The transportation market is basically stable
Most airline freight rates have fallen
This week, China's export container transportation market remained relatively stable, with most shipping routes experiencing a decline in freight rates, dragging down the overall index. According to the latest data released by the General Administration of Customs, China's exports in August increased by 4.4% year-on-year in US dollars, and export trade continued to grow steadily. Faced with a severe and complex external environment, China's foreign trade resilience continues to be demonstrated and vitality is constantly released. On September 12th, the Shanghai Shipping Exchange released the Shanghai Export Container Comprehensive Freight Index at 1398.11 points, a decrease of 3.2% from the previous period.
According to data from the General Administration of Customs, China's exports to Europe in August increased by 10.4% year-on-year, and the growth rate continued to rise; In the first 8 months, the EU was China's second largest trading partner, and the total trade value between China and the EU increased by 4.3% year-on-year, accounting for 13.1% of the total foreign trade value. China Europe trade continued to maintain a positive trend. This week, there is a lack of momentum for further growth in transportation demand, and the supply and demand fundamentals lack support. Market freight rates continue to adjust their trend. On September 12th, the market freight rate (sea freight and sea freight surcharges) for Shanghai Port's exports to European basic ports was $1154/TEU, a decrease of 12.2% from the previous period. The Mediterranean route, with market trends keeping pace with European routes, has seen a continued decline in spot booking prices. On September 12th, the market freight rate (sea freight and sea freight surcharges) for exports from Shanghai Port to Mediterranean basic ports was $1738/TEU, a decrease of 11.8% compared to the previous period.
According to data released by the US Department of Labor, the non farm sector in the US added 22000 jobs in August, significantly lower than market expectations. The unemployment rate rose to 4.3%, the highest level since 2021, indicating a significant slowdown in the US job market. In addition, compared with the steady growth of China Europe trade, the trend of China US trade is clearly differentiated. In August, China's exports to the United States decreased by more than 30% year-on-year, and the future China US air transportation market will face challenges. This week, transportation demand remained stable, driving market freight rates to continue rising. On September 12th, the market freight rates (sea freight and sea freight surcharges) for Shanghai Port's exports to the West and East Coast ports were $2370/FEU and $3307/FEU, respectively, an increase of 8.3% and 7.6% compared to the previous period.
The Persian Gulf route has weak growth in transportation demand, and market freight rates continue to decline. On September 12th, the market freight rate (including sea freight and sea freight surcharges) for exports from Shanghai Port to the basic port of the Persian Gulf was $1273/TEU, a decrease of 16.2% compared to the previous period.
The transportation demand for the Australia New Zealand route is generally stable, and market freight rates continue to adjust after a sustained increase in the early stage. On September 12th, the market freight rate (including sea freight and sea freight surcharges) for exports from Shanghai Port to the Australia New Zealand Basic Port was $1259/TEU, a decrease of 4.1% compared to the previous period.
The South American route has shown weak transportation demand, an unsatisfactory supply-demand balance, and a decline in market freight rates. On September 12th, the market freight rate (sea freight and sea freight surcharges) for exports from Shanghai Port to South American basic ports was $3018/TEU, a decrease of 5.7% compared to the previous period.
The transportation market for Japanese routes is generally stable, with a slight increase in market freight rates. On September 12th, the freight rate index for Chinese exports to Japan was 964.10 points.
