Tag is: July (film)

Record number of paid employees

by the Logistics TransportIn the Category: Logistics

The Turkish Statistical Institute (TurkStat) has published its paid employee statistics for July.

Accordingly, the number of paid employees in the industrial, construction and trade-service sectors increased by 3.4 percent year-on-year in July to 15 million 889 thousand 385 people. This number was recorded as 15 million 369 thousand 599 people in July last year.

When looking at the sub-details of paid employees, the number of paid employees in July remained unchanged in the industrial sector (5 million 100 thousand 115 people), increased by 8.6 percent in the construction sector and 4.3 percent in the trade-service sector.

The number of paid employees increased by 0.7 percent on a monthly basis

In the industrial, construction and trade-service sectors, the number of paid employees increased by 0.7 percent on a monthly basis in July.

Looking at the sub-details, in July, paid employees saw a monthly increase of 0.9 percent in the industrial sector, 1 percent in the construction sector and 0.6 percent in the trade-service sector.

China's PMI signals economic contraction

by the Logistics TransportIn the Category: Logistics

In August, China's manufacturing activity fell to a six-month low, with factory prices falling and factory owners struggling to take orders, according to an official survey on Saturday. It is very difficult for the economy to recover without policymakers giving households more financial incentives.

The National Bureau of Statistics purchasing managers index (PMI) declined from 49.4 ⁇ in July to 49.1 ⁇ ; It made its sixth consecutive fall and fell below the 50 level separating growth from contraction in the fourth month. The Reuters poll also missed the median estimate of 49.5 ⁇ .

The statistics office said that the measurement of non-manufacturing activity in the construction and service sectors increased to 50,3 ⁇ under the influence of consumption during the summer holiday season. This is compared to a 50.1 ⁇ estimate and a 50.2 ⁇ July reading. The composite index remained at 50,1 ⁇ , that is, it counted economic activity in the country in August ⁇ . Following the below-expected 2Q2024 GDP data, it is clear that the cautious monetary and financial easing during the 3Q period does not solve the problems.

The world's second-largest economy began to lose momentum in July. Beijing's tactics of transferring funds to infrastructure projects, the classic method for stimulating the economy, no longer work.  The government is therefore now signaling its readiness to announce new incentives for households.

Manufacturer confidence is bleak as the decades-long real estate crisis has stagnated domestic demand and Western restrictions on China's exports, such as electric vehicles, have spread from country to country.

A special survey on Sunday showed that new home prices in China rose at a slower pace than in July in August, with the crisis-affected real estate sector failing to reach bottom despite a number of supportive policies. According to the data of real estate researcher China Index Academy ⁇ , the average price of new houses in 100 cities compared to July %increased by 0.11; the previous month %It slowed down compared to the 0.13 ⁇ increase.

Producers reported that ex-factory prices fell from 46.3 ⁇ in July to 42 ⁇ , the worst in 14 months, while the new total and export orders sub-indices remained in the negative zone. Manufacturers have stopped hiring.

Zhiwei Zhang, chief economist at Pinpoint Asset Management, said the fiscal policy stance remains highly restrictive, which could be one of the reasons for weak economic momentum. In order to ensure economic stability, the fiscal policy stance needs to become much more supportive. While the U.S. economy is slowing, exports may not be as reliable a source of growth as they were in the first half of the year, he added.

On the positive side, retail sales were higher than forecasts last month. It seems that the authorities' decision to allocate about 150 billion yuan ($21 billion) in July for the renewal of old auto and durable consumer goods is in the right direction.

Yet economists expect more specific plans to revitalize China's 1.4 billion-dollar consumer market, beyond the commitment of the ruling Communist Party to do so. It won't be easy.

Xu Tianchen, senior economist at the Economist Intelligence Unit (EIU), said, "Given the scale of the stimulus plan, which he said would provide moderate support to the economy, I'm not sure if more (stimulus) can be implemented." Cash support for the renewal of aging goods ⁇ ⁇ seems to be welcomed by consumers ⁇ .

Moreover, unless more efforts are made to mitigate the collapse of the real estate sector, which has placed a heavy burden on consumer spending over the past three years, it will probably not be possible to stimulate domestic demand. 70 percent of household wealth is held in real estate, which in its heyday accounts for a quarter of the economy. Consumers will keep their wallets tightly closed before housing prices rise again.

A Reuters survey on Friday found that house prices are set for 2024. %He predicts a decline of 8.5; This is from the May poll. %It's deeper than a 5.0 drop.

Source of:  Reuters, Bloomberg, CNBC.com

Ukraine sees increase in grain exports amid clashes

by the Logistics TransportIn the Category: Logistics

In the face of Russia's intensified military aggression, Ukraine has managed to significantly increase grain exports this summer, taking advantage of military advances in the Black Sea region.

As an important global producer of wheat and corn, the country has historically relied on Karadeniz ⁇ for its monthly grain exports of approximately 6 million tons. Despite ongoing conflicts, Ukraine's grain sales continue to be vital to its economy, especially as global prices continue to remain weak.

Ukraine's UGA merchant association reported that food exports more than doubled in July compared to July 2023, exceeding 4.2 million metric tons, although Russian forces targeted important export points such as the port of Odessa in the Black Sea and Izmail on the Danube River.

These ports are vital for the transportation of grain to Europe. The destinations of exports made in July were not announced, but historically Ukrainian wheat was mainly sold to Spain, Egypt and Indonesia, while corn exports were mainly made to Spain and China.

The latest export increase includes new season wheat and corn from last year's significant harvest. In July, Ukraine exported 3.7 million tons of agricultural products via Odessa and 569,000 tons via the Danube. These figures mean a significant increase compared to 291,000 tons and 2.07 million tons exported from these routes in July 2023.

According to LSEG shipping data, six corn shipments were also made from Chornomorsk and Pivdennyi ⁇ , Ukraine ⁇ 's other operational Black Sea ports, to Rotterdam and Spain ⁇ 's Cartegna port in June and July. Additional shipments to China, Egypt and Turkey were also recorded by Kpler.

Despite the increase in sales last month, total exports in the 2024/25 season are expected to fall due to adverse weather conditions and the ongoing war, according to the estimates of the ASAP agricultural consulting company. It is estimated that grain exports from Ukraine will fall by 14.5 million tons per year to 35 million tons, the lowest level in almost a decade.

Ukraine created a shipping corridor after the collapse of the UN-backed Black Sea grain export initiative last year. This was possible because Russia's Black Sea Fleet moved most of its combat-ready warships away from the occupied Crimea.

The improved security situation has led to lower insurance and freight prices, increasing the competitiveness of Ukrainian exports. The challenge for Kiev ⁇ is to maintain the functionality of its accessible ports for maritime transport.

Despite avoiding major ship damage, Ukrainian ports have suffered numerous missile and drone attacks. According to Dmytro Barinov ⁇ , Vice-President of the Port Authority of Ukraine, the sensitivity of these attacks shows that Russia ⁇ made a deliberate attempt to hinder Ukraine ⁇ 's export capabilities.

As the country's navy chief, Vice Admiral Oleksiy Neizhpapa ⁇ , points out, the Ukrainian military, including the air defense force and missile systems, provides protection to ships entering and leaving ports. But challenges such as power cuts continue to disrupt port operations and exports.

The cost of war risk premiums for ships entering Ukrainian ports is of concern; Recently the value of the ship %Although there are offers up to 1.2 ⁇ , discounts are available.

These premiums have increased since a missile strike in Pivdennyi ⁇ in November damaged a ship, but costs could rise if security conditions worsen. Insurers are keeping a close eye on the situation, and war risks can adjust their insurance rates accordingly.

Neil Roberts ⁇ , head of maritime and aviation at Lloyd ⁇ s Market Association ⁇ , reported that during the year in which it operated, Ukraine ⁇ 's maritime corridor facilitated the delivery of 57.7 million tons of cargo to 46 countries with 2,059 ships, 39 million tons of which were agricultural products. Individual insurers continue to assess the situation to determine appropriate rates based on evolving risks.

Reuters contributed to this article.

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