As the end of the year holidays approach and supply chain disruptions persist, manufacturers and retailers face another challenge: theft of goods.
CargoNet, a division of Verisk Analytics that tracks supply chain thefts, revealed that $ 45 million in cargo thefts were reported from January 2021 through September 2021. This contrasts with $ 68 million in cargo thefts. throughout 2020.
Thieves are now targeting more expensive items, such as electronics and refrigerated food, compared to 2020 when they stole toilet paper and personal protective equipment (PPE). Before the pandemic, only $ 49 million in cargo was stolen throughout 2019. CargoNet predicts that high theft rates will continue until 2022.
“What we’re going to see next year will probably be similar to what we’re going to see this year, in electronics and the same kind of commodities,” CargoNet’s Keith Lewis told CBS News. “I don’t see us coming out of this for a few years.”
Due to theft, the price of electronic devices such as smartphones, video game consoles and televisions could increase even more for consumers as the supply decreases. On the East Coast, CBS reported, refrigerated food thefts are on the increase, which could lead to higher prices at the grocery store.
The bulk of cargo theft does not come from piracy on the high seas or attacks on ports or marshalling yards. Instead, thieves steal goods from parked trucks as they stop on the way to a warehouse or distribution center. This means that the actual cost of cargo theft could be much higher because the theft is more difficult to track. Often, drivers don’t notice missing items until they reach their final destination, especially if it was just part of a pallet or a few stolen items. Without knowing where on the road the theft took place, the truck drivers do not know where to report the theft.
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The leading states in cargo theft are California, Texas and Florida, with reports of hundreds of incidents in the three states, according to the CargoNet report.
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Last updated: November 2, 2021
This article originally appeared on GOBankingRates.com: Cargo theft to add supply chain problems through 2022 – Electronics and refrigerated trucks become latest targets