Introducing The Q3 Tradeshift Index of Global Trade Health—a quarterly report that uses the data flowing across the Tradeshift network to provide a unique insight into the state of global trade.
As shared in our first edition of the Index, we were cautiously optimistic at the end of Q2 given the trends we were tracking in our network. After seeing trade activity slump to record lows as a result of the lockdown in early second quarter, signs of a recovery began to emerge in May and June as economies in the West began to reopen. Trade activity continued to improve into Q3, as our platform activity between buyers and suppliers increased 15%. However, as we dig a little deeper, improvement has been uneven.
Our network businesses have a more optimistic outlook, however they still remain cautious with upcoming significant global events and the resurgence of the pandemic.
Some key findings from the report are that:
- Trade activity across global supply chains rose 15.2% compared to the previous quarter.
- The Eurozone was the strongest and most consistent performer across the quarter. Transaction volumes across the region's supply chains grew 25.7% in Q3.
- Transaction volumes in the US also exceeded the global average, increasing 17.2% against Q2. Pent-up demand following lockdown fuelled an 85.5% rise in orders in July compared to the monthly average in Q2.
- Across industry sectors, retailers had the busiest quarter. Transaction volumes rose 78% in July as more shops reopened. Trade activity in the food and beverage sector also rose significantly in July.
Read the full report to discover the real continued impact of COVID-19 on global trade. Then take a look at how you can plan for the unexpected and harness technology as we enter into a critical recovery phase and build a truly digitized relationship between buyers and sellers.
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