As we approach the peak Christmas season most global economies are in recovery mode, with some hiccups in countries experiencing a second wave of COVID-19. China and Vietnam bucked the trend of contraction, showing strong export growth based on their quick reaction to the pandemic. While Europe welcome an economic rebound, political uncertainty in the US clouds the economic climate.
Below are some highlights from CBX Software’s Q4 2020 Retail Sourcing Report.
– Except for a few countries battling second waves of the pandemic, most economies experienced economic recovery through Q3 and into Q4.
– Asian economies, except for China and Vietnam are still struggling with lockdowns and unemployment, even as demand in Europe and North America picked up.
– Shipping carrier rates climbed higher into Q4 on tight capacity, even as service and reliability (on-time deliveries) plummeted.
– Oil and commodity prices continued a strong recovery trend into Q4, which should continue assuming pandemic recovery.
– Both the Euro and the Chinese Yuan appreciated against the USD, although the USD remained a strong safe-haven currency through this period of uncertainty.
While many indicators point to recovery, we approach 2021 with more wariness than confidence given the unknowns of the pandemic, the US political climate and widespread economic volatility.
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