Global "order drought" as orders fall off a cliff

1，Global "order drought" as orders fall off a cliff

Recently, several manufacturing countries in Southeast Asia and even around the world have been facing problems such as no orders and high costs.

Nearly 47 factories close down in Cambodia

In the first half of this year, a total of 47 factories were closed, resulting in 16,838 people losing their jobs. The increase in wages and labour costs have made the operations of garment factories even worse, resulting in many factories having to lay off workers because they have been unable to receive orders for a long time.

India orders down 15-20%

The Indian textile industry has also been deeply affected by the global economic downturn. Export orders for apparel and home textiles from the US and Europe fell by around 15-20% as Western retail brands faced slow demand.

New orders for German industry fall continuously

Data released by Germany's Federal Statistical Office showed that new orders from outside the eurozone fell by 0.4% in June this year, seasonally and working day-adjusted, the fifth consecutive month-on-month decline in German industrial new orders.

2. Russia-US bilateral trade plunges 317% to record low

According to the U.S. Census Bureau, U.S.-Russian bilateral trade was $719 million in June, which is 317 percent less than the average monthly transaction in 2021. Russia's exports of goods to the US were $661 million, the lowest level since February 2004; US exports to Russia also fell to a record low of $58 million.

3. Facebook announces it will shut down its live shopping feature

Facebook recently announced that it will be shutting down its live shopping feature on October 1, shifting its focus to the Reels short video feature. Currently, users can still use Facebook Live to live stream events, but cannot create product playlists or tag products in Facebook Live videos.