XSI® Europe
Imports & ExportsThe XSI for European imports fell by 22 points to 210.3 points in June, down by 9.4% from May and marking a 24-month low for this Xeneta price index.
The XSI for European imports fell by 22 points to 210.3 points in June, down by 9.4% from May and marking a 24-month low for this Xeneta price index.
The corridor with the steepest decline since May is Taiwan to the Mediterranean, a trade that has now caught up with its sister-trade into North Europe. Both destinations are down by 65.5% since December 2022.
It was mostly declines across the board, with some major trade lanes showing severe drops. China to North Europe and Indian West Coast & Pakistan have now racked up total declines of more than 70% since December 2022.
Even though the XSI for European imports has fallen more (46.2%) than that for European exports (38.3%) in 2023, inbound container demand for Europe only declined by 1.1% during Jan-Apr 2023 y-o-y, whereas outbound demand, with fewer loaded containers shipped, fell 9.5% (source: CTS).
As counterintuitive as this may sound, it comes about due to the importance of front haul over back haul, and the fact that the XSI for European exports didn’t climb as much during the covid years as the price index for imports.
During June, the XSI for European exports fell by 5.1%, its third consecutive month of declines. Long-term contract rates for all destinations dropped, without exception. The smallest drivers appeared on trades into Australia, New Zealand, and Southern Africa, while the biggest drivers were seen into China and Japan out of the Mediterranean.
