Transpacific ocean rates continued to decline this week, though congestion at East Coast ports may explain the slower slide for prices from Asia to the East Coast and Gulf compared to the West Coast where congestion is easing.
This decrease reflects several market trends:
- Falling demand for freight as inflation reduces spending among some consumers
- Consumers shifting to other types of goods and to services as the pandemic recedes
- Many retailers pulled peak season orders earlier in the year to avoid delays
Asia – N. Europe ocean rates also fell this week after being quite stable from May through early August with demand and volumes decreasing on this lane. Ocean carriers are canceling sailings in response.
Freightos Air Index transpacific rates are decreasing at a time they were already starting to climb last year.
At $5.28/kg, last week’s average is about 50% lower than last year, and some carriers are already projecting a slow peak season in air cargo as well as in ocean freight.
Asia-US rates for this week
- Asia-US West Coast prices (FBX01 Daily) fell 20% to $4,345/FEU. This rate is 79% lower than the same time last year.
- Asia-US East Coast prices (FBX03 Daily) decreased 4% to $8,688,/FEU, and are 61% lower than rates for this week last year.
Check in next week for more real-time freight market updates to help you ship smoother.
More rates from Freightos.com
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