Records for United States-bound retail container shipments could be broken this summer, according to the most recent edition of the Port Tracker report issued by the National Retail Federation (NRF) and maritime consultancy Hackett Associates.
U.S. government posts $147 billion deficit in May
The U.S. government had a $147 billion budget deficit in May, an increase of 66 percent from the same month last year as the ledger took a hit from declining revenue and higher spending, according to Treasury Department data released on Tuesday.
Serious business growth for air cargo in April
There was “serious business growth” for air cargo in April after fluctuating performance during the first three months of the year. Analyst WorldACD said that the cargo volumes increased by 4% in April, compared with a 4.8% improvement during the first quarter, when the Chinese New Year had its usual distorting effect on monthly comparisons […]
US Trade Gap Narrows to Seven-Month Low on Record Exports
The U.S. trade deficit narrowed to the lowest level since September as exports rose to a record, amid Trump administration tariffs and trade threats that risk hurting global commerce. The gap decreased 2.1% in April to $46.2 billion, from a revised $47.2 billion in the prior month, Commerce Department data showed June 6. The median […]
Wider Tariffs Threaten to Take a Big Economic Toll
The Trump administration’s imposition of tariffs on neighbors and allies presents a growing risk for the broader U.S. economy, as the prospect of a tit-for-tat trade war mounts. The U.S. has imposed steel and aluminum tariffs on the European Union, Canada and Mexico, and they have pledged to return fire on a range of U.S. […]
Canada’s trade deficit narrows to six-month low as imports fall, exports grow
Canada’s trade deficit in April narrowed to the lowest in six months as imports slumped and exporters continued to show signs of strength. The merchandise trade gap narrowed to $1.90 billion (US$1.5 billion), half the $3.93 billion gap recorded a month earlier, Statistics Canada reported Wednesday in Ottawa. Imports fell 2.5 per cent, paring back […]
Container Lines Battle Shippers Over Bunker Surcharges
Several of the world’s largest container shipping companies have imposed emergency bunker surcharges upon their customers in the past two weeks, seeking to claw back revenues lost to rising fuel bills caused by the jump in crude prices in recent months. France’s CMA CGM announced a $55/TEU surcharge for dry cargo, Israel-based ZIM introduced surcharges […]
Specter of trade war after US tariffs on EU, Mexico, Canada
The Trump administration announced Thursday it will impose tariffs on steel and aluminum imports from Europe, Mexico and Canada after failing to win concessions from the American allies. Europe and Mexico pledged to retaliate quickly, exacerbating trans-Atlantic and North American trade tensions. Financial markets fell amid fears of a trade war.
2M Alliance hits market with bunker surcharges as fuel prices climb
Maersk Line has followed its 2M Alliance partner Mediterranean Shipping Company in introducing an emergency bunker surcharge from June 1 on all corridors as rising fuel prices ramp up unit costs and erode profitability. The Danish carrier will impose a $60 per TEU and $120 per FEU bunker surcharge on all cargo globally, effective June […]
Air cargo could save billions of dollars of costs by automating
The air cargo industry could save billions of dollars in costs if it automated transactions between various players in the supply chain, according to one speaker at the Air Cargo China event. During a panel discussion on the future of air cargo, Lufthansa Cargo chief commercial officer Alexis von Hoenbroech said he believed around 70% […]