Check out the GCP Trade Report for September 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:
- Just days remain before the International Longshoremen’s Association (ILA ) current contract expires and, most likely, a large-scale strike begins as U.S. East and Gulf Coasts ports.
- The estimated impact of a potential port work stoppage is as follows: A 1-day strike could take 6 days to clear the backlog. A 1-week strike could require 1.5 to 2 months for recovery. A 2-week strike could result in a 4-month recovery period.
- Elsewhere raw material prices increased in August for the eighth consecutive month, including companies reporting paying more for plastics & rubber products.
- The Global Manufacturing PMI, declined in August for the second successive month. The rate of decline was very modest, but the steepest since last December. On the bright side, easing inflationary pressures and rate cuts could boost economic output going forward.
- China’s producer prices shrank by -1.8% in August. It marked the 23rd straight month of producer deflation.
- Total U.S. trade volume (import + exports) grew by 1.17% month-over-month. By contrast, Canada’s trade fell -1.3% compared to the previous period.
- Recent ocean spot rates have stabilized or softened slightly; however, the ocean freight market remains constrained due to labor disputes and supply chain inefficiencies.
- The truckload market continues to operate at the low end of the price spectrum despite stable freight volumes.
- China’s Caixin Manufacturing PMI, which focuses on smaller, export-driven firms, improved to 50.4, marking a return to growth powered by an increase in new orders.
Explore these topics in greater detail by reading the full report linked below.
This month’s report is 3,205 words long and takes approximately 10 minutes to read.
