Significant Decline in Freight Rates and Orders for Consumer Goods
Wednesday, 9 August 2023, 07:00
Freight Rates and Booking Volumes
Setlog has recently reported a notable decline in booking numbers from the Far East, with a reduction of average 18%. The decline signifies that less clothing and consumer goods are being ordered.
Impact on Shipping Times and Costs
- The transit time for sea freight from Asia has seen a decrease of around eight days compared to the situation during the COVID-19 pandemic.
- Freight rates for 40-foot containers are now falling to under $1,200 depending on the trade route.
Conclusion
This ongoing trend of declining freight rates coupled with reduced booking volumes from retailers signals important shifts in the global trade landscape. As businesses adjust to the current market conditions, it remains critical to monitor these changes for insights into future supply chain dynamics.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.