$74.4B Black Friday

Well, Why is it Called “Black Friday?”

It dates back to the early 1960s, when police officers in Philadelphia used the phrase “Black Friday” to describe the chaos that resulted when large numbers of suburban tourists came into the city to begin their holiday shopping and attend Saturday’s annual Army-Navy football game. The huge crowds created a headache for the police, who worked longer shifts than usual as they dealt with traffic jams, accidents, shoplifting, and other issues.

Adobe said that in the U.S., consumers made a record-breaking $10.8 billion of purchases; meanwhile, Salesforce is giving a much higher overall spent estimate: $17.5 billion spent in the U.S., up 7% YoY. Globally, spending also reached a new high: $74.4 billion was spent in the 24-hour period, up 5% on a year ago. 2024 broke records, with U.S. shoppers spending $10.8 billion online. In-store shopping didn’t see the same lift, with traffic down 3.2% and sales rising just 0.7%, per Bloomberg. The numbers show how much online shopping is taking over, as more people opt for convenience.

Just weeks after Americans named the economy and inflation their top concerns at the polls; shoppers still opened their wallets, thanks to big discounts and buy-now-pay-later options that made splurging easier. Mobile shopping led the way, with 55% of online sales—$5.9 billion—coming from smartphones, a 12% jump from last year. Popular items included beauty products, tech gadgets, and winter clothes. Shopify (SHOP) merchants had a massive day, racking up $5 billion in global sales according to leadership updates shared on X. At peak, they hit $4.6 million in sales per minute, per Shopify’s President Harley Finkelstein

Meta plans to build a $10B subsea cable spanning the world

Meta, the parent of Facebook, Instagram, and WhatsApp, is the second-biggest driver of internet usage globally. Its properties — and their billions of users — account for 10% of all fixed and 22% of all mobile traffic. The company plans to build a new, major, fibre-optic subsea cable extending around the world — a 40,000+ kilometer project that could total more than $10 billion of investment. Critically, Meta will be the sole owner and user of this subsea cable — a first for the company and thus representing a milestone for its infrastructure efforts.

Sunil Tagare, a subsea cable expert (and pioneer in the space, as founder of Flag Telecom), who was the first to report Meta’s plans back in October mentioned recently that the plan is to start with a budget of $2 billion but as the project builds out that figure is likely to go up to more than $10 billion. The cable, when completed, would give Meta a dedicated pipe for data traffic around the world. The planned route of the cable, says sources, currently sees it spanning from the east coast of the U.S. to India via South Africa, and then to the west coast of the U.S. from India via Australia — making a “W” shape around the globe, like the one visualized below.

With all the buzz around "Tariffs" in the news...
we decided to highlight: Who is the Biggest Exporter?

China exported $3.4 trillion in goods, outpacing the United States by nearly $1.4 trillion.

The U.S. last held the title of the world’s top exporter in 1979, but since then, its trade deficit has steadily widened. Nonetheless, energy exports—the country’s leading export category—have shifted from a deficit to a surplus over the past decade. In 2023, the U.S. recorded a $65 billion net energy surplus, bolstering its trade balance. Increased domestic energy production has also helped shield the economy from oil price shocks, such as those caused by the Russia-Ukraine war, which severely impacted European economies.

Germany, the world’s third-largest exporter, experienced a modest 1% growth in goods exports in 2023, despite an overall economic contraction. Its industrial-heavy economy faced challenges from rising energy costs, forcing several firms to halt production. Germany’s largest export market remained the U.S., to which it shipped $160 billion in goods. However, Trump’s proposed tariffs could reduce U.S. imports by as much as 15%, with Germany’s automotive and pharmaceutical sectors expected to bear the brunt, facing potential declines of 32% and 35%, respectively

and the Biggest Importer?

America: The World’s Largest Importer of Goods

In 2023, the United States imported $3.2 trillion worth of goods, solidifying its position as the world’s largest importer. With its expansive consumer base and advanced economy, the U.S. leads global imports across various product categories, including automobiles, electronics, industrial machinery, and pharmaceuticals. Mexico, America’s top trading partner, is a key supplier of many of these goods, while Canada provides essential resources such as crude oil and natural gas.

Meanwhile, China ranks second in global imports, leading the world in crude oil imports, primarily sourced from Saudi Arabia, Russia, and Iraq. However, unlike the U.S., China maintains a substantial trade surplus in goods, with exports surpassing imports by over $1.3 trillion—driven by factors like lower production costs, a competitive labor market, and higher domestic savings.

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