December 05, 2023 | Industry News
December 2023 Regional Market Report News
Currently, fishing in Peru is still greatly impacted by the lack of raw material. We will continue to source from alternative regions until El Niño subsides and keep in constant contact with our Peruvian partners.
The drought conditions and consecutive poor olive harvests in Spain and other primary olive producing regions have driven up the market price for olives that can be used in olive oil production, including the nocerella del belice varietal that is used for Castelvetrano table olives.
Our Castelvetrano supplier is one of the top producers in Sicily and contracts with over 100 different family-owned farms to ensure a steady supply and the best quality olives available. The quality of the olives is quite good this year and timely rainfall in the region is bolstering optimism about the harvest, even in the face of olives being diverted to oil production.
Global Supply Chain and Logistics Updates
2023 Container Imports ReviewContainer imports are holding strong as we reach the midpoint of Q4, supported by major retailers anticipating record-breaking holiday sales. The global supply chain has been consistently improving, making it more manageable for shippers to stock shelves accordingly. Overall, container shipping in the United States for 2023 has exceeded expectations.
On a global scale, shipping lines express concerns about economic downturns in Europe and Asia, emphasizing the need for more than just a robust U.S. economy for profitable operations. In an effort to cut costs, shipping lines have implemented measures such as reducing sailing and lowering sailing speed to artificially limit capacity and prevent rate declines. Unfortunately, this has resulted in decreased shipping reliability.
Update on the Middle East
While carriers have imposed surcharges related to war risks, ports in Israel remain open and operational, along with the country's railyards and highways. However, our experience indicates that the limiting factors are labor shortages in manufacturing facilities and port operations, as a significant portion of the working-age population is focused on military duties.