU, China, March 5, 2024 /PRNewswire/ — On March 2-3, right on the 20th anniversary of the establishment of LAMPRO, the International Distributor Summit was successfully concluded in Huizhou. With the theme of “Focus On Pro, Pro For Mate”, the summit attracted more than 200 partners from all over the world, sharing the industry trend and advanced leading technology. During the summit, LAMPRO held an appreciation award ceremony and signing ceremony as well for partners to co-build a partnership system and create a brighter future together.
At the summit, Sichuan opera performances, band shows, and other entertainment sessions created a warm and comfortable homey vibe, so that every guest fully enjoyed the process. One of our partners even took the initiative to sing on stage.
To share business opportunities with partners and demonstrate the vision of prosperous development, LAMPRO has elaborately planned the “Tree of Dreams” launching ceremony and the 20th-anniversary sand painting video. In the beginning, Chairman Tiger Lin thanked all partners for choosing Unilumin and LAMPRO, and he emphasized, “It is vital to choose the right brand and bind with it, which will help you become an outstanding leader locally.” Afterwards, Mr. Lawrence Liu, General Manager of LAMPRO, shared the development strategy of LAMPRO partner system. The project director introduced and demonstrated LMini and other major product series in details, which greatly boosted the confidence of global partners.
Furthermore, to thank partners for their support and seek mutual development, LAMPRO also held an awarding session, a signing ceremony, and a visiting journey to the Daya Bay intelligent manufacturing base on March 3, which demonstrated the industry-leading intelligent manufacturing capabilities of LAMPRO and high quality of products. LAMPRO sincerely expects to establish a closer cooperative relationship with global partners. Partners said that they gained valuable friendship and cooperation opportunities at the summit, and highly recognized the manufacturing strength and product capability of LAMPRO.
Meanwhile, elaborately arranged lucky draws pushed the atmosphere to a culmination, in which prizes included electronic equipment of well-known brands. At the end of the dinner party, LAMPRO prepared unique souvenirs, including the 20th-anniversary mascot of LAMPRO, hoping to leave an unforgettable impression on every guest.
Looking ahead, we expect to share greater joys of success with more partners in subsequent distributor summits, create a bright future and display a better world together.
Aptoide launches campaign for a truly open digital market with new DMA website
LISBON, Portugal, March 5, 2024 /PRNewswire/ — Aptoide, the pioneer in global alternative Android app distribution, has launched a new campaign website, Leveling the game, including an Open Letter from the Aptoide founders, to demand full compliance from gatekeepers with the EU’s Digital Markets Act (DMA) and to urge regulators to take further action against anti-competitive practices by digital gatekeepers. Since 2011, Aptoide has been a vocal advocate for fair competition in the mobile app market, consistently challenging the market dominance of tech giants like Google.
With the March 2024 deadline for complete DMA compliance from gatekeepers set for this week, Aptoide sees this as a critical juncture for achieving true fairness in digital markets. However, the company also points out that significant obstacles remain, particularly with Apple’s recent DMA-related proposals, which include the introduction of a Core Technology Fee (CTF) and restrictive terms that limit developers’ access to alternative platforms.
“Aptoide has always advocated for a digital marketplace where innovation thrives and fairness reigns”, said Paulo Trezentos, Aptoide’s CEO and co-founder. “The DMA is a landmark step in that direction, but it’s clear that some tech gatekeepers are reluctant to let go of their stranglehold on the mobile industry. We must continue to push for reforms that will truly level the playing field”.
Aptoide argues that Apple’s proposed changes mostly serve to preserve its market dominance rather than to foster genuine competition, maintaining control by imposing disproportionate fees on alternative app stores and discouraging users from exploring non-Apple ecosystems through complex installation processes and misleading warnings.
Álvaro Pinto, co-founder and COO of Aptoide, added, “We’re at a crucial moment where the actions of regulators will determine the future of digital markets. Apple’s half-hearted reforms under the DMA are simply not enough. We need to ensure that the spirit of the DMA is not lost in loopholes and half-measures”.
In response to these challenges, Aptoide calls on EU authorities to hold Apple accountable and to demand that they:
- Eliminate or significantly reduce the CTF to reflect actual costs.
- Offer developers the freedom to choose between distribution models without restrictions.
- Simplify the app installation process for a better user experience.
- Apply the CTF fairly across all market participants.
- Remove misleading warnings about alternative payment systems.
- Ensure the confidentiality of data from competing marketplaces.
Aptoide believes that real competition can only emerge if the EU takes decisive action to enforce open market principles, leading to a digital marketplace that values fairness and innovation. And that the fight for an open digital marketplace is far from over and requires a united front. That’s why the company urges developers, consumers and regulators to join in demanding more from both Apple and Google.
Aptoide invites all stakeholders to visit their new DMA advocacy landing page, Leveling the game, to learn more about the ongoing struggle for an open digital world and to join the movement against the outdated monopolistic tactics of dominant gatekeepers.
Read the Aptoide Founders’ Open Letter about the DMA and what we need for real digital freedom here:
Aptoide is a game-changing app distribution and payment processing platform, with over 430 million users, 10 billion downloads and 1 million apps. Available on multiple channels including Android, Web, TV and automotive, Aptoide offers developers a trusted, experienced partnership with a deep understanding of all ecosystems.
- Shanghai’s Lujiazui adds 5 global asset management institutions
- LAMPRO International Distributor Summit: A Feast of Gathering and Future Prospect
- Aptoide launches campaign for a truly open digital market with new DMA website
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- SK chemicals, Hyosung Advanced Materials, and Hankook Tire Commercialize South Korea’s First Chemically Recycled PET Tire
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- MODIFI Named one of Europe’s Fastest Growing Companies of 2024 by The Financial Times
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