Since this year, global container shipping prices have been soaring, continued to climb.
Since this year, global container shipping prices have been soaring, continued to climb. The index for new export orders fell below the red line for four consecutive months. Shipping costs is even expensive than goods.
The index for new export orders fell below the red line for four consecutive months
According to the National Bureau of Statistics, China's manufacturing PMI came in at 50.1 percent in August, 0.3 percentage points lower than the previous month, just above the critical point and the lowest since March 2020. The index has fallen for five consecutive months and is close to the boom-line.
Purchasing managers' index (PMI), which is based on statistical summary monthly survey of purchasing managers of enterprises, establishment of index, which covers the enterprise procurement, production, circulation and so on each link, including manufacturing and non-manufacturing sector, is general international monitoring macroeconomic trends, one of the leading index has strong prediction, early warning role.
The rebound in the number of COVID-19 cases and the tightening of epidemic prevention and control measures have hit manufacturing production, further depressing demand and making it harder to supply input products, according to companies.
The non-manufacturing business activity index was 47.5% in August, 5.8 percentage points lower than the previous month, falling below the critical point of recession, indicating a significant decline in business sentiment.
Foreign demand continued to contract, with the index for new export orders falling 1 percentage point month-on-month to 46.7%, staying below the 50% line for the fourth consecutive month.
The main reason should still be the triple pressure from exchange rate, freight rate and raw material price rise, as well as the slow economic repair in the US and Europe.
Zhang Liqun, special analyst of China Federation of Logistics and Purchasing, said that the PMI index in August continued to decline, but remained above the line of expansion and contraction. Overall, the economy continued to recover, but the momentum was further weakening.
In August, the composite PMI output index was 48.9%, down 3.5 percentage points from the previous month, indicating that the production and operation activities of Chinese enterprises slowed significantly from the previous month.
China and The United States freight up 500%, freight more expensive than goods
At present, when shipping containers are shipped from our country's ports, the freight has been raised on a large scale. It is not uncommon for a 40-foot container to be shipped to America for $20,000.
Such high freight costs, compared with last year, a full 500% increase. In fact, not only has the freight between China and the United States increased on a large scale, but the freight between China and Europe has also increased to a certain extent. The freight rate of a 40-foot container has already exceeded $10,000.
According to the latest report of Thepaper.cn on August 17, the single cabinet value of Chinese furniture imported from the United States is basically equivalent to the sea freight, and some are even 10% more expensive than the sea freight.
High freight costs force some importers to balk at placing orders.
According to the global shipping giant Maersk, there is a serious shortage of containers in global trade. In particular, 40-foot containers are desperately needed on international routes from China to North America.
"Some foreign trade enterprises reported that due to the shortage of containers and the increase of uncertainty in the export of goods, the goods have been backlogged for several months and are under great financial pressure. Other companies are afraid to accept orders due to the long delivery cycle. "Said Tian Yuan, an associate researcher at the Ministry of Commerce's Academy of International Trade and Economic Cooperation.
In addition, experts point out that the COVID-19 pandemic has had a huge impact on global trade, and the port facilities are old and inefficient due to the shortage of personnel. Bad weather, including typhoons off the Coast of China and wildfires and hurricanes in North America, also played a role.
Nowadays, the traditional shipping season, coupled with the booking difficulties, serious port cancellations, unstable shipping schedule and other adverse factors, the shipping situation in the second half of the year will be more tense.
Disclaimer: The content here is for informational purpose only. Seabay Logistics does not represent or endorse the accuracy or reliability of any advice, opinion, statement or other information provided.
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