December 11, 2024 | Industry News
December 2024 Regional Market Report News
Crop Updates
Basmati Rice
Favorable weather conditions have resulted in a strong harvest and robust Basmati rice yields from India. This has enabled competitive pricing in international markets, driving bulk purchases and stabilizing exporters' revenues despite previous export restrictions and logistical challenges. Supply and pricing are expected to remain steady in the near term.
Olive Oil
Following last month's update, our international partners have reported that the olive oil harvest is performing exceptionally well after several challenging years. If this trend continues, we anticipate a stabilization in prices soon.
Global Supply Chain and Logistics Updates
Closing Out 2024 Imports
Following a robust November report, 2024 is on track to become the third-highest year for imports on record, with volumes up 13% compared to last year. As the holiday season approaches, strong consumer spending has driven retailers to stock up to meet demand. Despite the elevated traffic and import volumes, ports have maintained fluid operations, successfully avoiding severe congestion.
However, transit times remain region-dependent, with the most notable delays occurring at the Panama Canal due to increased vessel traffic.
Understanding Potential Import Tariffs
At the time of writing, the incoming presidential administration has provided its initial outline for proposed tariffs. Imports from China are expected to face an additional 10% duty, while imports from Canada and Mexico may incur a 25% duty. There has been no indication that any categories of goods will be exempt. In the short term, we anticipate a surge in shipping activity as businesses work to expedite orders before the tariffs are implemented.
At Roland foods we are preparing contingency plans to mitigate the effects of these tariffs and offer our customers cost competitive options.