January 09, 2024 | Industry News
January 2024 Regional Market Report News
Global yields of olive varieties used in the production of Ripe Table Olives are significantly reduced in 2023 and 2024 due to poor weather conditions in the primary growing regions. Spain, Turkey, Peru, Morocco, and California have all seen reduced crops this year, with Egypt being the lone exception. Egyptian production is expected to increase significantly in response to high global demand.
There have been no significant changes in the anchovy category, as the crop is still limited due to inclement weather. We will continue to report monthly on the state of the category until it has fully recovered.
Global Supply Chain and Logistics Updates
Yearly Import Wrap-Up
Closing out the calendar year, container volumes continue to decline following the summer peak. While final levels are yet to be reported, 2023 has been a strong year for imports, outpacing pre-pandemic levels. As consumer spending remains robust, we can anticipate that imports will continue to flow through the beginning of the new year.
Panama and Suez Canal Updates
Higher than anticipated rainfall has allowed the Panama Canal Authority to up the daily vessel crossings from 20 to 24 ships starting in January. The increase in vessel capacity will hopefully lead to less congestion and fewer transit delays.
Tensions in the Middle East have begun to affect transit through the Suez Canal. Several carriers have chosen to reroute vessels that pass through the Suez Canal, as the Houthi rebel group from Yemen is now targeting all ships and not only Israeli-flagged vessels. The alternative route of sailing around South Africa is adding significant time to voyages, which is expected to cause delays throughout the globalized shipping industry. In response to this disruption, we are working to limit our exposure to shipping risks and utilize carriers with geographical advantages.