Economic Updates¶
Exchange Rates¶
With the exception of minor differences, global exchange rates have remained relatively constant since the Regional Data Libraries 2024-03 release.
The table below shows the changes and percentage changes in currency exchange rates relative to the 2024-03 Regional Data Libraries release.
If you are using local currencies in your deployment of aPriori, you are advised to update your installation with the exchange rates shown below. To update exchange rates, open the Deployment Data module within the Digital Factory Toolset and edit the values in the Currency tab.
| Currency Name | Currency Symbol | Currency Exchange Rate (vs. USD) | Percent Change from 2024-03 |
|---|---|---|---|
| Australian Dollar | AUD | 0.66457 | 0.7% |
| Brazilian Real | BRL | 0.19338 | -4.2% |
| Canadian Dollar | CAD | 0.73228 | -1.5% |
| Chilean Peso | CLP | 0.00111 | 1.0% |
| Chinese Yuan Renminbi | CNY | 0.13805 | -2.3% |
| Czech Koruna | CZK | 0.04390 | 0.1% |
| Danish Krone | DKK | 0.14551 | -0.4% |
| Euro | EUR | 1.08576 | -0.4% |
| Hungarian Forint | HUF | 0.00282 | -0.1% |
| Indian Rupee | INR | 0.01203 | 0.0% |
| Indonesian Rupiah | IDR | 0.00006 | -3.1% |
| Japanese Yen | JPY | 0.00637 | -6.0% |
| Korean Won | KRW | 0.00073 | -2.1% |
| Malaysian Ringgit | MYR | 0.21286 | 0.7% |
| Mexican Peso | MXN | 0.05998 | 3.3% |
| Norwegian Krone | NOK | 0.09505 | -0.5% |
| Philippine Peso | PHP | 0.01721 | -3.2% |
| Polish Zloty | PLN | 0.25518 | 2.6% |
| Pound Sterling | GBP | 1.27519 | 0.0% |
| Romanian Leu | RON | 0.21819 | -0.3% |
| Russian Ruble | RUB | 0.01128 | 0.0% |
| Shekel (Israel) | ILS | 0.27211 | 1.2% |
| Singapore Dollar | SGD | 0.74116 | -0.8% |
| South African Rand | ZAR | 0.05432 | 2.4% |
| Swedish Krona | SEK | 0.09401 | -1.9% |
| Swiss Franc | CHF | 1.09368 | -5.4% |
| Taiwan Dollar | TWD | 0.03109 | -2.5% |
| Thai Baht | THB | 0.02731 | -2.6% |
| Turkish Lira | TRY | 0.03106 | -5.9% |
| United States Dollar | USD | 1.00000 | 0.0% |
| Vietnamese Dong | VND | 0.00004 | -4.9% |
Labor Rates¶
Increases in the monthly minimum wage and labor force participation in Indonesia have caused a jump in base labor rates.
With the intention of bringing Russia’s minimum wage closer to its cost of living, in early 2023 Vladimir Putin had proposed an 18.5% increase for 2024. That plus Russia’s massively ramped up military production in support of its war in Ukraine have resulted in decreased unemployment in the manufacturing sector which in turn has significantly pushed up labor rates.
In February 2024, South Africa’s Minister of Employment and Labour increased the national minimum wage by 8.5% resulting in an overall increase in base labor rates.
The table below shows Labor Rate changes relative to the 2024-03 Regional Data Libraries release.
Note:
The labor rate column shows the average labor rate per country across all skill levels.
| Region | Current Avg Labor Rate | Percent Change from 2024-03 |
|---|---|---|
| Australia | $30.60 | 0.7% |
| Austria | $28.32 | -0.4% |
| Belgium | $39.85 | -0.4% |
| Brazil | $3.80 | -4.2% |
| Canada | $23.32 | -1.5% |
| Canada-Alberta | $26.64 | -1.5% |
| Canada-Atlantic (PE-NB-NL-NS) | $20.21 | -1.5% |
| Canada-Ontario | $23.21 | -1.5% |
| Canada-Quebec | $21.32 | -1.5% |
| Canada-West (BC-MB-SK) | $22.24 | -1.5% |
| Chile | $6.52 | 6.4% |
| China | $12.32 | -2.3% |
| China-Central-Hubei-Wuhan | $10.32 | -2.3% |
| China-East-Jiangsu-Suzhou | $12.65 | -2.3% |
| China-East-Shandong-Qingdao | $10.67 | -2.3% |
| China-East-Shanghai | $15.87 | -2.3% |
| China-East-Zhejiang-Hangzhou | $13.10 | -2.3% |
| China-North-Beijing | $22.01 | -2.3% |
| China-North-Hebei-Tianjin | $9.63 | -2.3% |
| China-Northeast-Liaoning-Dalian | $9.49 | -2.3% |
| China-SouthCentral-Guangdong-Guangzhou | $12.69 | -2.3% |
| China-Southwest-Chongqing | $9.83 | -2.3% |
| China-Southwest-Sichuan-Chengdu | $10.80 | -2.3% |
| Czech Republic | $14.83 | 3.5% |
| Denmark | $43.60 | -0.4% |
| Eastern Europe | $13.48 | 3.1% |
| Finland | $30.35 | 4.5% |
| France | $33.57 | -0.4% |
| Germany | $32.61 | -0.4% |
| Hungary | $12.15 | 4.3% |
| India | $2.04 | 0.0% |
| India-Delhi | $2.26 | 0.0% |
| India-Karnataka | $2.62 | 0.0% |
| India-Maharashtra | $2.49 | 0.0% |
| India-West Bengal | $2.38 | 0.0% |
| Indonesia | $1.20 | 34.5% |
| Ireland | $32.06 | 0.5% |
| Israel | $18.54 | 1.2% |
| Italy | $22.43 | -0.4% |
| Japan | $12.98 | -3.9% |
| Malaysia | $4.25 | 0.7% |
| Mexico | $7.15 | 3.3% |
| Mexico-Mexico City | $9.61 | 3.3% |
| Mexico-North | $7.90 | 3.3% |
| Mexico-South-West | $5.67 | 3.3% |
| Netherlands | $32.08 | -0.3% |
| Norway | $40.26 | -0.5% |
| Philippines | $1.81 | 6.3% |
| Poland | $14.40 | 2.6% |
| Portugal | $11.78 | -0.4% |
| Romania | $11.30 | -0.3% |
| Russia | $5.29 | 15.1% |
| Russia-Altaiski Krai | $3.30 | 15.1% |
| Russia-City of Moscow | $9.63 | 15.1% |
| Russia-Kaluga | $4.83 | 15.1% |
| Russia-Leningrad | $5.57 | 15.1% |
| Russia-Moscow region | $6.67 | 15.1% |
| Russia-Republic of Dagestan | $2.90 | 15.1% |
| Russia-Saint Petersburg | $7.58 | 29.0% |
| Russia-Sverdlovsk | $5.59 | 15.1% |
| Russia-Tyumen | $13.20 | 15.1% |
| Russia-Udmurtia | $3.83 | 15.1% |
| Saudi Arabia | $1.29 | 0.0% |
| Singapore | $28.90 | -4.1% |
| Slovakia | $12.55 | 1.9% |
| South Africa | $6.53 | 8.8% |
| South Korea | $19.54 | -8.2% |
| Spain | $17.97 | 3.9% |
| Sweden | $23.88 | -1.9% |
| Switzerland | $55.92 | -5.4% |
| Taiwan | $9.47 | -2.5% |
| Thailand | $2.10 | -0.3% |
| Turkey | $4.32 | -5.9% |
| USA | $37.95 | 0.0% |
| USA-California | $44.08 | 0.0% |
| USA-Central (AR-IA-KS-MT-NE-ND-OK-SD) | $30.09 | 0.0% |
| USA-Mid-Atlantic (DE-MD-PA-VA) | $39.69 | 0.0% |
| USA-Mountain (AZ-CO-ID-NV-NM-UT-WY) | $33.62 | 0.0% |
| USA-North Central (IL-MI-MN-OH-WI) | $36.33 | 0.0% |
| USA-Northeast (MA-NY-NJ-CT) | $47.12 | 0.0% |
| USA-Northeast-Rural (ME-NH-RI-VT) | $34.20 | 0.0% |
| USA-Pacific (WA-OR-HI-AK) | $35.94 | 0.0% |
| USA-Southeast (AL-FL-GA-IN-KY-LA-MO-MS-NC-SC-TN-WV) | $32.22 | 0.0% |
| USA-Texas | $38.18 | 0.0% |
| United Kingdom | $21.72 | 0.0% |
| Vietnam | $1.59 | -4.9% |
| Western Europe | $28.60 | 0.2% |
Total Manufacturing Rates¶
The table below shows changes in Total Manufacturing Rates (Labor + Direct and Indirect Overhead) relative to the 2024-03 Regional Data Libraries release. All columns with rates included are the average rate for that specified country.
The table reflects updates to machine power values and therefore overhead values. These updates to machine power values and overhead values are available only to customers using the 2024-06 RDLs in conjunction with aPriori 2024 R1 SP1. For customers using the aPriori 2023 R1 releases, the previous machine power values are still in effect and overhead rates are not affected by the power updates.
| Region | Current Avg Labor Rate | Direct Overhead Rate | Indirect Overhead Rate | Total Manufacturing Rate | Percent Change from 2024-03 |
|---|---|---|---|---|---|
| Australia | $30.60 | $48.41 | $15.10 | $94.11 | 8.5% |
| Austria | $28.32 | $49.27 | $13.86 | $91.45 | 10.4% |
| Belgium | $39.85 | $37.57 | $18.35 | $95.77 | -0.6% |
| Brazil | $3.80 | $38.96 | $2.95 | $45.70 | 0.6% |
| Canada | $23.32 | $38.84 | $11.75 | $73.91 | 1.7% |
| Canada-Alberta | $26.64 | $38.84 | $13.33 | $78.81 | 1.5% |
| Canada-Atlantic (PE-NB-NL-NS) | $20.21 | $38.84 | $10.30 | $69.35 | 1.9% |
| Canada-Ontario | $23.21 | $38.84 | $11.70 | $73.74 | 1.7% |
| Canada-Quebec | $21.32 | $38.84 | $10.83 | $70.99 | 1.8% |
| Canada-West (BC-MB-SK) | $22.24 | $38.84 | $11.26 | $72.34 | 1.8% |
| Chile | $6.52 | $38.33 | $4.34 | $49.19 | 2.3% |
| China | $12.32 | $31.96 | $6.55 | $50.83 | -1.7% |
| China-Central-Hubei-Wuhan | $10.32 | $31.96 | $5.69 | $47.97 | -1.7% |
| China-East-Jiangsu-Suzhou | $12.65 | $31.96 | $6.69 | $51.30 | -1.7% |
| China-East-Shandong-Qingdao | $10.67 | $31.96 | $5.84 | $48.47 | -1.7% |
| China-East-Shanghai | $15.87 | $31.96 | $10.31 | $58.14 | -1.8% |
| China-East-Zhejiang-Hangzhou | $13.10 | $31.96 | $6.88 | $51.94 | -1.8% |
| China-North-Beijing | $22.01 | $31.96 | $11.06 | $65.03 | -1.8% |
| China-North-Hebei-Tianjin | $9.63 | $31.96 | $5.38 | $46.97 | -1.7% |
| China-Northeast-Liaoning-Dalian | $9.49 | $31.96 | $5.33 | $46.77 | -1.7% |
| China-SouthCentral-Guangdong-Guangzhou | $12.69 | $31.96 | $6.72 | $51.37 | -1.7% |
| China-Southwest-Chongqing | $9.83 | $31.96 | $6.20 | $47.99 | -1.7% |
| China-Southwest-Sichuan-Chengdu | $10.80 | $31.96 | $5.90 | $48.66 | -1.7% |
| Czech Republic | $14.83 | $36.65 | $7.81 | $59.29 | 1.9% |
| Denmark | $43.60 | $47.07 | $20.45 | $111.12 | -6.2% |
| Eastern Europe | $13.48 | $41.27 | $7.17 | $61.92 | 7.6% |
| Finland | $30.35 | $36.53 | $14.61 | $81.49 | 2.4% |
| France | $33.57 | $41.95 | $15.84 | $91.36 | 6.4% |
| Germany | $32.61 | $47.21 | $15.85 | $95.67 | 1.3% |
| Hungary | $12.15 | $40.07 | $6.58 | $58.80 | 4.0% |
| India | $2.04 | $36.20 | $2.29 | $40.53 | 3.9% |
| India-Delhi | $2.26 | $36.20 | $2.43 | $40.88 | 3.9% |
| India-Karnataka | $2.62 | $36.20 | $2.82 | $41.63 | 3.8% |
| India-Maharashtra | $2.49 | $36.20 | $2.68 | $41.36 | 3.8% |
| India-West Bengal | $2.38 | $36.20 | $2.57 | $41.14 | 3.9% |
| Indonesia | $1.20 | $31.73 | $1.73 | $34.65 | 0.6% |
| Ireland | $32.06 | $43.73 | $15.47 | $91.26 | -0.1% |
| Israel | $18.54 | $36.88 | $9.63 | $65.05 | -1.8% |
| Italy | $22.43 | $64.42 | $11.09 | $97.94 | 31.5% |
| Japan | $12.98 | $40.33 | $7.99 | $61.29 | -1.0% |
| Malaysia | $4.25 | $33.34 | $3.15 | $40.75 | 8.0% |
| Mexico | $7.15 | $49.45 | $4.20 | $60.80 | 11.1% |
| Mexico-Mexico City | $9.61 | $49.45 | $5.63 | $64.69 | 10.6% |
| Mexico-North | $7.90 | $49.45 | $4.48 | $61.84 | 11.0% |
| Mexico-South-West | $5.67 | $49.45 | $3.58 | $58.70 | 11.4% |
| Netherlands | $32.08 | $41.65 | $15.37 | $89.11 | 3.3% |
| Norway | $40.26 | $38.64 | $19.00 | $97.90 | -3.3% |
| Philippines | $1.81 | $39.82 | $2.01 | $43.64 | 10.5% |
| Poland | $14.40 | $36.79 | $7.41 | $58.60 | 3.9% |
| Portugal | $11.78 | $38.10 | $6.63 | $56.51 | -1.6% |
| Romania | $11.30 | $45.30 | $6.26 | $62.85 | 8.9% |
| Russia | $5.29 | $38.61 | $3.91 | $47.81 | 3.0% |
| Russia-Altaiski Krai | $3.30 | $38.61 | $2.72 | $44.62 | 2.3% |
| Russia-City of Moscow | $9.63 | $38.61 | $7.13 | $55.36 | 4.1% |
| Russia-Kaluga | $4.83 | $38.61 | $3.57 | $47.00 | 2.8% |
| Russia-Leningrad | $5.57 | $38.61 | $4.13 | $48.31 | 3.1% |
| Russia-Moscow region | $6.67 | $38.61 | $4.94 | $50.22 | 3.4% |
| Russia-Republic of Dagestan | $2.90 | $38.61 | $2.54 | $44.04 | 2.1% |
| Russia-Saint Petersburg | $7.58 | $38.61 | $5.32 | $51.51 | 5.7% |
| Russia-Sverdlovsk | $5.59 | $38.61 | $4.14 | $48.33 | 3.1% |
| Russia-Tyumen | $13.20 | $38.61 | $9.80 | $61.60 | 4.8% |
| Russia-Udmurtia | $3.83 | $38.61 | $2.95 | $45.39 | 2.5% |
| Saudi Arabia | $1.29 | $32.50 | $1.83 | $35.61 | 0.6% |
| Singapore | $28.90 | $55.07 | $14.34 | $98.31 | 16.8% |
| Slovakia | $12.55 | $51.61 | $6.90 | $71.06 | 20.1% |
| South Africa | $6.53 | $38.76 | $4.41 | $49.70 | 3.1% |
| South Korea | $19.54 | $35.37 | $9.94 | $64.86 | 3.1% |
| Spain | $17.97 | $34.94 | $9.30 | $62.22 | -10.0% |
| Sweden | $23.88 | $37.54 | $11.97 | $73.38 | -1.3% |
| Switzerland | $55.92 | $54.05 | $21.28 | $131.25 | 6.5% |
| Taiwan | $9.47 | $39.29 | $5.70 | $54.46 | 6.4% |
| Thailand | $2.10 | $32.32 | $2.26 | $36.69 | 2.3% |
| Turkey | $4.32 | $77.46 | $3.81 | $85.59 | 18.4% |
| USA | $37.95 | $43.04 | $18.16 | $99.15 | 2.7% |
| USA-California | $44.08 | $43.04 | $21.09 | $108.21 | 2.4% |
| USA-Central (AR-IA-KS-MT-NE-ND-OK-SD) | $30.09 | $43.04 | $14.56 | $87.69 | 3.0% |
| USA-Mid-Atlantic (DE-MD-PA-VA) | $39.69 | $43.04 | $18.99 | $101.72 | 2.6% |
| USA-Mountain (AZ-CO-ID-NV-NM-UT-WY) | $33.62 | $43.04 | $16.15 | $92.81 | 2.8% |
| USA-North Central (IL-MI-MN-OH-WI) | $36.33 | $43.04 | $17.40 | $96.77 | 2.7% |
| USA-Northeast (MA-NY-NJ-CT) | $47.12 | $43.04 | $22.55 | $112.71 | 2.3% |
| USA-Northeast-Rural (ME-NH-RI-VT) | $34.20 | $43.04 | $16.43 | $93.68 | 2.8% |
| USA-Pacific (WA-OR-HI-AK) | $35.94 | $43.04 | $17.22 | $96.20 | 2.7% |
| USA-Southeast (AL-FL-GA-IN-KY-LA-MO-MS-NC-SC-TN-WV) | $32.22 | $43.04 | $15.50 | $90.76 | 2.9% |
| USA-Texas | $38.18 | $43.04 | $18.28 | $99.50 | 2.7% |
| United Kingdom | $21.72 | $44.92 | $11.07 | $77.71 | -0.4% |
| Vietnam | $1.59 | $33.07 | $1.94 | $36.60 | 1.7% |
| Western Europe | $28.60 | $44.97 | $13.85 | $87.43 | 3.8% |
Updated Machine Names¶
The names of five machines were updated to correct previous typographical errors. These machines are displayed in the table below.
| UPDATED MACHINE NAMES – Process Group | UPDATED MACHINE NAMES – Process | UPDATED MACHINE NAMES – New Machine Name |
|---|---|---|
| Machining | 3 Axis Mill | Sodick MC640L |
| Machining | 4 Axis Mill | Sodick MC640L w Rotary Table |
| Machining | Jig Grind | Hauser S3-DR |
| Machining | Stock Prep Mill | Sodick MC640L |
| Machining | Wire EDM | Mitsubishi FA-50V |
Material Rates¶
European and Asian aluminum prices have risen significantly in recent weeks due to rising demand created by growth in China’s construction and transportation sectors and by an accelerated shift toward renewable energy infrastructure and electric vehicle production. Additionally, there have been concerns about limited aluminum output from Yunnan, a key producing region in China, due to threatened hydroelectric power production. Meanwhile, US and UK sanctions of Russian aluminum has increased demand from other global regions. Collectively these events have contributed to a global increase in aluminum prices.
Zinc prices increased during early 2024 on the heels of a period of decline in 2022 and 2023. In response to earlier price weakness, major zinc producers cut back on production which tightened the overall supply creating an imbalance with demand. Adding to this imbalance, China has announced a series of stimulus initiatives aimed at revitalizing its struggling property sector which is a major steel consumer, which in turn relies heavily on zinc for its corrosion protection properties.
Zinc-aluminum alloys are alloys whose main constituents are zinc and aluminum. As individual prices for zinc and for aluminum have increased during early 2024 for reasons explained above, so has the price for zinc-aluminum alloys.
As a major constituent of aluminum bronze, increased aluminum prices in 2024 have had the same, although slightly lower, impact on aluminum bronze material prices.
Brass is an alloy primarily composed of copper and zinc. During early 2024 copper prices rose significantly due to factors like supply chain disruptions and strong demand in China. Zinc prices also serged during early 2024 as explained above. As the individual costs for zinc and copper increased, so did the overall price of brass.
Bronze is an alloy composed of primarily copper and tin. Copper prices increased significantly during early 2024 due to strong demand and supply chain disruptions which directly influenced the price for bronze.
Significant demand increases from the construction and packaging sectors, logistical challenges and disruptions in shipping routes, and an increased cost for imported materials have led to increased prices for HDPE in North America in 2024. In the APAC region, the Asian HDPE market experienced a steady increase in prices, primarily due to increased demand and increased prices for feedstock Ethylene. Supply chain disruptions and increased freight rates have contributed significantly to HDPE price increases in Europe.
Increased prices for constituent raw materials like caprolactam, HMD, and other Nylon-related materials during early 2024 contributed to nylon price increases for Nylon. Additionally, despite moderate demand in the European market, uncertainties in the supply chain caused by disruptions to ocean distribution routes have served to drive up Nylon prices.
These are the material rate changes relative to the 2024-03 Regional Data Libraries release:
| Non-Ferrous | Non-Ferrous | Ferrous Metals | Ferrous Metals | Plastics | Plastics |
|---|---|---|---|---|---|
| Aluminum | 14.2% | Ductile Iron | -1.9% | ABS | 7.3% |
| Aluminum Bronze | 11.5% | Galvanized Steel | -5.5% | ABS -Extrusion Sheet GP | 7.4% |
| Brass | 12.4% | Low-Alloy Steel | -4.5% | HDPE - Extrusion Sheet | 12.7% |
| Bronze | 12.4% | Malleable Cast Iron | -0.6% | Nylon | 10.5% |
| Copper | 8.9% | Stainless Steel | -1.5% | PS - Crystal Injection GP | 4.7% |
| Gray Iron | -1.9% | Steel | -3.8% | PS - High Impact Extrusion | 4.5% |
| Heat Resistant Super Alloys | 7.6% | Unalloyed Steel | -4.8% | Polycarbonate | 4.5% |
| Magnesium | -6.4% | Polystyrene | 4.3% | ||
| Titanium | -3.4% | ||||
| Zinc | 9.6% | ||||
| Zinc-Aluminum | 10.4% |