XSI® US
US imports up by 2.0% from November
The only index which posted any kind of meaningful increase in December was US imports, which was up by 2.0% from November to stand at 185.8 points. This is around a third of where rates were at the end of 2023.
While the major trade from the Far East to the US West Coast can avoid the direct disruption from disruption in the Panama and Suez canals, those importing through the US East Coast from the Far East are hit twice. Firstly the restrictions in the Panama Canal due to low water levels which led several services to be rerouted through the Suez Canal.
Carriers had already diverted to the Suez from Panama due to the restrictions. With the latest crisis in the Red Sea preventing transiting the Suez Canal, they will now have to choose between returning to the Panama Canal with its long wait times or sailing around Africa to get from the Far East to US East and Gulf Coasts.
The XSI® for US exports fell by 2.2% in December to 128.1 points. While this trade has the biggest month-on-month drop in December, it has the lowest year-on-year drop across all XSI® indices, down by 19.5%.
