<p><b>Imports & Exports</b><br>May’s XSI for European imports fell to 232.1 points, down 11.1% from April and a fall of 32.6% since the start of 2023. </p>
This is ‘only’ the third biggest month-on-month drop recorded on this trade, which typically sees contracting taking place at the start of quarters. Compared to a year ago, the XSI® for European imports is down by 38.8%.
Of all the major trades, those into Europe were some of the first to see long-term rates fall back in line with spot rates. In fact, the most recently signed long-term contracts between the Far East and the Mediterranean are now USD 250 per FEU cheaper than rates on the spot market. Over the past three months the latter has fallen by 14%, while the former is down 28%.
May’s XSI® for European imports fell to 232.1 points, down 11.1% from April and a fall of 32.6% since the start of 2023.
The XSI® for European exports fell by 15.9% in May, matching the pace of decline from April, leaving the index at 245.0 points. The biggest drivers behind the fall in the exports index are the trades into the US.