Industrial Sector Trade Report – February 2024

View on large offshore drill ship from ultra large container shi

Industrial Sector Trade Report – February 2024

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February 2024


 

Here is a link to the GCP Trade Report for February 2024. This report offers continuous insight and perspective on the various trade and cost challenges we are currently navigating together.

Review the highlights of the report:

  •  Raw material prices increased in January after eight consecutive months of decreases.
  • The retail price range for U.S. natural rubber is hovering between $0.95 USD and $2.85 USD per/kg. Wholesale prices are ranging between $0.67 USD and $2.01 USD per/kg.
  • Further improvements in global economic conditions were observed at the start of 2024, with forward-looking indicators hinting at better conditions in the near-term.
  • U.S. producer prices edged lower to 0.9% in January 2024 from 1% in December but were above expectations. In the past year, prices for goods have declined 1.7%.
  • Mexico continues to hold the top spot as the largest exporter to the U.S. Exports from the country were up 4.6% in 2023 versus 2022.
  • Total U.S. trade (imports + exports) rebounded in December, rising $8.2 billion from the pervious month.
  • Shippers are rerouting their cargo to the U.S. West Coast, particularly to the Port of Los Angeles, to avoid security concerns in the Red Sea and drought-related issues at the Panama Canal. The port stated January rose 18% year-over-year, marking it the second busiest January on record.
  • As ships are re-routed, knock-on effects which include reduced equipment and capacity are leading to rate increases. Like Asia-U.S. West Coast routes, where ocean rates have climbed 60-80% since the start of the year.
  • Truckload capacity continues to rebalance to meet lower demand levels. Large carrier truckload capacity has decreased for six straight quarters and is now around 2018 levels.

Dive deeper into these topics and more by checking out the full report in the link below.

This months report is 2141 words, 6.5 minute read.

 

Click Here to View The Full Report