April Newsletter | Volume II Issue IV | |
Rogers & Brown Newsletter | |
Rogers & Brown HQ - Ladson, SC | |
|
Inside this Issue:
- International Freight Market
- R&B Team Member Highlight
-
- Newsletter Feedback
| |
“Turning Point” in Global Economic Relations Demands Trade Policy Changes, Report Says | |
|
The president's annual economic report to Congress states that global economic relations are changing due to recent shocks, and the U.S. needs to update its trade and economic policies accordingly. The report acknowledges the benefits of an open global trading system, but also recognizes downsides such as negative impacts on employment, income inequality, and vulnerabilities in supply chains.
The U.S. needs to strike a balance between maintaining the benefits of international trade and addressing these challenges by expanding the focus of trade policy to include resilience to supply shocks, limiting adversarial powers, preserving fair competition, and managing cybersecurity and regulatory risks. The report highlights the importance of collaboration with allies and partners. Also mentions examples of ongoing initiatives and efforts in trade policy. However, the Biden administration is facing pushback from lawmakers on these efforts.
For more information click below!
| |
Import Declaration Requirement for Wood Articles to be Expanded | |
The US Department of Agriculture’s Animal and Plant Health Inspection Service (APHIS) has announced a new expansion of the Lacey Act import declaration requirement.
The Lacey Act makes it illegal to import specific plants and plant products without a declaration that includes information such as the scientific name of the plant and the country it was harvested from.
The next phase of the expansion, phase VII, will require declarations for a broader range of materials, including furniture, cork, and some essential oils that previously did not require an order. The requirement is set to go into effect six months after a list of affected HTSUS numbers is published later this year.
APHIS encourages importers to prepare by becoming familiar with their supply chains and reviewing the necessary information for a declaration.
For more information, check out the STR Trade website below!
| | | |
International Freight Market | |
Trans-Pacific carriers prepare hefty new GRIs on top of April increase. | |
(UPDATE: As of May 2nd, no May 1st carrier GRIs were implemented. It appears carriers are extending the May 1st GRIs to May 15th...)
Container lines have experienced moderate success with their general rate increase (GRI) on Asia to North America trade lane, which was implemented on April 15th. The GRI imposed by Mediterranean Shipping Co., CMA CGM, and HMM has increased North Asia to US West Coast rates by 38 percent. Another GRI is set to be imposed on May 1st, with Hapag-Lloyd, CMA CGM, Evergreen, Ocean Network Express, Zim Integrated Shipping Co., and Cosco Shipping all announcing a $1,000 per FEU increase. HMM plans to increase $2,000 per FEU on the same day.
The success of these increases suggests that US import demand may be starting to pick up. However, some are downplaying the impact of the GRIs, arguing that trans-Pacific rates are already being offered at a discount. US imports from Asia were down 37.2 percent in March, with imports from China down 42.7 percent.
| | | |
US companies in China grow more pessimistic about
bilateral ties
| |
|
A report released by the American Chamber of Commerce in China has identified worsening relations between China and the US as a “key challenge” for American businesses operating in China. The report called on the two countries to prioritize high-level engagement to address concerns.
Geopolitical tensions have been a significant concern among American firms operating in China, but the survey showed that 59% of respondents had a positive outlook on China’s economic recovery. Despite concerns about US-China relations, 73% of companies polled said they were not moving their supply chains outside of China.
| |
Mexico’s exports hit record in sign nearshoring is booming
Mexico's exports reached a record $53.6 billion in March, resulting in an unexpected trade surplus as the country benefits from US demand for its manufactured products. Mexican shipments abroad rose 3.2% last month, faster than the 1.1% increase in imports, resulting in a $1.17 billion trade surplus compared to the expected $900 million deficit.
Latin America’s second-largest economy has been benefiting from nearshoring, and manufacturing exports grew 5.3% compared to the previous year, led by automobile production, which jumped almost 16%.
| |
"US Retail Diesel Price is currently at 4.077, down from 4.116 last week and from 5.101 one year ago. This is a change of -0.95% from last week and -20.07% from one year ago." | |
MSC's US EVP sees import demand readying for H2 rebound | |
The Executive Vice President of MSC, the world's second-largest container carrier, expects import demand to increase in the second half of 2023. He believes that the ongoing supply chain disruptions and shortages will lead to a surge in demand for goods once the situation stabilizes.
He also mentioned that MSC is investing heavily in technology and digitalization to improve operational efficiency and customer service. Finally, he expressed concerns about the shortage of container ships, which could lead to delays and disruptions in the industry.
| | |
|
|
As of April 24th, 2023
*No bar present indicates zero or information not provided.
*Data collected from multiple sources. Points may vary.
| |
R&B Team Member Highlight | |
|
Gabe McGann
VP of International Operations
| |
|
My tenure in the industry started in 2005 when I went to work for MSC. I worked in the intermodal department focusing on drayage operations. I learned a lot but knew being a number in a huge company was not for me. I knew there was a better spot for me on the Charleston waterfront... While working at MSC, I had already begun playing golf with some of the Rogers & Brown staff on Wednesday afternoons. I was informed of an opening in the inbound transportation department. After several interviews, I was lucky enough to join the team in downtown Charleston at Rogers & Brown.
In the past 16+ years, I have had the opportunity to work in several different areas of the company. I worked in all functions of our import and export departments, including airfreight, inbound transportation, and NVOCC operations. I worked and communicated daily with every R&B office in these different capacities. Several years later, I transitioned into a team management role serving one of the company's largest clients. Through all of my roles up to this point, I learned that I most enjoyed working with people both internally and outside of R&B. Based on my experience and my desire to work with people led me to my next phase at Rogers & Brown: sales. Working with our sales team under Ken Bolin, I utilized the experience I gained in operations when working face-to-face with our potential clients. As a salesman, I understood client needs and applied what our company could do to assist our businesses daily. Often times our clients have limited experience in logistics and seek R&B to be a part of their team. Our team becomes part of their team, and trust is integral to that relationship. Understanding our company’s strengths and weaknesses builds the trust, integrity, and teamwork that are core to Rogers & Brown and what we strive for on a daily basis.
Today I am still a salesman but recently have had the opportunity to move into an administrative role. I love my role as VP of Operations because I use the skills I learned from operations and sales through the years. I also bring this experience to our senior leadership team today as we continue to better our company for our clients and employees.
-Gabe
| |
|
With your feedback, we'll be able to improve the letter. Click on a link to vote and tell us how you feel:
| | | | |
