Industrial Sector Trade Report – March 2024

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Industrial Sector Trade Report – March 2024

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March 2024


Here is a link to the GCP Trade Report for March 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 February for the second straight month after eight consecutive months of decline.
  • The retail price range for U.S. natural rubber is hovering between $0.43 USD and $1.30 USD per pound or $0.96 USD and $2.88 USD per/kg.
  • Global economic expansion accelerated for a fourth consecutive month in February. Manufacturing output notably rose for a second straight month as well.
  • U.S. producer prices rose 0.6% in February, coming in well above the consensus expected +0.3%. Producer prices are up 1.6% versus a year ago.
  • With the average tariff from China around 18%, Mexico continues to be the major beneficiary of trade with the U.S.. Imports from Mexico increased 3.8% from the pervious month.
  • Total U.S. trade rose in February, increasing $3.2 billion from the pervious month. Specifically, the export of industrial supplies and materials decreased $1.7 billion while imports also decreased $1.3 billion.
  • Inbound cargo volume at Nort American container ports remain on track to show year over year increases through the first half of 2024.
  • It is expected ocean freight rates will remain above normal levels while diversions continue, as carriers are facing higher costs, and the longer routes soak up capacity.
  • Even though loads posted per truck rates are rising, the truckload market is still in a state of over supply resulting in persistent soft market.

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

This months report is 2243 words, 7 minute read.


Click Here to View The Full Report