Global trade in January rose 2.4 per cent on the previous month to exceed pre-pandemic levels, despite a surge in Omicron cases worldwide and major supply chain disruptions, Kiel Trade Indicator data shows.
Volumes are now 7 per cent above the previous peak in August 2018, before the Covid-19 outbreak, figures compiled by the Kiel Institute for the World Economy showed.
"Despite the Omicron wave, global trade is running more strongly than ever before," said Vincent Stamer, head of Kiel Trade Indicator. "The continuing supply bottlenecks are therefore a result of an extremely fast increase in demand that supply cannot keep up with."
The Covid-19 crisis highlighted significant challenges in the logistics sector, with many cargo customers struggling to find shipping containers and overcome labour disruptions. The acute supply chain bottlenecks have led to congestion and delays at ports, a shortage in containers and a sharp rise in the cost of shipping goods.
Trade in the West has so far been spared by the Omicron wave, according to the Kiel Trade Indicator. US exports in particular were up month-on-month in January by 3.6 per cent, but imports were expected to fall slightly by 1.6 per cent.
Looking at the EU's January trade, there was a slight increase in exports of 0.6 per cent and a slight decrease in imports of 0.1 per cent.
For Germany, the outlook was positive for both exports, up 1.2 per cent, and imports, up 0.8 per cent.
In terms of goods trading, the Omicron wave has so far primarily affected the Chinese economy, the data shows.
Compared with the previous month, the Kiel Trade Indicator for January shows a drop in China's imports of 2.8 per cent and exports of 0.2 per cent.
"However, the Chinese New Year, and especially the hosting of the Olympic Games, are a test for the Chinese economy that the pandemic, and therefore also the economic situation, does not worsen," Mr Stamer said.
Economic reopening of countries after Covid has spurred a surge in demand for goods and raw materials. Alongside that, the disruption in global supply chains has left the majority of the shipping sector with bumper earnings in recent months.
Dubai-based ports operator DP World on Monday reported a 9.4 per cent rise in 2021 container volumes, despite growth rates moderating in the fourth quarter, with all the regions it operates in reporting gains.
DP World handled 77.9 million 20-foot equivalent units last year across its global portfolio, up from 71.1 million TEUs in 2020, with Asia Pacific, India, the Americas and Australia regions recording double-digit growth.
"The strong volume performance leaves us well placed to deliver an improved set of full-year results," Sultan bin Sulayem, DP World chairman and chief executive, said.
The Covid-19 pandemic, continued supply chain disruptions, rising inflation and geopolitical uncertainty could "continue to hinder the global economic recovery," he said.
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Started: December 2011
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Sector: Entertainment
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
RESULTS
Bantamweight
Victor Nunes (BRA) beat Siyovush Gulmamadov (TJK)
(Split decision)
Featherweight
Hussein Salim (IRQ) beat Shakhriyor Juraev (UZB)
(Round 1 submission, armbar)
Catchweight 80kg
Rashed Dawood (UAE) beat Otabek Kadirov (UZB)
(Round-1 submission, rear naked choke)
Lightweight
Ho Taek-oh (KOR) beat Ronald Girones (CUB)
(Round 3 submission, triangle choke)
Lightweight
Arthur Zaynukov (RUS) beat Damien Lapilus (FRA)
(Unanimous points)
Bantamweight
Vinicius de Oliveira (BRA) beat Furkatbek Yokubov (RUS)
(Round 1 TKO)
Featherweight
Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
(Round 1 rear naked choke)
Flyweight
Shannon Ross (TUR) beat Donovon Freelow (USA)
(Unanimous decision)
Lightweight
Dan Collins (GBR) beat Mohammad Yahya (UAE)
(Round 2 submission D’arce choke)
Catchweight 73kg
Martun Mezhulmyan (ARM) beat Islam Mamedov (RUS)
(Round 3 submission, kneebar)
Bantamweight world title
Xavier Alaoui (MAR) beat Jaures Dea (CAM)
(Unanimous points 48-46, 49-45, 49-45)
Flyweight world title
Manon Fiorot (FRA) v Gabriela Campo (ARG)
(Round 1 RSC)
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.