Growth of 15%! October China to U.S. Container Volume Revealed!

Source: 5688.cn

According to the latest statistical data from Descartes Datamyne: In October 2023, the volume of goods imported by the United States from the Asian region by sea freight recorded a monthly growth of 11% again! The volume rebounded to a new high, continuing the upward trend from September.

According to statistics, the volume of container shipping from Asia to the United States in October increased by 11% year-on-year to 1,653,444 TEUs (20-foot equivalent units), marking the second consecutive month of growth.

In terms of categories, the top 10 items all showed growth.

Among them, toys and sporting goods increased by 25%, clothing increased by 14%, electronics and electrical machinery increased by 17%, machinery increased by 10%, steel products saw a significant increase of 19%, and rubber products (tires) increased by 16%.

In terms of country of origin, China, which accounts for nearly 60% of the overall shipping volume, increased its container volume to the United States by 15% compared to the same month last year, while Korea increased by 7%, Vietnam by 10%, and Singapore by 15%.

As the largest import market for the United States in the Asian region, the container volume shipped from China to the United States by sea in October approached 1 million TEUs, a significant increase of 15% compared to the same period last year!

Increased supply, falling freight rates

Although the volume of containers shipped from Asia to the United States has shown growth for two consecutive months, container shipping rates have fallen due to the completion of new ship constructions and increased supply. Major container shipping companies stated, "Due to the increase in supply, there are still vacancies on ships, giving the impression of a less active business."

Freight rates for U.S. bound container ships have dropped. The Shanghai Shipping Exchange pointed out that as of the week ending November 24th, the spot freight rate for a 40-foot container from Shanghai to the U.S. West Coast was $1,627, a 23% decrease over the past three weeks, reaching a new low since early July.

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