This month we highlight global economic trends driven by US growth and easing inflation. This positive economic outlook is reflected in the growth of both ocean and airfreight volumes, which are expected to maintain momentum into the second half of the year. Our fleet renewal program is fundamental to maintaining a competitive edge in our ocean business – a cornerstone in decarbonising our operations. We look at the latest regional challenges, including the situation in Bangladesh and the fire incident at Ningbo port. We also explain Maersk’s latest solutions to support resilience in supply chains to help keep your cargo moving.

Market Trends

The global economy, supported by an expanding US economy and slowing inflation, is showing increased resilience as it continues to outperform earlier forecasts. The upbeat conditions have already been seen in trade growth with ocean and airfreight volumes both climbing this year compared with 2023. Indications are this strong performance will continue into the second half, although headwinds, notably geopolitical issues in the Middle East and Europe, could dampen sentiment.

Global economic growth estimates remain positive, with expected GDP growth for 2024 around 2.6%. Q2 growth exceeded expectations in the US and some emerging markets, but China’s economic activity underperformed due to weak consumer demand.