Florida ’ s preferred supply chain solution
SPECIAL ADVERTISING SECTION
ASIA TRADE AND LOGISTICS
could give global trade a further boost ,” it said .
“ However , the global trade outlook for 2024 remains subject to downside risks . Persistent geopolitical tensions , rising shipping costs , and emerging industrial policies could significantly impact global trade .”
“ Policymakers should ... promote resilience by continuing to enhance trade , cross-border investment and commodity supply networks .”
Continued container shortage China ’ s growing exports are exacerbating shippers ’ equipment shortages . These are especially acute for 40-foot and 40-foot high cube containers , not only in China but Taiwan and Singapore as well , Journal of Commerce reported in May .
Containerized exports from Asia rose 13.2 % in the first quarter versus a year earlier , according to the Japan Maritime Center , while US imports from Asia were up about 24 % in January-April inclusive compared with the prior-year period .
Congestion is intensifying at major Asian container hubs because of the
abundance of Red Sea reroutings . Increased cargo volumes are being met with a reduced quantity of containers , as delays on the return of empties are worsening due to longer transit times from Asia to Europe and North America .
Nonetheless , growth in Developing Asia — which includes 46 economies in
Asia-Pacific but excludes Japan , Australia and New Zealand — will remain robust this year , Alfred Park , chief economist at the Asian Development Bank , wrote in the April Asian Development Outlook report .
Developing Asia ’ s economy will expand 4.9 % in both 2024 and 2025 while inflation will decline to approximately 3 %, Park forecasted .
“ The end of interest rate hiking cycles in most economies , as well as continued recovery in goods exports from an upturn in the semiconductor cycle , will support growth ,” Park said . “ The outlook is broadly positive … policymakers , however , should monitor several downside risks .
“ Policymakers should step up efforts to promote resilience by continuing to enhance trade , cross-border investment and commodity supply networks .” n
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Florida ’ s preferred supply chain solution
Perfectly positioned in the center of the state , Port Tampa Bay provides significant efficiencies and supply chain cost savings to the importers and exporters who serve the rapidly growing Florida market from the state ’ s distribution hub — the Tampa Bay / Orlando I-4 Corridor . The recent expansion of container services with Asia and Latin America via Port Tampa Bay have been critical in serving Florida ’ s largest and fastest-growing market . Home to the state ’ s largest concentration of distribution centers , the Central Florida region has over 550 million square feet of DC space right in Port Tampa Bay ’ s backyard .
This region is also one of the hottest industrial real estate markets in the country and Florida ’ s hub for distribution , logistics and manufacturing . Florida now has the 15th largest economy in the world and is the fastest-growing state in the country . Florida ’ s rapidly expanding population has already overtaken New York , making it the third-largest state . Home to nearly half of the state ’ s 22.2 million residents and welcoming a majority of the 140 million visitors each year , the Central Florida region is also the fastest-growing part of the state . In fact , three Tampa Bay counties — Polk , Hillsborough and Pasco — are among the fastest growing in the country .
Beneficial cargo owners are seeing significant savings in their drayage and distribution costs as truckers make as many as three to four round-trip deliveries per day from Port Tampa Bay to their DCs , which then serve the entire state . Customers also benefit from attractive northbound backhaul truck rates to extend their reach into markets throughout the Southeast and beyond .
Port Tampa Bay , along with container terminal operator Ports America , has accommodated the growth in Florida by staying ahead of the curve thanks to the terminal build-out program . Recent expansion includes a new expanded gate complex and the recent delivery of three additional ship-to-shore post-Panamax cranes for a total of five . Construction is currently underway to add 30 acres of paved storage for a total of 100 , and a berth extension from 3,200 to 4,500 linear feet . n
40 Journal of Commerce | July 29 , 2024 www . joc . com