- This is reflected in the València Containerised Freight Index (VCFI) which recorded a significant fall not only in the Far East but also in its general index with a drop of 25.57%
- The indicator is now below 1,500 points, at 1,403.47%
- The VCFI – which measures the trend and evolution of the cost of container transport by sea from the Valencian port – has now been falling for ten consecutive months and stands at a figure similar to that of December 2020
- The index is close to the levels observed in the pre-pandemic period and in line with the performance of the Shanghai Containerized Freight Index (SCFI)
- The Western Mediterranean area falls by 8.04% although the volume of exports from the Port of Valencia to Tunisia and Morocco has increased
València, 7th july 2023.- The cost of sea transport continues to fall for the tenth consecutive month. Particularly noteworthy is the fall in export freight rates from the Port of Valencia to the Far East, which fell by 33.07% in June. Along the same lines, the València Containerised Freight Index (VCFI) recorded a significant fall in June, this time of -25.57% and with respect to May, standing at 1,403.47 points, accumulating a growth since the beginning of the historical series in January 2018 of 40.35%. The Index is positioned with a similar figure to that of December 2020.
In this sense, the latest VCFI reading is close to the levels observed in the pre-pandemic period and in line with the performance of the Shanghai Containerized Freight Index (SCFI). The fall in the freight index has been the general trend, with the sharp decline in the areas of Latin America Atlantic (-49%), Latin America Pacific (-49%) and the USA and Canada (-45%), among others, being particularly noteworthy.
Without leaving the American continent, demand from North America fell significantly in June. A decline that has become a trend in recent months due to the high levels of inflation, together with the slowdown in economic activity and the restrictive American monetary policy that has resulted in lower demand.
Parallel to the weakening in demand from North America, there has been a normalisation in the level of export freight rates from the Asian continent.
VCFI Western Mediterranean
As regards the Western Mediterranean sub-index, a downward oscillation has again been observed decreasing by -8.04%, reaching 1,643.82 points, representing a cumulative growth of 64.38% since the beginning of the series in 2018. This trend reflects a downward oscillation in the performance of the sub-index in the Western Mediterranean region.
However, as far as Valenciaport is concerned, an increase in the volume of foreign sales to Tunisia, a prominent trading partner in the area, has been observed, just as exports to Morocco have seen an increase.
VCFI Far East
As for the Far East area, a much more pronounced drop has been recorded compared to May, -33.07%, reaching 1,170.97 points. This represents a cumulative growth of just 17.10% since the start of the series in January 2018.
However, at the same time, export levels from Valenciaport to China, which is the main trading partner, have experienced upward fluctuations according to the latest available data.