XSI® Europe
Europe imports return to negative territory
The XSI® for European imports returned to posting negative month-on-month declines in October, after two months of increases.
This 5.7% decrease has wiped out the gains made in September and October, leaving the index at 176.6 points. This is also the XSI® sub-index with the biggest month-on-month decrease in November.
Imports into Europe have been split this year. Those into North Europe are down by 2.7% in the first nine months of the year, whereas Mediterranean imports have increased by 19.9% in the same period.
Despite this impressive growth in volume, the average of all valid long term rates on the major trade from the Far East into the Mediterranean has still fallen by 70% compared to a year ago. This is only marginally better than the 75% drop in rates between the Far East and North Europe.
It is a similar story for exports out of Europe which also continued to decline in November, down 2.4% from October. This leaves the index at 160.3 points and 58.3% lower than November 2022.
