June 2023
Below you will find a link for GCP’s June 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:
- ISM® Prices Index: 44.2%, down 9 points from April (53.2%), indicating lower raw materials prices in May.
- U.S. imports return to pre-pandemic patterns despite high retail spending. May retail sales (adjusted for inflation) excluding vehicles, automotive parts, and gasoline-station sales up 37% compared to May 2019.
- Trucking industry’s produce season halfway mark. Southern border faces tight markets, while spot market volumes for van and reefer freight hit seven-year low.
- Crude prices decline due to hawkish central bank messages, potential interest rate hikes, limited U.S. oil output, and OPEC+ production cuts.
- Labor disruptions at major U.S. West Coast ports end as ILWU and PMA reach six-year contract agreement. Ports operating at 70% capacity, container clearance expected once full labor force resumes.
- Latest CPI report shows progress in inflation battle, prompting unchanged short-term interest rates by the Federal Reserve.
- 24% of owners report labor quality as top operating problem, while 10% cite labor costs as most significant issue.
- Antony Blinken, America’s top diplomat, visits Beijing in mid-June to improve relations between the two superpowers.
For a deeper look into all these topics and more open the full report in the link below.
This months report is 2795 words, 9 minute read.
