Cargo theft is on the rise in 2024.
See what clicks on FoxBusiness.com.
Cargo theft in the US and Canada hit record highs for the second year in a row, and the trend is expected to continue as criminal enterprises become more sophisticated in their operations.
Verisk CargoNet’s annual analysis released this week shows that cargo theft in 2018 It rose 27 percent from 2023 to 2024, hitting a record 3,625 last year with an average of $202,364 in thefts. The loss is said to be over $454 million.
Cargo theft in the U.S. hit a record high in 2024, a trend that is expected to continue. (CargoNet/FOXBusiness)
The study found that California and Texas saw the highest burglary activity, with heists occurring 33% in the Golden State and 39% in the Lone Star State.
Trailer thefts and full trailer thefts continue to rise, particularly in major metropolitan areas, including Los Angeles, Dallas-Fort Worth, Atlanta and New York City, according to the findings. Dallas County, Texas, led the way with a 78 percent increase in reported incidents. los angeles County, Calif. — a traditionally high-activity area — saw a 50% increase.
Retail theft up 93% since pre-Covid-19 pandemic: ‘Retailers don’t cry wolf’
CargoNet also reported significant changes in the types of goods stolen last year. In the year 2023 saw frequent thefts of motor oils, fluids, solar energy products and energy drinks, 2024 was a strategic pivot for criminal enterprises. New targets include raw and finished copper products, consumer electronics and cryptocurrency mining hardware.
Cargo theft soared to another record high in 2024. (iStock/iStock)
The analysis increased targeting of certain consumer goods, including products such as avocados and nuts, from cosmetics to vitamins and supplements to personal care products, particularly protein powders.
The expert warned that a ‘big problem’ is looking for the American economy
Keith Lewis, vice president of CargoNet, said in an interview that there are two main types of cargo theft: the first is the traditional method where thieves steal from a truck or train, and the other is through fraud, which often involves online shipping. Using fake information like fake companies to redirect entire loads.
Cargo theft, often carried out by criminal enterprises overseas, rose a staggering 1,445 percent, while traditional theft rose 20 percent. Overall, cargo theft has risen by 90 percent since the start of the Covid-19 pandemic.
In the year A cargo ship and cargo ship pass through the Cocoli Locks in the Panama Canal on August 12, 2024 in Panama. According to Lewis, one growing method of cargo theft involves criminals using fraud to divert them. (Arnulfo Franco/AFP via Getty Images/Getty Images)
Lewis, a former state police officer, said the burden falls on the logistics industry to come up with solutions because federal law enforcement does not have the resources to adequately address the issue.
“But solutions cost money, and that’s the push,” he told FOX Business. “Also, when you change the way we move freight, you slow down the supply chain. And when you slow down the supply chain, that can weaken the infrastructure. It also creates higher costs to move goods.”
Get FOX BUSINESS on the go by clicking here
Meanwhile, the rise in theft is contributing to higher prices for everyone.
“Everybody’s paying for this,” Lewis said. “The rate has gone up, the insurance has gone up, the cost has gone up, the freight has gone up, what I pay the shipper has gone up. And every time we make a purchase, I pay.