Industrial Sector Trade Report – October 2023

Labor Costs & Shortages

Industrial Sector Trade Report – October 2023

Download The Full Report


October 2023


Below you will find a link for GCP’s October 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:

  • American and Chinese officials recently held a virtual meeting to discuss both domestic and global economic trends. The U.S. Treasury Department described the meeting as “productive and substantive.”
  • In September, the Petroleum & Coal Products industry was the sole sector who reported paying higher prices for raw materials.
  • Asian ocean freight rates have remained steady since the second month of the year, even during the recent Golden Week, which typically leads to rate increases due to holiday-related backlogs.
  • After several years of intense bidding, the trucking freight market is returning to a more seasonal bidding pattern, with the highest activity in Q4 and Q1, coinciding with most new rate implementations.
  • Our product lines have maintained a steady average production time of 50 days for the second month in a row. Despite the challenges of 2023, China’s factory activity expanded in September for the first time in six months. This indicates a positive trend toward economic stabilization in China and the possibility of shorter manufacturing times in the future.
  • It appears we’ve likely hit our peak for incoming cargo volumes on the year, with volumes expected to gradually decline as we approach the holiday season.
  • In the most recent Job Openings and Labor Turnover survey, U.S. manufacturers reported 467,000 vacant positions in their sector, a significant improvement from the 1 million openings reported nearly a year ago.
  • Diesel prices, which had been dropping, are expected to rise once more due to the recent increase in crude oil prices. The national average price at the pump is around $4.50 per gallon. 
  • In September, prices for a wide range of goods and services rose faster than anticipated, putting inflation in the spotlight for policymakers.
  • For a deeper look into all these topics and more open the full report in the link below.This months report is 2661 words, 8.5 minute read.


Click Here to View The Full Report