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New data from Tradeshift’s Index of Global Trade Health points to a significant recovery in global supply chain activity, with quarterly growth rates exceeding pre-pandemic levels by 14%.
For example, supply chain activity in the Eurozone rose 22% compared to the previous quarter. And, digitized invoicing and ordering data suggests a strong end to 2020 in the United States.
UK recovery is losing ground, with trade activity finishing the year 36% below the pre-COVID-19 level in March 2020.
Trade activity in Western economies has only recently shown signs of returning to growth, with businesses in China operating at near-normal capacity since April 2020.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Global Trade Trend Activity Rises Sharply as Recovery Builds Momentum
January 25, 2021 GMT
Analysis of business to business transaction volumes across the Tradeshift business commerce platform in 2020 (Graphic: Business Wire)
Analysis of business to business transaction volumes across the Tradeshift business commerce platform in 2020 (Graphic: Business Wire)
SAN FRANCISCO (BUSINESS WIRE) Jan 25, 2021
After a year of massive supply chain instability and disruptions, new data from Tradeshift’s Index of Global Trade Health points to a significant recovery in global supply chain activity, with quarterly growth rates exceeding pre-pandemic levels by 14%.
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President Joe Biden is set to sign an executive order on Monday imposing tougher restrictions on government procurement practices in an effort to increase purchases of American products, according to the Wall Street Journal.
The move is one step toward fulfilling the Buy American campaign to focus on strengthening domestic manufacturing. The policies include tightening government procurement rules to accomplish three goals: making it more difficult for federal agencies to purchase imported products, revising the definition of American-made products and raising local-content rules.
The executive order includes provisions to give small and mid-size businesses better access to information to bid for government contracts, the article said. One of Biden’s senior officials said a goal of the Buy American policy is to strengthen the US supply chain after the Covid-19 disruption revealed weaknesses in the system.