Weekly highlights

A recent survey of SMB importers on the Freightos.com marketplace reflect recent reports of growing retail inventories and dipping demand:

    1. More than half of respondents report they’ve placed peak season orders early in the hopes of building inventory. 
    2. Two-thirds said they are already experiencing a decrease in demand, with 84% of those attributing that dip to inflation.

In market news, congestion continues to ease at LA/Long Beach, with Freightos.com China – US ocean transit times down 25% since the start of the year, and level with a year ago.

transit time june 2023

Transpacific ocean rates have fallen this month unlike in June 2021 when they were climbing with the start of peak season.

This dip could be attributed to a number of factors: relative improvements in container flows, volumes still to come as Shanghai rebounds, or a decrease in underlying demand. Regardless of the reason, for now spot rates for many shippers are lower than contract rates.

This trend could add more instability at a time that many carriers and shippers might prefer reliability.

Asia-US rates for this week:

  • Asia-US West Coast prices (FBX01 Daily) dipped 3% to $8,934/FEU. This rate is just 1% higher than the same time last year.
  • Asia-US East Coast prices (FBX03 Daily) fell 1% to $11,589/FEU, and are 16% higher than rates for this week last year.
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FBX Lane Global Asia – US West Coast Asia – US East Coast Asia – North Europe North Europe – US East Coast
This Week $7,036 $8,934 $11,589 $10,575 $8,003
Last Week -1% -3% -1% 0% 0%
Last Year* 13% 1% 16% -4% 54%
* Compared to the corresponding week in 2021