Industrial Sector Trade Report – January 2024

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Industrial Sector Trade Report – January 2024

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January 2024


 

Here is a link to the GCP Trade Report for January 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 decreased in December for the eighth consecutive month. Pricing has been in contraction (or “decreasing”) territory since May, and a lower reading compared to November indicated a faster rate of price decreases.
  • Import prices for a KG of natural rubber into the U.S. remained relatively stable in 2023, with a price of around $2.90. In 2024, the price is expected to increase slightly to around $3.10.
  • Global manufacturing price pressures, while subdued compared to 2022’s peak, remain elevated compared to historical standards. Amid risks of supply chain conditions worsening into 2024, the impact on prices and therefore demand will be worth watching.
  • China’s producer prices have decreased for 15 straight months, while U.S. producer prices averaged a 2.06% rise in 2023.
  • For the U.S. there was a significant pulled back in trade for November, falling $11 billion from the pervious month. Specifically, the export of industrial supplies and materials decreased $3.6 billion while imports fell $0.8 billion.
  • Projections for the number of container processed at U.S. ports in 2023 is set at 22.3 million, which would be a decrease of 12.8% from 2022.
  • Entering 2024, ocean rates have spiked across Asia lanes as Houthi attacks continue in the Red Sea and shipping lane diversions are pushing up costs while tying up capacity.
  • Large truckload carrier capacity continues to contract as demand for trucking services remains low. Capacity sits right around the same level it was at during the second quarter in 2020.

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

This months report is 2177 words, 7 minute read.

 

Click Here to View The Full Report