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Container shipping costs will drop further in 2023

Posted on February 06 2023

According to the latest forecast of Forest2market, it believes that with the global economic downturn, the cost of container transportation is expected to decline further.

In mid-November, Drewry's container shipping index plunged 9% in a single week to a two-year low, according to a report by Container. And shipping and trucking companies are going virtual for solutions. Judging from the current situation, the decline will continue, but the decline will not be too fast, and may slow down.

The cost of products shipped from China to the world is also slowing down, as shown by the China Composite Freight Index (CCFI).

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Shanghai Shipping Exchange's China Import and Export Containerized Freight Index

At the same time, the Shanghai export container freight index was -14.8 month-on-month; the cross-strait chain was -0.5; the Southeast Asia chain was -83.12.

The China Coastal Bulk Freight Index also fell by 1%, and the China-Japan/Pacific round-trip voyage dropped by US$817 per day.

The November data released by the General Administration of Customs showed that export products fell by 8.7% year-on-year. In the month before the Lunar New Year, such export data may still be maintained.

In addition to the decline in China's index, the global trend also remains downward. Maersk's updated monthly report shows that some major challenges still weigh on the global economic situation. Inflation remains a problem in much of the planet, adding to pressure on the global economic recovery.

As far as the home building materials industry is concerned, it is inevitable that shipping costs will drop before the Spring Festival. The first quarter of the next year may also remain low, which is good news for imported furniture wood.(Article source:https://www.xinweiyu.com/