CTS Reflects on Q3 2024: Record-Breaking Volumes To First Notable Declines
Global Volumes See First Decline
With the release of CTS September data this week, we can now look back and evaluate the first three quarters of 2024. This year brought record-breaking container volumes, with August’s restored global volumes marking the highest monthly movement in CTS’s recorded history. Consequently, September saw a slight dip, with global volumes decreasing by 5.9% month-on-month, marking the first notable decline in 2024. Despite this, year-on-year volumes remain over 2% higher.
Import & Export Resilience Amongst Global Dip
The Far East continues to drive strength in North American imports, while imports to Australasia and Oceania show significant resilience, up nearly 9% year-on-year despite a dip from August’s high volumes. Alongside the Far East, the Indian Subcontinent and Middle East regions remain pivotal in supporting import stability across these key trade routes.
On the export side, Sub-Saharan Africa recorded an impressive 8.9% increase in the first nine months of 2024. This stability was echoed in the Far East, Australasia, and Oceania exports. Europe, however, saw a more modest export growth, with an increase of just 2.2% over the same period.
CTS Price Index Follows Volume Decline
Reflecting the global volume decline, the CTS global price index dropped by 11 points in September, settling at 104 points – the most significant monthly decrease observed this year, bringing the index closer to its pre-June 2024 levels. All major trade lanes saw index reductions, except the Europe to North America route, which reported a slight increase.
Q4 Uncertainty On The Horizon
Looking back over 2024, it appears the market is beginning to stabilise following disruptions from the Red Sea conflicts, U.S. pre-election cargo surge, and the near-miss of East Coast port strikes. As we move into the final quarter and gain more insight into the political and economic landscape, we will see just how resilient the container shipping market is in navigating these challenges.
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