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October 2024 container volume data shows a rebound in global volumes
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The volume hit 15.8 million TEUs, showing a 3.8% increase compared to September’s deflated volume of 15.2 million TEUs, according to Container Trades Statistics
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The year-to-date comparison for October, this year, compared to the same period last year stood at a 6.2% hike
October 2024 container volume data shows a rebound in global volumes, according to a Container Trades Statistics media statement.
The volume hit 15.8 million TEUs, a 3.8% increase compared to September’s deflated volume of 15.2 million TEUs.
The year-to-date comparison for October this year vis-a-vis the same month last year stood at a 6.2% hike, slightly down from the 6.3% recorded in September 2024.
Global volumes on a year-on-year basis rose 5%, showing the continued strength of worldwide trade.
Still atop global import growth is North America, with a 12.6% rise year-to-date, driven mostly by Far East exports into the region, which went up by roughly 15.2% year-to-date.
Also showing strong imports with a 13.2% increase compared to October, last year, are Australasia and Oceania. Volumes, however, were still small, at 414,000 TEUs.
Another region showing strength was Europe, with a 12.5% rise driven by substantial trade with the Far East, Intra Europe, and South and Central America.
For the period in review, Australasia and Oceania exports hit 2.5 million TEUs, while Far East exports rose 9.2% year-on-year, and a 21.6% rise compared to October 2022.
Europe and North America, on the other hand, saw slower export growth, with both regions showing less than a 3% rise year-to-date compared to the previous year.
Container Trades Statistics says the global price index still declined in October, this year, down 10 points to a new level of 94.
The only main trade route that had an increase in the price index was Far East to North America, possibly driven by concerns over impending port strikes.
Thus, while the temporary drop in global volumes in September, this year, appears to have been a minor glitch, the continued strength in volumes is cause for optimism.
Still, the ongoing drop in global price index and major trade price indices “may indicate a tightening of rates,” said Container Trades Statistics.
As the year comes to an end, the evolving economic uncertainty will continue to affect global trade, and it remains to be seen how these will impact volumes and pricing trends in the months ahead.
