XSI® Europe
The XSI® for European imports fell 3.4% month-on-month in August, to 178.7. It has now fallen 60.1% since this point last year.
The sub-index for one of the industry’s longest hauls, imports from Australia & New Zealand into the Mediterranean, fell the most, sliding another 10.2% month-on-month. At the other end of the scale, imports into the Mediterranean from US West Coast, a relatively minor trade, have increased by a massive 88.6% from August 2022.
The XSI® for European exports declined by 2.8% from July, bringing it to 188.1. This sub-index has shed half its value over the past year, falling 52.4% from August 2022’s heights.
The relatively low overall fall is due to some export trades, mainly out of the Mediterranean, experiencing a higher level of all valid long-term contracts in August compared to the previous month. The price index for exports to Southeast Asia provides a strong example of this, climbing by 14.9% since July.
The largest monthly fall was recorded on the export trade from North Europe to China, which fell by 13.6% in August - a staggering 85.4% down year-on-year. For the first half of 2023, the number of containers transported on this trade has slumped by 12.3%, with each individual month seeing declining demand.
