BTS: NAFTA Shipments Rose to More than $100B in October 2017

Row of trucks

Equinox Business Solutions agrees that bookkeeping for truckers in the U.S. became more necessary in October 2017, when the country’s freight shipments to Canada and Mexico amounted to $100.6 billion. 

Transportation Modes

The larger volume of U.S.-NAFTA freight covered all five modes of freight transportation, with trucks accounting for the lion’s share of shipments. Truckers moved 64% of the October shipments, which led it to continue being the most favored means of cargo transportation across North America.

Air-hauled freight represented 6.1% of the overall volume, while railroads and pipeline transportation account for 3.3% and 9.3%, respectively. Transported freight by vessels registered a big jump with 32.6% of moved freight in the covered month. While trucks dominated the transportation of cross-country cargo, the industry faces a worsening problem with finding truck drivers.

Labor Shortage

The American Trucking Association said that the U.S. trucking sector needs almost 900,000 new drivers to meet the growing demand. The impact of a growing labor shortage in the industry has manifested in the retail segment, where companies are forced to pay a premium for on-time deliveries. Other retailers choose to postpone shipments that are not essential.

Much of the difficulty in hiring new truck drivers stems from most people’s view of the job’s requirements. Truck drivers need to spend long hours on the road and away from their families, which then causes fatigue and loneliness.

The BTS report indicated the importance of the trucking industry for NAFTA shipments. As such, companies must think of new ways to attract drivers, aside from handling all other aspects, such as accounting-related work.