XSI® Europe
Imports & ExportsRecord-Breaking Decline in XSI® for European Imports, Exports Also Drop Double-Digit
At the beginning of Q2, there has been a notable record-breaking month-on-month decline in the XSI® for European imports, with a fall of 19.5% from March, bringing it down to 261.1 points. The most significant month-on-month decrease recorded previously was an 11.9% fall in January 2023.
With the exception of long-term container rates between Southern Africa to North Europe, all sub-trades into Europe experienced month-on-month declines in April.
April’s XSI® makes for grim reading for carriers. After over two years of spectacular container rates growth, they’re now watching both volumes and margins steadily dissolve.
In April, the XSI® for European exports witnessed a double-digit decline, dropping by 15.8% to reach 296.1 points. This is the first time it has fallen below an index reading of 300 (where index 100 = January 2017) since April of the previous year.
During the initial two months of the year, total imports into Europe experienced a 9.1% decline, with February recording the lowest number of inbound containers since February 2020. Furthermore, the pace of decline in exports out of the region has accelerated at the beginning of this year compared to the end of 2022, with a 10.0% decrease so far, compared to an annual decline of 6.4% in 2022.