Cargo Theft Hits Unprecedented Highs in 2024, with $202K Average Loss Per Incident

Cargo theft in the U.S. and Canada reached historic highs in 2024, with 3,625 reported incidents—a 27% increase from 2023—according to CargoNet, a Verisk company. The average value per theft rose to $202,364, up from $187,895 the previous year. Although theft rates increased every quarter, the sharpest spike occurred in Q1 2024, with California and Texas leading the surge. California saw a 33% rise in incidents, while Texas experienced a 39% increase, with Dallas County reporting an alarming 78% growth.

The report highlighted shifts in stolen commodities, reflecting evolving criminal tactics. High-value items like copper, cryptocurrency mining hardware, and consumer electronics emerged as top targets. Theft of consumables, such as produce (e.g., avocados and nuts) and personal care products, also grew significantly. Traditional methods like trailer burglaries and full trailer theft remained prevalent, especially in metropolitan areas such as Los Angeles, Dallas-Fort Worth, Atlanta, and New York City.

CargoNet predicts continued growth in cargo theft in 2025, driven by increasingly sophisticated organized crime groups targeting supply chain vulnerabilities. Companies are urged to adopt robust security measures to mitigate risks.