It is not news to anyone that global shipping continues to be a mess. As China is still being ravaged by COVID, and Ukraine and Russia are still in the darkest days of war; it begs the question: when will logistics return to normal?
The U.S. is facing some of the largest inflation rates since the Great Depression which can, in part, be attributed to the global shipping crisis and extreme shipping rates.
The biggest increase is found in trucking, which over the last year has jumped nearly 30%.
Experts are reporting that rates for freight arriving from overseas is expected to plateau and then remain relatively low compared to the monstrous rates recorded in late 2021 and early 2022.
Still a lingering issue that seems is here to stay, is the imbalance between exports and imports in/out of the U.S. Ports, rails, warehouses, and truckers alike are having issues accommodating the import volume, which in turn has a direct impact on the efficiency of handling exports.