Import shipments bound for the US rose by 53% annually for the month of March
According to a data report issued by Panjiva, a trade intelligence firm, March was a particularly successful month for import growth. While March is usually a slower month, the demand for goods has not decreased. Imports for China, in face were up 177% annually for March, vs a 23.8% gain in February.
“Panjiva said that the import gains partly reflect disruptions caused to imports at the outset of the COVID-19 pandemic, adding that with March shipments up 36.9%, when compared to March 2019, indicates that the current import surge is not what it called a timing artifact.”
International 3PL logistics market forecasted to reach nearly $2,000 Billion by the year 2028
The research report published by Evolve business intelligence includes data points such as government policies, post-COVID strategies, and End-User trends to predict the future of the market. The report also discusses the lasting effects of the pandemic on the supply chain.
According to Nisha, Principal Analyst, Evolve Business Intelligence, “’The recent COVID scenario is expected to have a moderate impact on Third-Party Logistics market. The Freight and logistic industry deliver goods and services to consumers by facilitating mobility throughout the supply chain. However, the supply chain disruption and slowdown caused by COVID-19 is expected to pull down freight demand in the medium term.’”
Inventory planning set to be a major component of the future of company strategy
According to a report by MHI Industry, 54% of participants who responded plan to implement network optimization strategies and technologies. Prioritizing inventory optimization is not new, however, the number of companies using tools to accomplish this task has continued to rise steadily. A major component of this will be demand forecasting in order to better plan in advance for supply needs.
“…the shift to e-commerce makes a company’s inventory allocation across its network even more important, and tools like order management systems are vital for handling the flow of orders.”