Express service for oversize cargo
SPECIAL ADVERTISING SECTION
ASIA TRADE AND LOGISTICS
2022 , US ports and logistics companies face other challenges . A worsening shortage of truck drivers , persistent troubles in the railroad industry and infrastructure constraints have meant that congestion and delays remain problematic at many ports .
Yet such interruptions have eased from recent peaks . Average delays at East Coast ports were 6.8 days in June , while those at West and Gulf coast ports were 5.4 and 3.2 days respectively .
Price increases
Shipping rates from Asia have surged over the past 12 months . North Asia to West Coast rates were $ 10,133 on July 3 , up 350 % year on year , according to data from Platts , a sister company of the Journal of Commerce within S & P Global . Rates to the East Coast were $ 8,133 , representing a 551 % increase over the same period ; rates from China to US ports have risen by a similar magnitude . The price increases partly reflect increasing US imports from Asia . Monthly imports have averaged $ 105.7 billion this year , according to Journal of Commerce calculations based on US government data . Extrapolated to 12 months , such imports would total $ 1.27 trillion and be the second-highest annual total on record — below the 2022 peak of $ 1.41 trillion .
Although shipping costs to the US from Asia have surged , rates for cargo heading in the opposite direction have been nearflat over the past 12 months , supporting US exporters .
US monthly exports to Asia averaged $ 49.1 billion from January to May and are on course to reach approximately $ 589 billion this year . That would eclipse the 2023 total and come very close to 2022 ’ s peak of $ 601 billion , US Census data shows .
Global trade expansion
Inbound and outbound trade between Asia and North America will remain of fundamental importance to the world economy .
In its April Global Trade Outlook and Statistics report , the World Trade Organization ( WTO ) forecasts global merchandise trade will expand 2.6 % in 2024 and 3.3 % in 2025 , noting “ Asia will make a bigger contribution to trade volume growth ” over this period .
More broadly , the organization predicts Asia will account for roughly half of the 2.9 % increase in global exports this year .
“ Exports from Asia surged during the COVID-19 pandemic but have since plateaued at a high level ,” the WTO reported , noting that Asian exports at the end of 2023 had risen nearly 17 % from 2019 .
Conversely , the value of global trade in goods rose 1 % in the first quarter of 2024 versus the fourth quarter of 2023 , according to a July report by UN Trade and Development ( UNCTAD ). The report attributes the increase to “ positive trade dynamics for the United States and developing countries , particularly large Asian developing economies .”
US exports grew 3 % quarter on quarter , while China ’ s and India ’ s expanded 9 % and 7 %, respectively , over the same period . UNCTAD forecasts global goods trade in the first half of 2024 will be $ 250 billion higher than in the second half of last year .
Overall , world GDP should expand 3 % this year “ with the short-term trade outlook being cautiously optimistic ,” and total 2024 trade — including services — forecasted to reach nearly $ 32 trillion , the report noted .
“ The possibility of interest rate cuts in the United States later in the year and the consequently weaker United States dollar
Express service for oversize cargo
Offering the most professional and comprehensive service available for ocean transportation . American Independent Line ’ s ( AIL ’ s ) specialty is the inland and ocean transportation of oversize , heavy lift and special project cargoes moving from the United States to overseas destinations . Shippers and forwarders experience service that is predictable , expedient and competitively priced .
American Independent Line proudly offers clients :
• Attractive lump sum , all-inclusive rates : Provides firm , predictable transport costs .
• Weekly frequency and expedient transit times : Allows customers to accurately schedule the departure and arrival of their shipment .
• Flexible “ door to port ” or “ port to port ” service for oversize cargo .
• Transportation cost and service proposals : Provides customers with detailed information regarding shipments .
• Detailed booking confirmations : Sent to customers at the time of booking with detailed shipping information .
• Documents prepared promptly and accurately
• Arrival notice : presents customers with information on the arrival and release of their cargo at destination .
• Worldwide network of agents : Knowledgeable staff coordinates the smooth and expedient release of cargo at destination .
To receive a rate and service proposal , please visit aishipping . com .
American Independent Line moves the capital goods that move the world . n
Contact us today for your oversize shipment needs ! New York | 772.828.3192 | ast @ aishipping . com Chicago | 30.848.0004 | midwest @ aishipping . com San Francisco | 415.461.9714 | west @ aishipping . com
38 Journal of Commerce | July 29 , 2024 www . joc . com