With manufacturing activity slowing in both regional and global economies, Antonio Rosset, Commercial Director of Leeco Trading, explains how manufacturers should consider where they source raw materials from to help control costs.
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“As manufacturing activity slows in key regional economies, it’s important for manufacturers to consider international and domestic sources for raw materials to help control production costs,” Antonio said. “With decades of experience in sourcing steel and metal products, Leeco Trading is prepared to meet your international sourcing needs and help you lower raw material costs.”
Recent economic news points towards slowing economic and manufacturing activity across key regional markets.
Mexico’s industrial production fell 1.8% in September, slightly below expectations of a 1.9% drop. Output for construction and utilities dropped, but manufacturing production rebounded from -0.2% to a 0.8% level of growth.
Economic activity in Chile increased 3% year-over-year in September. Chile’s central bank said rises in construction and service sectors boosted the economy. However, October’s economic activity is expected to be flat or negative due to unrest in Chile.
Peru’s central bank announced it intends to cut its growth projection for 2019 as the economy and public investment slowdown – this would be the third growth rate cut this year. The central bank stated they will announce a reduction of the current growth forecast on Dec. 20.
South Africa’s manufacturing contracted more than expected in September, falling 2.4% year-over-year. A business confidence survey for October showed investors and managers were downbeat about the economy due to decreased export and import values, weaker exchange rate depreciation and electricity supply disruptions.