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Over 60% of shippers surveyed report lower demand

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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.

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.

More rates from Freightos.com

Containerized Freight Rates from the Freightos Baltic Index
FBX LaneGlobalAsia – US West CoastAsia –US East CoastAsia – North EuropeNorth 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

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