Global Container Shipping Trends in December 2024: Closing 2024
December Volumes: A Strong Finish to 2024
The final month of 2024 did not disappoint, with global volumes reaching a notable 16 million TEUs. This marks December as the second highest lifting month of the year, following August 2024, which saw a record-breaking 16.1 million TEUs. Compared to November 2024, global volumes rose by 4.5%, and were up 6.6% from December 2023, reflecting the overall strength as we close out the year.
North American Imports: A Steady Surge
North American imports saw a continued rise in December 2024, driven largely by the Far East and Indian Sub-Continent & Middle East regions, with a 6.0% increase month on month. Notably, compared to December 2023, imports were up 8%, and a remarkable 25% higher than in December 2022. This sharp increase highlights the substantial growth this region has experienced throughout the year.
Key Regional Insights: Record Imports from Key Areas
Drilling deeper into regional import performance, both the Indian Sub-Continent & Middle East, and Sub-Saharan Africa saw their highest import volumes for 2024 in December. Indian Sub-Continent & Middle East imports surged by 11.1% month on month, while Sub-Saharan Africa’s imports increased by just over 6.1%. In contrast, Far East exports experienced a slight drop of -1.2% in December 2024, though their overall strong performance suggests the drop is not a significant concern.
Far East Exports: Continued Growth Amid Challenges
Far East exports remained robust in December, posting a 5.3% month-on-month increase, reaching 9.8 million TEUs. The strength in exports is primarily attributed to demand from North America and South and Central America. With political shifts in the USA anticipated in January, and new trade policies potentially emerging, it will be interesting to monitor the resilience of Far East exports moving forward.
Global Price Index: A Modest Increase
The global price index saw a modest increase of 2 points in December, continuing a steady upward trend since October, now standing at 96 points. Notably, the index is 25 points higher than it was in December 2023, yet 25 points lower than December 2022, highlighting ongoing market fluctuations and price adjustments.
Conclusions: A Strong End to an Uncertain Year
In conclusion, December 2024 has demonstrated resilience, maintaining strong volumes despite uncertainties in global trade. As we head into 2025, questions remain regarding potential route diversions and tariff increases. It will be crucial to observe how these factors influence global trade dynamics in the first quarter of the new year.
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