As the value of the US dollar increases, so does the economic might of the US economy. A great example of this might is with the trading of goods to the US. A stronger US dollar will raise ocean freight shipping rates for transporting goods and it increases the types of services available to supply chains for moving those goods to the US.
The Journal of Commerce reports of a study from Drewry Maritime Research on this issue and the impact that the stronger US dollar has on pulling cargo to the US. It seems that European exports to the US are up 10.3% years over year. This is incredible news for the US economy and the ports on the East Coast that receive the goods from Europe. There was also an increase in cargo arriving at the East Coast ports during the end of 2014, but much of this was attributed to the congestion issues impacting the West Coast, which forced cargo to be transshipped to the East Coast for entry to the US.
During the 10.3% increase to the US, freight going to Europe dropped 7.6% this year. The reason is because of a Euro that is weaker and not improving like the US dollar.
Meanwhile, as a result of this increase in US-bound cargo, shipping carriers are offering new services from Europe to the US. If your company is interested in using these new and special services, speak to your trusted freight forwarder to schedule a booking today.