LOGISTICS MARKET NEWS FOR Q1 2024
According to a report by UNCTAD released in March 2024, global trade has shown positive signs of recovery in the first quarter of 2024, after a 3% decline in 2023. The supply chain of goods continues to shift, leading to changes in logistics operations.
Tensions in cross-border supply chains, as well as issues related to the environment, technology, and cybersecurity, pose significant challenges to global supply chain management and logistics operations. The incident of a container ship colliding with a vital bridge in the US highlights the new risks of disruptions in logistics operations, as infrastructure development fails to keep up with the rapid growth of transportation vehicles worldwide.
The fluctuations and risks in the global logistics market have prompted efforts of cooperation among countries, regions, and relevant parties to address challenges and maintain operations.
Increasing logistics demand:
-
Vietnam's economy is recovering, with an increase in import-export turnover. According to the General Statistics Office, the import-export turnover of goods in Q1/2024 reached $176.35 billion, an increase of 10.5% compared to the same period in 2023. The revenue of logistics services in Q1/2024 is estimated to reach VND 123.5 trillion, an increase of 14.2% compared to the same period in 2023.
-
The demand for e-commerce continues to grow.
Freight rates:
-
Ocean freight rates tend to decrease compared to Q4/2023 due to reduced transportation demand after Tet holiday. The supply of container ships is increasing. However, the rates are still higher than the same period in 2023. Road and air freight rates remain relatively stable compared to Q4/2023.
Labor shortage:
-
The logistics industry is facing a shortage of highly skilled workers, especially logistics engineers, supply chain management specialists, and warehouse operators.
Digital Transformation:
-
Digital Transformation in Logistics: How Companies are Implementing Tech Solutions to Boost Efficiency. For example, using artificial intelligence, blockchain, Internet of Things (IoT).
Green Logistics:
-
Developing Green Logistics: Logistics companies are using environmentally friendly solutions to minimize negative impact on the environment. For example, using renewable energy-powered transportation, building green warehouses.
The logistics industry in the first quarter of 2024 shows positive signs such as increasing demand and stable transportation costs. However, the logistics industry also faces challenges such as a shortage of workforce and the need for digital transformation and the development of green logistics.
MDCT Logistics is proud to be a reputable and quality transportation and sourcing company in the Chinese market. If you have a need to import goods, MDCT is honored to advise and provide services to customers.
------------------------------------------------
MDCT Logistics - A trusted trade promotion unit, handling import-export procedures & Multimodal international transportation
🏬 Address: 5th Floor, AC Building, 78 Duy Tan, Dich Vong Hau, Cau Giay, Hanoi
🌍 Website: https://mdctlogistics.com.vn/
📧 Email: hrs.mdctlogistics@gmail.com
📞 Hotline: 0865 763 169
