Q4 2023 Global Trade Report: Will Global Trade Turn a Corner in 2024?

Tradeshift’s Q4 2023 Index of Global Trade Health reveals a modest uptick in global trade activity at the end of the year, fueled by a surprise rebound in orders during the quarter.

The latest report shows total trade transactions on the Tradeshift platform growing at 4 points below the expected range in Q4, a slight improvement on the 6-point deficit from the previous quarter. 

Much of the momentum stems from a sharp acceleration in order volume growth during Q4. Order volumes tracked 5 points above the expected range during Q4, the most significant quarter-on-quarter growth in two years. Trade activity in the US, Eurozone and the UK, all mirrored the pattern observed globally. 

With ordering patterns providing clues as to how businesses are viewing demand signals for the next six months, the latest Index data suggests a slight rise in optimism among businesses following a long period of declining activity. 

Key findings from the Q4 Index of Global Trade Health include:

US continues to outperform – total transaction volumes stabilized at 3 points below the baseline in Q4 having softened in the previous quarter. Orders in the US rose at 6 points above the expected range in Q4, marking the most substantial acceleration in two years.

Eurozone recovers from slump – Trade activity rose to 4 points below the expected level in Q4, having dropped to 9 points below the anticipated level in the previous quarter.

UK remains stagnant: Order volumes rose at a more modest 1 point above the expected range. Total trade activity remained consistent with previous quarters at 5 points below the expected range.

China still struggling – Transaction volumes across local supply chains grew at 5 points below the baseline in Q4, compared to a 6-point deficit in the previous quarter. 

Read the full report to gain a deeper understanding of how current trends may affect your specific region or industry.