International trade is experiencing weaker demand and reduced capacity.

Global manufacturing activity expanded for the 12th month in July, though growth slowed to its lowest since March, indicating reduced sector momentum. Demand for AI products and semiconductors remained strong in Taiwan and South Korea, while consumer cargo volumes dropped. Ocean freight faced disruptions due to typhoons affecting Chinese ports, maintaining firm freight rates despite cooling demand. The EU's recent policy changes have pressured airfreight demand, while capacity issues persist in various Asian countries. Upcoming changes to US import regulations may impact importers, emphasizing the need for accurate records.