The economy is in a ‘freight recession,' with China trade decline continuing

The latest trade data from the nation’s largest container port on the East Coast, the Port of New York and New Jersey, showed a slight increase in container processing but future ocean freight orders continuing to decrease.

From January to March of 2023, the Port of New York and New Jersey was the nation’s second-busiest port behind the Port of Los Angeles, moving nearly 1.8million TEUs (20-foot equivalent units) which tracks with the amount moved from January – March 2019.

A freight slowdown, which has been shown in the data for months, continues to be reflected in recent activity. Data shows a decrease in truck movements in and out of warehouses, along with a 40% decrease in manufacturing orders.

China’s manufacturing data shows a recent improvement after its Covid reopening, but Peter Boockvar, chief investment officer of Bleakley Financial Group, says the overall trade data coincides with indicators of global economic contraction.

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^{Schneider publishes this regular transportation market update to keep you informed of freight market conditions, supply and demand influencers, and disruptions that may impact your supply chain.}

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