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.
