XSI® Europe
Imports buck global trends to record growth in October – but it’s a different story for exports
The index for European imports was the only XSI® sub-index to grow in October, up by 3.0% to 187.5 points. This is the second month in a row this index has increased, but still leaves it 52.0% lower than at the start of 2023.
This increase has been driven by developments on smaller trades into Europe, such as from Australia and New Zealand and the South American East Coast.
Rates for imports from major origins such as the Far East and South East Asia all continued to fall in October, with rates from Japan seeing the biggest month-on-month drop.
When we turn our attention to European exports the story is very different, with this sub-index showing the biggest month-on-month decrease among the sub-indices, falling by 11% in October to 164.3 points.
The biggest volume trade out of North Europe is to China, where the average of all valid long term rates, excluding terminal handling charges (THCs) has fallen to just USD 95 per FEU. At the end of October, the average spot rate excluding THCs had fallen into negative territory. When THCs are factored, we can surmise that carriers are effectively subsidising shippers on this back haul trade.
