September 2023
Below you will find a link for GCP’s September 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:
- After three Biden cabinet members visited Beijing this summer, tensions between the U.S. and China may be starting to ease.
- Transpacific ocean rates mostly decreased this month, with prices declining by as much as 25%. However, spot prices to the West Coast continue to remain at or above 2019 levels, and East Coast rates are approximately in line with 2019 rates.
- A few truckload carriers think the lowest point in the cycle may have passed, but they admit that significant price increases won’t happen until around 2024.
- Shipping to U.S. West Coast ports is recovering from earlier labor issues and congestion in the first half of the year. Delays at the Panama Canal and lower rates compared to the U.S. Gulf Coast and East Coast are playing a role in this rebound.
- The National Federation of Independent Business (NFIB) reported a 40% rate of small business owners facing unfilled job openings, a 2-point drop from the previous month, marking the lowest level since February 2021.
- Crude oil prices have surged past $93 per barrel, reaching heights not witnessed since July 2022. This increase is due to the global supply squeeze caused by Russia’s potential move to limit gray fuel exports and increase export duties for fuel resellers.
