The 2016 Panama Canal expansion added a third set of locks while doubling its shipping capacity. With the physical enlargement came a new transit booking system and a slot auction. Both addressed bottlenecks by shortening wait times at peak seasons. In its first fiscal year of operation, the number of ships rose 3.3% while total tonnage increased 22%. This singlehandedly stemmed from the new maximum size of Panama vessels that can transit. As expected, the expansion resulted in some diversion of traffic, higher demand for passage, and new investment in ports – primarily on the East Coast – to accommodate larger ships. The greatest potential impact for manufacturing companies will be on trucking capacity.
In October, MAPI held its most attended webinar of the year: Transfer Pricing & Customs Valuation. In today’s cross-border business environment, transfer pricing and U.S. Customs valuation are integral, and companies must have a clear understanding of the unique requirements of each to the business.
Global Economy, Growth & Innovation, Strategic Planning, Operations
Fully digitizing physical industries such as manufacturing and agriculture has proven much more challenging than in the entertainment and financial industries, where data can be reduced to bits and bytes. A combination of innovative distribution, digitized production, and new manufacturing platforms—aka the “Internet of Goods”—will allow the creation of new business models for manufacturing capable of expanding the market and changing the geography of production. Our latest report gives a new perspective on the digital future for manufacturers.
Corporate Affairs, Corporate Communications, Global Economy, Competitiveness, Leadership, Human Resources
Manufacturing executives can no longer turn a blind eye to the drug crisis. Drugs are now the leading cause of death for prime working age Americans. In 2016, drug overdose deaths from opioids increased fivefold compared to 1999, and it is impacting the U.S. workforce. And the manufacturing workforce has been particularly impacted. Unchecked, this drug crisis will erode the health of the U.S. economy. It’s time to take action, and learn the signs of opioid abuse in the workforce.
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