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Arkansas could be the Future of US Lithium Production

global trade lithium battery

Arkansas could be the Future of US Lithium Production

Exxon Mobile is bullish on Arkansas. But neither oil nor gas is a driving factor. The southwest region of Arkansas is rich in saltwater brine. Once a thorn in the side of oil companies, saltwater brine is now highly sought-after principally due to what can be extracted from it – lithium. 

When a lithium-rich brine aquifer is discovered, the salty water is pumped to the surface (roughly 8,000 feet) where the lithium is then separated from the brine. This results in a lithium concentrate solution that is crystalized into lithium hydroxide, a battery-grade product for electric vehicle batteries. In May Exxon Mobile purchased 120,000 gross acres in southwest Arkansas for north of $100 million. The Texas giant is now rumored to be constructing one of the world’s largest lithium processing facilities close to Magnolia, a town of just 12,000 inhabitants. The facility would have the capacity to produce up to 100,000 metric tons of lithium per year, the equivalent of approximately 15% of the finished lithium produced globally last year. 

The Permian Basin of West Texas and New Mexico was a boon for US oil. Some are positing that Southwest Arkansas has the potential to be even more favorable in terms of the expected lithium output. In general, drilling for lithium is cleaner than traditional mining and this should result in fewer regulatory snafus. Yet, companies like Exxon must invest heavily in the technology used to siphon lithium from brine and the costs are significant. 

One firm estimates it would cost in the neighborhood of $1.5 billion to construct 25,000 metric tons of capacity. Standard Lithium is analyzing a proposal to build the first commercial lithium extraction facility in the US. The capacity would be 6,000 metric tons per year and they’ve proposed a 30,000-ton plant near Magnolia. 

Small-town mayors like Mr. Parnell Vann of Magnolia are fervent seekers of job creators. What Exxon Mobile and others could bring is significant, especially since the 1980s oil bust and a host of mill closures had decimated the region. Yet, some feel the town isn’t ready, citing the disrepair of water and sewage systems, a shortage of new homes, and limited roads. Estimates point to a potential of 6,000 jobs and roughly 1,600 trucks by 2028. An influx of this size would expand the city considerably. 

Exxon has been diligently preparing for a gasoline-light future. They have been in conversations with EV and battery manufacturers and approximate demand for EVs and hybrids powered by fuel cells to reach over 50% of new auto sales by 2050. 

 

  

 

june

Decline in June 2023: United States Imports $67M Worth of Office Furniture

U.S. Office Furniture Imports

In June 2023, supplies from abroad of office furniture (except wood) decreased by -6.7% to 5.1K tons, falling for the second consecutive month after two months of growth. Over the period under review, imports saw a perceptible shrinkage. The pace of growth appeared the most rapid in April 2023 when imports increased by 18% against the previous month.

In value terms, office furniture imports declined to $67M (IndexBox estimates) in June 2023. Overall, imports saw a pronounced slump. The most prominent rate of growth was recorded in May 2023 when imports increased by 9.1% against the previous month.

Imports by Country

In June 2023, Canada (2.7K tons) constituted the largest supplier of office furniture to the United States, accounting for a 53% share of total imports. Moreover, office furniture imports from Canada exceeded the figures recorded by the second-largest supplier, China (868 tons), threefold. The third position in this ranking was taken by Mexico (472 tons), with a 9.2% share.

From June 2022 to June 2023, the average monthly growth rate of volume from Canada stood at -3.9%. The remaining supplying countries recorded the following average monthly rates of imports growth: China (-2.6% per month) and Mexico (+0.7% per month).

In value terms, Canada ($34M) constituted the largest supplier of office furniture to the United States, comprising 51% of total imports. The second position in the ranking was taken by China ($9.7M), with a 14% share of total imports. It was followed by Mexico, with a 10% share.

From June 2022 to June 2023, the average monthly rate of growth in terms of value from Canada stood at -2.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: China (-2.4% per month) and Mexico (-0.3% per month).

Import Prices by Country

In June 2023, the office furniture price stood at $13,047 per ton (CIF, US), growing by 2.8% against the previous month. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in August 2022 an increase of 17% against the previous month. Over the period under review, average import prices reached the peak figure at $13,369 per ton in March 2023; however, from April 2023 to June 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In June 2023, the countries with the highest prices were Mexico ($14,662 per ton) and Canada ($12,595 per ton), while the price for Italy ($10,952 per ton) and the UK ($11,086 per ton) were amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by the UK (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

growers edge bill

The Upcoming US Farm Bill is Likely the Most Expensive Yet

Congress is enacting a multiyear farm bill, the 20th of its kind since 1933. Farm bills are normally passed every five years and shape not only what kind of food domestic farmers grow, but also how they raise said food and how it ultimately arrives on the consumer’s plate. 

Farm bills 50 years ago were focused narrowly on farmers and ancillary suppliers/providers. The farm bill that will likely be enacted come 2025 is expected to cover a dizzying array of interest groups that range from helping towns purchase police cars to broadband access. Conservation and environmental groups are omnipresent, keeping a close eye on sustainable farming practices and land use, while rural counties especially have their own integrated market of providers (bankers, insurance agencies, hunters and anglers, and local governmental agencies). 

The Price

As with most new bills, interest groups will argue that more money is needed. If more cash is pumped into this bill, projected spending would dwarf all previous bills – $1.5 trillion over 10 years. In terms of food aid, nearly 80% of the bill is proposed to go to nutrition via the Supplemental Nutrition Assistance Program (SNAP). This is the largest federal nutrition assistance program providing benefits to eligible low-income families and individuals. From there, crop insurance, commodities, and conservation are slated to receive the rest. 

Reformers are pushing for capping payments to farmers. They argue it is not the smaller farmers who reap the subsidy benefits, but rather the large farms concentrated on churning out commodity crops such as corn, soybeans, rice, and wheat.  

Inexperience is Everywhere

While the price tag will certainly be an issue, the inexperience of roughly one-third of current members of Congress will challenge the process. For this one-third (elected after the 2018 farm bill), this will be their first go-around with a farm bill cycle and the learning curve is steep. 

The American Farm Bureau Federation as well as leading commodity groups have the support of some of the more senior members of Congress. The new members will likely follow their lead, although a fierce back-and-forth between Democrats and Republicans is expected. 

It would appear for those who were expecting a more diverse and potentially progressive bill, this won’t be the time. Pundits expect the entrenched interests to maintain control as in previous bills. 

june

June 2023 Sees U.S. Imports of Welding and Soldering Equipment Surge to $133M

U.S. Welding And Soldering Equipment Imports

After two months of decline, purchases abroad of welding and soldering equipment increased by 4.5% to 5.5K tons in June 2023. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in March 2023 with an increase of 29% m-o-m.

In value terms, welding and soldering equipment imports rose remarkably to $133M (IndexBox estimates) in June 2023. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 when imports increased by 19% month-to-month. As a result, imports reached the peak of $167M. From December 2022 to June 2023, the growth of imports remained at a lower figure.

Imports by Country

China (855 tons), South Korea (764 tons) and Canada (715 tons) were the main suppliers of welding and soldering equipment imports to the United States, together comprising 42% of total imports. Japan, Vietnam, Mexico and Italy lagged somewhat behind, together comprising a further 33%.

From June 2022 to June 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +2.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Canada ($16M), Japan ($16M) and China ($15M) constituted the largest welding and soldering equipment suppliers to the United States, with a combined 36% share of total imports. These countries were followed by Mexico, South Korea, Italy and Vietnam, which together accounted for a further 21%.

South Korea, with a CAGR of +4.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In June 2023, the welding and soldering equipment price stood at $24,041 per ton (CIF, US), growing by 1.9% against the previous month. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in April 2023 an increase of 18% m-o-m. The import price peaked at $28,683 per ton in February 2023; however, from March 2023 to June 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Germany ($87,838 per ton), while the price for Vietnam ($1,960 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Italy (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

june

Decline in June 2023: U.S. Imports of Canned Mushrooms Plummet to $11M

U.S. Canned Mushroom Imports

In June 2023, purchases abroad of canned mushrooms decreased by -7.8% to 2.9K tons, falling for the second consecutive month after two months of growth. Overall, imports showed a pronounced downturn. The growth pace was the most rapid in April 2023 with an increase of 25% month-to-month.

In value terms, canned mushroom imports reduced to $11M (IndexBox estimates) in June 2023. Over the period under review, imports continue to indicate a noticeable contraction. The pace of growth appeared the most rapid in April 2023 when imports increased by 51% against the previous month.

june

Imports by Country

In June 2023, the Netherlands (1.8K tons) constituted the largest supplier of canned mushroom to the United States, accounting for a 62% share of total imports. Moreover, canned mushroom imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Poland (466 tons), fourfold. The third position in this ranking was held by Vietnam (96 tons), with a 3.4% share.

From June 2022 to June 2023, the average monthly rate of growth in terms of volume from the Netherlands totaled -3.5%. The remaining supplying countries recorded the following average monthly rates of imports growth: Poland (-3.8% per month) and Vietnam (-1.2% per month).

In value terms, the Netherlands ($5.5M) constituted the largest supplier of canned mushroom to the United States, comprising 51% of total imports. The second position in the ranking was held by Poland ($2.1M), with a 20% share of total imports. It was followed by Spain, with a 3.5% share.

From June 2022 to June 2023, the average monthly growth rate of value from the Netherlands totaled -2.9%. The remaining supplying countries recorded the following average monthly rates of imports growth: Poland (+0.1% per month) and Spain (-11.4% per month).

Import Prices by Country

In June 2023, the canned mushroom price stood at $3,745 per ton (CIF, US), falling by -4.8% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.1%. The pace of growth was the most pronounced in April 2023 an increase of 21% m-o-m. As a result, import price attained the peak level of $4,332 per ton. From May 2023 to June 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In June 2023, the country with the highest price was Italy ($15,093 per ton), while the price for Malaysia ($1,481 per ton) was amongst the lowest.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Poland (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform 

asean

New York City Mayor’s Presence at ASEAN Flag-Raising Ceremony Goes Down Well with ASEAN Diplomats 

ASEAN emerges as a promising economic and trading partner 

While Washington is the nation’s political capital, New York City is unquestionably the world’s financial capital. The Big Apple also has the world’s largest cluster of foreign consulates and trade missions, not to mention an equally large presence of foreign permanent representations to the United Nations in New York City.

But many financial pundits fear that the rampant violence and crime in the city could adversely affect New York’s image as the global financial capital, also forcing investors and businesses, particularly the small businesses that form the economy’s backbone, to leave the city.  

The city’s mayor Eric Adams has been actively reaching out to the business community, and assuring them of a safe environment to do their business. 

Adams, who maintains contacts with foreign diplomatic and trade missions, has also been attending many diplomatic, business and cultural events, earning goodwill and strengthening the city’s ties with the international community.    

Adams recently attended a major event organized at the city’s historical Bowling Green site by the consulates of the member countries of the ASEAN (Association of Southeast Asian Nations) group to celebrate the 56th anniversary of the group’s founding in Bangkok. 

Bowling Green, located in the heart of the city’s financial district, is of historic significance: besides being a colonial center of activity in the 17th century, the site was previously used as council grounds for the Native American tribes, besides being a parade field and market where people would sell and buy livestock for their farms.

The ASEAN group has ten member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. 

The guests included top officials representing various agencies of New York City, high-ranking diplomats a number of ASEAN member states and other countries, and also ASEAN businesspeople and nationals living in the United States. 

Because of Indonesia’s rotational presidency of the ASEAN group, it fell on Winanto Adi, Indonesia’s consul general in New York, to address on behalf of his ASEAN counterparts and highlight the special significance of the first ASEAN flag-raising ceremony in New York, as also the group’s growing political, cultural and economic strength. 

While felicitating the diplomats on ASEAN’s 56th anniversary, Adams emphasized he was honored to be the first mayor of New York City to jointly perform the ASEAN flag-raising ceremony.  He also praised the contributions by ASEAN citizens and businesses to the city’s socio-economic development.

Malaysian consul general in New York, Amir Farid Abu Hasan, told the Global Trade that the businesses in Malaysia and the ASEAN region were keen to increase trade and investments with New York and the entire United States.

New York City, which routinely seeks to intensify trade and business ties with foreign countries, sees potential for developing business ties with the ASEAN member states whose combined population of some 667 million offers a large market besides being rich in minerals and raw materials, and providing access to one of the world’s most dynamic growth regions.  Also, some of the ASEAN countries are being looked at as alternative business partners by Americans keen to drastically reduce their trade dependence on China and identify manufacturing sites in neighboring countries such as Vietnam, Cambodia, Indonesia, Malaysia, etc. 

“It’s not wise to put all your eggs in one basket,” was the advice one New York based ASEAN businessman gave, obviously, making a veiled reference to China.

Adams highlighted the social-cultural openness of American society which absorbed foreign cultures and characteristics:  “And America is the only country on the globe where you are told, as you embrace this culture, you don’t have to abandon your culture. In fact, you are encouraged to bring both cultures together, to bring that energy, that unique product in New York City that is an accumulation of all of our different foods, our sounds, our spirits, our ways of religious philosophies and concepts.”

The mayor, sporting a baseball cap and attired in a white polo shirt, urged the ASEAN representatives in a light-hearted vein to tell their countrymen visiting New York City “to spend money, spend a lot of money in New York”. 

Why ASEAN Matters

ASEAN’s economic and strategic significance becomes obvious because of its location in the Indo-Pacific region, and its geographically dominant position at the crucial Strait of Malacca through which much of the world’s East-West trade flows.  

According to the US-ASEAN Business Council in Washington, the ASEAN collectively is projected to grow by over 5% per year to become the world’s fourth largest economy 2030.  It is also the United States’ fourth largest export market in the world, with exports of U.S.-made goods exceeding $122 to the ASEAN annually, with all 50 states exporting to ASEAN and 29 states exporting over $1 billion each year. This supports more than 625,000 American jobs while in 13 US states, ASEAN accounts for more than 20% of export-dependent jobs to the Indo-Pacific.  ASEAN collectively has a combined GDP of $3.2 trillion. 

ASEAN has emerged as the number one destination for U.S. investment in the Indo-Pacific, attracting more than $338 billion in U.S. foreign direct investment. With 915 million mobile connections, this region is the world’s fastest-growing internet market. The region’s digital economy is projected to exceed $300 billion by 2025; ASEAN is among the top five destinations for U.S. food and agricultural exports, amounting to $13.7 billion, including over $2 billion in soybeans and $1.6 billion in cotton. More than 34% of Asian Americans identify with an ASEAN ethnicity (over 7.6 million people).  

ASEAN has “transformed the region into an economic powerhouse”, as Edward Mermelstein, New York City Commissioner for International Affairs, observed in his speech. 

The author, Manik Mehta, is a New York-based journalist specializing in foreign affairs/diplomacy, global economics/trade, and emerging markets.

leather

United States Experiences Surging $208K Export of Patent Leather in June 2023

U.S. Patent Leather Exports

In June 2023, overseas shipments of patent leather, patent laminated leather and metallized leather decreased by -6.8% to 11K square meters, falling for the third month in a row after four months of growth. Over the period under review, exports saw a pronounced curtailment. The pace of growth was the most pronounced in March 2023 with an increase of 453% against the previous month. As a result, the exports attained the peak of 190K square meters. From April 2023 to June 2023, the growth of the exports remained at a lower figure.

In value terms, patent leather exports skyrocketed to $208K (IndexBox estimates) in June 2023. Overall, exports showed a pronounced setback. The most prominent rate of growth was recorded in February 2023 with an increase of 98% month-to-month. Over the period under review, the exports reached the peak figure at 1.1M square meters in April 2023; however, from May 2023 to June 2023, the exports failed to regain momentum.

Exports by Country

Mexico (9.4K square meters) was the main destination for patent leather exports from the United States, with a 83% share of total exports. Moreover, patent leather exports to Mexico exceeded the volume sent to the second major destination, Italy (2K square meters), fivefold.

From June 2022 to June 2023, the average monthly rate of growth in terms of volume to Mexico totaled -2.4%.

In value terms, Mexico ($159K) remains the key foreign market for patent leather exports from the United States, comprising 76% of total exports. The second position in the ranking was held by Italy ($50K), with a 24% share of total exports.

From June 2022 to June 2023, the average monthly rate of growth in terms of value to Mexico stood at -2.1%.

Export Prices by Country

In June 2023, the patent leather price stood at $18.3 per square meter (FOB, US), with an increase of 36% against the previous month. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in April 2023 when the average export price increased by 242% m-o-m. The export price peaked at $21.3 per square meter in October 2022; however, from November 2022 to June 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In June 2023, the country with the highest price was Italy ($25.4 per square meter), while the average price for exports to Mexico amounted to $16.8 per square meter.

From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+4.3%).

Source: IndexBox Market Intelligence Platform  

vacuum

Price of United States Vacuum Cleaner Motor Drops to $39.7 per Unit

U.S. Vacuum Cleaner Import Price in May 2023

In May 2023, the vacuum cleaner price amounted to $39.7 per unit (CIF, US), with a decrease of -5.9% against the previous month. Over the period under review, the import price continues to indicate a slight setback. The most prominent rate of growth was recorded in August 2022 when the average import price increased by 8.1% against the previous month. Over the period under review, average import prices reached the peak figure at $59.7 per unit in November 2022; however, from December 2022 to May 2023, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Malaysia ($69.8 per unit), while the price for China ($28.8 per unit) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by Mexico (+1.1%), while the prices for the other major suppliers experienced a decline.

U.S. Vacuum Cleaner Import Prices by Type

Average prices varied somewhat amongst the major supplied products. In May 2023, the product with the highest price was vacuum cleaners, with self-contained electric motor, n.e.c. in item no. 8508.1 ($52.1 per unit), while the price for vacuum cleaners, with self-contained electric motor, of a power not exceeding 1,500 w and having a dust bag or other receptacle capacity not exceeding 20L amounted to $38.6 per unit.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by vacuum cleaners, with self-contained electric motor, n.e.c. in item no. 8508.1 (+0.0%).

U.S. Vacuum Cleaner Imports

In May 2023, supplies from abroad of vacuum cleaners with motor increased by 16% to 5.5M units, rising for the third month in a row after four months of decline. In general, imports, however, showed a relatively flat trend pattern. Imports peaked at 5.8M units in May 2022; however, from June 2022 to May 2023, imports failed to regain momentum.

In value terms, vacuum cleaner with motor imports rose remarkably to $220M (IndexBox estimates) in May 2023. Overall, imports, however, showed a noticeable decline. The pace of growth was the most pronounced in March 2023 when imports increased by 19% against the previous month. Imports peaked at 330M units in August 2022; however, from September 2022 to May 2023, imports remained at a lower figure.

U.S. Vacuum Cleaner Imports by Type

In May 2023, vacuum cleaners, with self-contained electric motor, of a power not exceeding 1,500 w and having a dust bag or other receptacle capacity not exceeding 20L (5.1M units) was the main type of vacuum cleaner with motor supplied to the United States, accounting for a 92% share of total imports. Moreover, vacuum cleaners, with self-contained electric motor, of a power not exceeding 1,500 w and having a dust bag or other receptacle capacity not exceeding 20L exceeded the figures recorded for the second-largest type, vacuum cleaners, with self-contained electric motor, n.e.c. in item no. 8508.1 (461K units), more than tenfold.

From May 2022 to May 2023, the average monthly growth rate of the volume of import of vacuum cleaners, with self-contained electric motor, of a power not exceeding 1,500 w and having a dust bag or other receptacle capacity not exceeding 20L was relatively modest.

In value terms, vacuum cleaners, with self-contained electric motor, of a power not exceeding 1,500 w and having a dust bag or other receptacle capacity not exceeding 20L ($196M) constituted the largest type of vacuum cleaner with motor supplied to the United States, comprising 89% of total imports. The second position in the ranking was held by vacuum cleaners, with self-contained electric motor, n.e.c. in item no. 8508.1 ($24M), with an 11% share of total imports.

U.S. Vacuum Cleaner Imports by Country

China (2.5M units), Vietnam (1.8M units) and Mexico (467K units) were the main suppliers of vacuum cleaner with motor imports to the United States, together accounting for 87% of total imports.

From May 2022 to May 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +1.9%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest vacuum cleaner with motor suppliers to the United States were China ($73M), Vietnam ($56M) and Malaysia ($32M), together comprising 73% of total imports. Mexico and Indonesia lagged somewhat behind, together comprising a further 15%.

In terms of the main suppliers, Mexico, with a CAGR of +1.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

 

combustion

May 2023 Sees a Significant Increase in U.S. Internal Combustion Engine Exports, Reaching $446M

U.S. Internal Combustion Engines Exports

Internal combustion engines exports from the United States expanded markedly to 39K units in May 2023, picking up by 11% against the previous month’s figure. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in March 2023 when exports increased by 13% m-o-m. Over the period under review, the exports reached the maximum at 42K units in June 2022; however, from July 2022 to May 2023, the exports failed to regain momentum.

In value terms, internal combustion engines exports expanded significantly to $446M (IndexBox estimates) in May 2023. Over the period under review, exports, however, recorded a pronounced descent. The pace of growth was the most pronounced in March 2023 when exports increased by 12% m-o-m. Over the period under review, the exports attained the maximum at 608M units in June 2022; however, from July 2022 to May 2023, the exports remained at a lower figure.

Exports by Country

Mexico (25K units) was the main destination for internal combustion engines exports from the United States, accounting for a 63% share of total exports. Moreover, internal combustion engines exports to Mexico exceeded the volume sent to the second major destination, Canada (7.6K units), threefold. The UK (1.9K units) ranked third in terms of total exports with a 5% share.

From May 2022 to May 2023, the average monthly rate of growth in terms of volume to Mexico amounted to -2.2%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Canada (+3.0% per month) and the UK (+11.3% per month).

In value terms, Mexico ($301M) remains the key foreign market for internal combustion engines exports from the United States, comprising 68% of total exports. The second position in the ranking was taken by Canada ($77M), with a 17% share of total exports. It was followed by the UK, with a 4.1% share.

From May 2022 to May 2023, the average monthly growth rate of value to Mexico amounted to -3.9%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Canada (+3.2% per month) and the UK (+9.5% per month).

Export Prices by Country

In May 2023, the internal combustion engines price stood at $11,513 per unit (FOB, US), almost unchanged from the previous month. Overall, the export price, however, continues to indicate a slight reduction. The most prominent rate of growth was recorded in October 2022 when the average export price increased by 3.2% against the previous month. The export price peaked at $14,407 per unit in June 2022; however, from July 2022 to May 2023, the export prices remained at a lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Australia ($12,808 per unit), while the average price for exports to Chile ($7,997 per unit) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform  

UPS teamsters

UPS and Teamsters Union Announce Tentative Agreement to Avert Strike

The Teamsters on Tuesday reached the most historic tentative agreement in UPS history, protecting and rewarding more than 340,000 UPS Teamsters. The highly lucrative contract raises wages for all UPS Teamsters, creates more full-time jobs, and includes a wide range of benefits for UPS employees. The UPS Teamsters National Negotiating Committee unanimously endorsed the five-year tentative agreement.

Teamsters General President Sean M. O’Brien commenting on the agreement said that Rank-and-file UPS Teamsters sacrificed everything to get the country through the pandemic and also that the union went into the fight committed to winning for their members.

Teamsters General Secretary-Treasurer Fred Zuckerman commenting on the agreement mentioned that UPS came dangerously close to putting itself on strike, but kept firm on their demands which is why the contract was such that levels the playing field for workers.

Deal Results in Higher Wages, More Jobs, Equal Pay, A/C, MLK Day, Part-Time Rewards. Highlights of the tentative 2023-2028 UPS Teamsters National Master Agreement include:

* Historic wage increases. Existing full- and part-time UPS Teamsters will get $2.75 more per hour in 2023, and $7.50 more per hour over the length of the contract.

*Existing part-timers will be raised up to no less than $21 per hour immediately, and part-time seniority workers earning more under a market rate adjustment would still receive all new general wage increases.

*General wage increases for part-time workers will be double the amount obtained in the previous UPS Teamsters contract — and existing part-time workers will receive a 48 percent average total wage increase over the next five years.

*Wage increases for full-timers will keep UPS Teamsters the highest paid delivery drivers in the nation, improving their average top rate to $49 per hour.

*Current UPS Teamsters working part-time would receive longevity wage increases of up to $1.50 per hour on top of new hourly raises, compounding their earnings.

*New part-time hires at UPS would start at $21 per hour and advance to $23 per hour.

*All UPS Teamster drivers classified as 22.4s would be reclassified immediately to Regular Package Car Drivers and placed into seniority, ending the unfair two-tier wage system at UPS.

*Safety and health protections, including vehicle air conditioning and cargo ventilation. UPS will equip in-cab A/C in all larger delivery vehicles, sprinter vans, and package cars purchased after Jan. 1, 2024. All cars get two fans and air induction vents in the cargo compartments.

*All UPS Teamsters would receive Martin Luther King Day as a full holiday for the first time.

*No more forced overtime on Teamster drivers’ days off. Drivers would keep one of two workweek schedules and could not be forced into overtime on scheduled off-days.

*UPS Teamster part-timers will have priority to perform all seasonal support work using their own vehicles with a locked-in eight-hour guarantee. For the first time, seasonal work will be contained to five weeks only from November-December.

*The creation of 7,500 new full-time Teamster jobs at UPS and the fulfillment of 22,500 open positions, establishing more opportunities through the life of the agreement for part-timers to transition to full-time work.

*More than 60 total changes and improvements to the National Master Agreement — more than any other time in Teamsters history — and zero concessions from the rank-and-file.

Members from the 176 UPS Teamster union locations in the U.S. and Puerto Rico will meet on July 31 to review and recommend the tentative agreement. All UPS rank-and-file members will receive a list of improvements in the contract. Locals will conduct member meetings and Teamsters will have several weeks to vote on the offer electronically. Member voting begins August 3 and concludes August 22.