Explore the GCP Trade Report for November 2024, featuring valuable insights and perspectives on the trade and cost challenges we’re navigating together.
Explore the key highlights of the report here:
- Average raw material prices rose considerably in October, moving 6.5 points higher compared to the pervious months reading.
- Global manufacturing output rose fractionally after falling last month. Improvements in business optimism across sectors hinted at further expansions for the coming months
- U.S. and India producer prices are up 2.4% and 2.36% year-over-year respectfully. China’s fell by 2.9%, marking the 25th straight month of producer deflation.
- U.S. President-elect Donald Trump has recently pledged a 25% tariff on all products from Mexico and Canada from his first day in office, and an additional 10% tariff on goods from China.
- Overall U.S. trade volume rose by 1% month-over-month, with the export of goods shrinking -$3.2 billion while imports surged $10.9 billion.
- Import volumes at the nation’s primary container ports are on the rise, with U.S. West Coast ports seeing an increase of about 16-20% compared to the same period in 2023.
- Ocean rates have decreased over the past three months from their peak in July, but they are still higher compared to the same period last year.
- The current truckload freight market is not improving; however, it’s not getting any worse either. This situation is likely to remain for the short-term due to recent disruptions from natural disasters experienced in the fall.
- Operating conditions in China’s manufacturing sector have improved lately. Higher new work inflows led to an acceleration in production growth. Firms also raised their purchasing activity and inventory holdings as confidence about future output heightened.
Explore these topics in greater detail by reading the full report linked below.
This month’s report is 2,551 words long and takes approximately 7 minutes to read.
