October 03, 2024 | Industry News
October 2024 Regional Market Report News
Crop Updates
Anchovies
The El Niño weather pattern severely impacted the anchovy category in 2024, leading to exceptionally low raw material yields from Peru. However, in recent months, weather conditions have improved, and the category is now showing signs of recovery. With fishing operations in Peru significantly improving, we are optimistic about a return to normalcy in the region.
Global Supply Chain and Logistics Updates
An Import-Driven Economy
Import levels remain robust as the seasons transition, with volumes up 15% compared to the same period in 2019. Trade out of Asia remains strong, demonstrating that elevated freight rates are not hindering activity. September volumes are expected to remain solid as importers front-load ahead of potential labor disruptions. For an import-driven economy, this suggests positive momentum for consumer spending as we head into the holiday season.
ILA Port Strike Commences
As of 12:01 am on October 1st, the ILA pork workers strike has begun. Negotiations have resumed, and both parties are working to reach an agreement. It is unclear how long the strike will last, however, even a brief strike will severely impact half the country's access to global trade, creating ripples across international trade networks.
At Roland Foods, we are well-positioned with inventory to weather a short-term strike. In anticipation, we advanced our ordering schedules to secure key products in our warehouse, mitigating the risk of disruption.