August 2024 Container Volumes Show Positive Growth and Resilience Amid Global Challenges
Second Highest Global Volume Figures Seen This Year
In August 2024, container volumes reached 16.1 million TEUs, marking only the second occasion in which figures have surpassed the 16 million threshold. This represents a 2.6% increase compared to July 2024. Year-to-date, global volumes have risen by a substantial 6.7% compared to 2023, highlighting the ongoing strength in global shipping activity.
Impressive Imports
Imports are demonstrating robust growth, particularly in North America, where they have increased by 3.4% month-on-month and 10.7% year-on-year. August’s import figures for North America reached 3.2 million TEUs, the highest recorded this year, reflecting a steady rise since February 2024. Despite the strong recovery volume levels now match 2022 volumes.
While Australasia and Oceania experienced a slight softening in imports for August, the figures still show an increase of over 10% compared to the same period in 2023. In Europe, import growth has been slower relative to other regions; however, August saw the highest import volume for the year at 3.1 million TEUs, but still reflecting only a 5% increase year-to-date.
The growth in North American imports has naturally influenced Far East exports, which reached 9.9 million TEUs in August—the highest monthly total for this region in 2024. This success in trade flows underscores the interdependence of imports and exports, with May’s figures closely following at 9.7 million TEUs.
Suspected Index Softening Arises
In terms of pricing, the Global Price Index experienced a slight decline in August, dropping three points to 115 after reaching a peak in July. Despite this softening, the index remains 55% higher year-on-year, reflecting the substantial increases observed in recent months.
Resilience Amongst Uncertainty
Following concerns about a potential slowdown in global volumes during July, August demonstrated resilience, with most major shipping routes reporting growth. As anticipated, the price index softened, leading to speculation about further declines. It is essential to recognise that long-term contracts with carriers mean the actual invoiced freight rates may not reflect the more appealing spot rates.
With ongoing uncertainties, including recent strikes at US ports, the upcoming months will be crucial for assessing the impact on shipping data. The final quarter of 2024 presents numerous challenges as we navigate through this evolving landscape.
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