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 estimate of economists surveyed by Bloomberg News called for an April trade deficit of $49 billion. Exports ticked up while imports fell slightly, according to the report.
Author Archives: Jeffrey Goh
The average price per gallon of diesel gasoline fell for the first time in 11 weeks, according to data issued by the United States Department of Energy’s Energy Information Administration (EIA) this week. Falling 0.3 cents, the national diesel average now stands at $3.285 per gallon. Even with the decline, this marks the second highest weekly average since the week of December 29, 2014, when the weekly average came in at $3.213, standing only behind last week’s $3.288 average.
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 with a year earlier.
Canadian National Railway Co. will likely top C$3 billion ($2.3 billion) in capital spending for the second straight year in 2019 as it aims to speed up trains and capture rising demand for freight such as grain and crude oil, its top executive said. Canada’s biggest railroad is already spending a record C$3.4 billion this year to fix well-documented bottlenecks and placate disgruntled customers ranging from grain farmers to energy companies.
The Association of American Railroads (AAR) today reported U.S. rail traffic for the week ending June 2, 2018, as well as volumes for May 2018. U.S. railroads originated 1,319,420 carloads in May 2018, up 3.2 percent, or 41,078 carloads, from May 2017. U.S. railroads also originated 1,398,203 containers and trailers in May 2018, up 6.6 percent, or 86,010 units, from the same month last year. Combined U.S. carload and intermodal originations in May 2018 were 2,717,623, up 4.9 percent, or 127,088 carloads and intermodal units from May 2017.
The world of transportation is changing and changing fast. After decades of little innovation, the past five years or so have ushered in a sea change and it will profoundly impact the way people and goods move, said Timothy Papandreau, strategic advisor and founder of City Innovate.
Demand outpaced capacity during the week including Memorial Day as the number of truck posts on DAT Solutions network load boards dropped 18% while load posts fell just 9% over the past week, according to newly released figures.
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 ranging from $18-$65/TEU and the Mediterranean Shipping Company (MSC) announced an undetermined surcharge. Hapag-Lloyd and Maersk are reported to have made similar announcements to their customers.
A new study by Stay Metrics has found younger drivers are only slightly more prone to leaving a carrier within the first six months than their middle-aged counterparts. On average nearly 60% of all drivers in every age group will leave their carrier within the first six months, and as much as 35% will leave within the first 90 days, reports the driver retention consulting and analytics firm. Turnover is a critical problem in the trucking industry, with increased demand and decreasing capacity the need for drivers is as great as ever.
US shippers should brace for over-the-road disruption the week of June 5, as law enforcement and regulatory officials across North America crack down on truck driver hours-of-service (HOS) compliance. The Commercial Vehicle Safety Alliance’s (CVSA) annual Roadcheck this year spotlights compliance with HOS rules and the electronic logging device (ELD) mandate.
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