October 2024 Container Volume Data Reflects Positive Rebound Amid Economic Uncertainty
Global Volume Bounce Back
The release of the October 2024 container volume data reveals a positive rebound in global volumes, which reached 15.8 million TEUs, representing a 3.8% increase compared to September’s deflated volume of 15.2 million TEUs. Despite this month-on-month increase, the year-to-date comparison for October 2024, compared to the same period in 2023, stands at a 6.2% increase—slightly down from the 6.3% recorded in September 2024. On a year-on-year basis, global volumes are up by 5.0%, highlighting the continued strength of global trade.
North America Leading Import Performance
North America remains the leader in import growth for 2024, with a 12.6% increase year-to-date. This growth is largely driven by Far East exports into the region, which have increased by approximately 15.2% year-to-date. Australasia and Oceania also reported strong import figures, with a 13.2% increase compared to October 2023, although volumes remain relatively small, totalling 414,000 TEUs. Europe, meanwhile, is the only other region showing a substantial year-on-year increase of 12.5%, driven by strong trade with the Far East, Intra Europe and South & Central America.
Export Trends Across Regions
Australasia and Oceania exports reached 2.5 million TEUs year-to-date, marking a 7.9% increase from the same period in 2023. Notably, Far East exports also saw a 9.2% increase year-on-year in October 2024 and an 21.6% increase compared to October 2022. However, Europe and North America experienced slower export growth, with both regions showing less than a 3% increase year-to-date compared with the previous year.
CTS Global Price Index Continues to Soften
The global price index continued its decline in October 2024, dropping by 10 points to a new level of 94. The only main trade route to see an increase in the price index was the Far East to North America, potentially driven by concerns over impending port strikes. This reflects ongoing uncertainty in the market and the possibility of further disruptions.
Concluding Thoughts
In conclusion, while the temporary drop in global volumes observed in September 2024 appears to have been a minor glitch, the continued strength of volumes this year provides optimism. However, the ongoing decline in the global price index and other major trade price indices may indicate a tightening of rates. As the year starts to draw to a close, the evolving economic uncertainty will continue to influence global trade, and it remains to be seen how these factors will impact volumes and pricing trends in the months ahead.
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