- The València Containerised Freight Index (VCFI) – which measures the behaviour and evolution of the cost of container transport by sea from the Valencian precinct – fell in October by -0.26% compared with September, registering the lowest fall since February 2022
- An increase of +7.98% is observed in freight rates in the area of the United States and Canada.
- Overall, shipping continues to contract in 2023: weighed down by slow European economic recovery, conflicts in Ukraine and Israel, and weakening domestic demand in China
- The Western Mediterranean area sub-index increases again for the second consecutive month and reaches 1,497.40 points while the Far East sub-index registers a decrease of -7.69%
València, 6 November 2023.- Los Export freight rates from the Port of València have stabilised and in the last month recorded a decrease of -0.26%, -the most moderate fall since February 2022-. This is reflected in the València Containerised Freight Index (VCFI) – which measures the trend and evolution of the freight rates of the Valencian precinct – and which in the month of October stands at 1,183.66 points – remaining at similar levels to those recorded in the first quarter of 2020. The VCFI accumulates a growth since the beginning of the historical series in January 2018 of 18.37%.
The Index also reflects a moderation in the downward trend of export freight rates from Valenciaport’s docks to the Far East area, which in recent months has shown signs of stabilisation, registering more attenuated decreases. Likewise, the index for the USA and Canada – a +7.98% increase in the cost of sea transport from the Valencian docks is observed – and the Western Mediterranean sub-index: +0.94%.
This evolution of freight rates from the Valencian Port corresponds to the behaviour of world trade which continues to fall, weighed down by the slowdown in economic recovery at international level, the slow European economic recovery, the conflicts in the Ukraine and Israel and the weakening of internal demand in China.
VCFI Western Mediterranean
With regard to the Western Mediterranean sub-index, a new increase of +0.94% was observed in October with respect to the previous month (in September it increased for the first time since March, thus accumulating two months of growth). It has thus now reached 1,497.40 points, representing an accumulated growth of 49.74% since the start of the series in 2018.
As far as Valenciaport is concerned, an increase in the volume of exports to Morocco of +0.28% – with respect to the previous month – has been observed. On the other hand, exports to Tunisia have contracted by -7.40% and, as for Algeria, these continue to be minimal during the month of October due to geopolitical problems.
VCFI Far East
As for the Far East area, a slight decrease of -7.69% was recorded in the tenth month of the year, reaching 848.09 points. This represents a decrease of -15.19% since the beginning of the series in January 2018. In parallel, export levels from Valenciaport to China, which is the main trading partner, have experienced downward fluctuations in October according to the latest available data.