Discover the December 2024 GCP Trade Report, packed with valuable insights and perspectives on the trade and cost challenges we’re tackling together.
Explore the key highlights of the report here:
- On average, raw material prices dropped in November but remain in expansion territory. Raw materials prices increased for the second straight month after decreasing in September.
- Natural rubber prices are currently hovering around 190 U.S. Cents/kg and have increased 36.30 U.S. Cents/kg or 23.25% since the beginning of 2024.
- Global economic expansion accelerated in November and was accompanied by an improvement in business confidence. Sentiment among businesses rose to a six-month high as demand conditions improved.
- U.S. producer prices are up 3.0% year-over-year (YOY), the biggest monthly rise since February 2023. China’s producer prices dropped 2.5% while India’s rose 1.89%.
- The U.S.-Mexico-Canada Agreement (USMCA), has significantly boosted trade among the three countries, with a 28% increase since 2018 and total trade reaching $1.6 trillion in 2023.
- November’s North American ports are expected to process 2.17 million TEUs, reflecting a 14.4% YOY increase.
- Several ocean freight carriers announced new rates in December and the first peak season surcharge announcements indicate a planned increase for January 2025.
- Average truckload spot rates increased slightly while contract rates remained flat as the contract-to-spot spread narrowed further in November.
- Incoming new orders placed with Chinese manufacturers increased amongst the fastest rate in three-and-a-half years. A renewed rise in export orders supported the rise in overall new orders.
Explore these topics in greater detail by reading the full report linked below.
This month’s report is 2,435 words long and takes approximately 8 minutes to read.
