The GEP Global Supply Chain Volatility Index increased to -0.39 in April from -0.51 in March as declines in demand and stockpiling activity signaled underutilized capacity, but to a slightly lesser extent than the month before.

• North America’s index declined as manufacturers slashed purchases and ramped up inventory stockpiles in response to tariff risks.
• Asia saw the largest increase in spare capacity since late 2023, led by factory slowdowns in China, Taiwan, and South Korea.
• Purchasing activity in Asia hit its weakest level since December 2023 amid falling export demand.
• Europe showed signs of stabilization, with spare capacity at its lowest in ten months due to growth in Germany and France.
• The U.K. recorded one of its steepest declines in supplier activity in the past two decades.