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Aug.21, 2017

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www.joc.com THE JOURNAL OF COMMERCE 59 JOC By the Numbers ADVERTISERS 17th Annual Port of New York-New Jersey Port Industry Day, portindustryday@yahoo.com .....................................47 44th Annual S.C. International Trade Conference, www.scitc.org ............................................................ 37 CenterPoint, www.centerpoint.com ............................ 27 Cosco Shipping, www.cosco-usa.com ...........................5 CSCMP 2017 Edge Supply Chain Conference & Exhibition, www.cscmpconference.org .........................................43 eModal, www.emodal.com ........................................ 51 Georgia Ports Authority, www.gaports.com ...............35 IANA Intermodal Expo 2017, www.intermodalexpo.com ..........................................39 Maryland Ports Administration, www.marylandports.com ...........................................29 MOL, www.countomol.com ......................................... 9 Port Everglades, www.porteverglades.net ...................33 Port of Long Beach, www.polb.com ...........................23 Port of Prince Rupert, www.rupertport.com ................ 21 Port of Virginia, www.portofvirginia.com/momentum ..........................63 Port Tampa Bay, www.porttb.com ............................. 64 Ports America, www.portsamerica.com ...................... 31 PPI Transport Symposium, www.transportsymposium.com .................................. 15 SMC3, www.smc3.com ...............................................53 U.S. Bank, www.freight.usbpayment.com ................... 57 Wen-Parker Logistics, www.wen-parker.com ................2 Yang Ming Line, www.yangming.com ........................25 ■ IPI 70 80 90 100 110 8/4/2017 7/22/2016 Source: Economic Cycle Research Institute, www.businesscycle.com JOC–ECRI INDUSTRIAL PRICE INDEX* n The JOC-ECRI Industrial Price Index was developed by the Economic Cycle Research Institute and is a leading indicator of inflation based on a broad assortment of raw materials used in industrial production. INCHES UP: The JOC-ECRI Industrial Price Index for the week ending August 4, 2017, was 104.03 as the index inched up 0.1 points from the prior week. This reading is 5.9412 points below the calendar 2017 high of 108.861 and 1.68 points above the year-to-date low of 102.28 set June 9. ■ Rate per 40-foot box $0 $500 $1,000 $1,500 $2,000 $2,500 -100% -50% 0% 50% 100% 150% Year-over-year Week-over-week 8/7/17 8/8/16 PERCENT CHANGE: ● Year-over-year ● Week-to-week 8/6/12 $2,880 4/25/16 $623 High: Low: DREWRY CONTAINER RATE BENCHMARK n The Hong Kong-Los Angeles benchmark is based on Drewry Shipping Consultants' research and derived from NVOCCs. The rate is in dollars and based on a full 40-foot containerload, excluding terminal-handling charges in Hong Kong. INDEX SLIPS AFTER JUMP: The August 7, 2017, average spot market rate from Hong Kong to Los Angeles of $1,671 was down 5.6 percent or $100 from the prior week, holding most of the gains from a jump to $1,771. The August 7, 2017 level is up $428 or 34.4 percent year over year. The August 7 2017, average spot rate was $690 or 29.2 percent below the calendar 2017 high of $2,361 per FEU of Jan. 2, while $1,209 or 42 percent below the Drewry benchmark record high of $2,880 per FEU of Aug. 6, 2012. Source: Drewry's Container Freight Rate Insight, www.drewry.co.uk ■ Millions of kilograms 0 500 1,000 1,500 2,000 2,500 3,000 2012 2013 2014 2015 2016 2016 YTD 2017 YTD According to our data from IHS Markit Global Trade Atlas, US cotton exports by volume were up nearly 72 percent from January through May. Cotton production in the US has been strong in recent months, while foreign demand for cotton surged. Top exporters India and Pakistan faced crop deficits and tighter stocks in 2016, which benefitted US exporters. Vietnam has been a strong driver of US cotton exports as of late, likely linked to declines in cotton spinning in China. US cotton exports to Vietnam were up 53.2 percent year to date. As cotton prices in China were driven higher (relative to global levels) by government intervention, foreign direct investment flowed into Vietnam's spinning sector on the back of the ASEAN-China free trade agreement. Vietnam-made cotton yarn has duty free access to China. US COTTON EXPORTS SURGE Source: IHS Global Trade Atlas; JOC Insights/IHS Markit

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