S&P Global Market Intelligence Applauds Bipartisan Legislation to Increase Transparency of Shipping Manifests

Rhea-AI Summary

S&P Global Market Intelligence - Manifest Modernization Act: S&P Global Market Intelligence supports the bipartisan Manifest Modernization Act, extending disclosure requirements to aircraft, trucks, and rail manifests to offer a more comprehensive view of U.S. imports. Analysis found 47.2% of U.S. imports were transported via sea freight, with air freight dominating computer chips, silicon wafers, hormones, vaccines, aerospace parts, and phones/network devices.

Positive

• The Manifest Modernization Act aims to bring more transparency to supply chains through access to U.S. trade data across aircraft, vehicles, trucks, and rails.
• S&P Global Market Intelligence's analysis provides valuable insights into the transportation modes of U.S. imports, highlighting the dominance of sea freight and air freight for specific products.
• The bipartisan effort to extend disclosure requirements to aircraft, trucks, and rail manifests reflects a commitment to building a diverse, resilient, and compliant supply chain.

Negative

• None.

NEW YORK, Nov. 8, 2023 /PRNewswire/ -- S&P Global Market Intelligence today 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.

About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence.

Media Contacts
Farhan Husain
Farhan.husain@spglobal.com
+1 347 213 0065

 

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SOURCE S&P Global Market Intelligence

FAQ

What is the Manifest Modernization Act?

The Manifest Modernization Act aims to extend disclosure requirements to aircraft, trucks, and rail manifests to offer a more comprehensive view of U.S. imports.

How were U.S. imports transported in the 12 months to Aug. 31, 2023?

47.2% of U.S. imports were transported via sea freight, while air freight dominated specific products such as computer chips, silicon wafers, hormones, vaccines, aerospace parts, and phones/network devices.

What are the implications of the bipartisan effort?

The bipartisan effort reflects a commitment to building a diverse, resilient, and compliant supply chain, bringing more transparency to supply chains through access to U.S. trade data across different transportation modes.