Truckload demand finally turned positive for the first time in nine months after hitting a likely low point during April 2023, according to a recent survey.
A report published earlier this month, entitled “Uber Freight 2023 Q4 Market update & outlook,” found that truckload demand rose by 1.2% during the third quarter of 2023.
The study also showed that nearshoring activity has been driving up shipping volumes into Mexico after a new decree from the country’s government in October began providing incentives to companies relocating their operations to Mexico. The survey claimed that the decree could potentially bring in $18.5 billion in additional investments in 2024.
The survey found that LTL tonnage and shipment count are expected to maintain reduced overall levels through the end of 2023 and into 2024 following the shutdown of Yellow Corp.
“Heading into the busy holiday season, truckload demand and capacity appear to be normalizing, nearshoring activity to Mexico is rapidly escalating, and LTL tailwinds have arrived,” reads an executive summary of the report published November 8. “Shippers and carriers must be nimble as they make critical decisions to keep their supply chains moving forward into the new year.”