bongdaso dữ liệu latest CPI inflation data showed a larger than expected rise led by services, but on bongdaso dữ liệu goods side of bongdaso dữ liệu economy, trade data is also showing a recent increase in U.S. imports from China.
Inbound cargo volume at bongdaso dữ liệu nation’s major container ports is expected to top two million units monthly for bongdaso dữ liệu first time since last fall, a rise compounded by bongdaso dữ liệu Port of Baltimore closure, with bongdaso dữ liệu Port of Virginia in Norfolk seeing “near pandemic level” of volume, and leading to pressure on supply chain prices.
Inflation is on bongdaso dữ liệu rise again, but it isn’t bongdaso dữ liệu only economic indicator rebounding. Imports coming to bongdaso dữ liệu U.S. from China are experiencing a notable increase, according to new trade and logistics data.
bongdaso dữ liệu rise in import containers originating from China to bongdaso dữ liệu U.S. started after bongdaso dữ liệu reopening of manufacturing plants that closed during bongdaso dữ liệu Lunar New Year celebrations. According to bongdaso dữ liệu Global Port Tracker report released by bongdaso dữ liệu National Retail Federation and Hackett Associates, inbound cargo volume at bongdaso dữ liệu nation’s major container ports is expected to top two million units by May for bongdaso dữ liệu first time since last fall, as imports grow despite new supply chain challenges.
bongdaso dữ liệu first half of 2024 is expected to total 11.7 million TEUs (twenty-foot equivalent units), an increase of 11% from bongdaso dữ liệu same period last year. In 2023, imports were down from 2022 by almost 13%, totaling 22.3 million TEUs.
bongdaso dữ liệu trade data is a forward-looking indicator of a strong consumer-based economy, based on freight transit orders placed by U.S. retailers and manufacturers.
U.S. imports are continuing to increase despite multiple supply chain disruptions impacting U.S. ports, noted John Gold, NRF vice president for supply chain and customs policy. Retailers have adjusted to limits on bongdaso dữ liệu use of bongdaso dữ liệu Panama Canal resulting from drought conditions, bongdaso dữ liệu Red Sea attack trade diversions, and most recently, bongdaso dữ liệu shutdown of bongdaso dữ liệu Port of Baltimore to vessel traffic, which could remain closed for at least weeks more.
“While it is not expected to have a national impact, bongdaso dữ liệu tragic collapse of bongdaso dữ liệu Francis Scott Key Bridge shows bongdaso dữ liệu ongoing need for flexibility and resiliency in every company’s supply chain. We are monitoring bongdaso dữ liệu situation closely as retailers who are affected adjust their shipping plans to ensure cargo is getting to where it needs to be,” Gold said.
While an important trade hub, especially for automobile, truck and farm equipment, bongdaso dữ liệu Port of Baltimore is not among bongdaso dữ liệu largest container ports on bongdaso dữ liệu East Coast, processing 1.1 million TEUs in calendar year 2023. By comparison, New York/New Jersey processed 7.81 million TEUs, Georgia 5.4 million TEUs, Virginia at 3.3 million TEUs, Charleston 2.5 million TEUs, Jacksonville 1.3 million TEUs, and Miami 1.25 million TEUs.
Nevertheless, bongdaso dữ liệu port diversions and overall rebound in consumer imports is having an impact on supply chain prices, which can be seen in action at bongdaso dữ liệu Port of Virginia (Norfolk), where bongdaso dữ liệu overall container volume is rising and it is handling Baltimore containers.
Data released on Wednesday by bongdaso dữ liệu container trucking directory site Drayage.com shows an uptick in drayage prices in Norfolk based on bongdaso dữ liệu demand for this type of truck that moves bongdaso dữ liệu containers.
“Norfolk is near pandemic levels,” said Jason Hilsenbeck, president of Drayage.com and LoadMatch. “With bongdaso dữ liệu sudden increase in container cargo, Norfolk draymen are charging a premium on dray rates.”
Paul Brashier, vice president of drayage and intermodal for ITS Logistics, tells CNBC that into April and May, new ports (primarily NY/NJ & Norfolk) will become bongdaso dữ liệu North American entry point for Baltimore freight. It is tracking spikes in demand for services in Norfolk and New York/New Jersey as more shippers look for assistance in moving their containers because of bongdaso dữ liệu Baltimore accident.
“This will increase congestion and challenge operations at these locations, and this unplanned increase in demand will drive dray trucking rates upward. Long-term effects could be further migration of transpacific freight to West Coast North American ports from bongdaso dữ liệu U.S. East Coast,” he said.
For rail-bound containers, ITS Logistics’ US Port/ Railroad Freight Index is raising its warning in both drayage operations on bongdaso dữ liệu West Coast and rail ramps to “elevated” due to bongdaso dữ liệu increase in eastbound freight coming into bongdaso dữ liệu Ports of Los Angeles and Long Beach. bongdaso dữ liệu combination of bongdaso dữ liệu increase in containers versus bongdaso dữ liệu amount of rail chassis available to move bongdaso dữ liệu containers is off balance, creating a lag in bongdaso dữ liệu movement of containers.
Brashier said 25% of ITS client freight is coming back to bongdaso dữ liệu ports of Los Angeles and Long Beach.
“Year over year, March and April have been good, up 35% in national import volumes,” he said.
Both directors of bongdaso dữ liệu ports of Los Angeles and Long Beach recently told CNBC bongdaso dữ liệu increase in eastbound containers heading to their ports is a result of Panama Canal drought restrictions. bongdaso dữ liệu other reason for bongdaso dữ liệu recent container push is fears of a labor strike at East Coast and Gulf ports. bongdaso dữ liệu International Longshoremen’s Association six-year contract with bongdaso dữ liệu United States Maritime Alliance, which represents port terminal operators and ocean carriers on bongdaso dữ liệu East Coast, expires September 30.
“Due to bongdaso dữ liệu ongoing resilience of bongdaso dữ liệu American consumer, 2024 imports have maintained their upward momentum,” said Alan Baer, CEO of OL USA. “We expect this trend to continue, however bongdaso dữ liệu size of bongdaso dữ liệu year-over-year increase may be challenged by stubborn inflation, coupled with higher-for-longer interest rates. bongdaso dữ liệu strong U.S. dollar is helping support increased purchasing power for all importers, sheltering to a degree bongdaso dữ liệu higher cost of capital.”
Recent Federal Reserve minutes show concerns among central bank officials about inflation not moving down quickly enough, though they still expect to cut interest rates this year.
While bongdaso dữ liệu largest contributor to bongdaso dữ liệu latest inflation bump was on bongdaso dữ liệu services side of bongdaso dữ liệu equation, including auto insurance and shelter prices, several goods categories did rise more than expected, including women’s apparel and jewelry. Goods disinflation since bongdaso dữ liệu pandemic boom has helped bongdaso dữ liệu Fed with its goal of lowering prices, but now bongdaso dữ liệu ability of goods prices to contribute to disinflation is becoming more limited, Sarah House, senior economist at Wells Fargo Economics, told CNBC on Wednesday.
According to S&P Global Market Intelligence, U.S. seaborne imports in March were strong, with containerized freight shipments having increased by 16% year over year. This expansion followed two rapid months of growth in January and February, which brought bongdaso dữ liệu total for bongdaso dữ liệu first quarter of 2024 to growth of 15%, according to Chris Rogers, S&P Global’s head of supply chain research.
“Some caution is needed, however, as bongdaso dữ liệu rate of growth is based on a prior year when firms across a range of sectors were rapidly reducing inventories,” Rogers wrote in an email.
On a compound annual basis, shipments have expanded by 3.5% over bongdaso dữ liệu past five years. On a year-over-year basis, bongdaso dữ liệu S&P data shows that bongdaso dữ liệu fastest rates of growth were seen in bongdaso dữ liệu materials sector, with an increase of 20%, and paper and forestry products, which saw an increase of 25%. Chemicals and metals rose by 15% and 17%, respectively.
Source: https://www.cnbc.com/2024/04/10/imports-from-china-to-us-are-rising-at-highest-rate-since-last-fall.html
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