November 2024 Shipping Volumes and Global Market Trends: A Robust Outlook for North America
November 2024 Global Shipping Volumes: A Slight Decline, Strong Year-on-Year Growth
Global container volumes for November 2024 showed a slight decline of 1.6% from October, reaching 15.6 million TEUs. Despite this month-on-month drop, year-on-year volumes are up by 5.3%. More notably, when comparing year-to-date figures with 2023, the increase is even more impressive, standing at a 6% rise..
North America’s Impressive Import Performance Continues
North American imports continue to demonstrate the strong performance observed throughout 2024, driven predominantly by demand from the Far East and Indian Sub-Continent regions. November saw imports in the region rise by 0.2% from October, reaching a notable 2.9 million TEUs. While the increase may seem modest, North America was the only region to report growth in imports during November, highlighting its resilience. In contrast, imports to Australasia & Oceania dropped by 10.6%, a decrease of over 44,000 TEUs, after experiencing a steady upward trend since May.
Regional Export Trends: Growth in Far East, Sub-Saharan Africa, and Australasia
On the export side, several regions demonstrated year to date growth, with the Far East, Sub-Saharan Africa, and Australasia all showing increases of 8.3%, 8.5%, and 7.9%, respectively. However, the Indian Sub-Continent & Middle East saw the largest decline in exports, with a 6% drop month on month and a slight 0.8% dip compared to November 2023.
Global Price Index: Marginal Increase and Year-on-Year Comparison
The global price index saw a marginal rise of 1 point, reaching 94 points in November 2024. This represents a 25-point increase compared to the same month in 2023, where the index stood at 69 points. However, it is still 40 points lower than the 134 points seen in November 2022, as the industry emerged from the pandemic’s grip.
Stabilisation and Resilience So Far For 2024
While the past two months have been challenging, November serves as a reflection of the evolving patterns that have shaped 2024. North America continues its impressive import growth, primarily driven by strong exports from the Far East. Meanwhile, the global price index stabilised, signalling a robust overall performance as we move toward the close of 2024. These trends indicate a market that, despite some regional fluctuations, is adapting and maintaining resilience.
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