Industrial Sector Trade Report – May 2024

Ship with containers in ocean. Marine cargo logistics. Ferry with transport containers on board. Chart price fluctuations for logistics services. World map near cargo ship. Ship approaching harbor

Industrial Sector Trade Report – May 2024

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May 2024


 

Here is a link to the GCP Trade Report for May 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 April for the fourth month in a row. They are now at their highest level since June 2022.
  • Global economic conditions for April revealed that business activity accelerated globally at the fastest rate since June 2023, supported by broad-based expansion in manufacturing.
  • U.S. producer prices are up 2.2% versus a year ago. Over the last three months, producer prices have risen at a 4.1% annualized pace. Meanwhile, China’s producer prices declined by 2.5%year-over-year (YOY). April was the 19th straight month of contraction in factory-gate prices.
  • March was the third consecutive month and 13th of the past 14 months where Mexico has been the No. 1 trading partner with the U.S.
  • Overall U.S. trade (imports + exports) declined for the first time since November 2023, falling 10.6 billion from the pervious month.
  • As of mid-May, due to re-routing, the average time for a China/U.S. West Coast trip increased to 36 days, and for China/U.S. East Coast increased to 52 days.
  • Ships are taking seven to 10 days longer to go around the Cape of Good Hope, with about 55%of container ships arriving on schedule, up from the pandemic low of 30.4%.
  • Ocean carriers have implemented another round of substantial increases to all rate levels from Asia Pacific to North America beginning the second half of May.
  • The U.S. truckload market remains oversupplied, the current ratio of operating authority to tender is about 31:1. Historically, the market has been tight when the ratio is below 24:1.

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

This months report is 2345 words, 7.5 minute read.

 

Click Here to View The Full Report