The GEP Global Supply Chain Volatility Index fell to -0.51 in March, its lowest level since May 2020, indicating the highest level of spare capacity in global supply chains in nearly five years.

• North America’s index dropped sharply to -0.63 (from -0.18), as manufacturers in the U.S., Canada, and Mexico cut purchases amid tariff pressures.
• U.K. supply chain slack widened significantly, with the index falling to -1.23, the lowest since 2020, driven by aggressive destocking.
• Asia’s index edged down to -0.12 from 0.00, as regional supply chains continued to run near full capacity, led by China and India.
• Global stockpiling activity hit a 9-year low, reflecting caution among procurement leaders and reduced confidence in demand.
• Material shortages and labor constraints remained limited, while transportation costs declined and stayed near historical averages.