Market Update
Market Update Region MEA
Market Update
Thank you for visiting our page and showing interest in our MEA Market Reader. Below you will find brief summaries for a quick overview of the latest supply chain developments in the Middle East and Africa region. You can download the full version from the beside section for a more in-depth analysis.
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Summary of the Market Update 09/2023
Developments in the Middle East and Africa
- Oman's refineries and petroleum industries report 13.5% growth in July
- 6 new countries, including Egypt, the UAE and Saudi Arabia have been admitted to the BRICS, which now represents a total of USD 27tn GDP and 42% of the world's population
- UAE GDP projected to grow by 3.5% in 2023, rising to 3.9% in 2024
- Saudi Arabian PIF to acquire 100% of SABIC's steel unit for USD 3.3bln
- South African consumer inflation lowest in 2 years at 4.7% in July
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- Jet fuel price average for 2023 (year to date) is at $122.80/bbl – jet fuel is now 23.1% more
- expensive than 1 month ago and -10.4% cheaper than one year ago
- Global air cargo demand registered 20.2 billion in June and is 3.4% lower compared to June in 2022
- Dubai International (DXB) has received an accreditation from the Airports Council International (ACI) under its Accessibility Enhancement Accreditation Program
- Etihad Airways celebrates the return of A380 to London
- Qatar Airways Cargo optimizes real-time personalized pricing
- Emirates expands it’s code-share with Philippine Airlines and Air Canada
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- Customs duties on industrial goods will be eliminated in Switzerland effective 1 January 2024. This means that proof of origin is generally no longer required for duty-free imports of industrial products into Switzerland. However, if goods imported into Switzerland originating from a free trade partner are re-exported from Switzerland (processed, unprocessed or returns), it must still be possible to prove the origin; otherwise, it is not possible to issue a certificate of origin for re-export from Switzerland
- A new Swiss customs tariff structure will result in a reduced number of tariff codes, though the total length of the Swiss tariff code (8 digits) and key (3 digits) will remain unchanged
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- The global ocean freight market faces negative growth of -4.5% July '23 vs '22 / -0.6% July '23 vs '19, with Freight rates now at Pre-Covid levels across most markets
- Middle East and Africa container exports are outpacing the market, with Middle East exports recording a positive growth of 4.4% July '23 vs '22 / 1.2% July '23 vs '19, whilst Africa exports recording a positive growth of 6.0% July '23 vs '22 / 12.9% July '23 vs '19
- Middle East and Africa container imports are also outperforming the majority of the market, with Middle East imports recording a positive growth of 10.5% July '23 vs '22 / 1.7% July '23 vs '19, and Africa imports reporting a positive growth of 9.5% July '23 vs '22 / 7.5% July '23 vs '19
- Global schedule reliability remained unchanged M/M in July 2023 at 64.2%, maintaining the slightly lower level than the peak reached in May 2023. On a Y/Y level however, schedule reliability in July 2023 is still 23.8 percentage points higher. The average delay for LATE vessel arrivals on the other hand deteriorated by 0.21 days M/M to 4.59 days. This is the first substantial increase of the year, and after two months of stability at 4.37 days. Despite the M/M increase, the average delay for LATE vessel arrivals is still -1.85 days better off than at the same point last year