A recent survey of SMB importers on the Freightos.com marketplace reflect recent reports of growing retail inventories and dipping demand:
- More than half of respondents report they’ve placed peak season orders early in the hopes of building inventory.
- 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.
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.
|FBX Lane||Global||Asia – US West Coast||Asia – US East Coast||Asia – North Europe||North Europe – US East Coast|
|* Compared to the corresponding week in 2021|