Below you will find a link for GCP’s December 2023 Trade Report, which provides on-going background and context around the many trade and cost pressures we are facing together.
Take a look at the notes below to get a sneak peek into the report:
- On December 14, Treasury Secretary Janet L. Yellen discussed U.S.-China economic relations in Washington, DC, emphasizing the Biden Administration’s focus on domestic investment and alliance-building, and stating that the U.S. does not plan to decouple from China, as it would be harmful globally.
- The escalation of Houthi missile and drone attacks on ships in the Red Sea, targeting carriers like Maersk and MSC, has prompted four of the five largest container shipping companies to bypass the Red Sea and Suez Canal for safer routes until maritime security improves.
- Incoming cargo at North America’s key container ports is expected to decrease in late 2023, following a later-than-anticipated peak this fall.
- The National Federation of Independent Business (NFIB) monthly jobs report states that 40% of business owners have unfilled job openings, a decrease of three points from the previous month.
- Crude oil prices reached around $73 per barrel, rising amid concerns of supply issues following increased attacks by Yemen’s Houthi militants on Red Sea shipping.
- In November, the Consumer Price Index (CPI) increased by 0.1%, exceeding the anticipated no change. Year-over-year, the CPI has risen by 3.1%.
For a deeper look into all these topics and more open the full report in the link below.
This months report is 2733 words, 8.5 minute read.