S&P Global Market Intelligence announced its support for the Manifest Modernization Act introduced by Senators Sheldon Whitehouse and Bill Cassidy, M.D. The bipartisan bill would bring needed transparency to shipping manifests by extending disclosure requirements to additional modes of transportation.
While ocean vessels have long been required to disclose manifest information to U.S. Customs and Border Protection, aircraft and vehicles, including trucks and rail, are not required to disclose similar information. The Manifest Modernization Act would extend the public disclosure requirement to aircraft, truck, and rail manifests to offer a more comprehensive view of U.S. imports.
A recent analysis by S&P Global Market Intelligence, a Division of S&P Global and provider of information services and solutions to global markets, found:
• 47.2% of U.S. imports in the 12 months to Aug. 31, 2023 were transported via sea freight.
• Air freight represented 98% of U.S. imports of computer chips, 84% of silicon wafers in the 12 months to Aug. 31, 2023.
• Other major “airfreight exposed” products include hormones and vaccines (98% and 95% respectively), aerospace parts (93%) and phones and network devices (77%).
“Building a diverse, resilient and compliant supply chain requires a comprehensive view of international trade data, however, the data currently disclosed provides an incomplete picture,” said Sarah Cottle, Head of Research, Advisory and Specialty Solutions, S&P Global Market Intelligence. “We applaud the bipartisan effort to bring more transparency to supply chains through access to U.S. trade data across aircrafts, vehicles, trucks and rails.”
S&P Global Market Intelligence’s opinions, quotes, and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendation to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.
Source: S&P Global Market Intelligence
