Check out the GCP Trade Report for October 2024, where we share valuable insights and perspectives on the trade and cost challenges we’re facing together.
Explore the key highlights of the report here:
- In September, raw material prices entered contraction territory for the first time in 2024, with the Institute for Supply Management (ISM®) Price Index dropping below 50% to 48.3%, a significant decrease of 5.7 points from August.
- Natural rubber prices are trading around 200 U.S. cents per kg, just shy of their recent 7.5-year high of 214 U.S. cents per kg.
- Global economic growth slowed in September as manufacturing output experienced its first decline of 2024.
- U.S. producer prices, excluding food and energy, increased by 0.2% in September and are now up 2.8% year-over-year.
- Despite China’s recent surge in imports, Mexico remains the largest importer into the U.S.
- After a three-day strike in early October, the ILA and the U.S. Maritime Alliance reached a contract extension until January 15 while they continue to negotiate a new agreement.
- Overall imports at North American container ports remain robust, with the ports of LA-Long Beach recording their highest quarterly performance in their 116-year history.
- With the East/Gulf Coast port strike over and peak season demand largely behind us, container rates should continue to ease on the seasonal lull in volumes between peak season and Chinese lunar new year.
- The North American truckload market is beginning to show signs of price stabilization, even as volumes continue to indicate weak demand.
Explore these topics in greater detail by reading the full report linked below.
This month’s report is 2,498 words long and takes approximately 8 minutes to read.
