Cargo Theft Reaches Record High in US and Canada, Expected to Continue
For the second consecutive year, cargo theft has reached a record high in the United States and Canada. According to Verisk CargoNet’s annual analysis, there were 3,625 reported incidents of cargo theft in 2024, with an average value of $202,364 per theft, resulting in losses of over $454 million. This surge in theft is expected to continue, with criminal enterprises becoming more sophisticated in their methods.
The study found that California and Texas saw the greatest increase in theft activity, with a 33% surge in California and a 39% increase in Texas. Trailer burglaries and full trailer theft continued at elevated levels, particularly in major metropolitan areas such as Los Angeles, Dallas-Fort Worth, Atlanta, and New York City. Dallas County, Texas, led the way with a 78% spike in reported incidents, while Los Angeles County, California, saw a 50% increase.
The report also noted a shift in the types of goods stolen, with criminal enterprises targeting raw and finished copper products, consumer electronics, and cryptocurrency mining hardware. Additionally, there was an increase in the theft of consumable goods, including produce like avocados and nuts, as well as personal care products like cosmetics and vitamins and supplements.
CargoNet Vice President Keith Lewis attributed the surge in cargo theft to the rise of criminal enterprises and the lack of resources for federal law enforcement to address the issue. He expressed concerns that the burden of solving this problem falls on the logistics industry, which could lead to higher costs and slower supply chain logistics. Lewis emphasized that this could have a significant impact on the infrastructure and inflation.
The rise in cargo theft is contributing to higher prices for consumers, with Lewis stating, “Everybody’s paying for this now. The rates go up, the insurance goes up, the costs go up, the freight rates, what I’m charging the shipper goes up. The shipper takes that and puts it back in their cost, and they raise the price, and you and I pay for it every time we make a purchase.”
