Trucking costs for some of the nation’s largest companies increased 25 percent year-over-year in 2019, according to a recent article from Transport Topics magazine. The driver shortage, combined with increased consumer spending, has attributed to this increase. See more here.
Diesel Average Is Up For Fourth Consecutive Week
According to the Energy Information Administration (EIA), the average price per gallon of diesel fuel increased for the fourth week in a row. Average diesel fuel prices rose 0.003 cents per gallon to $3.079 per gallon. See more here.
India And Turkey Will Be Removed From Generalized System of Preferences (GSP)
India and Turkey will be terminated from the Generalized System of Preferences (GSP) program following a 60-day waiting period. In an official press release, the office of the United States Trade Representative (USTR) is terminating India and Turkey from this program since they “no longer comply with the statutory eligibility criteria.”
To learn more, please contact us or reach out to your Ascent Global Logistics representative directly.
US Imports Still Expected To Increase Year-Over-Year In March 2019
According to the National Retail Federation and Hackett Associates, 1.59 million TEUs are expected to flow through US ports in March 2019. This means that port volumes are expected to increase 3.2 percent year-over-year. See more here.
Record Breaking Volume For Port of New York and New Jersey Continues In 2019
The total container volume for the Port of New York and New Jersey increased 6.3 percent year-over-year in January 2019. The port posted a total volume of 622,531 TEUs for January 2019. See more here.
Walmart’s New OTIF Delivery Standards
In an effort to reduce inventory and maintain delivery standards for its ecommerce business, Walmart has changed OTIF standards for LTL and Truckload shippers. Suppliers who ship LTL must achieve the 70 percent OTIF threshold and suppliers who ship Truckload must achieve 87 percent OTIF. See more here.
Walmart Planning New Returns Process Closer To Store Entrances
According to Retail Dive, Walmart expects to begin allowing shoppers to return previously-purchased items close to its store entrances. These potential improvements to efficiency could put increased pressure on Walmart suppliers. See more here.
Statistic of the Week
The year-over-year increase in building materials and garden supply sales in January 2019, according to the National Retail Federation. Click here to access more stats.
Links of the Week
Catch up with the Ascent Global Logistics team at the below upcoming events:
HIGH POINT FURNITURE MARKET
High Point, NC – April 6-10, 2019
TIA CAPITAL IDEAS CONFERENCE
Las Vegas, NV – April 10-13, 2019
NCBFAA ANNUAL CONFERENCE
San Antonio, TX – April 14-17, 2019
International Holiday Calendar